Download LLB Fund Overview - Quarterly Report 1 / 2017

DEFENSIVE funds
bond funds
equity funds
strategy funds
REAL VALUE funds
special funds
Quarterly Report 2 / 2017
LLB Fund Overview
Quarterly report · 2 / 2017
Quarterly report · 2 / 2017
Contents
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Overview
Editorial
Fund portrait
Retrocession-free pricing model
Overview of fund range
Risk / return spectrum
Investment philosophy
Price development of our funds
Performance of market indices, trading and
valuation
Fund factsheets
LLB Defenisve (CHF)
LLB Defensive (EUR)
LLB Defensive (USD)
LLB Bonds CHF
LLB Bonds EUR
LLB Bonds USD
LLB Bonds Euro Alternative (CHF)
LLB Bonds Global Class P
LLB Bonds Global Class H CHF
LLB Bonds Global Class H EUR
LLB Bonds Global Class H USD
LLB Bonds Inflation Linked Class P
LLB Bonds Inflation Linked Class H CHF
LLB Bonds Inflation Linked Class H EUR
LLB Bonds Inflation Linked Class H USD
LLB Convertible Bonds Class H CHF
LLB Convertible Bonds Class H EUR
LLB Convertible Bonds Class H USD
LLB Bonds Strategy CEEMENA (EUR) Class I (T)
LLB Equities Switzerland (CHF)
LLB Equities Europe (EUR)
LLB Equities Dividend Pearls Europe (EUR)
LLB Equities North America (USD)
LLB Equities Pacific (JPY)
LLB Equities Dividend Pearls Global (CHF)
LLB Equities Regio Bodensee (CHF)
Bank Linth Regiofonds Zürichsee (CHF)
LLB Equities Fit for Life (CHF)
LLB Equities Real Estate Global (CHF) Class P
LLB Strategy Fixed Income (CHF)
LLB Strategy Conservative (CHF)
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
LLB Strategy BPVV (CHF)
LLB Strategy Yield (CHF)
LLB Strategy Balanced (CHF)
LLB Strategy Fixed Income (EUR)
LLB Strategy Conservative (EUR)
LLB Strategy Yield (EUR)
LLB Strategy Balanced (EUR)
LLB Strategy Yield (USD)
LLB Strategy Balanced (USD)
LLB Inflation Protect (CHF)
LLB Inflation Protect (EUR)
LLB Alternative Strategy Global Class H CHF
LLB Alternative Strategy Global Class H EUR
LLB Alternative Strategy Global Class H USD
LLB Strategy Global Trend (CHF)
59
62
General
LLB fund glossary
Legal information
Quarterly report · 2 / 2017
Editorial
Dear Readers
Most investors can look back with relief on the first half of 2017. Investments
paid off, and holding unnecessary liquidity was «punished» with lower
returns.
As already in the first quarter, all LLB strategy funds generated positive
returns across the board. Investing in higher risks was compensated with
outperformance in Swiss Francs: LLB Strategy Fixed Income (CHF) 0.3 %, LLB
Strategy Conservative (CHF) 0.9 %, LLB Strategy Yield (CHF) 1.9 %, and LLB
Strategy Balanced (CHF) 3.2 %. The returns on strategy funds in Euros were
slightly lower than these levels.
Returns in the first half of the year came from «risk assets» such as equities,
high-yield bonds, and emerging market bonds. Highlights were Equities Asia
at 21.6 %, followed by Equities Emerging Markets at 17.2 % and Equities
Switzerland at 13.0 %. These returns resulted from the significantly improved
macroeconomic environment, especially also in Europe. The traditional bond
markets generated only slightly positive or even negative yields. Among
currencies, the weakness of the USD was striking at –5.7% and the decline
of the JPY at –2.1%. In our strategy products, we largely hedge these risks,
however.
Thank you for your trust in our investment solutions. We wish you pleasant
summer months.
Yours faithfully
Dr. Thomas Mächtel
Head of Business Management
LLB Asset Management AG
Quarterly report · 2 / 2017
Do we really live in an era with no alternative?
LLB Alternative Strategy Global Fund
In these challenging times for investors, alternative
investment strategies can offer investors risk-return
characteristics that distinguish themselves from traditional long-only equity and bond investments. In a
mixed portfolio, they are thus able to provide an added
value to the investor's portfolio.
It used to be the case that various barriers to entry made it
difficult to invest in hedge funds. But now significant minimum volumes for subscriptions as well as long subscription
and especially redemption periods are things of the past.
Today, capital investors can take advantage of the LLB Alternative Strategy Global Fund, an instrument that combines all
the advantages of the modern UCITS framework. High product liquidity and transparency are of special significance in
this regard. The fund provides attractive conditions for accessing the world of alternative strategies already with a single
fund unit.
The LLB Alternative Strategy Global Fund was clearly positioned as a fund of funds to allow investors to diversify their
target fund managers and to obtain a suitable and active mix
of alternative investment styles. The LLB Alternative Strategy
Global Fund is situated in the environment of liquid alternative strategies, which exhibit a wide variety. These strategies include long/short equity, equity market neutral, global
macro, and event-driven, but also a wide range of fixed
income approaches. When constructing the fund's portfolio,
we want to invest in as many different styles as possible. This
means the focus is primarily on weighting the individual
styles, not on a binary 0/1 decision on a sub-strategy.
Given the large number of investment styles and fund managers, we look for interesting and promising strategies
within the alternative investment universe, but without
losing sight of the associated risks. We try to identify the
strengths in the investment processes of external managers
and at the same time appraise potential weaknesses. Our
selection process focuses on five different factors, which we
summarise as the 5 P's: Philosophy, People, Process, Portfolio, and Performance.
Performance and the volatility thereof are the logical consequence of the first four factors. Understanding how alternative managers think, how they implement their ideas, and
how they manage risks is the focus of our analysis. The goal
is to find process-oriented and creative fund managers that
are able to achieve good investment results while offering
good «downside» protection. We also accompany each individual investment with a suitable risk management approach
at the umbrella fund level. With the continuous growth of the
universe of alternative strategies, we are convinced that new
investment techniques and interesting fund managers will
continue to be found in the UCITS format. The options may
range from brilliant strategies with substantial global macro
expertise and mathematicians with the ability to model CTA
strategies to «stockpickers» with a good feel for the market
and analytic grounding.
The LLB Alternative Strategy Global Fund is tax-transparent
and is licensed for distribution in Liechtenstein, Switzerland,
Germany, and Austria. The fund complies with all UCITS
standards concerning investor restrictions, risk management, and distribution in the EU. It invests globally. The foreign currency risks are largely hedged from the perspective of
the reference currency CHF, EUR, or USD.
With the LLB Alternative Strategy Global Fund, investors
have an outstanding product at their disposal, as underscored by the Hedge Fund Award 2017. This also disproves
the TINA principle – there is an alternative.
LLB Alternative Strategy Global Fund
175
98
170
97
165
96
160
95
155
94
150
93
145
92
ASM / Bloomberg
140
Apr 16
Jun 16
91
Sep 16
Dec 16
Fund volume in EUR millions (right scale)
Mar 17
May 17
Fund price in EUR
Quarterly report · 2 / 2017
4
–
5
More transparency thanks to retrocession-free pricing
model
At the beginning of July 2014, the LLB introduced a
pioneering pricing model that does without commission fees for own funds and third-party funds – both in
asset management and investment advice. For selected
strategy products and bond funds, a performance- or
interest-based fee model has been introduced.
The LLB's product range and price structure is based on
changing client needs as well as new and foreseeable regulatory requirements, so that the fee structure for instance
has also been simplified. By waiving or crediting commission
fees for clients, cost transparency is created and potential
conflicts of interest are avoided. This also makes LLB funds
significantly cheaper.
«Active» funds at «passive» prices
Clients benefit from attractive, performance-based conditions for LLB funds, which regularly receive awards from
independent third parties for their above-average performance. For own funds, the LLB is eliminating commission
fees entirely, making the funds significantly cheaper. This
means clients receive professionally, actively managed and
risk-controlled funds at prices that are comparable with
those of passive ETFs. The low fees also have a positive
impact on the longer-term performance of the funds.
Performance fees for selected LLB strategy funds
Alongside the existing performance fee in asset management, the LLB is one of the first banks in Europe to employ a
performance fee for selected LLB strategy funds. In addition
to a fixed basic fee of 0.20 % p.a., a share of one tenth of
positive net performance up to a maximum of 1.20 % is
charged (see figure). Investors pay this variable fee share
only if the fund assets develop positively after all costs are
deducted.
Current performance fee pricing for LLB strategy
funds
Fixed rate of 0.2 % p.a. plus 10 % of positive net performance up to
a maximum of 1.20 %.
1.40 %
(TER)
Performance fee TER
1.20 %
1.00 %
0.80 %
Interest-based fee for selected bond and money market
funds
Another fair and innovative variable fee has been developed
for LLB bond funds in CHF, EUR, and USD as well as our
money market funds. The cost burden is based on the
current interest rate environment. When the interest rate
level is low, investors can profit from especially favourable
conditions – compare the information on the total expense
ratio for the individual funds.
This pricing leads to very attractive conditions compared
to competitors: For instance, the fee burden of LLB Defensive (CHF) is only 0.1 %. LLB Bonds CHF is at 0.26 % and
LLB Equities Switzerland (CHF) is at 0.6 % (all values as of
30 September 2015 measured in terms of total expense ratio
[TER]).
More transparent without retrocessions
In the investment business, complex compensation structures often exist among product providers, banks, and investors. It is customary for fund providers to pay banks commission fees or retrocessions. Fund providers compensate banks
in this way for services the banks provide in connection with
the advice and care of their clients. In this way, banks are
subsidising the securities conditions. This limits cost transparency for clients. If, in addition, banks no longer recommend the best products to their clients because of these
payments, but instead those products for which they receive
the highest commission, a conflict of interest may arise.
There is a danger that clients are no longer given independent advice.
Examples for the strategy funds:
LLB Strategy Conservative, Yield, and Balanced
Annual
performance *
Fixed TER Variable TER
component component
Total
–5.0 %
0.2 %
0.0 %
0.2 %
+5.0 %
0.2 %
0.5 %
0.7 %
+15.0 %
0.2 %
1.0 %
1.2 %
*The business year of our investment funds ends on 30 September (TER = total expense ratio)
0.60 %
0.40 %
0.20 %
0.00 %
–2 % 0 %
2%
4%
Quarterly report · 2 / 2017
6%
8 % 10 % 12 % 14 % 16 % 18 % 20 %
Net return
Overview of fund range
Portfolio modules and special funds
We offer our clients an attractive range of products. This
encompasses over 35 funds. The overall fund volume
amounts per 31.12.2016 CHF 5.4 billion (excluding doublecounts in fund-of-funds). Our funds' performance has
already been distinguished many times by prestigious fund
rating agencies in various categories (e. g. Bond Global,
Equities Small and Mid Caps Switzerland). LLB funds are
managed by LLB Asset Management AG, the asset manager
of the LLB Group.
Portfolio modules
We recommend our equity and bond funds as building blocks
for various portfolios. The extensive range of funds enables
our clients' many different requirements to be optimally
covered. Our clients benefit from our outstanding, broadly
diversified funds.
Special funds for your portfolio
In addition to portfolio modules, we offer satellites consisting of equity- and special funds. These products enable special client wishes to be fulfilled. Each of these funds
represents an independent investment solution that is suitable for adding variety to many portfolios.
Good performance and low costs
In comparison with competitors, our range of funds is distinguished by good performance and unusually low costs.
This fact is confirmed by the periodic external comparisons
carried out by independent fund rating agencies.
6
–
7
Portfolio modules
Ref. currency CHF
Ref. currency EUR
Ref. currency USD / other
Defensive funds
LLB Defensive (CHF)
LLB Defensive (EUR)
LLB Defensive (USD)
Bond funds
LLB Bonds CHF
LLB Bonds EUR
LLB Bonds USD
LLB Bonds Euro Alternative (CHF)
LLB Bonds Global Class P
LLB Bonds Infl. Linked Class P
LLB Bonds Global Class H CHF
LLB Bonds Global Class H EUR
LLB Bonds Global Class H USD
LLB Bonds Infl. Linked Class H CHF
LLB Bonds Infl. Linked Class H EUR
LLB Bonds Infl. Linked Class H USD
LLB Convertible Bonds Class H CHF
LLB Convertible Bonds Class H EUR
LLB Convertible Bonds Class H USD
LLB Bonds Strategy
CEEMENA (EUR) Cl. I (T)
Equity funds
LLB Equities Switzerland (CHF) LLB Equities Europe (EUR)
LLB Eq. North America (USD)
LLB Equities Dividend Pearls
Global (CHF)
LLB Equities Dividend Pearls
Europe (EUR)
LLB Equities Pacific (JPY)
LLB Eq. Real Estate Global (CHF) Cl. P
Strategy funds
LLB Strategy Fixed Income (CHF)
LLB Strategy Fixed Income (EUR)
LLB Strategy Conservative (CHF)
LLB Strategy Conservative (EUR)
LLB Strategy BPVV (CHF)
LLB Strategy Yield (CHF)
LLB Strategy Yield (EUR)
LLB Strategy Yield (USD)
LLB Strategy Balanced (CHF)
LLB Strategy Balanced (EUR)
LLB Strategy Balanced (USD)
Ref. currency CHF
Ref. currency EUR
Ref. currency USD / other
Equity funds
LLB Equities Regio Bodensee (CHF)
Bank Linth Regiofonds Zürichsee (CHF)
LLB Equities Fit for Life (CHF)
Real value funds
LLB Inflation Protect (CHF)
LLB Inflation Protect (EUR)
Special funds
LLB Alternative Strategy
Global Class H CHF
LLB Alternative Strategy
Global Class H EUR
LLB Strategy Global Trend (CHF)
Satellites
LLB Alternative Strategy
Global Class H USD
Cl. P = Unit class for private clients
Cl. H = In the H classes foreign currency risks from the perspective of the relevant reference currency are hedged at least 80 %.
Quarterly report · 2 / 2017
Risk / return spectrum
of LLB funds
The risk and return parameters of the individual funds differ
according to the various asset classes.
Generally, the higher the expected returns on the financial
markets, the higher the risks. To clearly illustrate this interrelationship, we have shown the minimum investment horizon of our funds in the following table. This table is to be
LLB funds
interpreted in such a manner that in the most unfavourable
case if the stated time period is not observed, losses in the
value of assets are possible. In order to attain the expected
long-term, average returns with the asset classes, the assets
have to remain invested for a correspondingly longer
period.
Minimum investment horizon
Defensive funds
LLB Defensive (CHF) / (EUR) / (USD) 6 months
Bond funds
LLB Bonds CHF / EUR / USD 2 years
LLB Bonds Euro Alternative (CHF)
LLB Bonds Global Class P / H CHF / H EUR / H USD
LLB Bonds Inflation Linked Class P / H CHF / H EUR / H USD
LLB Convertible Bonds Class H CHF / H EUR / H USD
6 years
LLB Bonds Strategy CEEMENA (EUR) Class I (T)
Equity funds
LLB Equities Switzerland (CHF) 10 years
LLB Equities Europe (EUR)
LLB Equities Dividend Pearls Europe (EUR)
LLB Equities North America (USD)
LLB Equities Pacific (JPY)
LLB Equities Dividend Pearls Global (CHF)
LLB Equities Regio Bodensee (CHF)
Bank Linth Regiofonds Zürichsee (CHF)
LLB Equities Fit for Life (CHF)
LLB Equities Real Estate Global (CHF) Class P
Strategy funds
LLB Strategy Fixed Income (CHF) / (EUR) 3 years
LLB Strategy Conservative (CHF) / (EUR)
LLB Strategy BPVV (CHF)
LLB Strategy Yield (CHF) / (EUR) / (USD) 4 years
LLB Strategy Balanced (CHF) / (EUR) / (USD) 6 years
Real value funds
LLB Inflation Protect (CHF) / (EUR) 4 years
Special funds
LLB Alternative Strategy Global Class H CHF / H EUR / H USD 5 years
LLB Strategy Global Trend (CHF) 6 years
Quarterly report · 2 / 2017
Investment philosophy
Quant / value investing
The LLB's funds are managed by LLB Asset Management AG.
This company has extensive experience and an excellent
track record in the management of complex portfolios. LLB
Asset Management specializes in strategic asset structuring,
security selection and portfolio construction in the key
equity and bond markets. We understand this to mean the
following:
Strategic asset structuring – the key to successful
investing
In our strategic asset allocation we formulate a made-tomeasure portfolio which takes into consideration the client's
requirements, particularly expected returns, risk tolerance,
liquidity requirements and the investment horizon. Our aim
here is to maximize returns in the long term without exceeding the client's risk tolerance.
We broadly diversify our funds according to asset classes and
individual securities. This enables risks with specific securities to be reduced and generates additional earnings potential. We actively manage foreign currency exposures and
implement over or under-weightings on the basis of
thorough analyses. Secondary and parallel markets are covered in cooperation with professional external specialists.
Security selection – systematic analysis leads to an
efficient portfolio
In selecting securities our portfolio managers are guided by
quantitative and qualitative aspects. Modern information
technology enables the investment universe to be examined
according to quantitative criteria, whereby the concept of
value is always at the forefront. This process is based on the
fact that value investing generates higher returns for investors oriented towards the medium to long term. Promising
securities are then subjected to a further fundamental analysis.
Portfolio construction – minimizing risk for an
efficient portfolio
When constructing a portfolio, particular attention is paid
to attaining an optimal relationship between risk and return.
We carefully weigh potential returns against associated risks
using a sophisticated optimization procedure. The goal of
our risk management is to combine quantitative and fundamentally attractive securities in a portfolio that promises
investment success while at the same time strictly limiting
the probability and scope of any underperformance.
