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DEFENSIVE funds Quarterly Report 1 / 2021
bond funds
equity funds
strategy funds
LLB Fund Overview
special funds
Quarterly report · 1 / 2021
Quarterly report · 1 / 2021
Contents
2
–
3
Overview
4 Editorial
5 Fund portrait
6 Retrocession-free pricing model
7 Overview of fund range
8 Risk / return spectrum
9 Investment philosophy
10 Price development of our funds
12 Performance of market indices, trading and
valuation
Fund factsheets
13 LLB Defensive ESG (CHF)
14 LLB Defensive ESG (EUR) 45 LLB Strategy Conservative (CHF)
15 LLB Defensive ESG (USD) 46 LLB Strategy BPVV (CHF)
16 LLB Bonds CHF ESG 47 LLB Strategy Yield (CHF)
17 LLB Bonds EUR ESG 48 LLB Strategy Balanced (CHF)
18 LLB Bonds USD ESG 49 LLB Strategy Fixed Income (EUR)
19 LLB Bonds Euro Alternative ESG (CHF) 50 LLB Strategy Conservative (EUR)
20 LLB Bonds Global ESG Class P 51 LLB Strategy Yield (EUR)
21 LLB Bonds Global ESG Class H CHF 52 LLB Strategy Balanced (EUR)
22 LLB Bonds Global ESG Class H EUR 53 LLB Strategy Yield (USD)
23 LLB Bonds Global ESG Class H USD 54 LLB Strategy Balanced (USD)
24 LLB Bonds Inflation Linked ESG Class P 55 LLB Alternative Strategy Global Class H CHF
25 LLB Bonds Inflation Linked ESG Class H CHF 56 LLB Alternative Strategy Global Class H EUR
26 LLB Bonds Inflation Linked ESG Class H EUR 57 LLB Alternative Strategy Global Class H USD
27 LLB Bonds Inflation Linked ESG Class H USD 58 LLB Inflation Protect (CHF)
28 LLB Convertible Bonds Class H CHF
29 LLB Convertible Bonds Class H EUR General
30 LLB Convertible Bonds Class H USD 59 LLB fund glossary
31 LLB Bonds Strategy CEEMENA (EUR) Class I (T) 62 Legal information
32 LLB Bonds Emerging Markets (EUR) Class I (T)
33 LLB Equities Switzerland ESG (CHF)
34 LLB Equities Regio Bodensee (CHF)
35 Bank Linth Regiofonds Zürichsee (CHF)
36 LLB Equities Europe ESG (EUR)
37 LLB Equities North America ESG (USD)
38 LLB Equities Pacific ESG (JPY)
39 LLB Equities Dividend Pearls Global ESG (CHF)
40 LLB Equities Fit for Life (CHF)
41 LLB Equities Real Estate Global (CHF) Class P
42 LLB Equities Switzerland Passive (CHF) Class P
43 LLB Equities Global Passive (USD) Class P
44 LLB Strategy Fixed Income (CHF)
Quarterly report · 1 / 2021
Editorial
Dear Readers
Equity markets across the board got off to a strong start in the second year
under the influence of the coronavirus. Taking risks paid off insofar as the
decline in bond performance was overcompensated by equity returns. The
first-quarter returns of our strategy funds were correspondingly high: the
higher the equity exposure, the higher the return. In Swiss Francs: Fixed
Income: –0.5 %, Conservative: 0.3 %, Yield: 1.4 %, Balanced: 3.2 %. The
returns in Euros exhibit the same structure and are almost identical for once.
In local currency, all bond markets exhibited negative performance: Swit-
zerland: –1.2 %, Eurozone: –0.2 %, United States: –4.6 %. Among equity
markets, Europe is in the lead at 8.4 %, followed by the US at 5.6 % and Swit-
zerland at 5.2 %. In the niche markets, convertible bonds achieved a positive
performance of 2.3 %, along with commodities at 6.9 % and global real estate
equities at 6.0 %. As expected, gold was unable to make gains in this envi-
ronment, closing the first quarter at –9.6 %. The Swiss Franc weakened
against the major currencies (–2.3 % against the Euro and –6.4 % against
the US Dollar).
Despite the recent price drops, we are maintaining our underweighting of
investment grade bonds in our asset allocation. We are rebalancing our
equity exposures for developed markets and emerging markets, with a slight
overweighting of real estate equities. In our current investment outlook in
our «Capital & Markets» publication, you will find detailed reports on asset
classes and regional markets. Of course, our advisors will be happy to help
you with any questions or suggestions you may have.
Yours faithfully
Markus Wiedemann
Chief Investment Officer
Quarterly report · 1 / 2021
Reaching sustainable and financial goals
The investment philosophy of the LLB Group pursues a methodically comprehensive approach applies to all invest-
comprehensive sustainability approach. The goal is to ment classes. First, financial investments with above-aver-
implement social and environmental values as well as age earnings prospects are selected. Second, companies and
aspects of corporate governance in capital investments products are excluded if they breach national or internatio-
without sacrificing returns and without additional nal standards or generate more than 10 % of their turnover
costs. with controversial products. As a third criterion, LLB Asset
Management employs positive selection of investments
Investment expertise is one of the LLB Group's key strengths with an ESG rating of BBB or better.
in Liechtenstein, Austria, and Switzerland. For many years
already, LLB clients have been able to have their assets in- Impact investment …
vested sustainably. Now, LLB Asset Management has also … accounts for up to a quarter of the sustainable investment
converted a large part of the LLB bond and equity fund range universe. In this way, the LLB Group gives investors the
to sustainability. The range has also been expanded to opportunity to support companies that have set themselves
include explicitly sustainable strategy funds with the return the task of reducing CO2 emissions or are engaged in human 4
–
profiles «Conservative», «Yield», and «Balanced» in the ref- rights, clean water, affordable and clean energy, and climate 5
erence currencies CHF and EUR. protection. As a member of the UN PRI, the LLB also belongs
to an international network of nearly 2'000 signatories from
These strategy funds are being launched on 19 April under about 50 countries. They all stand behind the Principles for
the designation «ESG». Until 30 June, investors can benefit Responsible Investment supported by the UN. The goal of
from special conditions when subscribing (e. g. LLB Strategy the UN PRI initiative is to put these principles into practice.
Balanced ESG [CHF]). In the medium to long term, we expect
the same return and risk parameters for the new, sustain- With our uniform approach across all asset classes and our
able strategy funds as for their proven, traditional counter- range of products, we are in a favourable position to cover
parts. This expectation relies on a wide range of empirical any sustainable investment needs of our clients, and we are
studies and research. The asset allocation of the new strat- constantly further developing our range. Our advisors look
egy funds differs with respect to the following asset classes, forward to speaking with you about these opportunities.
which we exclude completely on grounds of sustainability:
high-yield bonds, commodity funds, and hedge funds. Com-
pared with traditional asset allocation, we apply lower
weightings to local and global bonds and compensate by
overweighting global equities, emerging markets, and cat
bonds. Their pricing, in terms of total expense ratio, is also
nearly identical.
