# FLOSSBACH VON STORCH – GLOBAL QUALITY
Annual report
1 October 2021 - 30 September 2022

#### The management company of the fund is entitled to create unit classes with different rights in relation to the units. Details of the current unit classes are as follows:
|  | Unit class H | Unit class I | Unit class R | Unit class MT |
| --- | --- | --- | --- | --- |
| Securities ID No. (WKN): | 989975 | A0M1D3 | A0Q2PT | A2DR5Z |
| ISIN: | LU0097333701 | LU0320532970 | LU0366178969 | LU1618024175 |
| Subscription fee: | none | up to 5.00% | up to 5.00% | none |
| Redemption fee: | none | none | none | none |
| Management fee: | 1.03% p.a. | 0.68% p.a. | 1.53% p.a. | 0.65% p.a. |
| Minimum initial investment: | none | 1,000,000.00 EUR | none | none |
| Use of income: | distributing | distributing | distributing | accumulating |
| Currency: | EUR | EUR | EUR | EUR |
|  | Unit class IT 1) | Unit class ET 1) |  |  |
| Securities ID No. (WKN): | A3C9HA | A3C9HB |  |  |
| ISIN: | LU2423020796 | LU2423020879 |  |  |
| Subscription fee: | up to 5.00% | up to 1.00% |  |  |
| Redemption fee: | none | none |  |  |
| Management fee: | 0.68% p.a. | 1.93% p.a. |  |  |
| Minimum initial investment: | 1,000,000.00 EUR | none |  |  |
| Use of income: | accumulating | accumulating |  |  |
| Currency: | EUR | EUR |  |  |

1) Unit classes IT and ET have been launched on 18 January 2022.
| FLOSSBACH VON STORCH – GLOBAL QUALITY |  |
| --- | --- |
| Geographical breakdown by country 1) |
| United States of America | 67.26 % |
| United Kingdom | 5.32 % |
| Canada | 4.49 % |
| Germany | 4.14 % |
| Switzerland | 3.81 % |
| France | 3.14 % |
| Cayman Islands | 2.62 % |
| India | 2.48 % |
| Denmark | 1.62 % |
| Ireland | 1.06 % |
| Hong Kong | 0.83 % |
| Securities holdings | 96.77 % |
| Options | -0.29 % |
| Bank balances 2) | 2.62 % |
| Balance of other receivables and payables | 0.90 % |
|  | 100.00 % |
| Breakdown by economic sector 1) |  |
| Software and services | 19.25 % |
| Diversified financial services | 11.44 % |
| Pharmaceuticals, biotechnology and life sciences | 10.39 % |
| Capital goods | 9.94 % |
| Media and entertainment | 8.01 % |
| Wholesale and retail | 6.66 % |
| Household items and body care products | 6.53 % |
| Insurance | 5.35 % |
| Healthcare: equipment and services | 4.90 % |
| Foodstuffs, beverages and tobacco | 4.57 % |
| Industrial services and operating materials | 4.16 % |
| Hardware and equipment | 3.09 % |
| Banks | 2.48 % |
| Securities holdings | 96.77 % |
| Options | -0.29 % |
| Bank balances 2) | 2.62 % |
| Balance of other receivables and payables | 0.90 % |
|  | 100.00 % |
| Performance over the last 3 financial years |  |
| Unit class H |  |
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands | Unit value EUR |
| 30.09.2020 | 79.69 | 264,551 | -12,152.73 | 301.22 |
| 30.09.2021 | 92.15 | 250,579 | -4,449.18 | 367.76 |
| 30.09.2022 | 85.05 | 241,670 | -3,233.29 | 351.93 |

1) Due to rounding differences in individual amounts, totals may differ from the actual value.
2) See the notes to the annual report.
FLOSSBACH VON STORCH – GLOBAL QUALITY