YTD performance per 30.06.2017 of LLB funds in % (fund currency)
16.0 %
14.0 %
12.0 %
10.0 %
8.0 %
6.0 %
4.0 %
2.0 %
0.0 %
–2.0 %
LLB Equities Regio Bodensee (CHF)
Bank Linth Regiofonds Zürichsee (CHF)
LLB Equities Switzerland (CHF)
LLB Equities North America (USD)
LLB Equities Pacific (JPY)
LLB Convertible Bonds Class H USD
LLB Equities Fit for Life (CHF)
LLB Equities Europe (EUR)
LLB Equities Dividend Pearls Europe (EUR)
LLB Strategy Balanced (USD)
LLB Convertible Bonds Class H CHF
LLB Strategy Yield (USD)
LLB Convertible Bonds Class H EUR
LLB Bonds Inflation Linked Class P
LLB Equities Real Estate Global (CHF) Class P
LLB Strategy Balanced (CHF)
LLB Alternative Strategy Global Class H USD
LLB Bonds USD
LLB Bonds Global Class H USD
LLB Strategy Balanced (EUR)
LLB Strategy Yield (CHF)
LLB Alternative Strategy Global Class H EUR
LLB Bonds Strategy CEEMENA (EUR) Class I (T)
LLB Alternative Strategy Global Class H CHF
LLB Strategy BPVV (CHF)
LLB Strategy Yield (EUR)
LLB Bonds Inflation Linked Class H USD
LLB Strategy Global Trend (CHF)
LLB Strategy Conservative (CHF)
LLB Defensive (USD)
LLB Bonds Global Class H EUR
LLB Equities Dividend Pearls Global (CHF) Class T
LLB Strategy Conservative (EUR)
LLB Bonds Global Class H CHF
LLB Inflation Protect (CHF)
LLB Strategy Fixed Income (CHF)
LLB Strategy Fixed Income (EUR)
LLB Defensive (EUR)
LLB Inflation Protect (EUR)
LLB Bonds EUR Class T
LLB Bonds CHF Class T
LLB Defensive (CHF)
LLB Bonds Inflation Linked Class H EUR
LLB Bonds Inflation Linked Class H CHF
LLB Bonds Euro Alternative (CHF)
LLB Bonds Global Class P
–4.0 %
Quarterly report · 2 / 2017
8
–
9
Price development of LLB funds per 30.06.2017
CHF
millions
Price
2017
2016
Last
3 years
Last
5 years
Since
inception
Defensive funds
LLB Defensive (CHF)
53.4
101.41
–0.11 %
0.11 %
–0.15 % 0.41 %
1.41 %
LLB Defensive (EUR)
110.4
114.19
0.18 %
0.23 %
0.51 % 1.80 %
14.19 %
LLB Defensive (USD)
112.4
119.73
0.76 %
0.64 %
1.69 % 2.43 %
19.73 %
Bond funds
LLB Bonds CHF Cl. T 757.3 1
152.35
–0.10 %
0.99 %
3.57 %
7.40 %
52.35 %
LLB Bonds EUR Cl. T 248.0 110.03
–0.09 %
3.28 %
6.88 %
15.64 %
115.20 %
1
LLB Bonds USD
83.8
236.18
2.47 %
2.92 %
6.56 %
11.05 %
136.18 %
LLB Bonds Euro Alternative (CHF) 29.4
106.55
–0.98 %
2.87 %
1.91 %
–5.59 %
34.48 %
LLB Bonds Global Class P
442.9 1
84.14
–2.34 %
4.22 %
14.07 %
9.40 %
48.81 %
LLB Bonds Global Class H CHF
442.9 101.30
0.45 %
1.87 %
–
–
1.30 %
LLB Bonds Global Class H EUR
442.9 101.55
0.75 %
1.98 %
–
–
1.55 %
LLB Bonds Global Class H USD
442.9 1
104.02
2.20 %
2.41 %
–
–
4.02 %
LLB Bonds Inflation Linked Class P
318.2 1
128.19
3.40 %
1.33 %
–4.09 %
0.35 %
28.19 %
LLB Bonds Inflation Linked Class H CHF
318.2 101.80
–0.63 %
4.33 %
–
–
1.80 %
LLB Bonds Inflation Linked Class H EUR
318.2 102.01
–0.62 %
5.16 %
–
–
2.01 %
LLB Bonds Inflation Linked Class H USD
318.2 1
105.93
0.95 %
6.51 %
–
–
5.93 %
LLB Convertible Bonds Class H CHF
298.7 1
106.50
4.51 %
3.77 %
–
–
6.50 %
LLB Convertible Bonds Class H EUR
298.7 125.12
4.02 %
4.81 %
13.97 %
36.42 %
25.12 %
LLB Convertible Bonds Class H USD
298.7 110.58
6.26 %
5.52 %
–
–
10.58 %
LLB Bonds Strategy CEEMENA (EUR) Cl. I (T)
117.0 1
138.25
1.62 %
11.84 %
18.22 %
30.25 %
46.58 %
LLB Equities Switzerland (CHF)
205.0
249.05
10.52 %
–2.49 %
12.87 %
64.39 %
149.05 %
LLB Equities Europe (EUR)
179.6
122.18
6.02 %
2.18 %
17.65 %
60.51 %
138.96 %
1
1
1
1
1
1
Equity funds
LLB Equities Dividend Pearls Europe (EUR)
LLB Equities North America (USD)
LLB Equities Pacific (JPY)
LLB Equities Dividend Pearls Global (CHF) Cl. T
17.8
94.43
5.27 %
0.48 %
–
–
–2.45 %
185.4
303.24
7.36 %
12.01 %
17.68 %
73.16 %
203.24 %
87.0
12'874.00
7.29 %
0.50 %
23.07 %
105.59 %
28.74 %
145.05
0.66 %
13.15 %
22.77 %
59.05 %
45.05 %
104.1 1
LLB Equities Regio Bodensee (CHF)
98.3
433.75
14.79 %
16.10 %
42.12 %
136.89 %
333.75 %
Bank Linth Regiofonds Zürichsee (CHF)
87.3
308.55
14.09 %
16.40 %
45.85 %
121.98 %
208.55 %
LLB Equities Fit for Life (CHF)
17.3
171.60
6.19 %
5.35 %
37.72 %
91.62 %
71.60 %
LLB Equities Real Estate Global (CHF) Cl. P
97.9 80.65
3.20 %
2.76 %
19.84 %
38.69 %
–19.35 %
Quarterly report · 2 / 2017
1
Price development of LLB funds per 30.06.2017
CHF
millions
Price
2017
2016
Last
3 years
Last
5 years
Since
inception
Strategy funds
LLB Strategy Fixed Income (CHF)
47.1
113.00
0.27 %
2.55 %
3.34 %
8.81 %
13.00 %
LLB Strategy Conservative (CHF)
32.2
102.45
0.89 %
2.21 %
–
–
2.45 %
LLB Strategy BPVV (CHF)
19.1
125.00
1.58 %
1.82 %
3.14 %
14.63 %
38.50 %
LLB Strategy Yield (CHF)
177.5
130.65
1.87 %
2.11 %
3.44 %
16.86 %
30.65 %
LLB Strategy Balanced (CHF)
99.3
120.05
3.18 %
2.20 %
4.76 %
26.57 %
20.05 %
LLB Strategy Fixed Income (EUR)
20.9
124.02
0.18 %
3.31 %
6.97 %
14.02 %
24.02 %
LLB Strategy Conservative (EUR)
8.3
101.09
0.63 %
3.12 %
–
–
1.09 %
LLB Strategy Yield (EUR)
73.4
162.78
1.02 %
3.66 %
8.03 %
22.32 %
62.78 %
LLB Strategy Balanced (EUR)
54.0
148.19
2.17 %
4.38 %
10.19 %
32.80 %
48.19 %
LLB Strategy Yield (USD)
9.8
102.70
4.22 %
3.42 %
–
–
2.70 %
LLB Strategy Balanced (USD)
7.5
104.30
5.09 %
4.37 %
–
–
4.30 %
LLB Inflation Protect (CHF)
20.8
100.40
0.35 %
3.25 %
–3.60 %
–0.64 %
0.40 %
LLB Inflation Protect (EUR)
6.3
105.05
0.09 %
4.08 %
–1.46 %
2.90 %
5.05 %
LLB Alternative Strategy Global Class H CHF
177.6 1
95.05
1.60 %
–4.05 %
–
–
–4.95 %
LLB Alternative Strategy Global Class H EUR
177.6 1
96.29
1.80 %
–3.41 %
–
–
–3.71 %
LLB Alternative Strategy Global Class H USD
177.6 100.16
2.68 %
–2.30 %
–
–
0.16 %
94.40
0.91 %
2.13 %
–4.60 %
–
5.59 %
Real value funds
Special funds
LLB Strategy Global Trend (CHF)
1
1
20.3
Total assets of all share classes
Quarterly report · 2 / 2017
10
–
11
Performance of indices, trading and valuation
Overview
Equity indices (total return) per 30.06.2017
2017
2016
Last 3 years
Last 5 years
SPI (CHF)
12.97 %
–1.41 %
19.78 %
79.80 %
SPI Small and Mid Cap (CHF)
18.41 %
9.01 %
47.11 %
128.07 %
MSCI Europe (EUR)
7.21 %
3.23 %
21.25 %
74.64 %
MSCI USA (USD)
9.53 %
11.61 %
31.04 %
97.62 %
MSCI Pacific (JPY)
7.18 %
1.28 %
25.67 %
114.48 %
MSCI World (CHF)
4.61 %
9.81 %
28.01 %
78.41 %
Bond indices (total return) per 30.06.2017
2017
2016
Last 3 years
Last 5 years
SBI Foreign AAA-BBB (Swiss Bond Index CHF)
–0.08 %
1.09 %
4.04 %
10.16 %
JP Morgan EMU Government Bonds (EUR)
–0.84 %
3.13 %
10.12 %
29.45 %
1.97 %
1.11 %
6.85 %
7.13 %
–3.76 %
4.61 %
18.41 %
11.10 %
JP Morgan United States Government Bonds (USD)
JP Morgan Global Government Bonds (EUR)
Convertible bond indices (total return) per 30.06.2017
Thomson Reuters Convertible Bonds Global Vanilla (EUR)
Thomson Reuters Convertible Bonds Global Investment Grade Hedged (EUR)
Trading
Orders can be placed with your client adviser from 8.30 a. m.
to 3.30 p. m.; they must be received by the Trading Department by 4.00 p. m. at the latest. Orders received after this
deadline will be processed on the next following workday.
Subscriptions and redemptions of LLB fund units may also
be made through other banks. Simply inform your client
adviser at the other bank of the security number and name
of the corresponding LLB fund.
Valuation / value date
Funds are valued in accordance with forward pricing guidelines. This means that you receive the closing price on the
day you place an order. The value date is the trading day plus
three days.
Quarterly report · 2 / 2017
2017
2016
Last 3 years
Last 5 years
–0.14 %
7.22 %
27.86 %
60.32 %
3.80 %
5.79 %
15.67 %
47.20 %
Exception
LLB Equities Pacific (JPY): Because the Japanese market
closes at 8.00 a. m., you will receive the closing price of the
next trading day. The value date is the trading day plus three
days.
DEFENSIVE funds
LLB Defensive (CHF)
per 30.06.2017
Mirko Mattasch
Fund Manager since 16.03.2009
Peter Goller
Co-Manager since 01.03.2016
Investment policy
Fund information
The fund invests in a broadly diversified portfolio of money market
instruments and money market-like securities. The investment
policy is based on a yield-oriented strategy (interest income) with
a very high level of security. The fund's assets are only invested in
investment grade fixed- or variable-interest investments having a
duration of at most 12 months. The fund is suitable for investors
who are risk-averse and who would like access to their invested
assets on short notice.
Net asset value per unit
Fund assets
Reference currency
Traded
Security number
ISIN
WKN
Bloomberg
CHF 101.41
CHF 53.4 million
CHF
Daily
3257583
LI0032575834
A0RLU0
LLBGELD LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
16 March 2009
SICAV (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH, DE, AT
LI, CH, DE, AT
PricewaterhouseCoopers AG
Total Expense Ratio
TER calculation
0.10 % p. a. (per 31.03.2017)
0.10 % + 10 % of 3-mo LIBOR
Risk and performance
Fund
NAV performance over 5 years
104
103
102
101
100
99
98
2012
2013
2014
2015
2016
2017
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
Ratings
AAA 25 %
AA 29 %
2017 –0.1 %
Previous year 0.1 %
Last 3 years –0.2 %
Last 5 years 0.4 %
Volatility last 5 years 0.4 %
Peer-Group 1
–0.4 %
–0.8 %
–1.8 %
–1.9 %
0.2 %
Current average yield to maturity–0.20 % p. a.
Current duration7.84 months
Interest rate spread, durationadjusted
0.55 %
BBB 17 %
A 29 %
Key benefits
◆ Active management at very attractive fees
◆ The politic of negative interest rates leads to no interest on time
deposits and call money
◆ LLB Defensive (CHF) represents an interesting alternative for defensive investors with an investment horizon from 6 months on
1
Maturities
0 – 1 month
1 – 3 month
3 – 6 month
6 – 12 month
> 12 month
28 %
7%
19 %
16 %
30 %
Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe/Africa/Asia OE CHF Money Market).
Quarterly report · 2 / 2017
12
–
13
DEFENSIVE funds
LLB Defensive (EUR)
per 30.06.2017
Roger Wohlwend
Fund Manager since 01.01.2017
Robert Tanner
Co-Manager since 01.10.2006
Investment policy
Fund information
The fund invests in short-dated fixed-interest investments and
employs corresponding derivatives in order to attain a money market-type portfolio. With respect to returns, it is oriented towards
six-monthly money market yields. The fund's assets are only invested in investment grade, fixed- and variable-interest securities. In
addition to short-dated bonds, the fund can also employ notes as
well as interest rate and currency swaps. It is aimed at investors
having an investment horizon of at least six months. The fund offers
an attractive alternative to traditional time deposits and call money
in the individual reference currency. The fund is suitable for investors
who seek somewhat higher returns than are available in the money
market.
Net asset value per unit
Fund assets
Reference currency
Traded
Security number
ISIN
WKN
Bloomberg
EUR 114.19
EUR 100.9 million
EUR
Daily
2153524
LI0021535245
AOERMN
LLBDIEU LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
20 June 2005
SICAV (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH, DE, AT
LI, CH, DE, AT
PricewaterhouseCoopers AG
Total expense ratio
TER calculation
0.12 % p. a. (per 31.03.2017)
0.125 % + 10 % of 3-mo LIBOR
Risk and performance
Fund
NAV performance over 5 years
118
116
114
112
110
108
2012
2013
2014
2015
2016
2017
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
Ratings
AAA 8 %
BBB 13 %
AA 35 %
A 44 %
Key benefits
◆ Active management at very attractive fees
◆ More attractive yield of LLB Defensive (EUR) compared to time
deposit interest rates in EUR
◆ Traditional time deposits and call money investments have become
even less attractive after the ECB decision to start a QE-program
Quarterly report · 2 / 2017
2017
Previous year
Last 3 years
Last 5 years
Volatility last 5 years
0.2 %
0.2 %
0.5 %
1.8 %
0.2 %
Current average yield to maturity 0.02 % p. a.
Current Duration
9 months
DEFENSIVE funds
LLB Defensive (USD)
per 30.06.2017
Robert Tanner
Fund Manager since 01.10.2006
Peter Goller
Co-Manager since 20.06.2005
Investment policy
Fund information
The fund invests in short-dated fixed-interest investments and
employs corresponding derivatives in order to attain a money market-type portfolio. With respect to returns, it is oriented towards
six-monthly money market yields. The fund's assets are only invested in investment grade, fixed- and variable-interest securities. In
addition to short-dated bonds, the fund can also employ notes as
well as interest rate and currency swaps. It is aimed at investors
having an investment horizon of at least six months. The fund offers
an attractive alternative to traditional time deposits and call money
in the individual reference currency. The fund is suitable for investors
who seek somewhat higher returns than are available in the money
market.
Net asset value per unit
Fund assets
Reference currency
Traded
Security number
ISIN
WKN
Bloomberg
USD 119.73
USD 117.2 million
USD
Daily
2153526
LI0021535260
AOERMP
LLBDIUS LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
20 June 2005
SICAV (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH
LI, CH, DE, AT
PricewaterhouseCoopers AG
Total expense ratio
TER calculation
0.21 % p. a. (per 31.03.2017)
0.125 % + 10 % of 3-mo LIBOR
Risk and performance
Fund
NAV performance over 5 years
122
120
118
116
114
112
2012
2013
2014
2015
2016
2017
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
Ratings
AAA 40 %
BBB 2 %
AA 29 %
2017
Previous year
Last 3 years
Last 5 years
Volatility last 5 years
0.8 %
0.6 %
1.7 %
2.4 %
0.1 %
Current average yield to maturity1.48 % p. a.
Current Duration
5 months
A 29 %
Key benefits
◆ Active management at very attractive fees
◆ Feds more restrictive monetary policy will lead to higher yields
◆ More attractive yield of LLB Defensive (USD) compared with time
deposit interest rates in USD
◆ Protection against a rise in long-term US Dollar interest rates
◆ An alternative to traditional time deposits and call money investments
Quarterly report · 2 / 2017
14
–
15
bond funds
LLB Bonds CHF Cl. T & A
per 30.06.2017
Mirko Mattasch
Fund Manager since 01.01.2008
Peter Goller
Co-Manager since 01.01.2007
Investment policy
Fund information
The fund invests in fixed-interest investments (bonds, money market instruments and credit balances) that are denominated in Swiss
Francs. It is oriented towards the Swiss Foreign Bond Index (SBI
Foreign) as the benchmark. The fund's management pays particular
attention to covering the entire market from government bonds to
attractive corporate issuers, regions and sectors. The fund's assets
are only invested in investment grade fixed- and variable-interest
securities. Interest earnings are continuously reinvested in class T
(accumulating) and distributed in class A. The fund is suitable for
investors pursuing a yield-orientated but safety-conscious strategy
who wish to achieve the highest possible interest earnings in addition to capital preservation.
Net asset value per unit Cl. T / A
Fund assets (all classes)
Reference currency
Traded
Security number Cl. T / A
ISIN Cl. T / A
WKN Cl. T / A
Bloomberg Cl. T / A
CHF 152.35 / CHF 135.45
CHF 757.3 million
CHF
Daily
1325569 / 3254330
LI0013255695 / LI0032543303
964824 / A0RLUX
LLBOBCH LE / LLBOBCA LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
7 January 1997
SICAV (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
NAV performance over 5 years
Investment manager
LLB Asset Management AG
Representative in Switzerland
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Paying agent in Switzerland
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
End of financial year
30 September
Class
T = Accumul., A = Distribut.
Dividend distributions Cl. T / A
None / 15.12.2016 CHF 1.60 Licensed for distribution in Cl. T / A: LI, CH, DE, AT
Tax transparency inCl. T / A: LI, CH, DE, AT
Auditors
PricewaterhouseCoopers AG
156
154
152
150
148
146
144
142
Total expense ratio
TER calculation
0.25 % p. a. (per 31.03.2017)
0.25 % + 10 % of 5-y swap CHF
Risk and performance
Fund
140
2012
2013
2014
2015
2016
2017
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units. The NAV performance shown is based
on the total return prices of class T.
Ratings
AAA 22 %
AA 36 %
Peer-Group 2
2017 –0.1 %
Previous year 1.0 %
Last 3 years 3.6 %
Last 5 years 7.4 %
Volatility last 5 years 1.6 %
Current average yield to maturity0.09 % p. a.
Current duration4.25 years
Interest rate spread, durationadjusted
0.56 %
Maturities
BBB 12 %
A 30 %
0 – 3 years
3 – 5 years
5 – 7 years
7 – 10 years
> 10 years
Key benefits
Fund ratings 1
◆ Active management at very attractive fees
◆ Cost-efficient alternative for yield-oriented investors
◆ In an environment of low interest rates, active management of
bond portfolios becomes essential
Lipper preservation score (overall)
Lipper expense score (overall)
1
2
The fund ratings refer to the preceding month.
Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe/Africa/Asia OE CHF Bond).
Quarterly report · 2 / 2017
38 %
22 %
20 %
15 %
5%
Leader
4
–0.3 %
1.0 %
3.1 %
7.8 %
2.0 %
bond funds
LLB Bonds EUR Cl. T & A
per 30.06.2017
Roger Wohlwend
Fund Manager since 01.01.2017
Robert Tanner
Co-Manager since 01.01.2007
Investment policy
Fund information
The fund invests in fixed-interest investments (bonds, money market instruments and credit balances) that are denominated in Euros.
It is oriented towards the JP Morgan EMU Government Bond Index
as the benchmark. The fund's management pays particular attention to covering the entire market from government bonds to attractive corporate issuers, regions and sectors. The fund's assets are only
invested in investment grade fixed- and variable-interest securities.
Interest earnings are continuously reinvested in class T (accumulating) and distributed in class A. The fund is suitable for investors
pursuing a yield-orientated but safety-conscious strategy who wish
to achieve the highest possible interest earnings in addition to capital preservation.
Net asset value per unit Cl. T / A
Fund assets (all classes)
Reference currency
Traded
Security number Cl. T / A
ISIN Cl. T / A
WKN Cl. T / A
Bloomberg Cl. T / A
EUR 110.03/ EUR 86.92
EUR 226.6 million
EUR
Daily
1325568 / 3255064
LI0013255687 / LI0032550647
964825 / A0RLUY
LLBOBEU LE / LLBOBEA LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
7 January 1997
SICAV (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
NAV performance over 5 years
Investment manager
LLB Asset Management AG
Representative in Switzerland
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Paying agent in Switzerland
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
End of financial year
30 September
Class
T = Accumul., A = Distribut.
Dividend distributions Cl. T / A
None / 15.12.2016 EUR 2.42
Licensed for distribution in Cl. T / A: LI, CH, DE, AT
Tax transparency inCl. T / A: LI, CH, DE, AT
Auditors
PricewaterhouseCoopers AG
114
112
110
108
106
104
102
100
98
96
Total expense ratio
TER calculation
0.25 % p. a. (per 31.03.2017)
0.25 % + 10 % of 5-y swap EUR
Risk and performance
Fund
94
2012
2013
2014
2015
2016
2017
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units. The NAV performance shown is based
on the total return prices of class T.
Ratings
AAA 19 %
AA 28 %
Peer-Group 2
2017 –0.1 %
Previous year 3.3 %
Last 3 years 6.9 %
Last 5 years 15.6 %
Volatility last 5 years 2.7 %
–0.2 %
2.2 %
4.9 %
17.1 %
2.9 %
Current average yield to maturity0.80 % p. a.
Current duration6.04 years
Interest rate spread, durationadjusted
0.78 %
Maturities
BBB 15 %
A 38 %
0 – 3 years
3 – 5 years
5 – 7 years
7 – 10 years
> 10 years
Key benefits
Fund ratings 1
◆ Active management at very attractive fees
◆ The European debt crisis showed that active management of bond
portfolios is necessary to ensure investment success
◆ Broadly diversified portfolio
◆ The fund invests in top-quality issuers
Lipper preservation score (overall)
Lipper expense score (overall)
Morningstar stars (3 years)
1
2
17 %
22 %
28 %
21 %
12 %
Leader
Leader
4
The fund ratings refer to the preceding month.
Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe/Africa/Asia OE EUR Diversified Bond).
Quarterly report · 2 / 2017
16
–
17
bond funds
LLB Bonds USD
per 30.06.2017
Mirko Mattasch
Fund Manager since 01.08.2008
Peter Goller
Co-Manager since 05.01.2009
Investment policy
Fund information
The fund invests in fixed-interest investments (bonds, money market instruments and credit balances) that are denominated in US
Dollars. It is oriented towards the JP Morgan US Government Bond
Index as the benchmark. The fund's management pays particular
attention to covering the entire market from government bonds to
attractive corporate issuers, regions and sectors. The fund's assets
are only invested in investment grade fixed- and variable-interest
securities; up to 10 % of the fund's assets can be invested in other
Dollar currencies (CAD, AUD, NZD). Both interest earnings and capital gains are continuously reinvested in the fund. The fund is suitable
for investors pursuing a yield-orientated but safety-conscious strategy who wish to achieve the highest possible interest earnings in
addition to capital preservation.
Net asset value per unit
Fund assets
Reference currency
Traded
Security number
ISIN
WKN
Bloomberg
USD 236.18
USD 87.4 million
USD
Daily
1325567
LI0013255679
964826
LLBOBUS LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
30 December 1997
SICAV (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH
LI, CH, DE, AT
PricewaterhouseCoopers AG
Total expense ratio
TER calculation
0.38 % p. a. (per 31.03.2017)
0.25 % + 10 % of 5-y swap USD
Risk and performance
Fund
NAV performance over 5 years
240
235
230
225
220
215
210
2012
2013
2014
2015
2016
2017
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
Ratings
AAA 26 %
AA 28 %
Peer-Group 2
2017 2.5 %
Previous year 2.9 %
Last 3 years 6.6 %
Last 5 years 11.1 %
Volatility last 5 years 2.8 %
Current average yield to maturity 2.54 % p. a.
Current duration5.38 years
Interest rate spread, durationadjusted
0.62 %
Maturities
BBB 12 %
A 34 %
0 – 3 years
3 – 5 years
5 – 7 years
7 – 10 years
> 10 years
37 %
23 %
14 %
6%
20 %
Fund ratings 1
Key benefits
◆ Active management at very attractive fees
◆ Suitable for yield-oriented investors
◆ Compared to CHF and EUR high yield to maturity
◆ The current interest rate environment and the end of the ultraexpansive monetary policy requires an active management
1
2
Lipper total return score (10 years)
Lipper consistent return score (overall)
Lipper preservation score (3 years)
Lipper expense score (overall)
Morningstar stars (3 years)
Feri Trust Rating
The fund ratings refer to the preceding month.
Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe/Africa/Asia OE USD Diversified Bond).