Comprehensive investment approach
For the LLB Group, sustainable investing means investing
only in companies which take into account the three ESG
areas: Environment, Social, and Governance. The investment
process combines three different selection criteria. The
The LLB approach to sustainable investment
Global investment universe
Negative selection
Exclusion Violation of international & Sales-based exclusions for ESG Flag «Red»
national standards controversial products (> 10 %) ◆ very serious controversies
◆ UN Global Compact ◆ in tobacco, military weapons,
◆ Ottawa Convention on Anti- gambling, adult entertainment,
Personnel Mines coal in thermal use, shale oil & gas
◆ Nuclear Non-Proliferation Treaty ESG Rating
(incl. India) worse than BBB
◆ SVVK-asir.ch – controversial weapons
Positive selection
Sustainable BBB and better Impact investments 10 percent clause
Investments in financial assets with We invest up to a quarter of the Possibility to invest a
investment universe
an ESG rating of BBB and better. portfolio in special impact topics maximum of 10 % in
(e.g. climate and environmental unrated instruments.
protection, microfinance, etc.)
Quarterly report · 1 / 2021
More transparency thanks to retrocession-free pricing
model
LLB implements for several years a pioneering pricing Interest-based fee for selected bond and money market
model that does without commission fees for own funds
funds and third-party funds – in both asset manage- We also implement a fair and innovative variable fee has
ment and fee-based investment advisory «LLB Invest». been developed for LLB bond funds in Swiss Franc, Euro, and
We introduced for selected strategy products and bond US-Dollar as well as our money market funds. The cost bur-
funds a performance- or interest based fee model. den is based on the current interest rate environment. When
the interest rate level is low, investors can profit from es-
By waiving or crediting commission fees for clients, cost pecially favourable conditions – compare the information on
transparency is created and potential conflicts of interest the total expense ratio for the individual funds.
are avoided. This also makes LLB funds significantly cheaper.
This pricing leads to very attractive conditions compared
«Active» funds at «passive» prices to competitors: For instance, the fee burden of LLB Defen-
Clients benefit from attractive, performance-based condi- sive (CHF) is only 0.10 %. LLB Bonds CHF is at 0.35 % and LLB
tions for LLB funds, which regularly receive awards from Equities Europe (EUR) is at 0.80 % (total expense ratio, TER).
independent third parties for their above-average perfor-
mance. 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 manage-
ment, 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 0.25 % p.a., a share of one tenth of
positive net performance up to a maximum of 1.25 % 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 Examples for the strategy funds:
funds LLB Strategy Conservative, Yield, and Balanced
Fixed rate of 0.25 % p.a. plus 10 % of positive net performance up to Annual Fixed TER Variable TER Total
a maximum of 1.25 %. performance * component component
1.50 %
(TER)
Performance Fee TER
–5.00 % 0.25 % 0.00 % 0.25 %
1.25 % +5.00 % 0.25 % 0.50 % 0.75 %
1.00 % +15.00 % 0.25 % 1.00 % 1.25 %
0.75 % * The business year of our investment funds ends on 30 Septem-
ber (TER = total expense ratio)
0.50 %
0.25 %
0.00 %
–2 % 0 % 2% 4% 6 % 8 % 10 % 12 % 14 % 16 % 18 % 20 %
Net return
Quarterly report · 1 / 2021
Overview of fund range
Portfolio modules and special funds
We offer our clients an attractive range of products. The Special funds for your portfolio
overall fund volume amounts per 31.12.2020 CHF 4.6 billion In addition to portfolio modules, we offer satellites consis-
(excluding double counts in fund-of-funds). Our funds' per- ting of equity- and special funds. These products enable spe-
formance has already been distinguished many times by cial client wishes to be fulfilled. Each of these funds
prestigious fund rating agencies in various categories represents an independent investment solution that is suit-
(e. g. Bond Global, Equities Small and Mid Caps Switzerland). able for adding variety to many portfolios.
LLB funds are managed by LLB Asset Management AG, the
asset manager of the LLB Group. Good performance and low costs
In comparison with competitors, our range of funds is dis-
Portfolio modules tinguished by good performance and unusually low costs.
We recommend our equity and bond funds as building blocks This fact is confirmed by the periodic external comparisons
for various portfolios. The extensive range of funds enables carried out by independent fund rating agencies.
our clients' many different requirements to be optimally
covered. Our clients benefit from our outstanding, broadly 6
–
diversified funds. 7
Portfolio modules
Ref. currency CHF Ref. currency EUR Ref. currency USD / other
Defensive funds LLB Defensive ESG (CHF) LLB Defensive ESG (EUR) LLB Defensive ESG (USD)
Bond funds LLB Bonds CHF ESG LLB Bonds EUR ESG LLB Bonds USD ESG
LLB Bonds Euro Alternative ESG (CHF) LLB Bonds Global ESG Cl. P LLB Bonds Infl. Linked ESG Cl. P
LLB Bonds Global ESG Cl. H CHF LLB Bonds Global ESG Cl. H EUR LLB Bonds Global ESG Cl. H USD
LLB Bonds Infl. Linked ESG Cl. H CHF LLB Bonds Infl. Linked ESG Cl. H EUR LLB Bonds Infl. Linked ESG Cl. H USD
LLB Convertible Bonds Cl. H CHF LLB Convertible Bonds Cl. H EUR LLB Convertible Bonds Cl. H USD
LLB Bonds Strategy
CEEMENA (EUR) Cl. I (T)
LLB Bonds Emerging Markets
(EUR) Cl. I (T)
Equity funds LLB Equities Switzerland ESG (CHF) LLB Equities Europe ESG (EUR) LLB Eq. North America ESG (USD)
LLB Equities Dividend Pearls LLB Equities Pacific ESG (JPY)
Global ESG (CHF)
LLB Eq. Real Estate Global (CHF) Cl. P
Passive LLB Equities Switzerland LLB Equities Global
Passive (CHF) Cl. P Passive (USD) 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)
Satellites
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)
Special funds LLB Alternative Strategy LLB Alternative Strategy LLB Alternative Strategy
Global Class H CHF Global Class H EUR Global Class H USD
LLB Inflation Protect (CHF)
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 · 1 / 2021
Risk / return spectrum
of LLB funds
The risk and return parameters of the individual funds differ interpreted in such a manner that in the most unfavourable
according to the various asset classes. case if the stated time period is not observed, losses in the
value of assets are possible. In order to attain the expected
Generally, the higher the expected returns on the financial long-term, average returns with the asset classes, the assets
markets, the higher the risks. To clearly illustrate this inter- have to remain invested for a correspondingly longer
relationship, we have shown the minimum investment hori- period.
zon of our funds in the following table. This table is to be
LLB funds Minimum investment horizon
Defensive funds
LLB Defensive ESG (CHF) / (EUR) / (USD) 6 months
Bond funds
LLB Bonds CHF / EUR / USD ESG 2 years
LLB Bonds Euro Alternative ESG (CHF)
LLB Bonds Global ESG Class P / H CHF / H EUR / H USD
LLB Bonds Inflation Linked ESG 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)
LLB Bonds Emerging Markets (EUR) Class I (T)
Equity funds
LLB Equities Switzerland ESG (CHF) 10 years
LLB Equities Regio Bodensee (CHF)
Bank Linth Regiofonds Zürichsee (CHF)
LLB Equities Europe ESG (EUR)
LLB Equities North America ESG (USD)
LLB Equities Pacific ESG (JPY)
LLB Equities Dividend Pearls Global ESG (CHF)
LLB Equities Fit for Life (CHF)
LLB Equities Real Estate Global (CHF) Class P
LLB Equities Switzerland Passive (CHF) Class P
LLB Equities Global Passive (USD) 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
Special funds
LLB Inflation Protect (CHF) 4 years
LLB Alternative Strategy Global Class H CHF / H EUR / H USD 5 years
Quarterly report · 1 / 2021
Investment philosophy
Multi-factor investing
The LLB funds are managed by LLB Asset Management AG. Security selection – systematic analysis leads to an
This company has extensive experience and an excellent efficient portfolio
track record in the management of complex portfolios. LLB The security selection combines quantitative analysis based
Asset Management specializes in strategic asset structuring, on the LLB multi-factor model and fundamental research by
security selection and portfolio construction in the key analysts and fund managers - «Quantamental» à la LLB.