#### Performance over the last 3 financial years (continued)
Unit class I
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 30.09.2020 | 151.24 | 486,555 | 43,774.39 | 310.83 |
| 30.09.2021 | 192.69 | 505,865 | 5,043.39 | 380.91 |
| 30.09.2022 | 295.21 | 807,080 | 115,637.30 | 365.77 |
| Unit class R |  |  |  |  |
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands | Unit value EUR |
| 30.09.2020 | 72.08 | 307,200 | 1,264.58 | 234.63 |
| 30.09.2021 | 104.48 | 366,470 | 15,336.60 | 285.10 |
| 30.09.2022 | 112.90 | 415,906 | 14,190.09 | 271.46 |
| Unit class MT |  |  |  |  |
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands | Unit value EUR |
| 30.09.2020 | 143.97 | 1,166,225 | -25,775.82 | 123.45 |
| 30.09.2021 | 157.95 | 1,036,863 | -17,429.88 | 152.34 |
| 30.09.2022 | 147.57 | 1,008,025 | -4,434.63 | 146.39 |
| Performance since | launch |  |  |  |
| Unit class IT |  |  |  |  |
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands | Unit value EUR |
| 18.01.2022 | Launch | - | - | 100.00 |
| 30.09.2022 | 0.07 | 762 | 70.60 | 92.55 |
| Unit class ET |  |  |  |  |
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands | Unit value EUR |
| 18.01.2022 | Launch | - | - | 100.00 |
| 30.09.2022 | 0.14 | 1,552 | 148.79 | 91.73 |

FLOSSBACH VON STORCH – GLOBAL QUALITY

#### Composition of net sub-fund assets
as at 30 September 2022
EUR
Securities holdings	620,269,909.06
(acquisition cost of securities: EUR 528,203,598.81)
Bank balances 1)	16,798,428.01
Interest receivables	31,223.02
Dividend receivables	317,286.46
Receivable on subscriptions	7,044,240.14
644,461,086.69
Options	-1,876,614.72
Payable on redemptions	-144,284.61
Payables from securities transactions	-940,572.69
Other liabilities 2)	-559,230.22
-3,520,702.24
Net sub-fund assets	640,940,384.45

#### Allocation to the unit classes
Unit class H
Proportion of net sub-fund assets	85,050,554.13 EUR
Units outstanding	241,669.532
Unit value	351.93 EUR
Unit class I
Proportion of net sub-fund assets	295,209,708.16 EUR
Units outstanding	807,080.358
Unit value	365.77 EUR
Unit class R
Proportion of net sub-fund assets	112,900,263.22 EUR
Units outstanding	415,905.659
Unit value	271.46 EUR
Unit class MT
Proportion of net sub-fund assets	147,567,000.23 EUR
Units outstanding	1,008,025.096
Unit value	146.39 EUR
Unit class IT
Proportion of net sub-fund assets	70,486.80 EUR
Units outstanding761.612
Unit value	92.55 EUR
Unit class ET
Proportion of net sub-fund assets	142,371.91 EUR
Units outstanding	1,552.129
Unit value	91.73 EUR
1) See the notes to the annual report.
2) This item mainly comprises management fees and subscription tax (taxe d’abonnement).
| FLOSSBACH VON STORCH – GLOBAL QUALITY |  |  |
| --- | --- | --- |
| Change in net sub-fund assets |  |
| in the reporting period from 1 October 2021 to 30 September | 2022 |
|  | Total EUR | Unit class H EUR | Unit class I EUR | Unit class R EUR |
| Net sub-fund assets at the beginning of the reporting period | 547,274,543.87 | 92,153,686.31 | 192,688,040.90 | 104,478,777.54 |
| Ordinary net income | 278,352.64 | -113,446.75 | 686,227.56 | -749,953.86 |
| Income and expense equalisation | -39,038.76 | -6,901.79 | -94,363.61 | 60,157.62 |
| Cash inflows from the sale of units | 177,022,821.47 | 3,714,131.07 | 150,409,307.76 | 22,672,122.44 |
| Cash outflows from the redemption of units | -54,643,954.90 | -6,947,420.18 | -34,772,008.76 | -8,482,032.06 |
| Realised profits | 27,910,465.09 | 4,500,070.89 | 10,601,380.86 | 5,256,334.94 |
| Realised losses | -2,119,446.57 | -383,476.21 | -883,937.67 | -365,651.64 |
| Net change in unrealised profits | -32,893,413.11 | -4,600,399.67 | -14,510,061.64 | -5,920,817.25 |
| Net change in unrealised losses | -21,849,945.28 | -3,265,689.54 | -8,914,877.24 | -4,048,674.51 |
| Net sub-fund assets at the end of the reporting period | 640,940,384.45 | 85,050,554.13 | 295,209,708.16 | 112,900,263.22 |
|  |  |  |  |  |
|  | Unit class MT EUR | Unit class IT 1) EUR | Unit class ET 1) EUR |  |
| Net sub-fund assets at the beginning of the reporting period | 157,954,039.12 | 0.00 | 0.00 |  |
| Ordinary net income | 456,148.24 | 229.82 | -852.37 |  |
| Income and expense equalisation | 1,836.52 | -205.38 | 437.88 |  |
| Cash inflows from the sale of units | 0.00 | 70,603.66 | 156,656.54 |  |
| Cash outflows from the redemption of units | -4,434,625.46 | 0.00 | -7,868.44 |  |
| Realised profits | 7,550,449.58 | 597.42 | 1,631.40 |  |
| Realised losses | -485,944.82 | -115.86 | -320.37 |  |
| Net change in unrealised profits | -7,857,346.68 | 103.13 | -4,891.00 |  |
| Net change in unrealised losses | -5,617,556.27 | -725.99 | -2,421.73 |  |
| Net sub-fund assets at the end of the reporting period | 147,567,000.23 | 70,486.80 | 142,371.91 |  |
| Changes in number of units in circulation |  |  |  |  |
|  | Unit class H No. of units | Unit class I No. of units | Unit class R No. of units | Unit class MT No. of units |
| Units outstanding at the beginning of the reporting period | 250,578.600 | 505,864.854 | 366,469.550 | 1,036,863.454 |
| Units issued | 9,920.468 | 391,280.101 | 79,055.335 | 0.000 |
| Units redeemed | -18,829.536 | -90,064.597 | -29,619.226 | -28,838.358 |
| Units outstanding at the end of reporting period | 241,669.532 | 807,080.358 | 415,905.659 | 1,008,025.096 |
|  |  |  |  |  |
|  | Unit class IT 1) No. of units | Unit class ET 1) No. of units |  |  |
| Units outstanding at the beginning of the reporting period | 0.000 | 0.000 |  |  |
| Units issued | 761.612 | 1,628.204 |  |  |
| Units redeemed | 0.000 | -76.075 |  |  |
| Units outstanding at the end of reporting period | 761.612 | 1,552.129 |  |  |

