Phaidros Funds Schumpeter Aktien A

Issue price
145.82 €
As of 14. Juli 2020
Redemption price
140.21 €
As of 14. Juli 2020
Total fund size
73,739,773.19 EUR
As of 14. Juli 2020
Fund type Global equities incl. emerging markets
Currency EUR
Risk / Return profile 6 of 7

Overview

Phaidros Funds Schumpeter Aktien, our equities investment strategy, which has been implemented within the Phaidros Funds Balanced since 2007, was carved-out separately in 2018. An equities investment strategy combining innovation and market dominance. The equity exposure can vary between 51% and 100% of the fund's assets (equity funds in the sense of partial tax exemption for German investors amounting to 30%).

Joseph Alois Schumpeter was an Austrian economist and politician. In his early work Theory of Economic Development (1911), he attempted to explain the economic development of capitalism. In his late opus Capitalism, Socialism and Democracy (1942), he also deals with socio-political implications. He is considered one of the outstanding economists of the 20th century. In his last books, Schumpeter describes a late form of capitalism, which is characterized by stagnation, a lack of innovation, high regulation density and the abdication of the "entrepreneurs" in favor of the "managers".

In this situation, the following happens:

  • The economy is increasingly characterized by monopolies or oligopolies. These are promoted and preferred by the state.

  • For investors, companies like Coca-Cola, Nestlé, Mastercard, MTU, Linde or LVMH can no longer be avoided. They generate monopoly returns because the entry barriers are too high to allow competition to arise. This type of company (monopolist) actually exists, although the innovation has not stopped.

  • Small companies find it increasingly difficult to prevail against the business models of the big ones. However, some "creative destroyers" (challengers) always succeed in creating completely new markets and in this way endangering the old oligopolies. Some even manage to replace the old oligopolists themselves. Current examples are Alphabet, Amazon, PayPal or Facebook, which have reinvented entire industries (retail, media, financial services).

With this successful investment product, we strive for long-term attractive returns through a dynamic risk/return profile.

Opportunities

  • Equities are the best long-term and generally, in terms of returns, the best asset class and offer protection against inflation.
  • Broad diversification through flexible investment in different regions, countries, sectors and currencies
  • Focus on capital preservation without orientation on conventional market indices
  • Long-term attractive returns through a dynamic risk/return profile

Risks

  • The fund NAV and its income can fall or rise, particularly as a result of changes in the capital markets. This in turn may result in the fund NAV falling below the amount you originally invested and / or the fund not achieving its investment objectives.
  • For hedging purposes, the fund can invest in financial derivatives that are considered to be particularly risky and subject to fluctuations. This means that larger changes in value downwards or upwards can also occur in the short term.
  • Foreign currency investments are subject to exchange rate fluctuations.
  • There is an increased risk for investments in emerging markets.

Fund details

Share class:A
NAV per Share:139.81 EUR
Valued on:15.07.2020
ISIN / WKN:LU1877914132 / A2N5FS
Bloomberg:PHSCAKA:LX
Fund category:Global equities incl. emerging markets
Fund type:Luxemburg / FCP UCITS V
Currency:EUR
Launch date:21.12.2018
Fiscal year:01.04. - 31.03.
Administration:IPConcept (Luxemburg) S.A.
Custodian:DZ PRIVATBANK S.A.
Fund manager:Eyb & Wallwitz Vermögensmanagement GmbH
Total fund size:75,662,206.67 EUR
Registered:DE, AT, CH, LU
Traded:

Daily

Min. initial investment:100.00 EUR
Unit type:Accumulating

Costs

Initial fee:Max. 4.00%
Redemption fee:0.00%
Ongoing Charges/TER (As of: 31.03.2020):1.99%
Performance fee:10.00% from returns above 4% (hurdle rate) with high water mark

Performance





YTD10.64%
201926.90%
YTD10.64%
1yr18.81%
Since inception39.81%

Past performance is not indicative of future results. The gross value performance (BVI method) takes into account all costs incurred at the fund level (such as management fees, transaction costs, performance-based fees); the net value performance also takes into account possible front-end loads.

Additional costs may be incurred at the individual client level (such as custodian account fees, commissions, and other fees). Sample (net) model calculation, assuming a maximum front-end load of 4%: you, an investor, would like to buy EUR 1,000.00 in shares. With a maximum front-end load of 4%, you would be required to pay a one-time fee of EUR 40.00 at the time of purchase. In addition, you may incur custodian account fees, which will reduce performance and be based on your bank’s list of prices and services. To determine the maximum front-end load of the sub-fund’s share class, please see the cost details presented in the FUND DETAILS section of the website.


Portfolio Breakdown

As of: 30.06.2020

Asset classesPtf. weightDuration*Yield to worst*Maturity*Rating*Market cap*
Equities91.30%308.34 bil.
Corporate bonds
Convertibles
Government bonds
Cash8.70%
other

*weighted average

Asset classes

Sectors

Countries

Currencies

Top 10 Holdings


Management

Dr. Georg von Wallwitz
Dr. Georg von Wallwitz co-founded the company in 2004. Previously, he was fund manager for mutual and special funds at Hauck & Aufhäuser with a focus on global equity markets. Georg von Wallwitz studied mathematics and philosophy in Germany and England, was a visiting fellow in Princeton (USA) and is a Chartered Financial Analyst (CFA). Before joining Hauck & Aufhäuser, he worked in credit research and in international equity fund management at DWS in Frankfurt / Germany. He is the author of the books “Odysseus and the Weasels. A happy introduction to the financial markets”,“Mr. Smith and paradise. The Invention of Prosperity” and “Gentlemen, this is not a bathing establishment. How a mathematician changed the 20th century”.
 
 
Dr. Ernst Konrad

Dr. Ernst Konrad is second managing director at Eyb & Wallwitz since 2009. From 2005 to 2008 he headed the BayernInvest equity division and was also responsible for the asset allocation of the entire company. At that time, BayernInvest was one of the largest German capital management companies with a managed volume of around 22 billion euros. Before that, Dr. Konrad works as a fund manager at Hauck & Aufhäuser Privatbankiers, Pioneer Investments and Hypovereinsbank. He completed his studies in economics at the LMU Munich and received his doctorate there with a dissertation on industrial economics. Ernst Konrad is the author of numerous publications in the areas of economics, capital markets and portfolio management, including in the magazine "Financial Markets and Portfolio Management".


  • Analyst's Corner
  • This secured download area only becomes active after you have logged in to the Analyst's Corner. You will receive your access data here.

MiFID II product information

As of 3 January 2018, investment services companies that offer investment services falling within the purview of Directive 2014/65/EU (Markets in Financial Instruments Directive – “MiFID II”) must comply with certain new requirements regarding the distribution of investment funds, as those requirements are implemented through the legislation enacted by each of the individual Member States of the European Union.

Under the new rules, investment services companies are required to identify or to review and to specify more precisely the target market for each financial instrument they sell. These new rules require, therefore, that these companies specify the type(s) of clients with whose needs, characteristics, and objectives the financial instrument is compatible. MiFID II also introduces new cost disclosure requirements designed to increase cost transparency for investors at both the quantitative and the qualitative levels. Accordingly, investment services companies are required to disclose to the client any and all relevant costs: that is, both in terms of the investment services and in terms of the product. These costs must be summarized and made available both ex ante (that is, prior to any product purchase by the client) and ex post during the holding period on at least an annual basis.

Phaidros Funds’ capital management company, IPConcept (Luxembourg), supports this process by providing the relevant data to the investment services companies to enable them to meet their new legal obligations.