equity and bond markets. We understand this to mean the Quantitative methods allow efficient and systematic screen-
following: ing of large investment universes according to a diversified
selection of scientifically recognized factors. To narrow
Strategic asset structuring – the key to successful down the most attractive securities we supplement quanti-
investing tative methods with careful fundamental analysis and
In our strategic asset allocation we formulate a made-to- human judgment. Our goal is to achieve an optimal security
measure portfolio which takes into consideration the client's selection to ensure above-average investment success in the
requirements, particularly expected returns, risk tolerance, medium to long term.
liquidity requirements and the investment horizon. Our aim 8
–
here is to maximize returns in the long term without exceed- Portfolio construction – minimizing risk for an 9
ing the client's risk tolerance. efficient portfolio
When constructing a portfolio, particular attention is paid
We broadly diversify our funds according to asset classes and to attaining an optimal relationship between risk and return.
individual securities. This enables risks with specific securi- We carefully weigh potential returns against associated risks
ties to be reduced and generates additional earnings poten- using a sophisticated optimization procedure. The goal of
tial. We actively manage foreign currency exposures and our risk management is to combine quantitative and funda-
implement over or under-weightings on the basis of thor- mentally attractive securities in a portfolio that promises
ough analyses. Secondary and parallel markets are covered investment success. The LLB multi-factor model optimally
in cooperation with professional external specialists. combines the alpha properties of the various factors.
YTD performance per 31.03.2021 of LLB funds in % (fund currency)
20.0 %
16.0 %
12.0 %
8.0 %
4.0 %
0.0 %
–4.0 %
–8.0 %
LLB Equities Dividend Pearls Global ESG (CHF) Class T
LLB Equities Real Estate Global (CHF) Class P
LLB Equities Fit for Life (CHF)
LLB Equities Pacific ESG (JPY)
LLB Equities Regio Bodensee (CHF)
Bank Linth Regiofonds Zürichsee (CHF)
LLB Equities Europe ESG (EUR)
LLB Equities North America ESG (USD)
LLB Equities Switzerland Passive (CHF) Class P
LLB Equities Global Passive (USD) Class P
LLB Equities Switzerland ESG (CHF)
LLB Strategy Balanced (CHF)
LLB Strategy Balanced (EUR)
LLB Convertible Bonds Class H CHF
LLB Convertible Bonds Class H EUR
LLB Convertible Bonds Class H USD
LLB Strategy BPVV (CHF)
LLB Strategy Yield (EUR)
LLB Strategy Yield (CHF)
LLB Strategy Balanced (USD)
LLB Inflation Protect (CHF)
LLB Alternative Strategy Global Class H USD
LLB Strategy Conservative (CHF)
LLB Alternative Strategy Global Class H EUR
LLB Alternative Strategy Global Class H CHF
LLB Defensive ESG (USD)
LLB Defensive ESG (CHF)
LLB Strategy Conservative (EUR)
LLB Bonds Euro Alternative ESG (CHF)
LLB Defensive ESG (EUR)
LLB Bonds CHF ESG Class T
LLB Bonds Global ESG Class P
LLB Strategy Yield (USD)
LLB Strategy Fixed Income (CHF)
LLB Strategy Fixed Income (EUR)
LLB Bonds EUR ESG Class T
LLB Bonds Strategy CEEMENA (EUR) Class I (T)
LLB Bonds Global ESG Class H CHF
LLB Bonds Global ESG Class H EUR
LLB Bonds Global ESG Class H USD
LLB Bonds Inflation Linked ESG Class H EUR
LLB Bonds Inflation Linked ESG Class H CHF
LLB Bonds Emerging Markets (EUR) Class I (T)
LLB Bonds Inflation Linked ESG Class H USD
LLB Bonds Inflation Linked ESG Class P
LLB Bonds USD ESG
Quarterly report · 1 / 2021
Price development of LLB funds per 31.03.2021
CHF Last Last Since
millions Price 2021 2020 3 years 5 years inception
Defensive funds
LLB Defensive ESG (CHF) 49.5 100.52 0.01 % 0.10 % –0.68 % –0.98 % 0.52 %
LLB Defensive ESG (EUR) 62.7 114.09 –0.10 % 0.24 % –0.06 % 0.27 % 14.09 %
LLB Defensive ESG (USD) 61.5 127.52 0.09 % 1.44 % 5.69 % 8.00 % 27.52 %
Bond funds
LLB Bonds CHF ESG Cl. T 535.2 1 153.35 –0.32 % –0.19 % 0.95 % 0.39 % 53.35 %
LLB Bonds EUR ESG Cl. T 208.9 1
116.04 –1.40 % 2.03 % 4.50 % 6.54 % 126.95 %
LLB Bonds USD ESG 69.7 262.92 –4.11 % 6.65 % 11.42 % 13.77 % 162.92 %
LLB Bonds Euro Alternative ESG (CHF) 17.3 108.95 –0.09 % –1.22 % –0.19 % 2.97 % 37.51 %
LLB Bonds Global ESG Class P 412.8 1 88.22 –0.37 % –1.22 % 8.02 % 6.21 % 56.03 %
LLB Bonds Global ESG Class H CHF 412.8 1
102.90 –2.28 % 2.38 % 1.83 % 1.73 % 2.90 %
LLB Bonds Global ESG Class H EUR 412.8 1
104.14 –2.31 % 2.80 % 3.47 % 3.27 % 4.14 %
LLB Bonds Global ESG Class H USD 412.8 1 114.75 –2.55 % 4.99 % 8.89 % 12.13 % 14.75 %
LLB Bonds Inflation Linked ESG Class P 275.2 1 144.60 –3.37 % 10.01 % 7.73 % 13.45 % 44.60 %
LLB Bonds Inflation Linked ESG Class H CHF 275.2 1
105.20 –2.68 % 5.16 % 3.29 % 4.06 % 5.20 %
LLB Bonds Inflation Linked ESG Class H EUR 275.2 1
106.60 –2.66 % 5.42 % 4.83 % 5.86 % 6.60 %
LLB Bonds Inflation Linked ESG Class H USD 275.2 1 120.38 –2.78 % 7.75 % 11.28 % 17.64 % 20.38 %
LLB Convertible Bonds Class H CHF 300.4 1 111.80 2.43 % 0.41 % 3.18 % 15.32 % 11.80 %
LLB Convertible Bonds Class H EUR 300.4 1
133.14 2.23 % 0.95 % 5.32 % 17.22 % 33.14 %
LLB Convertible Bonds Class H USD 300.4 1
128.42 2.01 % 3.87 % 12.15 % 30.93 % 28.42 %
LLB Bonds Strategy CEEMENA (EUR) Cl. I (T) 230.4 1 146.83 –1.92 % 1.09 % 10.76 % 22.61 % 30.16 %
LLB Bonds Emerging Markets (EUR) Cl. I (T) 65.1 1 109.69 –2.71 % 1.33 % – – 10.84 %