Quarterly report · 2 / 2017
4
4
4
Leader
4
B
2.3 %
2.0 %
4.1 %
8.4 %
3.0 %
bond funds
LLB Bonds Euro Alternative
(CHF)
Mirko Mattasch
Co-Manager since 01.03.2016
per 30.06.2017
Peter Goller
Fund Manager since 01.01.2007
Investment policy
Fund information
The fund invests globally in bonds of first-class issuers excluding
those denominated in Euros. It is oriented towards the JP Morgan
Global Government Bond Index as the benchmark. The fund's portfolio contains currencies such as the US Dollar, Swiss Franc, Pound
Sterling and Danish Krone. In addition, the fund practices active
currency management. The fund's assets are only invested in highquality, fixed- and variable-interest securities (minimum A Rating).
The fund is suitable for investors who seek a well-diversified, firstclass alternative to bonds denominated in Euros and who wish
to profit from the interest rate differentials between the various
currencies.
Net asset value per unit
Fund assets
Reference currency
Traded
Security number
ISIN
WKN Bloomberg
CHF 106.55
CHF 29.4 million
CHF
Daily
674526
LI0006745264
964815
LLBEALT LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
22 August 1997
SICAV (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
NAV performance over 5 years
Investment manager
LLB Asset Management AG
Representative in Switzerland
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Paying agent in Switzerland
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
End of financial year
30 September
Dividend distributions
None, reinvested
Licensed for distribution in LI, CH, DE, AT
Tax transparency inLI, CH, DE, AT
Auditors
PricewaterhouseCoopers AG
150
145
140
135
130
125
120
2012
2013
2014
2015
2016
2017
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units. Until 29 November 2004 there were
annual dividend/coupons distributions. The NAV performance shown is based on total return prices. Therefore the net asset value per unit devia tes from the value of the NA V performance of both classes.
Ratings
AAA 32 %
AA 33 %
Total expense ratio
0.55 % p. a. (per 31.03.2017)
Risk and performance
Fund
2017 –1.0 %
Previous year 2.9 %
Last 3 years 1.9 %
Last 5 years –5.3 %
Volatility last 5 years 5.0 %
Peer-Group 2
–1.1 %
2.6 %
3.0 %
2.0 %
6.8 %
Current average yield to maturity1.68 % p. a.
Current duration4.49 years
Currency exposure
A 35 %
Key benefits
◆ Active management at very attractive fees
◆ Focus on high quality borrowers (minimum rating A)
◆ Yields in Swiss Franc not attractive
◆ Chances for currency gains due to overvalued Swiss Franc
USD
JPY
CHF
DKK
GBP
NOK
SEK
CAD
AUD
MXN
ZAR
Other currencies
30 %
17 %
14 %
12 %
10 %
4%
4%
4%
2%
1%
1%
1%
Fund ratings 1
Lipper preservation score (overall)
Lipper expense score (overall)
1
2
Leader
Leader
The fund ratings refer to the preceding month.
Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe/Africa/Asia OE Global Bond).
Quarterly report · 2 / 2017
18
–
19
bond funds
LLB Bonds Global
Class P
per 30.06.2017
Robert Tanner
Fund Manager since 24.01.2007
Investment policy
Fund information
The fund invests globally in the bonds of first-class issuers. It is oriented towards the JP Morgan Global Government Bonds Index as
the benchmark. The management strives to attain a broad coverage
of the overall market, which ranges from investments in government bonds to a selection of attractive corporate issuers. The fund
conducts active currency management. In addition to the core currencies Euro, Pound Sterling, US Dollar and Japanese Yen, investments are also considered in other interesting marginal currencies
in Eastern Europe, Asia or Latin America. The fund's assets are only
invested in investment grade fixed- and variable-interest securities.
Both interest earnings and capital gains are continuously reinvested. The fund is suitable for investors, who want to achieve the highest possible interest earnings by means of a first-class, globally
diversified, yield-oriented but at the same time safety-conscious
strategy.
Net asset value per unit
Fund assets (all classes)
Reference currency
Traded
Security number
ISIN
WKN
Bloomberg
NAV performance over 5 years
88
86
84
82
80
78
Mirko Mattasch
Co-Manager since 01.03.2016
EUR 84.14
EUR 404.7 million
EUR
Daily
916371
LI0009163713
964817
LLBGBND LE
Inception date
24 January 2007
Legal form of fund
SICAV (UCITS V)
Fund domicile
Liechtenstein
Management companyLLB Fund Services AG
Custodian bank
Liechtensteinische
Landesbank AG
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH, DE, AT
LI, CH, DE, AT
PricewaterhouseCoopers AG
Total expense ratio
0.55 % p. a. (per 31.03.2017)
Risk and performance
Fund
76
74
72
70
68
2012
2013
2014
2015
2016
2017
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
Peer-Group 2
2017 –2.3 %
Previous year 4.2 %
Last 3 years 14.1 %
Last 5 years 9.4 %
Volatility last 5 years 5.7 %
Current average yield to maturity1.74 % p. a.
Current duration5.42 years
Currency exposure
Ratings
AAA 24 %
AA 28 %
BBB 18 %
A 30 %
EUR
USD
JPY
GBP
AUD
NZD
CAD
NOK
MXN
CHF
42 %
37 %
7%
6%
2%
2%
1%
1%
1%
1%
Fund ratings 1
Key benefits
◆ Active management at very attractive fees
◆ Higher yields in foreign currencies versus Swiss Franc
◆ Broadly diversified, cost-efficient international bond portfolio
◆ In an environment of low interest rates, active management of
bond portfolios becomes essential
1
2
Lipper consistent return score (3 years)
Lipper preservation score (3 years)
Lipper expense score (overall)
The fund ratings refer to the preceding month.
Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe/Africa/Asia OE Global Bond).
Quarterly report · 2 / 2017
4
Leader
Leader
–2.9 %
4.1 %
14.4 %
12.1 %
6.8 %
bond funds
LLB Bonds Global
Class H CHF
per 30.06.2017
Robert Tanner
Fund Manager since 24.01.2007
Investment policy
Fund information
The fund invests globally in the bonds of first-class issuers. It is oriented towards the JP Morgan Global Government Bonds Index as
the benchmark. The management strives to attain a broad coverage
of the overall market, which ranges from investments in government bonds to a selection of attractive corporate issuers. In addition
to the core currencies Euro, Pound Sterling, US Dollar and Japanese
Yen, investments are also considered in other interesting marginal
currencies in Eastern Europe, Asia or Latin America. The fund's
assets are only invested in investment grade fixed- and variableinterest securities. Both interest earnings and capital gains are continuously reinvested. Foreign currency risks are largely hedged from
the CHF perspective. The fund is suitable for investors, who want to
achieve the highest possible interest earnings by means of a firstclass, globally diversified, yield-oriented but at the same time
safety-conscious strategy.
Net asset value per unit
Fund assets (all classes)
Reference currency
Traded
Security number
ISIN
WKN
Bloomberg
Mirko Mattasch
Co-Manager since 01.03.2016
CHF 101.30
EUR 404.7 million
CHF
Daily
29091146
LI0290911465
A142W1
LLBOGHC LE
Inception date
30 October 2015
Legal form of fund
SICAV (UCITS V)
Fund domicile
Liechtenstein
Management companyLLB Fund Services AG
Custodian bank
Liechtensteinische
Landesbank AG
102
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH, DE, AT
LI, CH, DE, AT
PricewaterhouseCoopers AG
101
Total expense ratio
0.55 % p. a. (per 31.03.2017)
100
Risk and performance
Fund NAV performance since inception
104
103
2017
Previous year
Since inception
99
98
O N D
J F M A M J
J
A S O N D
J F M A M J
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
Ratings
AAA 24 %
AA 28 %
BBB 18 %
A 30 %
0.5 %
1.9 %
1.3 %
Current average yield to maturity0.32 % p. a.
Current duration5.42 years
Maturities
0 – 3 years
3 – 5 years
5 – 7 years
7 – 10 years
> 10 years
30 %
24 %
25 %
14 %
7%
Key benefits
◆ Active management at very attractive fees
◆ Broadly diversified, cost-efficient international bond portfolio
◆ In an environment of low interest rates, active management of
bond portfolios becomes essential
◆ Higher yields in foreign currencies versus corresponding Swiss
franc bonds
◆ Active hedging of foreign currency risks
Quarterly report · 2 / 2017
20
–
21
bond funds
LLB Bonds Global
Class H EUR
Robert Tanner
Fund Manager since 24.01.2007
per 30.06.2017
Investment policy
Fund information
The fund invests globally in the bonds of first-class issuers. It is oriented towards the JP Morgan Global Government Bonds Index as
the benchmark. The management strives to attain a broad coverage
of the overall market, which ranges from investments in government bonds to a selection of attractive corporate issuers. In addition
to the core currencies Euro, Pound Sterling, US Dollar and Japanese
Yen, investments are also considered in other interesting marginal
currencies in Eastern Europe, Asia or Latin America. The fund's
assets are only invested in investment grade fixed- and variableinterest securities. Both interest earnings and capital gains are continuously reinvested. Foreign currency risks are largely hedged from
the EUR perspective. The fund is suitable for investors, who want
to achieve the highest possible interest earnings by means of a firstclass, globally diversified, yield-oriented but at the same time
safety-conscious strategy.
Net asset value per unit
Fund assets (all classes)
Reference currency
Traded
Security number
ISIN
WKN
Bloomberg
Mirko Mattasch
Co-Manager since 01.03.2016
EUR 101.55
EUR 404.7 million
EUR
Daily
29091152
LI0290911523
A142W2
LLBOGHE LE
Inception date
30 October 2015
Legal form of fund
SICAV (UCITS V)
Fund domicile
Liechtenstein
Management companyLLB Fund Services AG
Custodian bank
Liechtensteinische
Landesbank AG
102
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH, DE, AT
LI, CH, DE, AT
PricewaterhouseCoopers AG
101
Total expense ratio
0.55 % p. a. (per 31.03.2017)
100
Risk and performance
Fund NAV performance since inception
104
103
2017
Previous year
Since inception
99
98
O N D
J F M A M J
J
A S O N D
J F M A M J
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
Ratings
AAA 24 %
AA 28 %
BBB 18 %
A 30 %
Key benefits
◆ Active management at very attractive fees
◆ Broadly diversified, cost-efficient international bond portfolio
◆ In an environment of low interest rates, active management of
bond portfolios becomes essential
◆ Higher yields in foreign currencies versus corresponding Euro
bonds
◆ Active hedging of foreign currency risks
Quarterly report · 2 / 2017
0.8 %
2.0 %
1.6 %
Current average yield to maturity0.74 % p. a.
Current duration5.42 years
Maturities
0 – 3 years
3 – 5 years
5 – 7 years
7 – 10 years
> 10 years
30 %
24 %
25 %
14 %
7%
bond funds
LLB Bonds Global
Class H USD
per 30.06.2017
Robert Tanner
Fund Manager since 24.01.2007
Investment policy
Fund information
The fund invests globally in the bonds of first-class issuers. It is oriented towards the JP Morgan Global Government Bonds Index as
the benchmark. The management strives to attain a broad coverage
of the overall market, which ranges from investments in government bonds to a selection of attractive corporate issuers. In addition
to the core currencies Euro, Pound Sterling, US Dollar and Japanese
Yen, investments are also considered in other interesting marginal
currencies in Eastern Europe, Asia or Latin America. The fund's
assets are only invested in investment grade fixed- and variableinterest securities. Both interest earnings and capital gains are continuously reinvested. Foreign currency risks are largely hedged from
the USD perspective. The fund is suitable for investors, who want
to achieve the highest possible interest earnings by means of a firstclass, globally diversified, yield-oriented but at the same time
safety-conscious strategy.
Net asset value per unit
Fund assets (all classes)
Reference currency
Traded
Security number
ISIN
WKN
Bloomberg
Mirko Mattasch
Co-Manager since 01.03.2016
USD 104.02
EUR 404.7 million
USD
Daily
29091154
LI0290911549
A142W3
LLBOGHU LE
Inception date
30 October 2015
Legal form of fund
SICAV (UCITS V)
Fund domicile
Liechtenstein
Management companyLLB Fund Services AG
Custodian bank
Liechtensteinische
Landesbank AG
103
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH, DE, AT
LI, CH, DE, AT
PricewaterhouseCoopers AG
102
Total expense ratio
0.55 % p. a. (per 31.03.2017)
101
Risk and performance
Fund 100
2017
Previous year
Since inception
NAV performance since inception
105
104
99
O N D
J F M A M J
J
A S O N D
J F M A M J
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
Ratings
AAA 24 %
AA 28 %
BBB 18 %
A 30 %
2.2 %
2.4 %
4.0 %
Current average yield to maturity2.75 % p. a.
Current duration5.42 years
Maturities
0 – 3 years
3 – 5 years
5 – 7 years
7 – 10 years
> 10 years
30 %
24 %
25 %
14 %
7%
Key benefits
◆ Active management at very attractive fees
◆ Broadly diversified, cost-efficient international bond portfolio
◆ In an environment of low interest rates, active management of
bond portfolios becomes essential
◆ Active hedging of foreign currency risks
Quarterly report · 2 / 2017
22
–
23
bond funds
LLB Bonds Inflation Linked
Class P
per 30.06.2017
Robert Tanner
Fund Manager since 24.01.2007
Investment policy
Fund information
The fund invests in an internationally diversified portfolio of inflation-linked bonds, notes and other debt certificates, as well as
money market instruments. It is oriented towards the Barclays
World Inflation Linked Total Return Index as the benchmark. The
fund's assets are only invested in investment grade fixed- and variable-interest securities. Both interest earnings and capital gains are
continuously reinvested. The fund is suitable for investors, who
want to achieve the highest possible interest earnings while simultaneously ensuring capital preservation (inflation-linked) by means
of a first-class, globally diversified, yield-oriented but at the same
time safety-conscious strategy.
Net asset value per unit
Fund assets (all classes)
Reference currency
Traded
Security number
ISIN
WKN
Bloomberg
USD 128.19
USD 331.8 million
USD
Daily
2861487
LI0028614878
A0MKEF
LLBOILP LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
24 January 2007
SICAV (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH, DE, AT
LI, CH, DE, AT
PricewaterhouseCoopers AG
Total expense ratio
0.50 % p. a. (per 31.03.2017)
Risk and performance
Fund
NAV performance over 5 years
136
134
132
130
128
126
124
122
120
2012
2013
2014
2015
2016
2017
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
Allocation by currency
CHF 1 %
USD 48 %
JPY 2 %
Asia / Pacific
ex Japan 2 %
2017 3.4 %
Previous year 1.3 %
Last 3 years –4.1 %
Last 5 years 0.4 %
Volatility last 5 years 4.7 %
Current average
real yield to maturity0.11 % p. a.
Current duration9.48 years
Maturities
Other
currencies 1 %
Europe other
currencies 3 %
GBP 25 %
Mirko Mattasch
Co-Manager since 01.03.2016
EUR 18 %
0 – 3 years
3 – 5 years
5 – 7 years
7 – 10 years
> 10 years
24 %
17 %
18 %
15 %
26 %
Fund ratings 1
Key benefits
◆ Active management at very attractive fees
◆ Portfolio diversification in a separate asset class
◆ Excess liquidity sparks inflation fears in the longer term
◆ Protection against loss of purchasing power due to compensation
of inflation
◆ Very good issuer quality (government issuers)
1
The fund ratings refer to the preceding month.
Quarterly report · 2 / 2017
Lipper total return score (overall)
Lipper consistent return score (overall)
Lipper preservation score (overall)
Lipper expense score (overall)
4
4
4
Leader
bond funds
LLB Bonds Inflation Linked
Class H CHF
per 30.06.2017
Robert Tanner
Fund Manager since 24.01.2007
Investment policy
Fund information
The fund invests in an internationally diversified portfolio of inflation-linked bonds, notes and other debt certificates, as well as
money market instruments. It is oriented towards the Barclays
World Inflation Linked Total Return Index as the benchmark. The
fund's assets are only invested in investment grade fixed- and variable-interest securities. Both interest earnings and capital gains are
continuously reinvested. Foreign currency risks are largely hedged
from the CHF perspective. The fund is suitable for investors, who
want to achieve the highest possible interest earnings while simultaneously ensuring capital preservation (inflation-linked) by means
of a first-class, globally diversified, yield-oriented but at the same
time safety-conscious strategy.
Net asset value per unit
Fund assets (all classes)
Reference currency
Traded
Security number
ISIN
WKN
Bloomberg
CHF 101.80
USD 331.8 million
CHF
Daily
29091157
LI0290911572
A142W4
LLOILHC LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
30 October 2015
SICAV (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
101
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH, DE, AT
LI, CH, DE, AT
PricewaterhouseCoopers AG
100
Total expense ratio
0.50 % p. a. (per 31.03.2017)
Risk and performance
Fund
NAV performance since inception
106
105
104
103
102
99
98
O N D
J F M A M J
J
A S O N D
J F M A M J
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
Mirko Mattasch
Co-Manager since 01.03.2016
2017 –0.6 %
Previous year 4.3 %
Since inception 1.8 %
Current average
real yield to maturity–1.60 % p. a.
Current duration9.48 years
Ratings
AAA 56 %
AA 36 %
Maturities
0 – 3 years
3 – 5 years
5 – 7 years
7 – 10 years
> 10 years
24 %
17 %
18 %
15 %
26 %
A3%
BBB 5 %
Key benefits
◆ Active management at very attractive fees
◆ Portfolio diversification in a separate asset class
◆ Excess liquidity sparks inflation fears in the longer term
◆ Protection against loss of purchasing power due to compensation
of inflation
◆ Very good issuer quality (government issuers)
◆ Active hedging of foreign currency risks
Quarterly report · 2 / 2017
24
–
25
bond funds
LLB Bonds Inflation Linked
Class H EUR
per 30.06.2017
Robert Tanner
Fund Manager since 24.01.2007
Investment policy
Fund information
The fund invests in an internationally diversified portfolio of inflation-linked bonds, notes and other debt certificates, as well as
money market instruments. It is oriented towards the Barclays
World Inflation Linked Total Return Index as the benchmark. The
fund's assets are only invested in investment grade fixed- and variable-interest securities. Both interest earnings and capital gains are
continuously reinvested. Foreign currency risks are largely hedged
from the EUR perspective. The fund is suitable for investors, who
want to achieve the highest possible interest earnings while simultaneously ensuring capital preservation (inflation-linked) by means
of a first-class, globally diversified, yield-oriented but at the same
time safety-conscious strategy.
Net asset value per unit
Fund assets (all classes)
Reference currency
Traded
Security number
ISIN
WKN
Bloomberg
EUR 102.01
USD 331.8 million
EUR
Daily
29091158
LI0290911580
A142W5
LLOILHE LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
30 October 2015
SICAV (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH, DE, AT
LI, CH, DE, AT
PricewaterhouseCoopers AG
Total expense ratio
0.50 % p. a. (per 31.03.2017)
Risk and performance
Fund
NAV performance since inception
106
105
104
103
102
101
100
99
98
97
O N D
J F M A M J
J
A S O N D J F M A M J
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
Mirko Mattasch
Co-Manager since 01.03.2016
2017 –0.6 %
Previous year 5.2 %
Since inception 2.0 %
Current average
real yield to maturity–1.15 % p. a.
Current duration9.48 years
Ratings
AAA 56 %
AA 36 %
Maturities
0 – 3 years
3 – 5 years
5 – 7 years
7 – 10 years
> 10 years
A3%
BBB 5 %
Key benefits
◆ Active management at very attractive fees
◆ Portfolio diversification in a separate asset class
◆ Excess liquidity sparks inflation fears in the longer term
◆ Protection against loss of purchasing power due to compensation
of inflation
◆ Very good issuer quality (government issuers)
◆ Active hedging of foreign currency risks
Quarterly report · 2 / 2017
24 %
17 %
18 %
15 %
26 %
bond funds
LLB Bonds Inflation Linked
Class H USD
Mirko Mattasch
Co-Manager since 01.03.2016
per 30.06.2017
Robert Tanner
Fund Manager since 24.01.2007
Investment policy
Fund information
The fund invests in an internationally diversified portfolio of inflation-linked bonds, notes and other debt certificates, as well as
money market instruments. It is oriented towards the Barclays
World Inflation Linked Total Return Index as the benchmark. The
fund's assets are only invested in investment grade fixed- and variable-interest securities. Both interest earnings and capital gains are
continuously reinvested. Foreign currency risks are largely hedged
from the USD perspective. The fund is suitable for investors, who
want to achieve the highest possible interest earnings while simultaneously ensuring capital preservation (inflation-linked) by means
of a first-class, globally diversified, yield-oriented but at the same
time safety-conscious strategy.
Net asset value per unit
Fund assets (all classes)
Reference currency
Traded
Security number
ISIN
WKN
Bloomberg
USD 105.93
USD 331.8 million
USD
Daily
29091159
LI0290911598
A142W6
LLOILHU LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
30 October 2015
SICAV (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH, DE, AT
LI, CH, DE, AT
PricewaterhouseCoopers AG
Total expense ratio
0.50 % p. a. (per 31.03.2017)
Risk and performance
Fund
NAV performance since inception
109
108
107
106
105
104
103
102
101
100
99
98
O N D
J F M A M J
J
A S O N D J F M A M J
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
2017
Previous year
Since inception
1.0 %
6.5 %
5.9 %
Current average
real yield to maturity0.52 % p. a.