1) Unit classes IT and ET have been launched on 18 January 2022.
| FLOSSBACH VON STORCH – GLOBAL QUALITY |  |
| --- | --- |
| Performance as a per cent 1) |
| As at: 30.09.2022 |
|  | ISIN | Unit class |  |  |  |  | since |
| Funds | WKN | currency | 6 months | 1 year | 3 years | 10 years | launch |
| Flossbach von Storch - Global Quality H since 19.05.1999 | LU0097333701 989975 | EUR | -6.66% | -4.31% | 30.90% | 143.51% | 282.59% |
| Flossbach von Storch - Global Quality I since 11.10.2007 | LU0320532970 A0M1D3 | EUR | -6.50% | -3.97% | 32.27% | 152.22% | 186.15% |
| Flossbach von Storch - Global Quality R since 04.08.2008 | LU0366178969 A0Q2PT | EUR | -6.90% | -4.78% | 28.95% | 131.52% | 190.56% |
| Flossbach von Storch - Global Quality MT since 20.06.2018 | LU1618024175 A2DR5Z | EUR | -6.47% | -3.90% | 32.56% | — | 46.39% |
| Flossbach von Storch - Global Quality IT since 18.01.2022 | LU2423020796 A3C9HA | EUR | -6.49% | — | — | — | -7.45% |
| Flossbach von Storch - Global Quality ET since 18.01.2022 | LU2423020879 A3C9HB | EUR | -7.09% | — | — | — | -8.27% |