Equity funds
LLB Equities Switzerland ESG (CHF) 128.0 297.75 3.90 % 0.67 % 20.24 % 44.90 % 201.09 %
LLB Equities Regio Bodensee (CHF) 89.5 504.79 10.50 % 3.27 % 10.41 % 53.85 % 408.26 %
Bank Linth Regiofonds Zürichsee (CHF) 76.9 365.95 10.12 % 3.49 % 16.23 % 55.27 % 268.00 %
LLB Equities Europe ESG (EUR) 131.5 138.12 9.61 % –6.69 % 14.11 % 32.64 % 170.13 %
LLB Equities North America ESG (USD) 141.3 436.59 8.58 % 5.76 % 31.61 % 71.84 % 336.59 %
LLB Equities Pacific ESG (JPY) 34.3 14'134.00 10.84 % 2.08 % 6.44 % 34.18 % 41.34 %
LLB Equities Dividend P. Global ESG (CHF) Cl. T 134.5 1
200.40 18.06 % –5.83 % 30.98 % 63.53 % 100.40 %
LLB Equities Fit for Life (CHF) 40.1 212.65 12.16 % –7.31 % 16.68 % 47.01 % 112.65 %
LLB Equities Real Estate Global (CHF) Cl. P 132.1 1 83.45 12.39 % –19.38 % –0.12 % 11.34 % –16.55 %
LLB Equities Switzerland Passive (CHF) Cl. P 655.7 1 125.57 5.09 % 3.61 % 36.06 % – 27.56 %
LLB Equities Global Passive (USD) Cl. P 690.7 1
134.24 4.63 % 15.64 % 43.40 % – 34.24 %
Quarterly report · 1 / 2021Price development of LLB funds per 31.03.2021
CHF Last Last Since
millions Price 2021 2020 3 years 5 years inception
Strategy funds
LLB Strategy Fixed Income (CHF) 27.2 114.50 –0.52 % 0.52 % 0.75 % 3.25 % 14.50 %
LLB Strategy Conservative (CHF) 54.0 105.40 0.33 % 0.38 % 1.93 % 5.66 % 5.40 %
LLB Strategy BPVV (CHF) 34.4 131.40 1.51 % 0.19 % 3.30 % 9.64 % 45.60 %
LLB Strategy Yield (CHF) 210.9 137.20 1.40 % 0.19 % 3.43 % 10.07 % 37.20 %
LLB Strategy Balanced (CHF) 135.3 129.55 3.19 % –0.71 % 5.54 % 16.40 % 29.55 %
LLB Strategy Fixed Income (EUR) 10.1 126.82 –0.69 % 0.61 % 3.38 % 4.50 % 26.82 %
LLB Strategy Conservative (EUR) 12.1 105.01 –0.09 % 0.98 % 4.88 % 6.87 % 5.01 % 10
–
11
LLB Strategy Yield (EUR) 55.1 172.41 1.42 % 0.04 % 6.36 % 11.11 % 72.41 %
LLB Strategy Balanced (EUR) 53.3 161.53 3.14 % –0.44 % 8.31 % 17.76 % 61.53 %
LLB Strategy Yield (USD) 4.9 115.55 –0.51 % 5.16 % 9.28 % 19.46 % 15.55 %
LLB Strategy Balanced (USD) 4.5 121.01 1.33 % 4.83 % 11.79 % 26.86 % 21.01 %
Special funds
LLB Alternative Strategie Global Klasse H CHF 90.6 1 84.85 0.18 % –5.73 % –9.11 % –10.45 % –15.15 %
LLB Alternative Strategie Global Klasse H EUR 90.6 1
87.47 0.28 % –5.33 % –7.88 % –8.27 % –12.53 %
LLB Alternative Strategie Global Klasse H USD 90.6 1 98.43 0.43 % –3.34 % –1.54 % 1.09 % –1.57 %
LLB Inflation Protect (CHF) 9.0 104.55 1.11 % 1.47 % 1.95 % 6.47 % 4.55 %
1
Total assets of all share classes
Quarterly report · 1 / 2021Performance of indices, trading and valuation
Overview
Equity indices (total return) per 31.03.2021
2021 2020 Last 3 years Last 5 years
SPI (CHF) 5.16 % 3.82 % 37.54 % 68.52 %
SPI Small and Mid Cap (CHF) 8.98 % 7.97 % 32.17 % 81.27 %
MSCI Europe (EUR) 8.42 % –2.70 % 25.96 % 47.91 %
MSCI USA (USD) 5.48 % 21.37 % 61.97 % 116.91 %
MSCI Pacific (JPY) 9.90 % 6.79 % 27.33 % 61.98 %
MSCI World (CHF) 11.79 % 6.71 % 44.21 % 88.98 %
Bond indices (total return) per 31.03.2021
2021 2020 Last 3 years Last 5 years
SBI Foreign AAA-BBB (Swiss Bond Index CHF) –0.11 % 0.30 % 2.36 % 1.96 %
JP Morgan EMU Government Bonds (EUR) –2.39 % 5.15 % 9.24 % 11.02 %
JP Morgan United States Government Bonds (USD) –4.65 % 8.40 % 13.04 % 11.90 %
JP Morgan Global Government Bonds (EUR) –1.84 % 0.74 % 11.90 % 7.30 %
Convertible bond indices (total return) per 31.03.2021
2021 2020 Last 3 years Last 5 years
Refinitiv Convertible Bonds Global Vanilla (EUR) 4.64 % 25.77 % 57.26 % 75.22 %
Refinitiv Convertible Bonds Global Investment Grade Hedged (EUR) 2.26 % 10.05 % 16.39 % 32.88 %
Trading Exception
Orders can be placed with your client adviser from 8.30 a. m. LLB Equities Pacific (JPY): Because the Japanese market
to 3.30 p. m.; they must be received by the Trading Depart- closes at 8.00 a. m., you will receive the closing price of the
ment by 4.00 p. m. at the latest. Orders received after this next trading day. The value date is the trading day plus three
deadline will be processed on the next following workday. days.
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 guide-
lines. 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 · 1 / 2021DEFENSIVE funds
LLB Defensive ESG (CHF)
per 31.03.2021, LLB sustainability criteria met
Stefan Rösch Mirko Mattasch
Fund Manager since 01.02.2019 Co-Manager since 16.03.2009
Investment policy Fund information
The fund invests in short-dated fixed-interest investments and Net asset value per unit CHF 100.52
employs corresponding derivatives in order to attain a money mar- Fund assets CHF 49.5 million
ket-type portfolio. With respect to returns, it is oriented towards Reference currency CHF
Traded Daily
six-monthly money market yields. The fund's assets are only inves-
Security number 3257583
ted in investment grade, fixed- and variable-interest securities. In
ISIN LI0032575834
addition to short-dated bonds, the fund can also employ notes as WKN A0RLU0
well as interest rate and currency swaps. It is aimed at investors Bloomberg LLBGELD LE
having an investment horizon of at least six months. The fund offers
an attractive alternative to traditional time deposits and call money Inception date 16 March 2009
in the individual reference currency. The fund is suitable for investors Legal form of fund SICAV (UCITS V)
Fund domicile Liechtenstein 12
who seek somewhat higher returns than are available in the money –
Management company LLB Fund Services AG 13
market.