Current duration9.48 years
Ratings
AAA 56 %
AA 36 %
Maturities
0 – 3 years
3 – 5 years
5 – 7 years
7 – 10 years
> 10 years
24 %
17 %
18 %
15 %
26 %
A3%
BBB 5 %
Key benefits
◆ Active management at very attractive fees
◆ Portfolio diversification in a separate asset class
◆ Excess liquidity sparks inflation fears in the longer term
◆ Protection against loss of purchasing power due to compensation
of inflation
◆ Very good issuer quality (government issuers)
◆ Active hedging of foreign currency risks
Quarterly report · 2 / 2017
26
–
27
bond funds
LLB Convertible Bonds
Class H CHF
per 30.06.2017
Simon Öhri
Fund Manager since 01.04.2014
Timo Gruber
Co-Manager since 01.02.2016
Investment policy
Fund information
The fund invests in a globally diversified portfolio of investment
grade convertible bonds. It is oriented towards the Thomson Reuters Convertible Bonds Global Investment Grade Hedged Index as
benchmark. Foreign currency risks are at least 80 % hedged from
the reference currency perspective. The fund invests in favourably
valued convertible bonds, which can benefit particularly strongly
from upward movements of the stock markets but which, at the
same time, are hedged as far as possible against any price setbacks.
The fund is suitable for investors, who appreciate having convertible
bonds in their portfolio because of their yield-enhancing and riskreducing attributes. Investors can benefit from the opportunities
on the stock markets without having to bear the full risks associated
with equities.
Net asset value per unit
Fund assets (all classes)
Reference currency
Traded
Security number
ISIN
WKN
Bloomberg
CHF 106.50
EUR 272.9 million
CHF
Daily
29091162
LI0290911622
A142F6
LLBWAHC LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
30 October 2015
SICAV (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH, DE, AT
LI, CH, DE, AT
PricewaterhouseCoopers AG
Total expense ratio
0.60 % p. a. (per 31.03.2017)
plus performance fee
Risk and performance
Fund
NAV performance since inception
110
108
106
104
102
100
98
96
94
92
90
O N D
J F M A M J
J
A S O N D J F M A M J
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
2017
Previous year
Since inception
Peer-Group 1
4.5 %
3.8 %
6.5 %
2.0 %
–1.5 %
–0.6 %
Allocation by regions
Sector allocation
Information
technology 17 %
Real estate 14 %
Materials 1 %
Healthcare 7 %
Telecommunications 3 %
Energy 5 %
Consumer
discretionary 11 %
Consumer
staples 2 %
Utilities 3 %
Industrials 18 %
Financials 19 %
Key benefits
◆ Active management at very attractive fees
◆ Very good issuer quality in the portfolio
◆ Convertible bonds offer an attractive risk / reward ratio relative to
other traditional assets (stocks and straight bonds)
◆ The fund has got the critical size to get an allocation in attractive
new convertible bonds issues
◆ Active hedging of foreign currency risks
1
America
Europe
Japan
Asia
Other regions
Largest holdings
Security
Maturity Curr.Weight
1.750 %
2.625 %
7.500 %
1.000 %
4.750 %
2.750 %
3.750 %
1.050 %
3.250 %
1.250 %
19.06.2024
15.05.2041
no maturity
27.03.2022
15.04.2020
15.10.2042
15.05.2021
16.08.2017
01.08.2039
21.10.2023
DP World Notes
Novellus Systems
Wells Fargo Series -L-
Aabar Invest
Prospect Capital
Anthem Deb
Spirit Realty Capital
Siemens FinNv
Intel Debs
Steinhoff Fin.
Peer-Group = Median of the peer group, provided by Morningstar (Europe/Africa/Asia OE Convertible Bond - Global, CHF Hedged).
Quarterly report · 2 / 2017
42 %
33 %
7%
7%
11 %
USD
USD
USD
EUR
USD
USD
USD
USD
USD
USD
3.5 %
3.4 %
3.4 %
2.8 %
2.6 %
2.5 %
2.2 %
2.1 %
2.1 %
2.1 %
bond funds
LLB Convertible Bonds
Class H EUR
Simon Öhri
Fund Manager since 01.04.2014
per 30.06.2017
Timo Gruber
Co-Manager since 01.02.2016
Investment policy
Fund information
The fund invests in a globally diversified portfolio of investment
grade convertible bonds. It is oriented towards the Thomson Reuters Convertible Bonds Global Investment Grade Hedged Index as
benchmark. Foreign currency risks are at least 80 % hedged from
the reference currency perspective. The fund invests in favourably
valued convertible bonds, which can benefit particularly strongly
from upward movements of the stock markets but which, at the
same time, are hedged as far as possible against any price setbacks.
The fund is suitable for investors, who appreciate having convertible
bonds in their portfolio because of their yield-enhancing and riskreducing attributes. Investors can benefit from the opportunities
on the stock markets without having to bear the full risks associated
with equities.
Net asset value per unit
Fund assets (all classes)
Reference currency
Traded
Security number
ISIN
WKN
Bloomberg
EUR 125.12
EUR 272.9 million
EUR
Daily
2861470
LI0028614704
A0MKED
LLBWANP LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
24 January 2007
SICAV (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH, DE, AT
LI, CH, DE, AT
PricewaterhouseCoopers AG
Total expense ratio
(incl. performance fee)
Total expense ratio
(excl. performance fee)
0.65 % p. a. (per 31.03.2017)
Risk and performance
Fund
NAV performance over 5 years
130
125
120
115
110
105
100
95
28
–
29
0.60 % p. a. (per 31.03.2017)
90
2012
2013
2014
2015
2016
2017
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
Sector allocation
Information
technology 17 %
Real estate 14 %
Materials 1 %
Healthcare 7 %
Telecommunications 3 %
Energy 5 %
Consumer
discretionary 11 %
Consumer
staples 2 %
Utilities 3 %
Industrials 18 %
Financials 19 %
Key benefits
◆ Active management at very attractive fees
◆ Very good issuer quality in the portfolio
◆ Convertible bonds offer an attractive risk / reward ratio relative to
other traditional assets (stocks and straight bonds)
◆ The fund has got the critical size to get an allocation in attractive
new convertible bonds issues
◆ Active hedging of foreign currency risks
2017 4.0 %
Previous year 4.8 %
Last 3 years 14.0 %
Last 5 years 36.4 %
Volatility last 5 years 5.2 %
2
3.0 %
0.3 %
6.2 %
30.7 %
5.4 %
Allocation by regions
America
Europe
Japan
Asia
Other regions
42 %
33 %
7%
7%
11 %
Largest holdings
Security
Maturity Curr.Weight
1.750 %
2.625 %
7.500 %
1.000 %
4.750 %
2.750 %
3.750 %
1.050 %
3.250 %
1.250 %
19.06.2024
15.05.2041
no maturity
27.03.2022
15.04.2020
15.10.2042
15.05.2021
16.08.2017
01.08.2039
21.10.2023
DP World Notes
Novellus Systems
Wells Fargo Series -L-
Aabar Invest
Prospect Capital
Anthem Deb
Spirit Realty Capital
Siemens FinNv
Intel Debs
Steinhoff Fin.
USD
USD
USD
EUR
USD
USD
USD
USD
USD
USD
3.5 %
3.4 %
3.4 %
2.8 %
2.6 %
2.5 %
2.2 %
2.1 %
2.1 %
2.1 %
Fund rating 1
Morningstar stars (3 years)
1
Peer-Group 2
5
The fund ratings refer to the preceding month.
Peer-Group = Median of the peer group, provided by Morningstar (Europe/Africa/Asia OE Convertible Bond - Global, EUR Hedged).
Quarterly report · 2 / 2017
bond funds
LLB Convertible Bonds
Class H USD
per 30.06.2017
Simon Öhri
Fund Manager since 01.04.2014
Timo Gruber
Co-Manager since 01.02.2016
Investment policy
Fund information
The fund invests in a globally diversified portfolio of investment
grade convertible bonds. It is oriented towards the Thomson Reuters Convertible Bonds Global Investment Grade Hedged Index as
benchmark. Foreign currency risks are at least 80 % hedged from
the reference currency perspective. The fund invests in favourably
valued convertible bonds, which can benefit particularly strongly
from upward movements of the stock markets but which, at the
same time, are hedged as far as possible against any price setbacks.
The fund is suitable for investors, who appreciate having convertible
bonds in their portfolio because of their yield-enhancing and riskreducing attributes. Investors can benefit from the opportunities
on the stock markets without having to bear the full risks associated
with equities.
Net asset value per unit
Fund assets (all classes)
Reference currency
Traded
Security number
ISIN
WKN
Bloomberg
USD 110.58
EUR 272.9 million
USD
Daily
29091163
LI0290911630
A142F7
LLBWAHU LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
30 October 2015
SICAV (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH, DE, AT
LI, CH, DE, AT
PricewaterhouseCoopers AG
Total expense ratio
(incl. performance fee)
Total expense ratio
(excl. performance fee)
0.63 % p. a. (per 31.03.2017)
Risk and performance
Fund
NAV performance since inception
115
110
105
100
95
90
O N D
J F M A M J
J
A S O N D
J F M A M J
0.60 % p. a. (per 31.03.2017)
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
2017 6.3 %
Previous year 5.5 %
Since inception 11.6 %
Sector allocation
Allocation by regions
Information
technology 17 %
Real estate 14 %
Materials 1 %
Healthcare 7 %
Telecommunications 3 %
Energy 5 %
Consumer
discretionary 11 %
Consumer
staples 2 %
Utilities 3 %
Industrials 18 %
Financials 19 %
Key benefits
◆ Active management at very attractive fees
◆ Very good issuer quality in the portfolio
◆ Convertible bonds offer an attractive risk / reward ratio relative to
other traditional assets (stocks and straight bonds)
◆ The fund has got the critical size to get an allocation in attractive
new convertible bonds issues
◆ Active hedging of foreign currency risks
1
America
Europe
Japan
Asia
Other regions
4.1 %
2.3 %
4.7 %
42 %
33 %
7%
7%
11 %
Largest holdings
Security
Maturity Curr.Weight
1.750 %
2.625 %
7.500 %
1.000 %
4.750 %
2.750 %
3.750 %
1.050 %
3.250 %
1.250 %
19.06.2024
15.05.2041
no maturity
27.03.2022
15.04.2020
15.10.2042
15.05.2021
16.08.2017
01.08.2039
21.10.2023
DP World Notes
Novellus Systems
Wells Fargo Series -L-
Aabar Invest
Prospect Capital
Anthem Deb
Spirit Realty Capital
Siemens FinNv
Intel Debs
Steinhoff Fin.
Peer-Group = Median of the peer group, provided by Morningstar (Europe/Africa/Asia OE Convertible Bond - Global, USD Hedged).
Quarterly report · 2 / 2017
Peer-Group 1
USD
USD
USD
EUR
USD
USD
USD
USD
USD
USD
3.5 %
3.4 %
3.4 %
2.8 %
2.6 %
2.5 %
2.2 %
2.1 %
2.1 %
2.1 %
bond funds
LLB Bonds Strategy
CEEMENA (EUR) Cl. I (T)
Christoph von Bonin
Fund Manager since 10.06.2010
per 30.06.2017
Friedrich Maier
Co-Manager since 10.06.2010
Investment policy
Fund information
The fund primarily invests in bonds (hard currencies and local currency) from the Central & Eastern Europe, Middle East & Northern
Africa (CEEMENA) regions. The fund strives for relatively high current returns and takes higher volatility into account. The investment
universe predominantly encompasses government bonds, quasisovereigns (bonds whose credit ratings make them equivalent to
government bonds) as well as supranational issuers. Additionally,
debt securities of companies close to the state and banks may be
taken into account. While the fund invests in fixed- and variableinterest bonds across the entire range of credit ratings, the average
rating of the fund will always end up being investment grade (minimum rating). The fund is suitable for investors wanting diversified
investments in the debt securities markets of Central & Eastern
Europe and its peripheral regions.
Net asset value per unit Cl. I (T)
Fund assets (all classes)
Reference currency
Traded Security number
ISIN
WKN
Bloomberg
EUR 138.25
EUR 106.9 million
EUR
Daily
24477707
AT0000A17Z45
A1110S
LLBANIT AV
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
10 June 2010
Capital investment fund
pursuant to §20 (UCITS V)
of the Austrian InvFG
Austria
Allianz Invest KAGmbH
Allianz Investmentbank AG
NAV performance over 5 years
150
145
140
135
130
125
120
115
Based on total return prices of the class T and as of 10.06.2014
on total return prices of the class I (T)
110
2012
2013
2014
2015
2016
2017
The value development shown provides no guarantee of future performance. A unit's value may rise or fall
at any time. The performance data shown do not take into consideration the commissions and costs
charged in connection with the issuing and redemption of units. The NAV performance shown is based on
the total return prices of class T and as of 10.06.2014 on total return prices of the class I (T).
Ratings
AAA 10 %
BBB 14 %
Investment manager
Liechtensteinische Landesbank
(Österreich) AG
Representative in Liechtenstein LLB Fund Services AG
Äulestrasse 80, 9490 Vaduz
Paying agent in Liechtenstein
Liecht. Landesbank AG
Städtle 44, 9490 Vaduz
Representative in Switzerland
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Paying agent in Switzerland
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
End of financial year
30 September
ClassT = accumulative
Dividend distributions
None
Licensed for distribution in
LI, CH, AT
Tax transparency in
LI, CH, DE, AT
Auditors
KPMG
Total expense ratio
0.72 % p. a. (per 31.03.2017)
Risk and performance
Fund Peer-Group 2
2017 1.6 %
Previous year 11.8 %
Last 3 years 18.2 %
Last 5 years 30.3 %
Volatility last 5 years 5.5 %
2.1 %
1.9 %
6.6 %
16.9 %
5.8 %
Current average yield to maturity4.37 % p. a.
Current duration3.87 years
Currency exposure
Others 34 %
BB 42 %
Key benefits
◆ Active management at very attractive fees
◆ Invests in government bonds or bonds of issuers close to the state
from the CEEMENA growth region
◆ Benefits from the risk premiums for hard currency bonds and the
higher returns in local bond markets
1
2
EUR
RUB
PLN
HUF
TRY
USD
RON
CHF
57 %
11 %
9%
6%
6%
5%
4%
2%
Fund ratings 1
Lipper total return score (5 years)
Lipper preservation score (3 years)
Lipper expense score (overall)
Morningstar stars (3 years)
Leader
Leader
4
5
The fund ratings refer to the preceding month.
Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe/Africa/Asia OE Emerging Europe Bond).
Quarterly report · 2 / 2017
30
–
31
equity funds
LLB Equities Switzerland
(CHF)
per 30.06.2017
Christian Zogg
Fund Manager since 01.08.1998
Investment policy
Fund information
The fund invests in Swiss equities. It is oriented towards the Swiss
Performance Index (SPI) as the benchmark. The fund's management
pays particular attention to achieving a broad coverage of the overall market, with investments ranging from pharmaceuticals and
food stocks to financials and cyclical industrials. Along with blue
chips, small and mid caps are also considered for investments. The
selection of the assets in the portfolio is based on quantitative and
fundamental analysis, whereby quantitative methods are given a
high importance. The fund is suitable for investors who wish to
cover the Swiss stock market within the scope of a strategy focused
on long-term capital growth, while at the same time minimizing
the associated risks.
Net asset value per unit
Fund assets
Reference currency
Traded
Security number
ISIN
WKN
Bloomberg
CHF 249.05
CHF 205.0 million
CHF
Daily
1325570
LI0013255703
964823
LLBAKCH LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
7 January 1997
Investment Fund (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
180
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH, DE, AT
LI, CH, DE, AT
PricewaterhouseCoopers AG
160
Total expense ratio
0.60 % p. a. (per 31.03.2017)
140
Risk and performance
Fund 2017
Previous year
Last 3 years
Last 5 years
Volatility last 5 years
NAV performance over 5 years
260
240
220
200
2012
2013
2014
2015
2016
2017
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
Sector allocation
Clock and
watch industry 4 %
Chemicals 4 %
Holding and finance
companies 5 %
Banks and other
credit institutes 13 %
Food a.non-alcoholic
beverages 12 %
Insurance cos. 11 %
Various sectors 11 %
Pharmaceuticals and
cosmetics 32 %
Building materials
and construction 4 %
Electrical engineer.
and electronics 4 %
Novartis AG, registered 16.9 %
GS Roche Holding AG 12.2 %
Nestle SA, registered 12.0 %
UBS Group AG, registered 6.1 %
Zurich Insurance Group AG, reg. 4.8 %
Credit Suisse Group, registered 4.5 %
ABB Ltd., registered 3.8 %
Swiss Re AG, registered 3.4 %
Cie Financiere Richemont SA, reg. 2.7 %
LafargeHolcim Ltd., registered 2.7 %
◆ Active management at very attractive fees
◆ Stocks are very attractively valued in comparison to bonds
◆ Higher dividend yield thanks to partial tax exemption
◆ Stock selection supported by our quant model
◆ Small and mid caps are added for variety
Fund ratings 1
1
2
Leader
4
The fund ratings refer to the preceding month.
Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe/Africa/Asia OE Switzerland Large-Cap Equity).
Quarterly report · 2 / 2017
10.5 %
–2.5 %
12.9 %
64.4 %
11.1 %
Largest holdings
Key benefits
Lipper preservation score (overall)
Lipper expense score (overall)
Thomas Kühne
Co-Manager since 30.05.2014
Peer-Group 2
12.8 %
–0.3 %
19.7 %
76.7 %
10.9 %
equity funds
LLB Equities Europe (EUR)
per 30.06.2017
Dr. Karlheinz Gfall
Fund Manager since 01.11.2002
Manfred Jakob
Co-Manager since 01.04.2014
Investment policy
Fund information
The fund invests in European equities. It is oriented towards the
MSCI Europe as the benchmark. The fund's management pays particular attention to achieving a broad coverage of the overall market, with investments ranging from base materials stocks and cyclical industrials to pharmaceuticals and food shares as well as high
tech stocks and financials. The selection of the assets in the portfolio is based on quantitative and fundamental analysis, whereby
quantitative methods are given a high importance. The fund is suitable for investors who wish to cover the European stock market
within the scope of a strategy focused on long-term capital growth,
while at the same time minimizing the associated risks.
Net asset value per unit
Fund assets
Reference currency
Traded
Security number
ISIN
WKN
Bloomberg
EUR 122.18
EUR 164.1 million
EUR
Daily
1325564
LI0013255646
964820
LLBAKEU LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
7 January 1997
Investment Fund (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH, DE, AT
LI, CH, DE, AT
PricewaterhouseCoopers AG
Total expense ratio
0.70 % p. a. (per 31.03.2017)
Risk and performance
Fund
NAV performance over 5 years
130
120
110
100
90
80
70
2012
2013
2014
2015
2016
2017
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
Sector allocation
Information
technology 6 %
Consumer
discretionary 12 %
Real estate 1 %
Materials 7 %
Utilities 2 %
Industrials 12 %
Financials 22 %
Energy 7 %
Telecommunications 5 %
Consumer
staples 13 %
Healthcare 13 %
◆ Active management at very attractive fees
◆ In terms of valuation, the most favourable developed market
◆ High dividend yield
◆ Stocks are attractively valued in comparison with interest rates
◆ Quantitative oriented value philosophy
Fund rating 1
1
2
Peer-Group 2
6.9 %
–0.3 %
18.0 %
64.7 %
11.5 %
Allocation by countries
United Kingdom
France
Germany
Switzerland
Netherlands
Spain
Italy
Sweden
Denmark
Other countries
24 %
20 %
17 %
9%
7%
5%
4%
3%
3%
8%
Largest holdings
Key benefits
Lipper expense score (overall)
2017 6.0 %
Previous year 2.2 %
Last 3 years 17.7 %
Last 5 years 60.5 %
Volatility last 5 years 11.6 %
Leader
Novartis AG, registered
GS Roche Holding AG
HSBC Holdings Plc.
Siemens AG, registered
Bayer AG, registered
Nestle SA, registered
Unilever NV
Sanofi SA
SAP AG
Allianz AG, registered
2.1 %
2.0 %
2.0 %
1.9 %
1.8 %
1.7 %
1.7 %
1.6 %
1.5 %
1.5 %
The fund ratings refer to the preceding month.
Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe/Africa/Asia OE Europe Large-Cap Blend Equity).
Quarterly report · 2 / 2017
32
–
33
equity funds
LLB Equities Dividend
Pearls Europe (EUR)
Dr. Karlheinz Gfall
Fund Manager since 29.05.2015
per 30.06.2017
Manfred Jakob
Co-Manager since 29.05.2015
Investment policy
Fund information
The fund invests in European equities, which are expected to have
an above-average dividend yield. It is oriented towards the MSCI
Europe as the benchmark. The fund's management has a strategy
which selects on the basis of a specially developed selection process
equities with above-average dividend yield. Here, the sustainability
and the tax treatment of dividend payments are given increased
attention. It invests in a broadly diversified portfolio, while taking
into account a certain sector and country diversification. A qualitative analysis will complete the selection process of the model. The
fund is particularly suitable for investors who wish to achieve a
steady income in addition to a long-term capital growth.
Net asset value per unit
Fund assets
Reference currency
Traded
Security number
ISIN
WKN
Bloomberg
EUR 94.43
EUR 16.3 million
EUR
Daily
27956652
LI0279566520
A14TF5
LLBDEUR LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
29 May 2015
SICAV (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
15.12.2016 EUR 2.00
LI, CH, DE, AT
LI, CH, DE, AT
PricewaterhouseCoopers AG
Total expense ratio
0.75 % p. a. (per 31.03.2017)
Risk and performance
Fund NAV performance since inception
105
100
95
90
85
80
75
2015
2016
2017
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units. The NAV performance shown is based
on total return prices. Therefore the net asset value per unit devia tes from the value of the NA V performance of both classes.
2017 5.3 %
Previous year 0.5 %
Since inception –2.5 %
Allocation by countries
Healthcare 10 %
France
United Kingdom
Germany
Spain
Switzerland
Sweden
Italy
Finland
Norway
Other countries
Consumer
staples 8 %
Largest holdings
Sector allocation
Consumer
discretionary 6 %
Information
technology 4 %
Materials 6 %
Utilities 8 %
Industrials 12 %
Financials 28 %
Real estate 4 %
Energy 10 %
Telecommunications 4 %
Key benefits
◆ Active management at very attractive fees
◆ Through stocks with high dividend yield periodically revenues,
which are distributed annually
◆ Expected lower volatility than the overall market
◆ A selection of stocks with less risk through proprietary strategy
1
Unilever NV
Rio Tinto Plc.