1) Based on published unit values (BVI method), ultimately corresponds to the guidelines on the "Calculation and publication of performance data of collective investment schemes" issued by the Asset Management Association Switzerland on 16 May 2008 (version dated 5 August 2021).
Past performance is not an indicator of current or future performance. The performance data do not include the commissions and charges that are levied when shares are issued and redeemed.
| FLOSSBACH VON STORCH – GLOBAL QUALITY |  |
| --- | --- |
| Statement of income and expenses |
| in the reporting period from 1 October 2021 to 30 September 2022 |
| Total | Unit class H | Unit class I | Unit class R |
| EUR | EUR | EUR | EUR |
| Income |  |  |  |
| Dividends	6,046,827.17 | 917,919.03 | 2,418,973.38 | 1,129,189.12 |
| Bank interest	-11,809.10 | -2,561.72 | -2,375.75 | -2,527.60 |
| Income equalisation	738,596.07 | -15,820.80 | 700,998.15 | 70,033.28 |
| Total income	6,773,614.14 | 899,536.51 | 3,117,595.78 | 1,196,694.80 |
| Expenses |  |  |  |
| Interest expense	-105.35 | -16.06 | -42.12 | -19.62 |
| Management fee / fund management fee	-5,263,713.81 | -945,267.58 | -1,587,128.57 | -1,705,498.96 |
| Depositary fee	-100,694.22 | -15,537.28 | -39,574.70 | -18,879.85 |
| Central administration agent fee	-43,009.29 | -6,634.98 | -16,907.56 | -8,063.47 |
| Taxe d’abonnement	-240,893.31 | -45,476.23 | -123,343.45 | -56,346.73 |
| Publication and auditing costs	-17,875.54 | -2,799.56 | -6,917.44 | -3,356.82 |
| Typesetting, printing and dispatch costs for the annual and semi- |  |  |  |
| annual reports	-8,599.38 | -1,234.98 | -3,673.53 | -1,568.36 |
| Registrar and transfer agent fee	-13,720.10 | -2,106.93 | -5,432.69 | -2,563.85 |
| State fees	-2,593.16 | -415.21 | -977.29 | -490.75 |
| Other expenses 1)	-104,500.03 | -16,217.04 | -40,736.33 | -19,669.35 |
| Expense equalisation	-699,557.31 | 22,722.59 | -606,634.54 | -130,190.90 |
| Total expenses	-6,495,261.50 | -1,012,983.26 | -2,431,368.22 | -1,946,648.66 |
| Ordinary net income	278,352.64 | -113,446.75 | 686,227.56 | -749,953.86 |
| Total transaction costs during the financial year 2)	170,562.62 |  |  |  |
| Total expense ratio in per cent 2) | 1.13 | 0.78 | 1.63 |
| Ongoing charges in per cent 2) | 1.13 | 0.78 | 1.63 |

1) This item mainly comprises sub-depositary fees and general administrative expenses.
2) See the notes to the annual report.
FLOSSBACH VON STORCH – GLOBAL QUALITY

#### Statement of income and expenses 
(continued)
in the reporting period from 1 October 2021 to 30 September 2022
|  | Unit class MT | Unit class IT 1) | Unit class ET 1) |
| --- | --- | --- | --- |
| EUR | EUR | EUR |
| Income |  |  |  |
| Dividends | 1,579,963.07 | 194.11 | 588.46 |
| Bank interest | -4,351.79 | 3.42 | 4.34 |
| Income equalisation | -17,707.89 | 425.03 | 668.30 |
| Total income | 1,557,903.39 | 622.56 | 1,261.10 |
| Expenses |  |  |  |
| Interest expense | -27.54 | 0.00 | -0.01 |
| Management fee / fund management fee | -1,024,717.02 | -151.83 | -949.85 |
| Depositary fee | -26,690.81 | -3.26 | -8.32 |
| Central administration agent fee | -11,398.09 | -1.53 | -3.66 |
| Taxe d’abonnement | -15,682.27 | -11.19 | -33.44 |
| Publication and auditing costs | -4,800.56 | -0.24 | -0.92 |
| Typesetting, printing and dispatch costs for the annual and semi- annual reports | -2,120.25 | -0.93 | -1.33 |
| Registrar and transfer agent fee | -3,614.97 | -0.46 | -1.20 |
| State fees | -709.72 | -0.07 | -0.12 |
| Other expenses 2) | -27,865.29 | -3.58 | -8.44 |
| Expense equalisation | 15,871.37 | -219.65 | -1,106.18 |
| Total expenses | -1,101,755.15 | -392.74 | -2,113.47 |
| Ordinary net income | 456,148.24 | 229.82 | -852.37 |
| Total expense ratio in per cent 3) | 0.71 | 0.53 4) | 1.43 4) |
| Ongoing charges in per cent 3) | 0.71 | - | - |

1) Unit classes IT and ET have been launched on 18 January 2022.
2) This item mainly comprises sub-depositary fees and general administrative expenses.
3) See the notes to the annual report.
4) For the period from 19 January 2022 (date of the first unit price calculation) until 30 September 2022.
FLOSSBACH VON STORCH – GLOBAL QUALITY