Custodian Liechtensteinische
Landesbank AG
NAV performance over 5 years Investment manager LLB Asset Management AG
102
Representative in Switzerland LLB Swiss Investment AG
Claridenstrasse 20, 8002 Zurich
Paying agent in Switzerland Bank Linth LLB AG
101 Zürcherstrasse 3, 8730 Uznach
End of financial year 30 September
100
Dividend distributions None, reinvested
Licensed for distribution in LI, CH, DE, AT
Tax transparency in LI, CH, DE, AT
99 German Investment Tax Act Investment Fund without
InvStG (2018) Classification partial exemption
Auditors PricewaterhouseCoopers AG
98
Total Expense Ratio 0.10 % p. a. (per 30.09.2020)
97 TER calculation 0.10 % +10 % of
2016 2017 2018 2019 2020 2021 1 yr interest rate
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. Performance and risk Fund Peer group 1
2021 0.0 % –0.2 %
Previous year 0.1 % –0.8 %
Ratings Last 3 years –0.7 % –2.4 %
Last 5 years –1.0 % –3.9 %
BBB 19 % AAA 2 % Volatility last 5 years 0.8 % 0.2 %
Current average yield to maturity –0.24 % p. a.
AA 31 %
Current duration 11.07 months
Interest rate spread, duration-
adjusted 0.55 %
Maturities
0 – 1 month 8%
A 48 %
1 – 3 month 8%
3 – 6 month 16 %
6 – 12 month 23 %
Key benefits > 12 month 45 %
◆ Active management at very attractive fees
◆ The politic of negative interest rates leads to negative returns on
accounts, time deposits and call money
◆ LLB Defensive (CHF) represents an interesting alternative for defen-
sive investors with an investment horizon from 6 months on
◆ Invested according to the LLB sustainability approach
1
Median of comparison group of retail funds provided by Morningstar (Europe/Africa/Asia OE CHF Money Market).
Quarterly report · 1 / 2021DEFENSIVE funds
LLB Defensive ESG (EUR)
per 31.03.2021, LLB sustainability criteria met
Roger Wohlwend Peter Goller
Fund Manager since 01.01.2017 Co-Manager since 01.02.2019
Investment policy Fund information
The fund invests in short-dated fixed-interest investments and Net asset value per unit EUR 114.09
employs corresponding derivatives in order to attain a money mar- Fund assets EUR 56.6 million
ket-type portfolio. With respect to returns, it is oriented towards Reference currency EUR
Traded Daily
six-monthly money market yields. The fund's assets are only inves-
Security number 2153524
ted in investment grade, fixed- and variable-interest securities. In
ISIN LI0021535245
addition to short-dated bonds, the fund can also employ notes as WKN AOERMN
well as interest rate and currency swaps. It is aimed at investors Bloomberg LLBDIEU LE
having an investment horizon of at least six months. The fund offers
an attractive alternative to traditional time deposits and call money Inception date 20 June 2005
in the individual reference currency. The fund is suitable for investors Legal form of fund SICAV (UCITS V)
Fund domicile Liechtenstein
who seek somewhat higher returns than are available in the money
Management company LLB Fund Services AG
market.
Custodian Liechtensteinische
Landesbank AG
NAV performance over 5 years Investment manager LLB Asset Management AG
115
Representative in Switzerland LLB Swiss Investment AG
Claridenstrasse 20, 8002 Zurich
Paying agent in Switzerland Bank Linth LLB AG
114 Zürcherstrasse 3, 8730 Uznach
End of financial year 30 September
113
Dividend distributions None, reinvested
Licensed for distribution in LI, CH, DE, AT
Tax transparency in LI, CH, DE, AT
112 German Investment Tax Act Investment Fund without
InvStG (2018) Classification partial exemption
Auditors PricewaterhouseCoopers AG
111
Total expense ratio 0.13 % p. a. (per 30.09.2020)
110 TER calculation 0.125 % +10 % of
2016 2017 2018 2019 2020 2021 1 yr interest rate
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. Performance and risk Fund Peer group 1
2021 –0.1 % –0.1 %
Previous year 0.2 % –0.2 %
Ratings Last 3 years –0.1 % –0.7 %
Last 5 years 0.3 % –0.7 %
BBB 17 % AAA 5 % Volatility last 5 years 1.3 % 0.8 %
AA 16 %
Current average yield to maturity –0.16 % p. a.
Current Duration 11.49 months
A 62 %
Key benefits
◆ Active management at very attractive fees
◆ Attractive alternative to negative yielding EUR account
◆ Invested according to the LLB sustainability approach
1
Median of comparison group of retail funds provided by Morningstar (Europe/Africa/Asia OE EUR Ultra Short-Term Bond ).
Quarterly report · 1 / 2021DEFENSIVE funds
LLB Defensive ESG (USD)
per 31.03.2021, LLB sustainability criteria met
Stefan Rösch Mirko Mattasch
Fund Manager since 01.02.2019 Co-Manager since 01.02.2019
Investment policy Fund information
The fund invests in short-dated fixed-interest investments and Net asset value per unit USD 127.52
employs corresponding derivatives in order to attain a money mar- Fund assets USD 65.1 million
ket-type portfolio. With respect to returns, it is oriented towards Reference currency USD
Traded Daily
six-monthly money market yields. The fund's assets are only inves-
Security number 2153526
ted in investment grade, fixed- and variable-interest securities. In
ISIN LI0021535260
addition to short-dated bonds, the fund can also employ notes as WKN AOERMP
well as interest rate and currency swaps. It is aimed at investors Bloomberg LLBDIUS LE
having an investment horizon of at least six months. The fund offers
an attractive alternative to traditional time deposits and call money Inception date 20 June 2005
in the individual reference currency. The fund is suitable for investors Legal form of fund SICAV (UCITS V)
Fund domicile Liechtenstein 14
who seek somewhat higher returns than are available in the money –
Management company LLB Fund Services AG 15
market.
Custodian Liechtensteinische
Landesbank AG
NAV performance over 5 years Investment manager LLB Asset Management AG
129
Representative in Switzerland LLB Swiss Investment AG
Claridenstrasse 20, 8002 Zurich
Paying agent in Switzerland Bank Linth LLB AG
127
Zürcherstrasse 3, 8730 Uznach
End of financial year 30 September
125
Dividend distributions None, reinvested
Licensed for distribution in LI, CH
123
Tax transparency in LI, CH, DE, AT
German Investment Tax Act Investment Fund without
121 InvStG (2018) Classification partial exemption
Auditors PricewaterhouseCoopers AG
119
Total expense ratio 0.27 % p. a. (per 30.09.2020)
117 TER calculation 0.125 % +10 % of
2016 2017 2018 2019 2020 2021 1 yr interest rate
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. Performance and risk Fund
2021 0.1 %
Previous year 1.4 %
Ratings Last 3 years 5.7 %
Last 5 years 8.0 %
BBB 8 % AAA 3 % Volatility last 5 years 1.4 %
Current average yield to maturity 0.51 % p. a.