UPM-Kymmene Corp.
Danske Bank AS
Nexity Cat -A-
Intesa Sanpaolo Az. di Risp.
Münchener Rückvers. AG, registered
Engie SA
Grupo Logista
Credit Agricole SA
Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe/Africa/Asia OE Europe Equity Income).
Quarterly report · 2 / 2017
26 %
20 %
12 %
8%
7%
6%
6%
4%
4%
7%
2.7 %
2.1 %
2.1 %
2.1 %
2.1 %
2.1 %
2.1 %
2.1 %
2.1 %
2.0 %
Peer-Group 1
5.8 %
–0.1 %
–2.0 %
equity funds
LLB Equities North
America (USD)
Simon Öhri
Fund Manager since 01.05.2016
per 30.06.2017
Timo Gruber
Co-Manager since 01.03.2013
Investment policy
Fund information
The fund invests in US and Canadian equities. It is oriented towards
the MSCI USA as the benchmark. The fund's management pays particular attention to achieving a broad coverage of the overall market, with investments ranging from basic materials stocks and cyclical industrials to pharmaceuticals and food shares as well as high
tech stocks and financials. The selection of the assets in the portfolio is based on quantitative and fundamental analysis, whereby
quantitative methods are given a high importance. The fund is
suitable for investors who wish to cover the North American stock
market within the scope of a strategy focused on long-term capital
growth, while at the same time minimizing the associated risks.
Net asset value per unit
Fund assets
Reference currency
Traded
Security number
ISIN
WKN
Bloomberg
USD 303.24
USD 193.3 million
USD
Daily
1325563
LI0013255638
964822
LLBAKNA LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
7 January 1997
Investment Fund (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH, DE, AT
LI, CH, DE, AT
PricewaterhouseCoopers AG
Total expense ratio
0.70 % p. a. (per 31.03.2017)
Risk and performance
Fund
NAV performance over 5 years
320
300
280
260
240
220
200
180
160
2012
2013
2014
2015
2016
2017
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
Sector allocation
Healthcare 16 %
Real estate 2 %
Energy 7 %
Materials 3 %
Consumer
staples 7 %
Industrials 10 %
Information
technology 22 %
Telecommunication 2 %
Utilities 2 %
Consumer
discretionary 12 %
Financials 17 %
Key benefits
◆ Active management at very attractive fees
◆ US stocks represent almost 50 % of world market capitalization
◆ Stocks are attractively valued in comparison with interest rates
◆ US Dollar is undervalued, long-term currency gains are to be
expected
◆ Quantitative oriented value philosophy
1
2
2017
Previous year
Last 3 years
Last 5 years
Volatility last 5 years
Peer-Group 2
7.4 %
12.0 %
17.7 %
73.2 %
10.6 %
8.3 %
9.2 %
20.8 %
74.5 %
10.5 %
Largest holdings
Apple Inc.
Microsoft Corp.
Johnson & Johnson
Amazon.com Inc.
JP Morgan Chase & Co.
General Electric Co.
Citigroup Inc.
Bank of America Corp.
Unitedhealth Group Inc.
Oracle Corp.
3.7 %
3.0 %
2.5 %
2.2 %
2.0 %
1.8 %
1.7 %
1.7 %
1.5 %
1.5 %
Fund ratings 1
Lipper preservation score (overall)
Lipper expense score (overall)
4
Leader
The fund ratings refer to the preceding month.
Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe/Africa/Asia OE US Large-Cap Blend Equity).
Quarterly report · 2 / 2017
34
–
35
equity funds
LLB Equities Pacific (JPY)
per 30.06.2017
Christoph Hilfiker
Fund Manager since 01.01.2007
René Hensel
Co-Manager since 01.08.2007
Investment policy
Fund information
The fund invests at least two-thirds in Pacific equities. It is oriented
towards the MSCI Pacific as the benchmark. The fund's management pays particular attention to achieving a broad coverage of the
overall region, with investments ranging from base materials stocks
and cyclical industrials to pharmaceuticals and food shares as well
as high tech stocks and financials. The selection of the assets in
the portfolio is based on quantitative and fundamental analysis,
whereby quantitative methods are given a high importance. The
fund is suitable for investors who wish to invest in the long-term
growth opportunities offered by the Pacific region while at the same
time minimizing the associated risks.
Net asset value per unit
Fund assets
Reference currency
Traded
Security number
ISIN
WKN
Bloomberg
JPY 12'874.00
JPY 10.2 billion
JPY
Daily
1325561
LI0013255612
964821
LLBAKJP LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
5 January 1999
Investment Fund (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH, DE, AT
LI, CH, DE, AT
PricewaterhouseCoopers AG
Total expense ratio
0.75 % p. a. (per 31.03.2017)
Risk and performance
Fund
NAV performance over 5 years
14000
13000
12000
11000
10000
9000
8000
7000
6000
5000
2012
2013
2014
2015
2016
2017
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
Sector allocation
Building materials
and construction 4 %
Real estate 10 %
Electronics a. semiconductors 6 %
Various services 4 %
Various sectors 36 %
Vehicles 7 %
Banks and other
credit institutes 11 %
Largest holdings
Various trading
companies 4 %
Holding and finance
companies 14 %
◆ Active management at very attractive fees
◆ Quantitative oriented value philosophy
◆ The high cash resources and low borrowed capital levels of the
companies in the Pacific region increase share repurchases and
dividend payments
◆ Favourably valued companies will benefit from M&A activity
◆ «Abenomics» is taking full effect
◆ A bet on rising earnings
The fund ratings refer to the preceding month.
Quarterly report · 2 / 2017
Allocation by countries
Japan
Australia
Hong Kong
Singapore
Other countries
Chemicals 4 %
Key benefits
1
2017 7.3 %
Previous year 0.5 %
Last 3 years 23.1 %
Last 5 years 105.6 %
Volatility last 5 years 17.0 %
Mitsubishi UFJ Fin. Group Inc.
Toyota Motor Corp.
Sojitz Corp.
Nippon Telegraph & Telephone Corp.
Sumitomo Mitsui Fin. Group Inc.
Taisei Corp.
Tokio Marine Holdings Inc.
Kinden Corp.
Dai-ichi Life Insurance Co. Ltd.
GentingSingapore Plc.
75 %
13 %
5%
3%
4%
2.7 %
2.1 %
2.0 %
1.7 %
1.7 %
1.5 %
1.5 %
1.4 %
1.4 %
1.4 %
Fund ratings 1
Lipper expense score (overall)
Leader
equity funds
LLB Equities Dividend
Pearls Global (CHF) Cl. T & A
per 30.06.2017
Manfred Jakob
Fund Manager since 09.03.1998
Investment policy
Fund information
The fund invests in a broadly diversified portfolio of stocks, with the
aim of attaining the highest overall return. At least two thirds of the
fund's assets are invested in stocks and securities. In terms of stock
selection global leading companies with a high dividend yield respectively shareholder return are favoured. The fund is oriented
towards the MSCI World Equities Index (in CHF), as a basis for the
selection of potential shares. The fund is suitable for investors with
a long-term investment horizon. Earnings are continuously reinvested in class T (accumulating) and distributed in class A.
Net asset value per unit Cl. T / A
Fund assets (all classes)
Reference currency
Traded
Security number Cl. T / A
ISIN Cl. T / A
WKN Cl. T / A
Bloomberg Cl. T / A
CHF 145.05 / 142.05
CHF 104.1 million
CHF
Daily
847513 / 29104584
LI0008475134 / LI0291045842
964813 / A14ZM9
LLB50LD LE / LLB50LA LE
Inception date Cl. T / A
Legal form of fund
Fund domicile
Management company
Custodian bank
9 March 98 / 30 September 15
Investment Fund (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Class
Dividend distributions Cl. T / A
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
T = Accumul., A = Distribut.
None / 15.12.2016 CHF 3.00 LI, CH, DE, AT
LI, CH, DE, AT
PricewaterhouseCoopers AG
Total expense ratio
0.70 % p. a. (per 31.03.2017)
Risk and performance
Fund
NAV performance over 5 years
160
150
140
130
120
110
100
90
2012
2013
2014
2015
2016
2017
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units. The NAV performance shown is based
on the total return prices of class T.
Sector allocation
Pharmaceuticals and
cosmetics 10 %
Insurance cos. 11 %
Energy and water
utilities 5 %
Electrical engineer.
and electronics 7 %
Electronics a. semiconductors 5 %
Various sectors 30 %
Oil and gas 8 %
Telecommunications 6 %
Food a.non-alcoholic
beverages 6 %
Banks and other
credit institutes 12 %
◆ Active management at very attractive fees
◆ LLB dividend strategy combined with quantitative and qualitative
research
◆ Equities with above-average dividend and shareholder yield
◆ Expected lower volatility than the overall market
◆ Broad diversification at the country and sectoral level
Fund ratings 1
1
2
2017
Previous year
Last 3 years
Last 5 years
Volatility last 5 years
0.7 %
13.2 %
22.8 %
59.1 %
12.0 %
Peer-Group 2
3.5 %
6.1 %
15.8 %
52.1 %
10.8 %
Allocation by currency
USD
EUR
GBP
CHF
AUD
JPY
SEK
47 %
18 %
13 %
10 %
8%
2%
2%
Largest holdings
Key benefits
Lipper total return score (10 years)
Lipper consistent return score (overall)
Lipper preservation score (overall)
Lipper expense score (overall)
Morningstar stars (overall)
René Hensel
Co-Manager since 01.07.2007
4
4
Leader
Leader
4
McDonald's Corp.
General Motors
Boeing Co.
Caterpillar Inc.
Allianz AG, registered
Suncorp Metway Ltd.
Emerson Electric Co.
HSBC Holdings Plc.
Nordea Bank AB
Pro Logis
2.6 %
2.6 %
2.6 %
2.4 %
2.4 %
2.3 %
2.3 %
2.3 %
2.2 %
2.2 %
The fund ratings refer to the preceding month.
Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe/Africa/Asia OE Global Equity Income).
Quarterly report · 2 / 2017
36
–
37
equity funds
LLB Equities Regio
Bodensee (CHF)
per 30.06.2017
Christian Zogg
Fund Manager since 28.09.1998
Investment policy
Fund information
The fund invests in small and medium-sized companies (small and
mid caps) located in the four countries of the Lake Constance region.
The fund is oriented towards the SPI Small and Medium Companies
Index as the benchmark. This region is characterized by above-average growth rates and it offers an interesting mix of different industries and service providers. The selection of the assets in the portfolio is based on quantitative and fundamental analysis, whereby
quantitative methods are given a high importance. The fund is suitable for investors who wish to diversify their portfolio by adding
small and mid caps.
Net asset value per unit
Fund assets
Reference currency
Traded
Security number
ISIN
WKN
Bloomberg
CHF 433.75
CHF 98.3 million
CHF
Daily
945366
LI0009453668
964827
LLBBODN LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
28 September 1998
Investment Fund (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH, DE, AT
LI, CH, DE, AT
PricewaterhouseCoopers AG
Total expense ratio
0.75 % p. a. (per 31.03.2017)
Risk and performance
Fund
NAV performance over 5 years
450
400
350
300
250
200
150
2012
2013
2014
2015
2016
2017
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
Sector allocation
Industrials 33 %
Materials 11 %
2017 14.8 %
Previous year 16.1 %
Last 3 years 42.1 %
Last 5 years 136.9 %
Volatility last 5 years 11.5 %
Consumer
staples 3 %
Allocation by country
Healthcare 8 %
Switzerland / Liechtenstein
Germany
Austria
Consumer
discretionary 12 %
Technology 13 %
Financials 20 %
Key benefits
◆ Active management at very attractive fees
◆ Small and mid caps have attractive valuations
◆ Suitable as addition to a blue-chip-portfolio
◆ An attractive, export-oriented economic area
◆ Higher dividend yield thanks to partial tax exemption
◆ Equity selection using our proprietary quantitative model
Swiss Life Holding, registered
Georg Fischer AG, registered
Heidelbergcement AG
Gurit Holding AG
Bechtle AG
Liechtensteinische Landesbank AG
Helvetia Holding AG, registered
Implenia AG, registered
Sonova Holding AG, registered
Cancom IT Systeme AG
Lipper total return score (5 years)
4
Lipper preservation score (overall)
Leader
Lipper expense score (overall)4
Morningstar stars (5 years)
4
Feri Trust Rating
A
2
The fund ratings refer to the preceding month.
Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe/Africa/Asia OE Switzerland Small/Mid-Cap Equity).
Quarterly report · 2 / 2017
69 %
29 %
2%
Largest holdings
Fund ratings 1
1
Thomas Kühne
Co-Manager since 30.05.2014
4.9 %
4.3 %
4.2 %
4.2 %
4.1 %
4.0 %
3.9 %
3.7 %
3.6 %
3.6 %
Peer-Group 2
17.6 %
10.1 %
44.6 %
126.2 %
10.9 %
equity funds
Bank Linth Regiofonds
Zürichsee (CHF)
per 30.06.2017
Christian Zogg
Fund Manager since 15.2.2005
Investment policy
Fund information
The fund invests in small and medium-sized companies (small and
mid caps) whose head offices or holding companies are in the region
around Lake Zurich – specifically in the cantons of Glarus, Schwyz,
St. Gallen, Zurich, Zug, Aargau, Schaffhausen, Thurgau, Appenzell
Ausserrhoden, Appenzell Innerrhoden and Graubünden. It uses the
Swiss Small & Middle Companies Index (SPISMC) as a benchmark
and aims to maximize total return through active management. The
selection of the assets in the portfolio is based on quantitative and
fundamental analysis, whereby quantitative methods are given a
high importance. The fund is suitable for investors who wish to
diversify their portfolio by adding small and mid caps.
Net asset value per unit
Fund assets
Reference currency
Traded
Security number
ISIN
WKN
Bloomberg
CHF 308.55
CHF 87.3 million
CHF
Daily
1892554
LI0018925540
A0JK6D
REGZURI LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
11 February 2005
Investment Fund (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
160
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH
LI, CH, DE, AT
PricewaterhouseCoopers AG
140
Total expense ratio
0.75 % p. a. (per 31.03.2017)
Risk and performance
Fund
NAV performance over 5 years
320
300
280
260
240
220
200
180
120
2012
2013
2014
2015
2016
2017
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
Sector allocation
Machinery a. mech.
engineering 11 %
Pharmaceuticals and
cosmetics 8 %
Building materials
and construction 5 %
Electronics a. semiconductors 6 %
Insurance cos. 10 %
Various sectors 17 %
Various captial
goods 5 %
Holding and finance
companies 22 %
Banks and other
credit institutes 11 %
Chemicals 5 %
Thomas Kühne
Co-Manager since 30.05.2014
2017 14.1 %
Previous year 16.4 %
Last 3 years 45.9 %
Last 5 years 122.0 %
Volatility last 5 years 10.4 %
Peer-Group 2
17.6 %
10.1 %
44.6 %
126.2 %
10.9 %
Largest holdings
Swiss Life Holding, registered
Georg Fischer AG, registered
Implenia AG, registered
Sonova Holding AG, registered
Helvetia Holding AG, registered
Aryzta AG, registered
Vontobel Holding AG, registered
Kardex AG, registered
OC Oerlikon Corp., registered
Metall Zug -B-, registered
5.2 %
4.8 %
4.6 %
4.5 %
4.4 %
3.6 %
3.6 %
3.5 %
3.3 %
3.2 %
Key benefits
◆ Active management at very attractive fees
◆ Small and mid caps have attractive valuations
◆ Suitable as addition to a blue-chip-portfolio
◆ An attractive, export-oriented economic area
◆ Higher dividend yield thanks to partial tax exemption
◆ Equity selection using our proprietary quantitative model
Fund ratings 1
Lipper preservation score (overall)
Lipper expense score (overall)
1
2
Leader
4
The fund ratings refer to the preceding month.
Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe/Africa/Asia OE Switzerland Small/Mid-Cap Equity).
Quarterly report · 2 / 2017
38
–
39
equity funds
LLB Equities Fit for Life
(CHF)
per 30.06.2017
René Hensel
Fund Manager since 01.07.2007
Investment policy
Fund information
The fund invests worldwide in companies, whose business strategy
is focused on the demographic shift in the structure of society and
the changes in leisure activities. It is oriented towards the MSCI
World Equity Index (Total Return CHF) as the benchmark. The fund's
investments are concentrated on companies in the healthcare, food,
leisure and financial service sectors. The selection of the assets in
the portfolio is based on quantitative and fundamental analysis,
whereby quantitative methods are given a high importance. The
proportion of older people in the industrialized countries is increasing as a result of longer life expectancy. The demand for healthcare products and services will rise sharply in the coming decades.
The fund is suitable for investors who wish to profit from these developments.
Net asset value per unit
Fund assets
Reference currency
Traded
Security number
ISIN
WKN
Bloomberg
CHF 171.60
CHF 17.3 million
CHF
Daily
434215
LI0004342155
964816
LLBFITL LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
26 April 1999
Investment Fund (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH, DE, AT
LI, CH, DE, AT
PricewaterhouseCoopers AG
Total expense ratio
0.70 % p. a. (per 31.03.2017)
Risk and performance
Fund
NAV performance over 5 years
180
170
160
150
140
130
120
110
100
90
80
2012
2013
2014
2015
2016
2017
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
Healthcare 10 %
Holding and finance
companies 8 %
Hotels and
restaurants 9 %
Food a.non-alcoholic
beverages 8 %
Various sectors 7 %
Pharmaceuticals and
cosmetics 19 %
Biotechnology 4 %
Insurance cos. 11 %
Banks and other
credit institutes 20 %
Key benefits
◆ Active management at very attractive fees
◆ Exploits investment opportunities arising from the shift in
population structure
◆ Stocks from emerging markets are added for variety
◆ Quantitative oriented value philosophy
Fund ratings 1
Lipper total return score (overall)
Lipper consistent return score (overall)
Lipper preservation score (overall)
Morningstar stars (overall)
Feri Trust Rating
1
2
2017 6.2 %
Previous year 5.4 %
Last 3 years 37.7 %
Last 5 years 91.6 %
Volatility last 5 years 11.5 %
Allocation by country
Sector allocation
Retailing and dept.
stores 4 %
USA
France
Switzerland
Japan
Germany
United Kingdom
Thailand
Netherlands
Canada
Other countries
52 %
8%
7%
5%
4%
3%
2%
2%
2%
15 %
Largest holdings
Johnson & Johnson
Unitedhealth Group Inc.
McDonald's Corp.
JP Morgan Chase & Co.
Pfizer Inc.
Walt Disney Co.
Amgen Inc.
Allianz AG, registered
CVS Caremark Corp.
Anthem Inc.
Leader
Leader
Leader
5
A
The fund ratings refer to the preceding month.
Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe/Africa/Asia OE Global Large-Cap Blend Equity).
Quarterly report · 2 / 2017
Manfred Jakob
Co-Manager since 26.04.1999
3.7 %
3.6 %
3.4 %
3.1 %
2.5 %
2.4 %
2.3 %
2.2 %
2.0 %
1.9 %
Peer-Group 2
5.3 %
4.9 %
16.9 %
55.3 %
11.6 %
equity funds
LLB Equities Real Estate
Global (CHF) Class P
Bernhard Schmitt
Fund Manager since 24.01.2007
per 30.06.2017
Thomas Kühne
Co-Manager since 01.04.2016
Investment policy
Fund information
The fund invests in an internationally diversified portfolio of real
estate companies. It is oriented toward the universe of the MSCI All
Countries World Real Estate Index as the benchmark. The management strives to attain a broad coverage of the overall market. The
term «real estate companies» includes those companies, which are
engaged in the planning, construction, ownership, management,
distribution or sale of residential, commercial or industrial real
estate and properties as well as closed REITs (Real Estate Investment Trusts). Dividend earnings and capital gains are continuously
reinvested. The selection of the assets in the portfolio is based on
quantitative and fundamental analysis, whereby quantitative
methods are given a high importance. The fund is suitable for investors who want to achieve global coverage of the real estate sector
within the scope of a strategy focused on long-term capital growth,
while at the same time minimizing the associated risks.
Net asset value per unit
Fund assets (all classes)
Reference currency
Traded
Security number
ISIN
WKN
Bloomberg
CHF 80.65
CHF 97.9 million
CHF
Daily
2861494
LI0028614944
A0MKEH
LLBAIGP LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
24 January 2007
SICAV (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH, DE, AT
LI, CH, DE, AT
PricewaterhouseCoopers AG
Total expense ratio
0.70 % p. a. (per 31.03.2017)
Risk and performance
Fund
NAV performance over 5 years
85
80
75
70
65
60
55
2012
2013
2014
2015
2016
2017
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
Allocation by countries
Singapore 2 %
USA 50 %
Cayman Islands 4 %
Germany 3 %
France 4 %
UK 3 %
Australia 4 %
Japan 10 %
Hong Kong 8 %
Other countries 12 %
Key benefits
◆ Active management at very attractive fees
◆ Value-oriented investment style clearly central to investing
◆ 4 good reasons for real estate equities
1.High dividend yields remain purchasing argument
2.Good fundamental data for REITs – especially in the USA
3.Low interest rates still offer a favourable financing environment
4.Many real estate equities have attractive valuations
1
2
Peer-Group 2
2017 3.3 %
Previous year 2.8 %
Last 3 years 19.8 %
Last 5 years 38.7 %
Volatility last 5 years 10.5 %
–0.2 %
1.8 %
15.0 %
36.2 %
11.3 %
Allocation by subsectors
REITs specialized
Real estate diversified
REITs retail
Real estate development
REITs office
REITs residential
REITs industry
REITs diversified
Real estate service
Other subsectors
18 %
14 %
13 %
12 %
7%
7%
7%
6%
4%
12 %
Largest holdings
American Tower Corp.