#### Statement of assets as at 30 September 2022
ISIN	Securities
| Cayman Islands |  |
| --- | --- |
| KYG017191142 | Alibaba Group Holding Ltd. | HKD | 190,000 | 100,000 | 580,000 | 77.9500 | 5,898,215.31 | 0.92 |
| KYG875721634 | Tencent Holdings Ltd. | HKD | 45,000 | 0 | 313,000 | 266.4000 | 10,878,150.60 | 1.70 |
|  |  |  |  |  |  |  | 16,776,365.91 | 2.62 |
| Denmark |  |  |  |  |  |  |  |  |
| DK0060534915 | Novo-Nordisk AS | DKK | 0 | 85,000 | 101,000 | 764.7000 | 10,386,452.58 | 1.62 |
|  |  |  |  |  |  |  | 10,386,452.58 | 1.62 |
| Germany |  |  |  |  |  |  |  |  |
| DE0005810055 | Dte. Börse AG | EUR | 27,000 | 0 | 89,000 | 167.9000 | 14,943,100.00 | 2.33 |
| DE0007164600 | SAP SE | EUR | 40,000 | 0 | 142,000 | 81.8700 | 11,625,540.00 | 1.81 |
|  |  |  |  |  |  |  | 26,568,640.00 | 4.14 |
| France |  |  |  |  |  |  |  |  |
| FR0010307819 | Legrand S.A. | EUR | 87,000 | 0 | 190,000 | 64.9600 | 12,342,400.00 | 1.93 |
| FR0000120321 | L'Oréal S.A. | EUR | 4,000 | 2,000 | 24,000 | 323.3500 | 7,760,400.00 | 1.21 |
|  |  |  |  |  |  |  | 20,102,800.00 | 3.14 |
| Hong Kong |  |  |  |  |  |  |  |  |
| HK0000069689 | AIA Group Ltd. | HKD | 75,000 | 310,000 | 625,000 | 65.4500 | 5,336,618.74 | 0.83 |
|  |  |  |  |  |  |  | 5,336,618.74 | 0.83 |
| India |  |  |  |  |  |  |  |  |
| INE040A01034 | HDFC Bank Ltd. | INR | 0 | 0 | 706,000 | 1,421.2000 | 12,553,230.99 | 1.96 |
| US40415F1012 | HDFC Bank Ltd. ADR | USD | 35,000 | 0 | 57,000 | 56.8500 | 3,318,433.18 | 0.52 |
|  |  |  |  |  |  |  | 15,871,664.17 | 2.48 |
| Ireland |  |  |  |  |  |  |  |  |
| IE00BTN1Y115 | Medtronic Plc. | USD | 16,000 | 10,000 | 81,000 | 82.2700 | 6,824,239.63 | 1.06 |
|  |  |  |  |  |  |  | 6,824,239.63 | 1.06 |
| Canada |  |  |  |  |  |  |  |  |
| CA21037X1006 | Constellation Software Inc. | CAD | 2,657 | 1,400 | 19,957 | 1,931.5000 | 28,785,710.93 | 4.49 |
|  |  |  |  |  |  |  | 28,785,710.93 | 4.49 |
| Switzerland |  |  |  |  |  |  |  |  |
| CH0038863350 | Nestlé S.A. | CHF | 22,000 | 8,000 | 148,000 | 106.5600 | 16,465,733.97 | 2.57 |
| CH0012005267 | Novartis AG | CHF | 0 | 28,000 | 102,000 | 74.9200 | 7,978,534.14 | 1.24 |
|  |  |  |  |  |  |  | 24,444,268.11 | 3.81 |
| United States of | America |  |  |  |  |  |  |  |
| US0028241000 | Abbott Laboratories | USD | 35,000 | 10,000 | 109,000 | 98.2900 | 10,971,438.81 | 1.71 |
| US00507V1098 | Activision Blizzard Inc. | USD | 42,000 | 11,000 | 130,000 | 74.8700 | 9,967,332.31 | 1.56 |
| US00724F1012 | Adobe Inc. | USD | 30,000 | 0 | 30,000 | 278.2500 | 8,548,387.10 | 1.33 |
| US02079K3059 | Alphabet Inc. | USD | 233,000 | 1,200 | 242,000 | 97.4200 | 24,143,000.51 | 3.77 |
| US0231351067 | Amazon.com Inc. | USD | 141,600 | 0 | 147,000 | 114.8000 | 17,281,720.43 | 2.70 |
| US0311001004 | AMETEK Inc. | USD | 41,000 | 0 | 113,636 | 113.2800 | 13,182,474.22 | 2.06 |
| US0320951017 | Amphenol Corporation | USD | 106,000 | 0 | 285,000 | 67.9200 | 19,823,041.47 | 3.09 |
| US0846707026 | Berkshire Hathaway Inc. | USD | 22,000 | 2,000 | 105,000 | 269.5800 | 28,987,096.77 | 4.52 |
| US09247X1019 | Blackrock Inc. | USD | 3,400 | 0 | 19,000 | 563.9200 | 10,972,329.75 | 1.71 |
| US8085131055 | Charles Schwab Corporation | USD | 170,000 | 0 | 170,000 | 72.6400 | 12,645,980.54 | 1.97 |