AA 33 %
Current Duration 4.90 months
Interest rate spread, duration-
adjusted 0.35 %
A 56 %
Key benefits
◆ Active management with very attractive conditions
◆ Close monitoring of the US Federal Reserve's monetary policy
◆ Broad diversification by regions, lines of business, and borrowers
◆ Yield on LLB Defensive (USD) more attractive than interest on USD
fixed-term deposits
◆ Alternative to traditional fixed-term and call deposits
◆ Invested according to the LLB sustainability approach
Quarterly report · 1 / 2021bond funds
LLB Bonds CHF ESG
Cl. T & A Stefan Rösch Mirko Mattasch
per 31.03.2021, LLB sustainability criteria met Fund Manager since 01.02.2019 Co-Manager since 01.01.2008
Investment policy Fund information
The fund invests in fixed-interest investments (bonds, money mar- Net asset value per unit Cl. T / A CHF 153.35 / CHF 132.65
ket instruments and credit balances) that are denominated in Swiss Fund assets (all classes) CHF 535.2 million
Francs. The fund's management pays particular attention to cover- Reference currency CHF
Traded Daily
ing the entire market from government bonds to attractive corpo-
Security number Cl. T / A 1325569 / 3254330
rate issuers, regions and sectors. The fund's assets are only invested
ISIN Cl. T / A LI0013255695 / LI0032543303
in investment grade fixed- and variable-interest securities. Interest WKN Cl. T / A 964824 / A0RLUX
earnings are continuously reinvested in class T (accumulating) and Bloomberg Cl. T / A LLBOBCH LE / LLBOBCA LE
distributed in class A. The fund is suitable for investors pursuing a
yield-orientated but safety-conscious strategy who wish to achieve Inception date 7 January 1997
the highest possible interest earnings in addition to capital preser- Legal form of fund SICAV (UCITS V)
Fund domicile Liechtenstein
vation.
Management company LLB Fund Services AG
Custodian Liechtensteinische
Landesbank AG
NAV performance over 5 years
160 Investment manager LLB Asset Management AG
Representative in Switzerland LLB Swiss Investment AG
157 Claridenstrasse 20, 8002 Zurich
Paying agent in Switzerland Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
154
End of financial year 30 September
Class T = Accumul., A = Distribut.
151
Dividend distributions Cl. T / A None / 14.12.2020 CHF 0.51
Licensed for distribution in Cl. T / A: LI, CH, DE, AT
148 Tax transparency in Cl. T / A: LI, CH, DE, AT
German Investment Tax Act Investment Fund without
145 InvStG (2018) Classification partial exemption
Auditors PricewaterhouseCoopers AG
142
2016 2017 2018 2019 2020 2021 Total expense ratio 0.35 % p. a. (per 30.09.2020)
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
TER calculation 0.35 % +10 % of
costs charged in connection with the issuing and redemption of units. The NAV performance shown is based 5 yr interest rate CHF
on the total return prices of class T.
Performance and risk Fund
Ratings 2021 –0.3 %
Previous year –0.2 %
BBB 14 % AAA 10 % Last 3 years 1.0 %
Last 5 years 0.4 %
Volatility last 5 years 3.3 %
Current average yield to maturity –0.01 % p. a.
Current duration 5.29 years
Interest rate spread, duration-
adjusted 0.58 %
A 38 % AA 38 % Maturities
0 – 3 years 26 %
3 – 5 years 28 %
Key benefits 5 – 7 years 18 %
◆ Active management at very attractive fees 7 – 10 years 20 %
◆ Cost-efficient alternative for yield-oriented investors > 10 years 8%
◆ In an environment of low interest rates, active management of
bond portfolios becomes essential
Fund rating 1
Lipper preservation score (overall) Leader
◆ Invested according to the LLB sustainability approach
1
The fund ratings refer to the preceding month.
Quarterly report · 1 / 2021bond funds
LLB Bonds EUR ESG
Cl. T & A Roger Wohlwend Peter Goller
per 31.03.2021, LLB sustainability criteria met Fund Manager since 01.01.2017 Co-Manager since 01.02.2019
Investment policy Fund information
The fund invests in fixed-interest investments (bonds, money mar- Net asset value per unit Cl. T / A EUR 116.04 / EUR 85.48
ket instruments and credit balances) that are denominated in Euros. Fund assets (all classes) EUR 188.7 million
The fund's management pays particular attention to covering the Reference currency EUR
Traded Daily
entire market from government bonds to attractive corporate issu-
Security number Cl. T / A 1325568 / 3255064
ers, regions and sectors. The fund's assets are only invested in invest-
ISIN Cl. T / A LI0013255687 / LI0032550647
ment grade fixed- and variable-interest securities. Interest earnings WKN Cl. T / A 964825 / A0RLUY
are continuously reinvested in class T (accumulating) and distributed Bloomberg Cl. T / A LLBOBEU LE / LLBOBEA LE
in class A. The fund is suitable for investors pursuing a yield-orien-
tated but safety-conscious strategy who wish to achieve the highest Inception date 7 January 1997
possible interest earnings in addition to capital preservation. Legal form of fund SICAV (UCITS V)
Fund domicile Liechtenstein 16
–
Management company LLB Fund Services AG 17
NAV performance over 5 years Custodian Liechtensteinische
Landesbank AG
120
Investment manager LLB Asset Management AG
Representative in Switzerland LLB Swiss Investment AG
117 Claridenstrasse 20, 8002 Zurich
Paying agent in Switzerland Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
114
End of financial year 30 September
Class T = Accumul., A = Distribut.
Dividend distributions Cl. T / A None / 14.12.2020 EUR 1.11
Licensed for distribution in Cl. T / A: LI, CH, DE, AT
111
Tax transparency Cl. T / A LI, CH, DE, AT, T: UK
German Investment Tax Act Investment Fund without
InvStG (2018) Classification partial exemption
108 Auditors PricewaterhouseCoopers AG
2016 2017 2018 2019 2020 2021
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 Total expense ratio 0.36 % p. a. (per 30.09.2020)
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.
TER calculation 0.35 % +10 % of
5 yr interest rate EUR
Ratings Performance and risk Fund Peer group 2
2021 –1.4 % –0.9 %
BBB 20 % AAA 14 % Previous year 2.0 % 1.9 %
Last 3 years 4.5 % 3.6 %
Last 5 years 6.5 % 5.0 %
Volatility last 5 years 3.4 % 3.3 %
AA 20 %
Current average yield to maturity 0.22 % p. a.
Current duration 6.20 years
Interest rate spread, duration-
adjusted 0.76 %
A 46 %
Maturities
0 – 3 years 16 %
Key benefits 3 – 5 years 24 %
◆ Active management at very attractive fees 5 – 7 years 22 %
◆ Broadly diversified portfolio 7 – 10 years 21 %
◆ The fund invests in high-quality issuers > 10 years 17 %
◆ Invested according to the LLB sustainability approach
Fund ratings 1
Lipper preservation score (overall) Leader
Lipper expense score (overall) Leader
1
The fund ratings refer to the preceding month.
2
Median of comparison group of retail funds provided by Morningstar (Europe/Africa/Asia OE EUR Diversified Bond).