Public Storage Inc.
Equinix Inc.
Welltower Inc.
ProLogis
Weyerhaeuser Co.
Cheung Kong Property Holding Ltd.
The Link Real Estate Inv Trust
Unibail Holding
Boston Properties Inc.
3.4 %
3.1 %
3.0 %
2.8 %
2.3 %
2.3 %
2.2 %
2.1 %
2.1 %
2.1 %
Fund ratings 1
Lipper preservation score (3 years)
Lipper expense score (overall)
Morningstar stars (overall)
Leader
Leader
4
The fund ratings refer to the preceding month.
Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe/Africa/Asia OE Property – Indirect Global).
Quarterly report · 2 / 2017
40
–
41
strategy funds
LLB Strategy Fixed Income
(CHF)
per 30.06.2017
René Hensel
Fund Manager since 04.04.2011
Investment policy
Fund information
The fund invests in a broadly diversified international portfolio of
fixed income securities with the aim of attaining the highest overall
return. Conceived of as a fund-of-funds, the fund's investment
strategy consists of a combination of various asset classes such as
money market instruments, investment grade bonds, inflationprotected and high yield bonds, emerging markets bonds, convertible bonds. At least 50 % of its total assets are invested in the
Swiss Franc reference currency. The fund is suitable for investors,
who want to benefit from active portfolio management in line with
the LLB's investment policy.
Net asset value per unit
Fund assets
Reference currency
Traded
Security number
ISIN
WKN
Bloomberg
CHF 113.00
CHF 47.1 million
CHF
Daily
11645639
LI0116456398
A1H7E5
LLBSCHF LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
4 April 2011
SICAV (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH, DE, AT
LI, CH, DE, AT
PricewaterhouseCoopers AG
TER look-through
TER fund-of-funds
0.83 % p. a. (per 31.03.2017)
0.40 %
Risk and performance
Fund
NAV performance over 5 years
116
114
112
110
108
106
104
102
2012
2013
2014
2015
2016
2017
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
Asset allocation
Liquidity 13 %
Bonds CHF 14 %
Manfred Jakob
Co-Manager since 04.04.2011
2017
Previous year
Last 3 years
Last 5 years
Volatility last 5 years
0.3 %
2.6 %
3.3 %
8.8 %
2.6 %
Allocation by currency
Global bonds (incl.
high yield, emerging
markets and inflation linked) 62 %
Convertible
bonds 11 %
CHF
USD
EUR
GBP
JPY
Other currencies
Fund rating 1
Lipper preservation score (overall)
Key benefits
◆ Active management at very attractive fees
◆ Broadly diversified and professionally managed portfolio
◆ Immediate implementation of the well-proven LLB investment
policy
◆ Cooperation with external specialists in specified markets
1
The fund ratings refer to the preceding month.
Quarterly report · 2 / 2017
73 %
12 %
9%
2%
2%
2%
Leader
strategy funds
LLB Strategy Conservative
(CHF)
per 30.06.2017
René Hensel
Fund Manager since 29.05.2015
Manfred Jakob
Co-Manager since 29.05.2015
Investment policy
Fund information
The fund invests in a broadly diversified, international securities
portfolio with the aim of attaining the highest overall return. Conceived of as a fund-of-funds, the fund's investment strategy consists
of a combination of various asset classes such as money market
instruments, investment grade bonds, inflation-protected and high
yield bonds, emerging markets bonds, convertible bonds, stocks in
the reference currency and globally, emerging market stocks, real
estate stocks. The fund's equity exposure fluctuates between 4 %
and 15 % of its total assets. At least 50 % of its total assets are invested in the Swiss Franc reference currency. The fund is suitable for
investors, who want to benefit from active portfolio management
in line with the LLB's investment policy.
Net asset value per unit
Fund assets
Reference currency
Traded
Security number
ISIN
WKN
Bloomberg
CHF 102.45
CHF 32.2 million
CHF
Daily
27955013
LI0279550136
A14TF6
LLBSTKC LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
29 May 2015
Investment Fund (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH, DE, AT
LI, CH, DE, AT
PricewaterhouseCoopers AG
TER look-through
(incl. performance fee)
TER look-through
(excl. performance fee)
TER fund-of-funds
0.85 % p. a. (per 31.03.2017)
Risk and performance
Fund NAV performance since inception
104
103
102
101
100
99
98
97
2015
2016
2017
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
Local and global
bonds (incl.
high yield, emerging
markets and inflation linked) 70 %
Local and global
equities (incl.
emerging markets
and real estate) 9 %
Convertible
bonds 8 %
Key benefits
◆ Active management at very attractive fees
◆ Broadly diversified and professionally managed portfolio
◆ Immediate implementation of the well-proven LLB investment
policy
◆ Cooperation with external specialists in specified markets
◆ The addition of a moderate equity allocation improves the returnrisk ratio
1
0.20 % + 10 % of annual perf.
2017
Previous year
Since inception
Asset allocation
Liquidity 13 %
0.64 % p. a. (per 31.03.2017)
0.9 %
2.2 %
2.5 %
Peer-Group 1
1.9 %
0.9 %
1.0 %
Allocation by currency
CHF
USD
EUR
GBP
JPY
Other currencies
71 %
12 %
11 %
2%
1%
3%
Largest shareholdings
Novartis AG, registered
GS Roche Holding AG
Nestle SA, registered
UBS Group AG, registered
Zurich Insurance Group AG, reg.
ABB Ltd., registered
Credit Suisse Group AG, registered
Swiss Re AG, registered
Cie Financiere Richemont SA, reg.
LafargeHolcim Ltd, registered
0.6 %
0.4 %
0.4 %
0.2 %
0.2 %
0.1 %
0.1 %
0.1 %
0.1 %
0.1 %
Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe/Africa/Asia OE CHF Cautious Allocation).
Quarterly report · 2 / 2017
42
–
43
strategy funds
LLB Strategy BPVV (CHF)
per 30.06.2017
René Hensel
Fund Manager since 11.03.2009
Manfred Jakob
Co-Manager since 11.03.2009
Investment policy
Fund information
The investment policy of the LLB Strategy BPVV (CHF) follows the
guidelines for the investment of vested pension benefits set out in
the Occupational Pensions Ordinance (BPVV). The fund invests in a
broadly diversified, international securities portfolio with the aim
of attaining the highest overall return. Conceived of as a fund-offunds, the fund's investment strategy consists of a combination of
various asset classes such as money market instruments, investment grade bonds, inflation-protected bonds, convertible bonds,
stocks in the reference currency and globally, emerging market
stocks, real estate stocks, commodities. Equity exposure is at most
30 % of the total assets. The fund is suitable for investors, who want
to benefit from active portfolio management in line with the LLB's
investment policy.
Net asset value per unit
Fund assets
Reference currency
Traded
Security number
ISIN
WKN
Bloomberg
CHF 125.00
CHF 19.1 million
CHF
Daily
3261934
LI0032619343
A0RLVH
LLBPVVC LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
11 March 2009
SICAV (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH
LI, CH, DE, AT
PricewaterhouseCoopers AG
TER look-through
TER fund-of-funds
0.91 % p. a. (per 31.03.2017)
0.45 %
Risk and performance
Fund
NAV performance over 5 years
128
126
124
122
120
118
116
114
112
110
108
2012
2013
2014
2015
2016
2017
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
Asset allocation
Liquidity 8 %
Convertible
bonds 8 %
Local and global
bonds (incl.
inflation linked) 59 %
Local and global
equities (incl.
emerging markets
and real estate) 24 %
Alternative
investments (incl.
commodities) 1 %
◆ Active management at very attractive fees
◆ Broadly diversified and professionally managed portfolio
◆ Immediate implementation of the well-proven LLB investment
policy
◆ Quantitative oriented value philosophy in the equities selection
process
◆ Cooperation with external specialists in specified markets
2
2017 1.6 %
Previous year 1.8 %
Last 3 years 3.1 %
Last 5 years 14.6 %
Volatility last 5 years 3.9 %
Allocation by currency
Key benefits
1
CHF
EUR
USD
GBP
JPY
Other currencies
71 %
12 %
9%
3%
1%
4%
Largest shareholdings
Novartis AG, registered
GS Roche Holding AG
Nestle SA, registered
UBS Group AG, registered
Zurich Insurance Group AG, reg.
ABB Ltd., registered
Credit Suisse Group AG, registered
Swiss Re AG, registered
Cie Financiere Richemont SA, reg.
LafargeHolcim Ltd, registered
1.6 %
1.2 %
1.2 %
0.6 %
0.4 %
0.4 %
0.4 %
0.3 %
0.3 %
0.3 %
Fund ratings 1
Lipper preservation score (overall)
Lipper expense score (overall)
The fund ratings refer to the preceding month.
Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe/Africa/Asia OE CHF Cautious Allocation).
Quarterly report · 2 / 2017
Peer-Group 2
Leader
Leader
1.9 %
0.9 %
3.7 %
14.1 %
3.6 %
strategy funds
LLB Strategy Yield (CHF)
per 30.06.2017
René Hensel
Fund Manager since 01.07.2007
Manfred Jakob
Co-Manager since 15.07.1999
Investment policy
Fund information
The fund invests in a broadly diversified, international securities
portfolio with the aim of attaining the highest overall return. Conceived of as a fund-of-funds, the fund's investment strategy consists
of a combination of various asset classes such as money market
instruments, investment grade bonds, inflation-protected and high
yield bonds, emerging markets bonds, convertible bonds, stocks in
the reference currency and globally, emerging market stocks, real
estate stocks, commodities. To add variety and for diversification
reasons, investments may possibly be made in alternative products.
The fund's equity exposure fluctuates between 15 % and 30 % of its
total assets. At least 50 % of its total assets are invested in the Swiss
Franc reference currency. The fund is suitable for investors, who
want to benefit from active portfolio management in line with the
LLB's investment policy.
Net asset value per unit
Fund assets
Reference currency
Traded
Security number
ISIN
WKN
Bloomberg
CHF 130.65
CHF 177.5 million
CHF
Daily
812745
LI0008127453
964829
LLBVERC LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
15 July 1999
SICAV (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH, DE, AT
LI, CH, DE, AT
PricewaterhouseCoopers AG
TER look-through
(incl. performance fee)
TER look-through
(excl. performance fee)
TER fund-of-funds
1.11 % p. a. (per 31.03.2017)
Risk and performance
Fund
NAV performance over 5 years
135
130
125
120
115
110
2012
2013
2014
2015
2016
2017
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
Asset allocation
Liquidity 8 %
Convertible
bonds 8 %
Local and global
bonds (incl.
high yield, emerging
markets and inflation linked) 58 %
Local and global
equities (incl.
emerging markets
and real estate) 23 %
Alternative
investments (incl.
hedge funds and
commodities) 3 %
Key benefits
◆ Active management at very attractive fees
◆ Broadly diversified and professionally managed portfolio
◆ Immediate implementation of the well-proven LLB investment
policy
◆ Quantitative oriented value philosophy in the equities selection
process
◆ Cooperation with external specialists in specified markets such as
commodities or high yield bonds
1
2
0.69 % p. a. (per 31.03.2017)
0.20 % + 10 % of annual perf.
Peer-Group 2
2017 1.9 %
Previous year 2.1 %
Last 3 years 3.4 %
Last 5 years 16.9 %
Volatility last 5 years 3.9 %
1.9 %
0.9 %
3.7 %
14.1 %
3.6 %
Allocation by currency
CHF
EUR
USD
GBP
JPY
Other currencies
70 %
13 %
10 %
2%
1%
4%
Fund ratings 1
Lipper total return score (5 years)
Lipper consistent return score (5 years)
Lipper preservation score (overall)
Lipper expense score (overall)
Feri Trust Rating
4
4
Leader
Leader
B
The fund ratings refer to the preceding month.
Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe/Africa/Asia OE CHF Cautious Allocation).
Quarterly report · 2 / 2017
44
–
45
strategy funds
LLB Strategy Balanced
(CHF)
per 30.06.2017
René Hensel
Fund Manager since 01.07.2007
Investment policy
Fund information
The fund invests in a broadly diversified, international securities
portfolio with the aim of attaining the highest overall return. Conceived of as a fund-of-funds, the fund's investment strategy consists
of a combination of various asset classes such as money market
instruments, investment grade bonds, inflation-protected and high
yield bonds, emerging markets bonds, convertible bonds, stocks in
the reference currency and globally, emerging market stocks, real
estate stocks, commodities. To add variety and for diversification
reasons, investments may possibly be made in alternative products.
The fund's equity exposure fluctuates between 35 % and 60 % of its
total assets. At least 50 % of its total assets are invested in the Swiss
Franc reference currency. The fund is suitable for investors, who
want to benefit from active portfolio management in line with the
LLB's investment policy.
Net asset value per unit
Fund assets
Reference currency
Traded
Security number
ISIN
WKN
Bloomberg
CHF 120.05
CHF 99.3 million
CHF
Daily
812751
LI0008127511
964831
LLBVZUC LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
15 July 1999
SICAV (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH, DE, AT
LI, CH, DE, AT
PricewaterhouseCoopers AG
TER look-through
(incl. performance fee)
TER look-through
(excl. performance fee)
TER fund-of-funds
1.41 % p. a. (per 31.03.2017)
Risk and performance
Fund
NAV performance over 5 years
125
120
115
110
105
100
95
90
2012
2013
2014
2015
2016
2017
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
Asset allocation
Liquidity 9 %
Convertible
bonds 4 %
Local and global
bonds (incl.
high yield, emerging
markets and inflation linked) 36 %
Local and global
equities (incl.
emerging markets
and real estate) 45 %
Alternative
investments (incl.
hedge funds and
commodities) 6 %
Key benefits
◆ Active management at very attractive fees
◆ Broadly diversified and professionally managed portfolio
◆ Immediate implementation of the well-proven LLB investment
policy
◆ Quantitative oriented value philosophy in the equities selection
process
◆ Cooperation with external specialists in specified markets such as
commodities or high yield bonds
1
2
0.74 % p. a. (per 31.03.2017)
0.20 % + 10 % of annual perf.
Peer-Group 2
2017 3.2 %
Previous year 2.2 %
Last 3 years 4.8 %
Last 5 years 26.6 %
Volatility last 5 years 5.6 %
Allocation by currency
CHF
EUR
USD
GBP
JPY
Other currencies
73 %
10 %
8%
3%
1%
5%
Largest shareholdings
Novartis AG, registered
GS Roche Holding AG
Nestle SA, registered
UBS Group AG, registered
Zurich Insurance Group AG, reg.
Credit Suisse Group AG, registered
ABB Ltd., registered
Swiss Re AG, registered
Cie Financiere Richemont SA, reg.
LafargeHolcim Ltd, registered
3.3 %
2.5 %
2.4 %
1.2 %
0.9 %
0.9 %
0.8 %
0.7 %
0.5 %
0.5 %
Fund ratings 1
Lipper preservation score (overall)
Lipper expense score (overall)
Feri Trust Rating
The fund ratings refer to the preceding month.
Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe/Africa/Asia OE CHF Moderate Allocation).
Quarterly report · 2 / 2017
Manfred Jakob
Co-Manager since 15.07.1999
Leader
Leader
B
3.8 %
1.3 %
6.4 %
25.7 %
5.5 %
strategy funds
LLB Strategy Fixed Income
(EUR)
per 30.06.2017
René Hensel
Fund Manager since 04.04.2011
Investment policy
Fund information
The fund invests in a broadly diversified international portfolio of
fixed income securities with the aim of attaining the highest overall
return. Conceived of as a fund-of-funds, the fund's investment
strategy consists of a combination of various asset classes such as
money market instruments, investment grade bonds, inflationprotected and high yield bonds, emerging markets bonds, convertible bonds. At least 50 % of its total assets are invested in the
Euro reference currency. The fund is suitable for investors, who want
to benefit from active portfolio management in line with the LLB's
investment policy.
Net asset value per unit
Fund assets
Reference currency
Traded
Security number
ISIN
WKN
Bloomberg
EUR 124.02
EUR 19.1 million
EUR
Daily
11645645
LI0116456455
A1H66J
LLBSEUR LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
4 April 2011
SICAV (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH, DE, AT
LI, CH, DE, AT
PricewaterhouseCoopers AG
TER look-through
TER fund-of-funds
0.83 % p. a. (per 31.03.2017)
0.40 %
Risk and performance
Fund
NAV performance over 5 years
126
124
122
120
118
116
114
112
110
108
2012
2013
2014
2015
2016
2017
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
Asset allocation
Liquidity 14 %
Bonds EUR 19 %
Manfred Jakob
Co-Manager since 04.04.2011
2017 0.2 %
Previous year 3.3 %
Last 3 years 7.0 %
Last 5 years 14.0 %
Volatility last 5 years 2.9 %
Allocation by currency
Global bonds (incl.
high yield, emerging
markets and inflation linked) 56 %
Convertible
bonds 11 %
EUR
USD
GBP
JPY
Other currencies
87 %
7%
2%
2%
2%
Fund ratings 1
Lipper preservation score (overall)
Lipper expense score (overall)
Leader
Leader
Key benefits
◆ Active management at very attractive fees
◆ Broadly diversified and professionally managed portfolio
◆ Immediate implementation of the well-proven LLB investment
policy
◆ Cooperation with external specialists in specified markets
1
The fund ratings refer to the preceding month.
Quarterly report · 2 / 2017
46
–
47
strategy funds
LLB Strategy Conservative
(EUR)
per 30.06.2017
René Hensel
Fund Manager since 29.05.2015
Manfred Jakob
Co-Manager since 29.05.2015
Investment policy
Fund information
The fund invests in a broadly diversified, international securities
portfolio with the aim of attaining the highest overall return. Conceived of as a fund-of-funds, the fund's investment strategy consists
of a combination of various asset classes such as money market
instruments, investment grade bonds, inflation-protected and high
yield bonds, emerging markets bonds, convertible bonds, stocks in
the reference currency and globally, emerging market stocks, real
estate stocks. The fund's equity exposure fluctuates between 4 %
and 15 % of its total assets. At least 50 % of its total assets are invested in the Euro reference currency. The fund is suitable for investors, who want to benefit from active portfolio management in line
with the LLB's investment policy.
Net asset value per unit
Fund assets
Reference currency
Traded
Security number
ISIN
WKN
Bloomberg
EUR 101.09
EUR 7.6 million
EUR
Daily
27955015
LI0279550151
A14TF7
LLBSKEU LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
29 May 2015
Investment Fund (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH, DE, AT
LI, CH, DE, AT
PricewaterhouseCoopers AG
TER look-through
(incl. performance fee)
TER look-through
(excl. performance fee)
TER fund-of-funds
0.95 % p. a. (per 31.03.2017)
Risk and performance
Fund NAV performance since inception
102
101
100
99
98
97
96
95
2015
2016
2017
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
Local and global
bonds (incl.
high yield, emerging
markets and inflation linked) 66 %
Local and global
equities (incl.
emerging markets
and real estate) 9 %
Convertible
bonds 9 %
Key benefits
◆ Active management at very attractive fees
◆ Broadly diversified and professionally managed portfolio
◆ Immediate implementation of the well-proven LLB investment
policy
◆ Cooperation with external specialists in specified markets
◆ The addition of a moderate equity allocation improves the returnrisk ratio
1
0.6 %
3.1 %
1.1 %
Peer-Group 1
1.0 %
1.8 %
–0.2 %
Allocation by currency
EUR
USD
GBP
JPY
CHF
Other currencies
83 %
9%
3%
1%
1%
3%
Largest shareholdings
Novartis AG, registered
GS Roche Holding AG
Siemens AG, registered
Bayer AG, registered
Nestle SA, registered
HSBC Holdings Plc.
American Tower Corp.
Royal Dutch Shell Plc. -A-
Sanofi SA
Unilever NV
Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe/Africa/Asia OE EUR Cautious Allocation - Global).
Quarterly report · 2 / 2017
0.20 % + 10 % of annual perf.
2017
Previous year
Since inception
Asset allocation
Liquidity 16 %
0.64 % p. a. (per 31.03.2017)
0.1 %
0.1 %
0.1 %
0.1 %
0.1 %
0.1 %
0.1 %
0.1 %
0.1 %
0.1 %
strategy funds
LLB Strategy Yield (EUR)
per 30.06.2017
René Hensel
Fund Manager since 01.07.2007
Manfred Jakob
Co-Manager since 15.07.1999
Investment policy
Fund information
The fund invests in a broadly diversified, international securities
portfolio with the aim of attaining the highest overall return. Conceived of as a fund-of-funds, the fund's investment strategy consists
of a combination of various asset classes such as money market
instruments, investment grade bonds, inflation-protected and high
yield bonds, emerging markets bonds, convertible bonds, stocks in
the reference currency and globally, emerging market stocks, real
estate stocks, commodities. To add variety and for diversification
reasons, investments may possibly be made in alternative products.
The fund's equity exposure fluctuates between 15 % and 30 % of its
total assets. At least 50 % of its total assets are invested in the Euro
reference currency. The fund is suitable for investors, who want to
benefit from active portfolio management in line with the LLB's
investment policy.
Net asset value per unit
Fund assets
Reference currency
Traded
Security number
ISIN
WKN
Bloomberg
EUR 162.78
EUR 67.0 million
EUR
Daily
812750
LI0008127503
964830
LLBVERE LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
TER look-through
(incl. performance fee)
TER look-through
(excl. performance fee)
TER fund-of-funds
15 July 1999
SICAV (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH, DE, AT
LI, CH, DE, AT
PricewaterhouseCoopers AG
1.23 % p. a. (per 31.03.2017)
Risk and performance
Fund
NAV performance over 5 years
165
160
155
150
145
140
135
130
2012
2013
2014
2015
2016
2017
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
Asset allocation
Liquidity 9 %
Convertible
bonds 8 %
Local and global
bonds (incl.
high yield, emerging
markets and inflation linked) 57 %
Local and global
equities (incl.
emerging markets
and real estate) 23 %
Alternative
investments (incl.
hedge funds and
commodities) 3 %
Key benefits
2
0.20 % + 10 % of annual perf.