Quarterly report · 1 / 2021bond funds
LLB Bonds USD ESG
per 31.03.2021, LLB sustainability criteria met
Stefan Rösch Mirko Mattasch
Fund Manager since 01.02.2019 Co-Manager since 01.08.2008
Investment policy Fund information
The fund invests in fixed-interest investments (bonds, money mar- Net asset value per unit USD 262.92
ket instruments and credit balances) that are denominated in US Fund assets USD 73.8 million
Dollars. The fund's management pays particular attention to cover- Reference currency USD
Traded Daily
ing the entire market from government bonds to attractive corpo-
Security number 1325567
rate issuers, regions and sectors. The fund's assets are only invested
ISIN LI0013255679
in investment grade fixed- and variable-interest securities; up to WKN 964826
10 % of the fund's assets can be invested in other Dollar currencies Bloomberg LLBOBUS LE
(CAD, AUD, NZD). Both interest earnings and capital gains are con-
tinuously reinvested in the fund. The fund is suitable for investors Inception date 30 December 1997
pursuing a yield-orientated but safety-conscious strategy who wish Legal form of fund SICAV (UCITS V)
Fund domicile Liechtenstein
to achieve the highest possible interest earnings in addition to capi-
Management company LLB Fund Services AG
tal preservation.
Custodian Liechtensteinische
Landesbank AG
NAV performance over 5 years Investment manager LLB Asset Management AG
280
Representative in Switzerland LLB Swiss Investment AG
Claridenstrasse 20, 8002 Zurich
Paying agent in Switzerland Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
265
End of financial year 30 September
Dividend distributions None, reinvested
Licensed for distribution in LI, CH, AT
250 Tax transparency in LI, CH, DE, AT, UK
German Investment Tax Act Investment Fund without
InvStG (2018) Classification partial exemption
235 Auditors PricewaterhouseCoopers AG
Total expense ratio 0.44 % p. a. (per 30.09.2020)
220 TER calculation 0.35 % +10 % of
2016 2017 2018 2019 2020 2021 5 yr interest rate USD
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. Performance and risk Fund
2021 –4.1 %
Previous year 6.7 %
Ratings Last 3 years 11.4 %
Last 5 years 13.8 %
BBB 9 % AAA 22 % Volatility last 5 years 3.5 %
Current average yield to maturity 1.59 % p. a.
Current duration 6.48 years
Interest rate spread, duration-
adjusted 0.44 %
Maturities
0 – 3 years 33 %
A 40 % AA 29 % 3 – 5 years 14 %
5 – 7 years 13 %
7 – 10 years 18 %
Key benefits > 10 years 22 %
◆ Active management with very attractive conditions
◆ Close monitoring of the US Federal Reserve's monetary policy Fund ratings 1
◆ Broadly diversified portfolio for yield-oriented investors Lipper preservation score (3 years) Leader
◆ High yield to maturity compared with CHF and EUR Lipper expense score (overall) Leader
◆ Invested according to the LLB sustainability approach
1
The fund ratings refer to the preceding month.
Quarterly report · 1 / 2021bond funds
LLB Bonds Euro Alternative
ESG (CHF) Peter Goller Mirko Mattasch
per 31.03.2021, LLB sustainability criteria met Fund Manager since 01.01.2007 Co-Manager since 01.03.2016
Investment policy Fund information
The fund invests globally in bonds of first-class issuers excluding Net asset value per unit CHF 108.95
those denominated in Euros. The fund's portfolio contains curren- Fund assets CHF 17.3 million
cies such as the US Dollar, Swiss Franc, Pound Sterling and Danish Reference currency CHF
Traded Daily
Krone. In addition, the fund practices active currency management.
Security number 674526
The fund's assets are only invested in high-quality, fixed- and varia-
ISIN LI0006745264
ble-interest securities (minimum A Rating). The fund is suitable for WKN 964815
investors who seek a well-diversified, first-class alternative to bonds Bloomberg LLBEALT LE
denominated in Euros and who wish to profit from the interest rate
differentials between the various currencies. Inception date 22 August 1997
Legal form of fund SICAV (UCITS V)
Fund domicile Liechtenstein 18
–
NAV performance over 5 years Management company LLB Fund Services AG 19
Custodian Liechtensteinische
114 Landesbank AG
Investment manager LLB Asset Management AG
112
Representative in Switzerland LLB Swiss Investment AG
Claridenstrasse 20, 8002 Zurich
110 Paying agent in Switzerland Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
End of financial year 30 September
108
Dividend distributions None, reinvested
Licensed for distribution in LI, CH, DE, AT
106 Tax transparency in LI, CH, DE, AT
German Investment Tax Act Investment Fund without
InvStG (2018) Classification partial exemption
104 Auditors PricewaterhouseCoopers AG
2016 2017 2018 2019 2020 2021
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 Total expense ratio 0.65 % p. a. (per 30.09.2020)
costs charged in connection with the issuing and redemption of units.
Performance and risk Fund
2021 –0.1 %
Ratings
Previous year –1.2 %
A 15 % AAA 73 % Last 3 years –0.2 %
Last 5 years 3.0 %
Volatility last 5 years 3.8 %
Current average yield to maturity 1.02 % p. a.
AA 12 %
Current duration 6.50 years
Currency exposure
USD 22 %
JPY 22 %
CHF 21 %
DKK 14 %
Key benefits GBP 9%
◆ Active management at very attractive fees SEK 3%
CAD 3%
◆ Focus on high quality borrowers (minimum rating A)
NOK 2%
◆ Yields in Swiss Franc not attractive
Other currencies 4%
◆ Chances for currency gains due to overvalued Swiss Franc
◆ Invested according to the LLB sustainability approach
Fund rating 1
Lipper preservation score (overall) Leader
1
The fund ratings refer to the preceding month.
Quarterly report · 1 / 2021bond funds
LLB Bonds Global ESG
Class P Mirko Mattasch Roger Wohlwend
per 31.03.2021, LLB sustainability criteria met Fund Manager since 01.03.2016 Co-Manager since 01.02.2019
Investment policy Fund information
The fund invests globally in the bonds of first-class issuers. The Net asset value per unit EUR 88.22
management strives to attain a broad coverage of the overall mar- Fund assets (all classes) EUR 372.9 million
ket, which ranges from investments in government bonds to a selec- Reference currency EUR
Traded Daily
tion of attractive corporate issuers. The fund conducts active cur-
Security number 916371
rency management. In addition to the core currencies Euro, Pound
ISIN LI0009163713
Sterling, US Dollar and Japanese Yen, investments are also consid- WKN 964817
ered in other interesting marginal currencies in Eastern Europe, Asia Bloomberg LLBGBND LE
or Latin America. The fund's assets are only invested in investment
grade fixed- and variable-interest securities. Both interest earnings Inception date 24 January 2007
and capital gains are continuously reinvested. The fund is suitable Legal form of fund SICAV (UCITS V)
Fund domicile Liechtenstein
for investors, who want to achieve the highest possible interest
Management company LLB Fund Services AG
earnings by means of a first-class, globally diversified, yield-oriented
Custodian Liechtensteinische
but at the same time safety-conscious strategy. Landesbank AG
Investment manager LLB Asset Management AG
NAV performance over 5 years Representative in Switzerland LLB Swiss Investment AG
Claridenstrasse 20, 8002 Zurich
94
Paying agent in Switzerland Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
91 End of financial year 30 September
Dividend distributions None, reinvested
Licensed for distribution in LI, CH, DE, AT
88
Tax transparency in LI, CH, DE, AT
German Investment Tax Act Investment Fund without
85 InvStG (2018) Classification partial exemption
Auditors PricewaterhouseCoopers AG
82
Total expense ratio 0.65 % p. a. (per 30.09.2020)
79 Performance and risk Fund
2016 2017 2018 2019 2020 2021 2021 –0.4 %
The value development shown here provides no guarantee of future performance. The value of a unit may Previous year –1.2 %
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. Last 3 years 8.0 %
Last 5 years 6.2 %
Volatility last 5 years 3.9 %
Ratings
Current average yield to maturity 0.88 % p. a.