Peer-Group 2
2017 1.0 %
Previous year 3.7 %
Last 3 years 8.0 %
Last 5 years 22.3 %
Volatility last 5 years 3.9 %
1.0 %
1.8 %
6.1 %
18.5 %
3.9 %
Allocation by currency
◆ Active management at very attractive fees
◆ Broadly diversified and professionally managed portfolio
◆ Immediate implementation of the well-proven LLB investment
policy
◆ Quantitative oriented value philosophy in the equities selection
process
◆ Cooperation with external specialists in specified markets such as
commodities or high yield bonds
1
0.71 % p. a. (per 31.03.2017)
EUR
USD
GBP
JPY
CHF
Other currencies
80 %
10 %
3%
2%
1%
4%
Largest shareholdings
Apple Inc.
GS Roche Holding AG
Novartis AG, registered
Microsoft Corp.
HSBC Holdings Plc.
Siemens AG, registered
Bayer AG, registered
Royal Dutch Shell Plc. -A-
Sanofi SA
Nestle SA, registered
0.2 %
0.2 %
0.2 %
0.2 %
0.2 %
0.2 %
0.2 %
0.2 %
0.2 %
0.2 %
Fund ratings 1
Lipper total return score (10 years)
Lipper consistent return score (10 years)
Lipper expense score (overall)
Morningstar stars (overall)
Leader
Leader
Leader
4
The fund ratings refer to the preceding month.
Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe/Africa/Asia OE EUR Cautious Allocation).
Quarterly report · 2 / 2017
48
–
49
strategy funds
LLB Strategy Balanced
(EUR)
per 30.06.2017
René Hensel
Fund Manager since 01.07.2007
Investment policy
Fund information
The fund invests in a broadly diversified, international securities
portfolio with the aim of attaining the highest overall return. Conceived of as a fund-of-funds, the fund's investment strategy consists
of a combination of various asset classes such as money market
instruments, investment grade bonds, inflation-protected and high
yield bonds, emerging markets bonds, convertible bonds, stocks in
the reference currency and globally, emerging market stocks, real
estate stocks, commodities. To add variety and for diversification
reasons, investments may possibly be made in alternative products.
The fund's equity exposure fluctuates between 35 % and 60 % of its
total assets. At least 50 % of its total assets are invested in the Euro
reference currency. The fund is suitable for investors, who want to
benefit from active portfolio management in line with the LLB's
investment policy.
Net asset value per unit
Fund assets
Reference currency
Traded
Security number
ISIN
WKN
Bloomberg
EUR 148.19
EUR 49.3 million
EUR
Daily
812755
LI0008127552
964832
LLBVZUE LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
15 July 1999
SICAV (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH, DE, AT
LI, CH, DE, AT
PricewaterhouseCoopers AG
TER look-through
(incl. performance fee)
TER look-through
(excl. performance fee)
TER fund-of-funds
1.54 % p. a. (per 31.03.2017)
Risk and performance
Fund
NAV performance over 5 years
155
150
145
140
135
Manfred Jakob
Co-Manager since 15.07.1999
130
125
120
115
110
2012
2013
2014
2015
2016
2017
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
Asset allocation
Liquidity 9 %
Convertible
bonds 4 %
Local and global
bonds (incl.
high yield, emerging
markets and inflation linked) 36 %
Local and global
equities (incl.
emerging markets
and real estate) 45 %
Alternative
investments (incl.
hedge funds and
commodities) 6 %
Key benefits
◆ Active management at very attractive fees
◆ Broadly diversified and professionally managed portfolio
◆ Immediate implementation of the well-proven LLB investment
policy
◆ Quantitative oriented value philosophy in the equities selection
process
◆ Cooperation with external specialists in specified markets such as
commodities or high yield bonds
1
2
0.20 % + 10 % of annual perf.
Peer-Group 2
2017 2.2 %
Previous year 4.4 %
Last 3 years 10.2 %
Last 5 years 32.8 %
Volatility last 5 years 5.2 %
Allocation by currency
EUR
USD
GBP
JPY
CHF
Other currencies
80 %
8%
3%
2%
1%
6%
Largest shareholdings
Novartis AG, registered
GS Roche Holding AG
Nestle SA, registered
Apple Inc.
Microsoft Corp.
HSBC Holdings Plc.
Siemens AG, registered
Royal Dutch Shell Plc. -A-
Bayer AG, registered
Johnson & Johnson
0.9 %
0.7 %
0.7 %
0.5 %
0.4 %
0.4 %
0.3 %
0.3 %
0.3 %
0.3 %
Fund ratings 1
Lipper total return score (5 years)
Lipper consistent return score (overall)
Lipper expense score (overall)
The fund ratings refer to the preceding month.
Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe/Africa/Asia OE EUR Moderate Allocation).
Quarterly report · 2 / 2017
0.76 % p. a. (per 31.03.2017)
4
4
Leader
2.2 %
2.7 %
11.6 %
32.5 %
6.1 %
strategy funds
LLB Strategy Yield (USD)
per 30.06.2017
René Hensel
Fund Manager since 29.08.2014
Manfred Jakob
Co-Manager since 29.08.2014
Investment policy
Fund information
The fund invests in a broadly diversified, international securities
portfolio with the aim of attaining the highest overall return. Conceived of as a fund-of-funds, the fund's investment strategy consists
of a combination of various asset classes such as money market
instruments, investment grade bonds, inflation-protected and high
yield bonds, emerging markets bonds, convertible bonds, stocks in
the reference currency and globally, emerging market stocks, real
estate stocks, commodities. To add variety and for diversification
reasons, investments may possibly be made in alternative products.
The fund's equity exposure fluctuates between 15 % and 30 % of its
total assets. At least 50 % of its total assets are invested in the US
Dollar reference currency. The fund is suitable for investors, who
want to benefit from active portfolio management in line with the
LLB's investment policy.
Net asset value per unit
Fund assets
Reference currency
Traded
Security number
ISIN
WKN
Bloomberg
USD 102.70
USD 10.2 million
USD
Daily
25028593
LI0250285934
A12ABM
LLBSRUS LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
29 August 2014
Investment Fund (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH
LI, CH, DE, AT
PricewaterhouseCoopers AG
TER look-through
(incl. performance fee)
TER look-through
(excl. performance fee)
TER fund-of-funds
1.18 % p. a. (per 31.03.2017)
Risk and performance
Fund
NAV performance since inception
104
102
100
98
96
94
92
2014
2015
2016
2017
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
Asset allocation
Liquidity 5 %
Convertible
bonds 8 %
Local and global
bonds (incl.
high yield, emerging
markets and inflation linked) 59 %
0.20 % + 10 % of annual perf.
2017
Previous year
Since inception
4.2 %
3.4 %
2.7 %
Peer-Group 1
4.0 %
2.6 %
2.8 %
Allocation by currency
Local and global
equities (incl.
emerging markets
and real estate) 24 %
Alternative
investments (incl.
hedge funds and
commodities) 4 %
Key benefits
◆ Active management at very attractive fees
◆ Broadly diversified and professionally managed portfolio
◆ Immediate implementation of the well-proven LLB investment
policy
◆ Quantitative oriented value philosophy in the equities selection
process
◆ Cooperation with external specialists in specified markets such as
commodities or high yield bonds
1
0.73 % p. a. (per 31.03.2017)
USD
EUR
GBP
JPY
CHF
Other currencies
78 %
12 %
3%
2%
1%
4%
Largest shareholdings
Apple Inc.
Microsoft Corp.
Johnson & Johnson
Amazon.com Inc.
JP Morgan Chase & Co.
Novartis AG, registered
Citi Group Inc.
Bank of America Corp.
General Electric Co.
HSBC Holdings Plc.
0.3 %
0.2 %
0.2 %
0.2 %
0.2 %
0.2 %
0.1 %
0.1 %
0.1 %
0.1 %
Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe/Africa/Asia OE USD Cautious Allocation).
Quarterly report · 2 / 2017
50
–
51
strategy funds
LLB Strategy Balanced
(USD)
per 30.06.2017
René Hensel
Fund Manager since 29.08.2014
Investment policy
Fund information
The fund invests in a broadly diversified, international securities
portfolio with the aim of attaining the highest overall return. Conceived of as a fund-of-funds, the fund's investment strategy consists
of a combination of various asset classes such as money market
instruments, investment grade bonds, inflation-protected and high
yield bonds, emerging markets bonds, convertible bonds, stocks in
the reference currency and globally, emerging market stocks, real
estate stocks, commodities. To add variety and for diversification
reasons, investments may possibly be made in alternative products.
The fund's equity exposure fluctuates between 35 % and 60 % of its
total assets. At least 50 % of its total assets are invested in the US
Dollar reference currency. The fund is suitable for investors, who
want to benefit from active portfolio management in line with the
LLB's investment policy.
Net asset value per unit
Fund assets
Reference currency
Traded
Security number
ISIN
WKN
Bloomberg
USD 104.30
USD 7.8 million
USD
Daily
25029148
LI0250291486
A12ABN
LLBSTRU LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
29 August 2014
Investment Fund (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH
LI, CH, DE, AT
PricewaterhouseCoopers AG
TER look-through
(incl. performance fee)
TER look-through
(excl. performance fee)
TER fund-of-funds
1.47 % p. a. (per 31.03.2017)
Risk and performance
Fund
NAV performance since inception
106
104
102
100
98
96
94
92
90
88
2014
2015
2016
2017
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
Asset allocation
Liquidity 9 %
Convertible
bonds 4 %
Local and global
bonds (incl.
high yield, emerging
markets and inflation linked) 35 %
Local and global
equities (incl.
emerging markets
and real estate) 46 %
Alternative
investments (incl.
hedge funds and
commodities) 6 %
◆ Active management at very attractive fees
◆ Broadly diversified and professionally managed portfolio
◆ Immediate implementation of the well-proven LLB investment
policy
◆ Quantitative oriented value philosophy in the equities selection
process
◆ Cooperation with external specialists in specified markets such as
commodities or high yield bonds
0.20 % + 10 % of annual perf.
2017
Previous year
Since inception
USD
EUR
GBP
JPY
CHF
Other currencies
5.1 %
4.4 %
4.3 %
77 %
10 %
3%
2%
1%
7%
Largest shareholdings
Apple Inc.
Microsoft Corp.
Johnson & Johnson
Amazon.com Inc.
GS Roche Holding AG
Citi Group Inc.
Novartis AG, registered
JP Morgan Chase & Co.
HSBC Holdings Plc.
Bank of America Corp.
Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe/Africa/Asia OE USD Moderate Allocation).
Quarterly report · 2 / 2017
0.79 % p. a. (per 31.03.2017)
Allocation by currency
Key benefits
1
Manfred Jakob
Co-Manager since 29.08.2014
0.6 %
0.5 %
0.4 %
0.4 %
0.3 %
0.3 %
0.3 %
0.3 %
0.3 %
0.3 %
Peer-Group 1
6.7 %
3.1 %
5.9 %
real value funds
LLB Inflation Protect (CHF)
per 30.06.2017
René Hensel
Fund Manager since 14.10.2011
Manfred Jakob
Co-Manager since 14.10.2011
Investment policy
Fund information
The fund invests in a broadly diversified, international securities
portfolio with the aim of attaining the highest overall real return in
the long term. Conceived of as a fund-of-funds, the fund's investment strategy consists of a combination of various asset classes
such as money market instruments, investment grade bonds, inflation-protected bonds, real estate (indirect), stocks of developed
markets, emerging market stocks, gold (indirect), commodities
(indirect). To add variety and for diversification reasons, investments
may possibly be made in high yield bonds, emerging markets bonds
and alternative products. The fund's exposure in fixed- or variableinterest securities as well as liquidity fluctuates between 40 % and
90 % of its total assets. At least 80 % of its total assets are invested
in the Swiss Franc reference currency. The fund is suitable for investors, who want to preserve the real value of their portfolio in phases
with inflation but also to attain an adequate overall return in phases
without inflation.
Net asset value per unit
Fund assets
Reference currency
Traded
Security number
ISIN
WKN
Bloomberg
CHF 100.40
CHF 20.8 million
CHF
Daily
13759253
LI0137592536
A1JHVD
LLBIPCF LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
14 October 2011
Investment Fund (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH, DE, AT
LI, CH, DE, AT
PricewaterhouseCoopers AG
TER look-through
TER fund-of-funds
0.86 % p. a. (per 31.03.2017)
0.45 %
Risk and performance
Fund
NAV performance over 5 years
105
104
103
102
101
100
99
98
97
96
95
2012
2013
2014
2015
2016
2017
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
Asset allocation
Liquidity 27 %
Local and global
equities (incl.
emerging markets
and real estate) 18 %
Gold 6 %
Local and global
bonds (incl. inflation
linked) 40 %
2017 0.4 %
Previous year 3.3 %
Last 3 years –3.6 %
Last 5 years –0.6 %
Volatility last 5 years 2.8 %
Allocation by currency
CHF
USD
EUR
GBP
JPY
Other currencies
82 %
6%
2%
1%
1%
8%
Fund ratings 1
Lipper preservation score (overall)
Lipper expense score (overall)
Leader
Leader
Alternative
investments (incl.
commodities) 9 %
Key benefits
◆ Active management at very attractive fees
◆ Offers protection in phases of increased inflation
◆ Designed flexibly to attain an adequate overall return in phases
without inflation
◆ Broadly diversified and professionally managed portfolio
◆ Cooperation with external specialists in specified markets
1
The fund ratings refer to the preceding month.
Quarterly report · 2 / 2017
52
–
53
real value funds
LLB Inflation Protect (EUR)
per 30.06.2017
René Hensel
Fund Manager since 14.10.2011
Manfred Jakob
Co-Manager since 14.10.2011
Investment policy
Fund information
The fund invests in a broadly diversified, international securities
portfolio with the aim of attaining the highest overall real return in
the long term. Conceived of as a fund-of-funds, the fund's investment strategy consists of a combination of various asset classes
such as money market instruments, investment grade bonds, inflation-protected bonds, stocks of developed markets, emerging market stocks, gold, commodities. To add variety and for diversification
reasons, investments may possibly be made in high yield bonds,
emerging markets bonds and alternative products. The fund's exposure in fixed- or variable-interest securities as well as liquidity fluctuates between 40 % and 90 % of its total assets. At least 80 % of its
total assets are invested in the Euro reference currency. The fund is
suitable for investors, who want to preserve the real value of their
portfolio in phases with inflation but also to attain an adequate
overall return in phases without inflation.
Net asset value per unit
Fund assets
Reference currency
Traded
Security number
ISIN
WKN
Bloomberg
EUR 105.05
EUR 5.7 million
EUR
Daily
13759252
LI0137592528
A1JHVE
LLBIPEU LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
14 October 2011
SICAV (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH, DE, AT
LI, CH, DE, AT
PricewaterhouseCoopers AG
TER look-through
TER fund-of-funds
0.90 % p. a. (per 31.03.2017)
0.45 %
Risk and performance
Fund
NAV performance over 5 years
109
108
107
106
105
104
103
102
101
100
99
2012
2013
2014
2015
2016
2017
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
Asset allocation
Liquidity 29 %
Local and global
equities (incl. emerging markets) 13 %
2017 0.1 %
Previous year 4.1 %
Last 3 years –1.5 %
Last 5 years 2.9 %
Volatility last 5 years 3.3 %
Allocation by currency
EUR
USD
JPY
CHF
Other currencies
87 %
4%
1%
1%
7%
Fund ratings 1
Gold 5 %
Local and global
bonds (incl. inflation
linked) 45 %
Alternative
investments (incl.
commodities) 8 %
Key benefits
◆ Active management at very attractive fees
◆ Offers protection in phases of increased inflation
◆ Designed flexibly to attain an adequate overall return in phases
without inflation
◆ Broadly diversified and professionally managed portfolio
◆ Cooperation with external specialists in specified markets
1
The fund ratings refer to the preceding month.
Quarterly report · 2 / 2017
Lipper preservation score (overall)
Lipper expense score (overall)
4
Leader
special funds
LLB Alternative Strategy
Global Cl. H CHF
per 30.06.2017
Bernhard Schmitt
Fund Manager since 29.05.2015
Timo Gruber
Co-Manager since 29.05.2015
Investment policy
Fund information
The fund invests in a broadly diversified international fund portfolio
with the aim of an increase in value. Conceived of as a fund-of-funds,
the fund's investment strategy consists of a combination of various
target funds, which come from the universes of alternative- and
absolute return-strategies. When selecting the target funds the
analysis of the issuers, the assessment of the fund management
respective fund manager as well as the fund size is of particular
importance. Potential investments are selected quantitatively and
qualitatively. There are five analytical groups which play an important role: investment philosophy, process, portfolio, investment
professionals involved and the realized performance. Foreign currency risks are largely hedged from the CHF perspective. The fund is
suitable for investors who wish to invest in alternative strategies.
Net asset value per unit
Fund assets (all classes)
Reference currency
Notice period
Traded
Security number
ISIN
WKN
Bloomberg
CHF 95.05
EUR 162.2 million
CHF
6 days
Weekly (on Wednesdays)
27958834
LI0279588342
A14TF9
LLASGHC LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
29 May 2015
Investment Fund (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
NAV performance since inception
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH, DE, AT
LI, CH, DE, AT
PricewaterhouseCoopers AG
TER look-through
TER fund-of-funds
2.08 % p. a. (per 31.03.2017)
0.85 % + 10 % of annual perf.
with high watermark
Risk and performance
Fund 101
100
99
98
97
96
95
94
93
92
2015
2016
2017
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
2017 1.6 %
Previous year –4.1 %
Since inception –5.0 %
Style allocation
Largest holdings
Equity Market
Neutral 15 %
Commodity Trading
Advisor 14 %
Global Macro 21 %
Fixed Income
Arbitrage 9 %
Multi Strategy 8 %
Long Short
Equity 21 %
Boussard & Gavaudan Abs. Fund
Greiff Special Situations Fund
Trojan Fund
DWS Concept Kaldemorgen Fund
BDL Rempart Europe Fund
RAM Systematic Long Short Fund
SEB Asset Selection Fund
Threadneedle Focus Credit Fund
Peer-Group 1
1.3 %
–5.1 %
–6.8 %
8.0 %
8.0 %
7.8 %
6.3 %
6.1 %
5.8 %
5.7 %
5.7 %
Event Driven 12 %
Key benefits
◆ Active management at very attractive fees
◆ Profit from the performance of alternative investment strategies
◆ Added value out of a consistent and structured third fund selection
process
◆ Identification of above-average fund managers based on the 5P
analysis (philosophy, people, process, portfolio and performance)
◆ Continuous optimization and monitoring in fund-of-funds portfolio
1
Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe/Africa/Asia OE Alt - Fund of Funds - Multistrategy).
Quarterly report · 2 / 2017
54
–
55
special funds
LLB Alternative Strategy
Global Cl. H EUR
per 30.06.2017
Bernhard Schmitt
Fund Manager since 29.05.2015
Timo Gruber
Co-Manager since 29.05.2015
Investment policy
Fund information
The fund invests in a broadly diversified international fund portfolio
with the aim of an increase in value. Conceived of as a fund-of-funds,
the fund's investment strategy consists of a combination of various
target funds, which come from the universes of alternative- and
absolute return-strategies. When selecting the target funds the
analysis of the issuers, the assessment of the fund management
respective fund manager as well as the fund size is of particular
importance. Potential investments are selected quantitatively and
qualitatively. There are five analytical groups which play an important role: investment philosophy, process, portfolio, investment
professionals involved and the realized performance. Foreign currency risks are largely hedged from the EUR perspective. The fund
is suitable for investors who wish to invest in alternative strategies.
Net asset value per unit
Fund assets (all classes)
Reference currency
Notice period
Traded
Security number
ISIN
WKN
Bloomberg
EUR 96.29
EUR 162.2 million
EUR
6 days
Weekly (on Wednesdays)
27955016
LI0279550169
A14TF8
LLASGHE LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
29 May 2015
Investment Fund (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
NAV performance since inception
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH, DE, AT
LI, CH, DE, AT
PricewaterhouseCoopers AG
TER look-through
TER fund-of-funds
2.08 % p. a. (per 31.03.2017)
0.85 % + 10 % of annual perf.
with high watermark
Risk and performance
Fund 101
100
99
98
97
96
95
94
93
2015
2016
2017
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
2017 1.8 %
Previous year –3.4 %
Since inception –3.7 %
Style allocation
Largest holdings
Equity Market
Neutral 15 %
Commodity Trading
Advisor 14 %
Global Macro 21 %
Fixed Income
Arbitrage 9 %
Multi Strategy 8 %
Long Short
Equity 21 %
Boussard & Gavaudan Abs. Fund
Greiff Special Situations Fund
Trojan Fund
DWS Concept Kaldemorgen Fund
BDL Rempart Europe Fund
RAM Systematic Long Short Fund
SEB Asset Selection Fund
Threadneedle Focus Credit Fund
Event Driven 12 %
Key benefits
◆ Active management at very attractive fees
◆ Profit from the performance of alternative investment strategies
◆ Added value out of a consistent and structured third fund selection
process
◆ Identification of above-average fund managers based on the 5P
analysis (philosophy, people, process, portfolio and performance)
◆ Continuous optimization and monitoring in fund-of-funds portfolio
1
Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe/Africa/Asia OE Alt - Fund of Funds - Multistrategy).
Quarterly report · 2 / 2017
8.0 %
8.0 %
7.8 %
6.3 %
6.1 %
5.8 %
5.7 %
5.7 %
Peer-Group 1
1.9 %
–2.7 %
–3.1 %
special funds
LLB Alternative Strategy
Global Cl. H USD
per 30.06.2017
Bernhard Schmitt
Fund Manager since 29.05.2015
Timo Gruber
Co-Manager since 29.05.2015
Investment policy
Fund information
The fund invests in a broadly diversified international fund portfolio
with the aim of an increase in value. Conceived of as a fund-of-funds,
the fund's investment strategy consists of a combination of various
target funds, which come from the universes of alternative- and
absolute return-strategies. When selecting the target funds the
analysis of the issuers, the assessment of the fund management
respective fund manager as well as the fund size is of particular
importance. Potential investments are selected quantitatively and
qualitatively. There are five analytical groups which play an important role: investment philosophy, process, portfolio, investment
professionals involved and the realized performance. Foreign currency risks are largely hedged from the USD perspective. The fund
is suitable for investors who wish to invest in alternative strategies.
Net asset value per unit
Fund assets (all classes)
Reference currency
Notice period
Traded
Security number
ISIN
WKN
Bloomberg
USD 100.16
EUR 162.2 million
USD
6 days
Weekly (on Wednesdays)
27958839
LI0279588391
A14TGA
LLASGHU LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
30 October 2015
Investment Fund (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
NAV performance since inception
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH, DE, AT
LI, CH, DE, AT
PricewaterhouseCoopers AG
TER look-through
TER fund-of-funds
2.08 % p. a. (per 31.03.2017)
0.85 % + 10 % of annual perf.
with high watermark
Risk and performance
Fund 102
101
100
99
98
97
96
95
O N D
J F M A M J
J
A S O N D
J F M A M J
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
2017 2.7 %
Previous year –2.3 %
Since inception 0.2 %
Style allocation
Largest holdings
Equity Market
Neutral 15 %
Commodity Trading
Advisor 14 %
Global Macro 21 %
Fixed Income
Arbitrage 9 %
Multi Strategy 8 %
Long Short
Equity 21 %
Boussard & Gavaudan Abs. Fund
Greiff Special Situations Fund
Trojan Fund
DWS Concept Kaldemorgen Fund
BDL Rempart Europe Fund
RAM Systematic Long Short Fund
SEB Asset Selection Fund
Threadneedle Focus Credit Fund
8.0 %
8.0 %
7.8 %
6.3 %
6.1 %
5.8 %
5.7 %
5.7 %
Event Driven 12 %
Key benefits
◆ Active management at very attractive fees
◆ Profit from the performance of alternative investment strategies
◆ Added value out of a consistent and structured third fund selection
process
◆ Identification of above-average fund managers based on the 5P
analysis (philosophy, people, process, portfolio and performance)
◆ Continuous optimization and monitoring in fund-of-funds portfolio
1
Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe/Africa/Asia OE Alt - Fund of Funds - Multistrategy).
Quarterly report · 2 / 2017
56
–
57
special funds
LLB Strategy Global Trend
(CHF)
per 30.06.2017
Manfred Jakob
Fund Manager since 01.04.2014
Jürgen Reitz, Advisor to the
fund manager since 25.07.2012
Investment policy
Fund information
The fund invests in a diversified portfolio across a variety of asset
classes and currencies with the aim of attaining the highest possible
return. As its core element, the fund utilizes a trend monitoring
system which is employed to determine timing and extent of
investments into the asset classes bonds, equities, commodities
and gold. By employing futures, the actual degree of investment is
adjusted to suit the corresponding trend quickly, precisely and in a
cost-efficient manner. In addition, currency movements in relation
to the fund's reference currency, the Swiss Franc, are analysed and
hedged if necessary. The fund is suitable for investors who wish to
benefit from an investment strategy adjusted to prevailing trends
in the financial markets.
Net asset value per unit
Fund assets
Reference currency
Traded
Security number
ISIN
WKN
Bloomberg
CHF 94.40
CHF 20.3 million
CHF
Daily
1798671
LI0017986717
AOB7KW
LLBEQTR LE
Inception date
Legal form of fund
Fund domicile
Management company
Custodian bank
25 July 2012
Investment Fund (UCITS V)
Liechtenstein
LLB Fund Services AG
Liechtensteinische
Landesbank AG
Investment manager
Representative in Switzerland
Paying agent in Switzerland
End of financial year
Dividend distributions
Licensed for distribution in
Tax transparency in
Auditors
LLB Asset Management AG
LB(Swiss) Investment AG
Claridenstrasse 20, 8022 Zurich
Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
30 September
None, reinvested
LI, CH
LI, CH, DE, AT
PricewaterhouseCoopers AG
Total expense ratio
0.75 % p. a. (per 31.03.2017)
Risk and performance
Fund
NAV performance since inception
100
98
96
94
92
90
88
86
84
2012
2013
2014
2015
2016
2017
The value development shown here provides no guarantee of future performance. The value of a unit may
rise or fall at any time. The performance data shown do not take into consideration the commissions and
costs charged in connection with the issuing and redemption of units.
Allocation by currency
Asset allocation
CHF
USD
EUR
JPY
Liquidity 34 %
Gold 7 %
Lipper preservation score (overall)
Lipper expense score (3 years)
Local and global
equities 45 %
Key benefits
◆ Active management at very attractive fees
◆ The fund reduces risk during downward phases
◆ In spite of its complex trend monitoring system the fund has a
favourable cost structure
◆ The right investment for uncertain times
1
The fund ratings refer to the preceding month.
Quarterly report · 2 / 2017
41 %
33 %
23 %
3%
Fund ratings 1
Alternative
investments (incl.
commodities) 3 %
Local and global
bonds 11 %
2017 0.9 %
Previous year 2.1 %
Last 3 years –4.6 %
Since inception 5.6 %
Leader
Leader
LLB fund glossary
Fund jargon
Accounting currency
The currency in which an investment fund's accounts are kept and
in which fund units are issued and redeemed. Not to be confused
with the reference or investment currency.
into various sectors, countries and currencies. This enables the
investment risk to be reduced while maintaining the same level of
return.
Duration
All-inclusive management fee
The fee paid to the fund management company for management,
administration and portfolio management activities, as well as
auditing, marketing and legal expenses in relation to the fund. The
all-inclusive fee is expressed as a percentage of the fund's total
assets and is debited to the fund on a daily basis.
Duration is also a risk measurement with bonds. Usually expressed
in terms of years, duration measure the sensitivity of fixed-interest
instruments to changes in interest rates. If the interest rate level
changes by one percent, the expected price fluctuation roughly corresponds to the duration in percent.
Fixed-interest securities
Asset allocation
Depending on the type of fund, the distribution of assets into the
various investment instruments (money market instruments,
bonds, equities, real estate and alternative investments) as well as
sectors, markets and currencies.
Average residual term to maturity
This term describes the average remaining time up to maturity of
the bonds in a bond portfolio, weighted according to the invested
capital.
Average yield or return
Using average annual yield, the earnings of investments having different durations can be compared. Usually, the value is used only
for periods of longer than a year. The average yield shows the percentage income an investor would have to receive each year in order
to attain the total income over the entire investment period.
Benchmark
A reference index against which a fund's performance is measured.
Depending on the fund's orientation and investment policy, both
standardized market indices and specially formulated reference
parameters can be employed.
Bond funds
Funds which concentrate their investments in fixed-interest securities. They may also invest to a limited extent in convertible bonds
and bonds with warrants.
Conflict of interest
In the investment business, it is common for fund providers to pay
trailer fees or retrocessions to banks. Fund providers use these fees
to compensate banks for services they provide in connection with
client care and advice. Many banks subsidize their terms and conditions for investments in this way. This limits cost transparency for
the client. Moreover, if banks no longer recommend the best products to clients because of these payments, opting instead to push
products for which they receive the highest fees, a conflict of interest may arise.
Creditworthiness
The solvency or credit rating of a borrower (issuer) which indicates
how secure its bonds are.
Diversification
The distribution of the invested capital into several investment
media such as equities, bonds and money market instruments, and
Securities such as debentures and bonds which bear a fixed-interest
rate for their entire term.
Fund assets / net assets
The entire assets of a fund minus its accrued costs. In the case of a
securities investment fund, the fund's assets comprise securities,
bank deposits and other assets.
Fund of funds
Investment funds which invest their assets in units of other investment funds.
Fund ratings
Lipper assesses funds on the basis of an evaluation period of at least
three years, as well as on the basis of the following independent
criteria:
◆ Total return: measures a fund's performance over the last three
years without risk relative to a specified comparison group.
◆ Consistent return: measures a fund's performance over the last
three years with risk relative to a specified comparison group.
◆ Expense: measures the gross performance over the last three
years. The lowest costs relative to a specified comparison group
are also taken into consideration.
◆ Preservation: measures the sum of all negative monthly performances relative to the asset class.
The funds are classified according to a rating system from one to
five. The best 20 percent of funds in a comparison group are awarded
the best score of five and the title of «Leader». The remaining funds
are rated, in increments of 20 percent, from four down to one,
whereby one is the worst score. The overall rating is based on the
equal-weighted average of percentile ranks over the 3, 5 and
10 years period. See also www.lipperweb.com.
Morningstar measures the performance with risk over the last
three years. The 10 percent of funds which are the best performers
are awarded five stars, the next 22.5 % are awarded four stars, the
next 35 % receive three stars, the following 22.5 % two stars, down
to the last 10 % of the funds which are awarded only one star. The
overall rating is based on the weighted average of the ratings over
each period (weighting 50 % over 10 years, 30 % over 5 years, 20 %
over 3 years). See also www.morningstar.com.
Feri Trust measures the performance with risk over the last five
years. The funds are rated within a comparison group from A to E,
whereby A represents «very good» and E «poor». The ratings are
assigned in 20%-increments. See also www.feritrust.de.
Quarterly report · 2 / 2017
58
–
59
Investment horizon
The time period for which an investor wants to invest a portion of
his / her assets.
Investment strategy
Investing assets according to a planned method, taking into consideration the investor's personal requirements and circumstances,
particularly the client's personal ability to accept risks, risk tolerance
and expected returns.
Strategy funds / asset allocation funds /
portfolio funds
Investment funds which reflect the Liechtensteinische Landesbank's
investment strategies for the various risk categories. Strategy funds
invest worldwide in various investment instruments. Depending on
the risk category, equities or bonds are overweighted. Investors can
choose between three different reference currencies and three different risk categories. See «Mixed funds».
Tax information
Investment tactics
Active deviation (using over or underweighting of individual asset
classes), taking into consideration various factors and risks such as
the economic situation, current market trends, interest rate and
currency developments etc.
Tax information showing the current tax rates for LLB funds for persons who are liable for tax in Switzerland, Austria and Germany is
published on the internet under www.llb.li / LLB-Fonds / Publikationen.
Total expense ratio (TER)
Issuing commission
The commission debited to the buyer of fund units.
Mixed funds
Funds which invest in both equities and fixed-interest securities.
Usually ceilings are stipulated for the equity or bond portions. See
also «Strategy funds / asset allocation funds / portfolio funds».
Net asset value / NAV
The net asset value per unit of the investment fund.
See «Fund assets / net assets».
A reference figure that compares the total expenses incurred in operating the fund with the average asset value of the fund at a given
time. It includes the following fees and charges: management fees,
safe custody fees, administration and auditing fees, costs of official
publications, listing fees, legal advice fees, taxes.
Total return
The entire value appreciation in percent of a capital investment over
a specified period of time. This is measured as the actual return on
the invested capital, and is based on the fund's revenues and earnings (e. g. interest, dividends, realized price gains) and on price
changes on the securities contained in the fund's portfolio.
Performance
See «Yield».
Unit (participating share)
The commission charged in favour of the fund to the investor when
redeeming his / her fund units.
A certificate of no par value representing a unit (share) in an investment fund. Under securities law, the unit is the certification of the
investor's claims against the fund management for a share of the
investment fund's assets and earnings.
Redemption price
Unit classes
The price at which the fund is obliged to redeem fund units, which
is then charged to the fund's assets. The redemption price corresponds to the net asset value minus any redemption commission.
Several LLB bond funds are offered both as unit classes that distribute dividends and as unit classes that reinvest earnings.
Redemption commission
Reference currency
The currency in which the investor usually thinks and calculates and
pays his liabilities. In the case of an investment fund, the currency
in which the fund's value appreciation is measured.
Class «A»: This unit class designates funds, which periodically
distribute a portion of their earnings in the form of a dividend.
The dividends are equivalent to approximately the amount of the
coupons and are always paid out after the end of the financial year.
We offer the following funds in this asset class: LLB Bonds CHF, LLB
Bonds EUR.
Retrocession-free
Fund providers use retrocessions to compensate banks for services
they provide in connection with client care and advice. For reasons
of cost transparency, the LLB has waived commission fees entirely
for its own funds since 1 July 2014. It passes on 100 % of trailer fees
for third-party funds to its clients – both in asset management and
investment advice. The LLB is also anticipating regulatory developments in this way.
Class «T»: In this unit class earnings are not distributed as dividends
but rather reinvested in the fund. With all LLB funds, which are not
designated as Class «A», the earnings are reinvested in the respective
fund.
Class «P»: Unit class for private clients.
Class «LLB»: Unit class for institutional clients.
Risk
See «Volatility».
Quarterly report · 2 / 2017
Class «H»: In the H classes foreign currency risks from the perspective of the relevant reference currency are hedged at least 80 %.
Umbrella funds
Investment funds which are composed of several segments or subfunds. All the subfunds together form a legal entity, so that only one
licensing procedure is required for the umbrella fund.
Volatility
Volatility is a measure used to assess the degree of risk with a portfolio. It defines the fluctuation range within which a fund's yields
will probably move. Statistically, it represents the annualized standard deviation of yield distribution expressed as a percentage. A high
volatility of monthly yields is an indication of a higher fluctuation
range of future earnings and a higher degree of uncertainty with
respect to future value appreciation. This uncertainty is equivalent
to a higher degree of risk.
60
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61
Yield to maturity
In addition to ordinary interest income, this also takes into consideration the price differences between the current market value and
the probable redemption value of the investments (calculated nominal values) on the basis of the average remaining life of the portfolio.
Quarterly report · 2 / 2017
Legal information
General notice
All the contents of this publication are for information purposes only
and are directed exclusively at investors in Liechtenstein and Switzerland. The information contained in this publication constitutes neither
an invitation nor an offer, nor a personal recommendation to buy or sell
investment funds or to enter into transactions of any kind. The information in this publication neither takes into account the specific or future
investment goals nor the tax or financial situation or individual needs
of the recipient. Interested persons should consult a qualified expert
before making investment decisions.
Sales restrictions
The contents of this publication are not directed or meant for persons
subject to a jurisdiction that prohibits the distribution of the publication or the investment funds referred to therein (due to the nationality
of the persons concerned, their domicile or any other reason). Persons
who come into the possession of this publication must inform themselves about any possible restrictions and comply with them. In particular,
the units of the investment funds described in this publication are not
registered under the United States Securities Act of 1933 and, other
than in connection with a transaction that does not violate that Act,
may not be offered, sold, resold, or delivered, directly or indirectly, in
the United States, to citizens or residents of the United States, or to
corporate or other legal entities established or managed under the law
of the United States. The term «United States» encompasses the United
States of America, all of its constituent states, its territories and possessions, and all areas under its sovereign jurisdiction.
Warning about risks
Interested persons should be aware that the prices of investment funds
may rise or may also fall. For this reason, information on historic performance is no guarantee for the current and future development of an
investment fund. The performance shown does not take into account
any commissions and costs charged for subscription and redemption of
units. Commissions and costs adversely affect performance.
Investments in foreign currencies are subject in addition to exchange
rate fluctuations. Investments involving high volatility can be subject
to high price fluctuations. These price fluctuations may equal or even
exceed the value of the invested amount. The preservation of the invested capital cannot therefore be guaranteed. Interested persons can
obtain further information about risks – depending on the business
relationship – from either Liechtensteinische Landesbank AG or from
the relevant group company. They can also be obtained from the
brochure «Characteristics and risks of securities transactions» issued
by the Liechtenstein Bankers Association, or from the brochure «Special
risks in securities trading» issued by the Swiss Bankers Association.
These brochures can also be downloaded from the internet at
www.bankenverband.li or www.swissbanking.org.
Fund documents
Investment funds should in all cases only be bought after detailed study
of the respective sales prospectus and the latest annual report (or semiannual report, where it is more up-to-date), as well as the other legally
relevant documents (regulations/terms of contract/articles of association and possibly the simplified prospectus). These documents may be
obtained free of charge for the investment funds referred to in this publication from Liechtensteinische Landesbank AG in Liechtenstein and in
Switzerland from the representative for funds, LB(Swiss) Investment
AG, Claridenstrasse 20, 8022 Zuerich. The documents for the Bank Linth
Regiofonds Zürichsee (CHF) may be obtained free of charge from Bank
Linth LLB Ltd.
No warranty / No guarantee
The information in this publication has been compiled by Liechtensteinische Landesbank AG and its Group companies with great care. The
information and opinions presented here originate from sources which
we deem to be reliable. Nevertheless, we provide no guarantee for the
accuracy, completeness or currency of the information contained in
this publication. The contents of the information contained in this publication may be changed at any time due to changed circumstances,
whereby we are under no obligation to update once published information. We exclude all liability for losses or damages of any kind (both
direct and indirect as well as consequential damages), which may arise
from the use of this publication.
Conflicts of interest
Providing it is permitted pursuant to the prevailing legal and/or regulatory provisions, Liechtensteinische Landesbank AG, its Group companies, and its employees may invest in the securities or other instruments in which the investment funds referred to in this publication also
invest, provide services to their issuers or approach them for orders,
hold options on these securities or on investments connected with
them, and have other material interests in them.
Quarterly report · 2 / 2017
Important sources of information
This publication was produced on the basis of the following information sources:
◆ primary research: original sources of the companies under consideration;
◆ secondary research: financial analyses of specialised brokers / analysts;
◆ publications in domestic and foreign media such as information services (e. g. Reuters, Bloomberg, Lipper, Morningstar etc.);
◆ business press (e. g. Börsenzeitung, Handelsblatt, FAZ, Financial
Times etc.);
◆ published statistics.
Basic methodical approaches to financial analysis
Liechtensteinische Landesbank AG and its Group companies responsible for financial analysis, particularly LLB Asset Management AG, have
defined the following basic methodical approaches to financial analysis:
They produce only buy-side research for investment purposes. They do
not produce or publish sell-side research. Great importance is attached
to the quality of the securities. In the case of equities and bonds, a
value-oriented selection process is applied. They conduct active fund
and portfolio management and construct broadly diversified portfolios
according to asset classes and individual securities. Foreign currencies
are actively managed. In doing so, the focus is placed on the most
important core markets; in fringe markets business cooperations are
entered into with qualified specialists.
Within the scope of financial analysis, quantitative and qualitative evaluation methods are applied for investment funds and individual securities. The quantitative parameters include, for example, performance
over various time periods, volatility, maximum loss, etc. The qualitative
parameters take into consideration, for example, an assessment of the
investment processes, and of the management, etc.
The parameters applied for the evaluation are subject to risks, and can
change at any time without prior notice.
Investment horizon
The recommendations are based on well diversified portfolios. In the
case of balanced portfolios, the recommended investment horizon
extends from five to ten years, with equity portfolios it is generally over
ten years.
Internal organisational and regulatory measures to prevent conflicts of interest
Liechtensteinische Landesbank AG and any of its Group companies concerned have implemented internal organisational measures to prevent
possible conflicts of interest from arising and, if these do occur, to disclose them.
Explanation
Possible conflicts of interest are indicated by the following numbers
placed next to the names of issuers:
Liechtensteinische Landesbank AG and/or its Group companies
1. have more than a 5-percent stake in the issuer;
2. have substantial financial interests in relation to the issuer;
3. participated during the last twelve months in the management of
aconsortium which placed financial instruments of the issuer in the
form of a public offering;
4. act as a market-maker in the financial instruments of the issuer;
5. have during the last twelve months concluded an agreement for services in connection with investment banking services with issuers,
who themselves or whose financial instruments are the subject of
the financial analysis, or have received a performance or the promise
of a performance from such an agreement;
6. have concluded an agreement for the production of financial analysis
with issuers, who themselves or whose financial instruments are the
subject of the financial analysis.
Competent supervisory authority in the Principality of Liechtenstein
FMA Financial Market Authority Liechtenstein
Landstrasse 109, P. O. Box 279, 9490 Vaduz, www.fma-li.li
Competent supervisory authority in Switzerland
Swiss Financial Market Supervisory Authority FINMA
Laupenstrasse 27, 3003 Berne, www.finma.ch
Competent supervisory authority in Austria
Austrian Financial Market Authority FMA
Otto-Wagner-Platz 5, A-1090 Vienna, www.fma.gv.at
Imprint
62
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63
Editorial deadline
12 July 2017
Publication date
19 July 2017
Published
Quarterly
Editorial team
Dr. Thomas Mächtel, Martin Beck,
Franz Maurer, Lasko von Loesch
Layout
Franz Maurer, Nadja Good-Romer
Sources for charts
LLB Asset Management AG
Datastream, Bloomberg
Editorial address
LLB Asset Management AG
Städtle 7, 9490 Vaduz, Liechtenstein
Dispatch
Lasko von Loesch
Telephone +423 236 95 25
E-mail [email protected]
Quarterly report · 2 / 2017
Telephone +423 236 88 11
Fax +423 236 88 22
Internet www.llb.Ii
E-mail [email protected]
Bank Linth LLB AG
Zürcherstrasse 3 · P. O. Box 168
8730 Uznach · Switzerland
Telephone +41 844 11 44 11
Fax +41 844 11 44 12
Internet www.banklinth.ch
E-mail [email protected]
Liechtensteinische
Landesbank (Österreich) AG
Wipplingerstrasse 35
1010 Vienna · Austria
Telephone +43 1 533 73 83-0
Fax +43 1 533 73 83-22
Internet www.llb.at
E-mail [email protected]
20182E 07.17
Liechtensteinische
Landesbank AG
Städtle 44 · P. O. Box 384
9490 Vaduz · Liechtenstein