BBB 9 % AAA 33 % Current duration 5.77 years
Interest rate spread, duration-
adjusted 0.47 %
Currency exposure
USD 43 %
EUR 26 %
JPY 18 %
GBP 6%
A 34 % AA 24 %
CAD 3%
Other currencies 4%
Key benefits Fund ratings 1
◆ Active management at very attractive fees Lipper preservation score (overall) Leader
◆ Higher yields in foreign currencies versus Swiss Franc Lipper expense score (overall) 4
◆ Broadly diversified, cost-efficient international bond portfolio
◆ In an environment of low interest rates, active management of
bond portfolios becomes essential
◆ Invested according to the LLB sustainability approach
1
The fund ratings refer to the preceding month.
Quarterly report · 1 / 2021bond funds
LLB Bonds Global ESG
Class H CHF Mirko Mattasch Roger Wohlwend
per 31.03.2021, LLB sustainability criteria met Fund Manager since 01.03.2016 Co-Manager since 01.02.2019
Investment policy Fund information
The fund invests globally in the bonds of first-class issuers. The Net asset value per unit CHF 102.90
management strives to attain a broad coverage of the overall mar- Fund assets (all classes) EUR 372.9 million
ket, which ranges from investments in government bonds to a selec- Reference currency CHF
Traded Daily
tion of attractive corporate issuers. In addition to the core currencies
Security number 29091146
Euro, Pound Sterling, US Dollar and Japanese Yen, investments are
ISIN LI0290911465
also considered in other interesting marginal currencies in Eastern WKN A142W1
Europe, Asia or Latin America. The fund's assets are only invested in Bloomberg LLBOGHC LE
investment grade fixed- and variable-interest securities. Both inter-
est earnings and capital gains are continuously reinvested. Foreign Inception date 30 October 2015
currency risks are largely hedged from the CHF perspective. The fund Legal form of fund SICAV (UCITS V)
Fund domicile Liechtenstein 20
is suitable for investors, who want to achieve the highest possible –
Management company LLB Fund Services AG 21
interest earnings by means of a first-class, globally diversified, yield-
Custodian Liechtensteinische
oriented but at the same time safety-conscious strategy. Landesbank AG
Investment manager LLB Asset Management AG
NAV performance over 5 years Representative in Switzerland LLB Swiss Investment AG
Claridenstrasse 20, 8002 Zurich
106
Paying agent in Switzerland Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
End of financial year 30 September
104 Dividend distributions None, reinvested
Licensed for distribution in LI, CH, DE, AT
Tax transparency in LI, CH, DE, AT
102 German Investment Tax Act Investment Fund without
InvStG (2018) Classification partial exemption
Auditors PricewaterhouseCoopers AG
100
Total expense ratio 0.65 % p. a. (per 30.09.2020)
98 Performance and risk Fund
2016 2017 2018 2019 2020 2021 2021 –2.3 %
The value development shown here provides no guarantee of future performance. The value of a unit may Previous year 2.4 %
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. Last 3 years 1.8 %
Last 5 years 1.7 %
Volatility last 5 years 2.6 %
Ratings
Current average yield to maturity 0.42 % p. a.
BBB 9 % AAA 33 % Current duration 5.77 years
Maturities
0 – 3 years 46 %
3 – 5 years 19 %
5 – 7 years 9%
7 – 10 years 8%
> 10 years 18 %
A 34 % AA 24 %
Fund ratings 1
Lipper preservation score (overall) Leader
Lipper expense score (overall) 4
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
◆ Invested according to the LLB sustainability approach
1
The fund ratings refer to the preceding month.
Quarterly report · 1 / 2021bond funds
LLB Bonds Global ESG
Class H EUR Mirko Mattasch Roger Wohlwend
per 31.03.2021, LLB sustainability criteria met Fund Manager since 01.03.2016 Co-Manager since 01.02.2019
Investment policy Fund information
The fund invests globally in the bonds of first-class issuers. The Net asset value per unit EUR 104.14
management strives to attain a broad coverage of the overall mar- Fund assets (all classes) EUR 372.9 million
ket, which ranges from investments in government bonds to a selec- Reference currency EUR
Traded Daily
tion of attractive corporate issuers. In addition to the core currencies
Security number 29091152
Euro, Pound Sterling, US Dollar and Japanese Yen, investments are
ISIN LI0290911523
also considered in other interesting marginal currencies in Eastern WKN A142W2
Europe, Asia or Latin America. The fund's assets are only invested in Bloomberg LLBOGHE LE
investment grade fixed- and variable-interest securities. Both inter-
est earnings and capital gains are continuously reinvested. Foreign Inception date 30 October 2015
currency risks are largely hedged from the EUR perspective. The fund Legal form of fund SICAV (UCITS V)
Fund domicile Liechtenstein
is suitable for investors, who want to achieve the highest possible
Management company LLB Fund Services AG
interest earnings by means of a first-class, globally diversified, yield-
Custodian Liechtensteinische
oriented but at the same time safety-conscious strategy. Landesbank AG
Investment manager LLB Asset Management AG
NAV performance over 5 years Representative in Switzerland LLB Swiss Investment AG
Claridenstrasse 20, 8002 Zurich
108
Paying agent in Switzerland Bank Linth LLB AG
Zürcherstrasse 3, 8730 Uznach
106 End of financial year 30 September
Dividend distributions None, reinvested
Licensed for distribution in LI, CH, DE, AT
104
Tax transparency in LI, CH, DE, AT
German Investment Tax Act Investment Fund without
102 InvStG (2018) Classification partial exemption
Auditors PricewaterhouseCoopers AG
100
Total expense ratio 0.65 % p. a. (per 30.09.2020)
98 Performance and risk Fund
2016 2017 2018 2019 2020 2021 2021 –2.3 %
The value development shown here provides no guarantee of future performance. The value of a unit may Previous year 2.8 %
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. Last 3 years 3.5 %
Last 5 years 3.3 %
Volatility last 5 years 2.6 %
Ratings
Current average yield to maturity 0.51 % p. a.
BBB 9 % AAA 33 % Current duration 5.77 years
Maturities
0 – 3 years 46 %
3 – 5 years 19 %
5 – 7 years 9%
7 – 10 years 8%
> 10 years 18 %
A 34 % AA 24 %
Fund ratings 1
Lipper preservation score (overall) Leader
Lipper expense score (overall) 4
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
◆ Invested according to the LLB sustainability approach
1
The fund ratings refer to the preceding month.
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