Equities, rights and participation certificates Exchange-traded securities
Additions
in the reporting period
Disposals
in the
reporting period	Quantity	Price
Market value
EUR
% share
of NSFA 1)
1) NSFA = net sub-fund assets. Due to rounding differences in individual amounts, totals may differ from the actual value.
FLOSSBACH VON STORCH – GLOBAL QUALITY

#### Statement of assets as at 30 September 2022 (continued)
| ISIN | Securities | Additions in the reporting period | Disposals in the reporting period | Quantity | Price | Market value EUR | % share of NSFA 1) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| US2172041061 | Copart Inc.	USD | 106,000 | 0 | 106,000 | 109.7800 | 11,916,722.99 | 1.86 |
| US2358511028 | Danaher Corporation	USD | 8,500 | 2,000 | 71,000 | 262.1500 | 19,060,573.48 | 2.97 |
| US2566771059 | Dollar General Corporation USD | 54,500 | 26,000 | 79,500 | 239.4700 | 19,496,021.51 | 3.04 |
| US34959J1088 | Fortive Corporation	USD | 11,000 | 10,000 | 171,000 | 59.2100 | 10,368,571.43 | 1.62 |
| US4523081093 | Illinois Tool Works Inc.	USD | 6,000 | 0 | 66,000 | 183.8800 | 12,428,141.32 | 1.94 |
| US4612021034 | Intuit Inc.	USD | 17,000 | 3,000 | 30,000 | 396.8100 | 12,190,783.41 | 1.90 |
| US4781601046 | Johnson & Johnson	USD | 4,000 | 13,000 | 98,000 | 164.5300 | 16,511,971.33 | 2.58 |
| US57636Q1040 | Mastercard Inc.	USD | 9,000 | 0 | 40,000 | 286.7700 | 11,746,851.00 | 1.83 |
| US30303M1027 | Meta Platforms Inc.	USD | 5,000 | 10,000 | 45,000 | 136.4100 | 6,286,175.12 | 0.98 |
| US5949181045 | Microsoft Corporation	USD | 9,500 | 20,000 | 80,500 | 237.5000 | 19,578,853.05 | 3.05 |
| US6153691059 | Moody's Corporation	USD | 19,000 | 0 | 63,955 | 246.5600 | 16,148,228.16 | 2.52 |
| US55354G1004 | MSCI Inc.	USD | 18,000 | 0 | 18,000 | 423.2200 | 7,801,290.32 | 1.22 |
| US70450Y1038 | PayPal Holdings Inc.	USD | 95,000 | 8,000 | 122,000 | 88.7000 | 11,081,822.84 | 1.73 |
| US7134481081 | PepsiCo Inc.	USD | 0 | 20,000 | 75,000 | 166.6100 | 12,796,466.97 | 2.00 |
| US79466L3024 | Salesforce Inc.	USD | 45,000 | 0 | 86,000 | 146.8100 | 12,929,503.33 | 2.02 |
| US78409V1044 | S&P Global Inc.	USD | 34,000 | 0 | 34,000 | 310.4300 | 10,808,622.63 | 1.69 |
| US8636671013 | Stryker Corporation	USD | 21,000 | 0 | 65,000 | 205.4800 | 13,677,624.17 | 2.13 |
| US8835561023 | Thermo Fisher Scientific Inc. USD | 10,000 | 0 | 24,000 | 516.6100 | 12,697,019.97 | 1.98 |
| US92345Y1064 | Verisk Analytics Inc.	USD | 10,067 | 0 | 83,014 | 173.5500 | 14,753,793.86 | 2.30 |
| US92826C8394 | VISA Inc.	USD | 0 | 0 | 37,750 | 180.0600 | 6,960,844.85 | 1.09 |
| US88579Y1010 | 3M Co.	USD | 32,000 | 0 | 133,000 | 112.3000 | 15,295,340.50 | 2.39 |
|  |  |  |  |  |  | 431,058,024.15 | 67.26 |
| United Kingdom |  |  |  |  |  |  |  |
| GB00B24CGK77 | Reckitt Benckiser Group Plc. GBP | 61,000 | 8,000 | 243,000 | 61.2400 | 16,818,851.72 | 2.62 |
| GB00B10RZP78 | Unilever Plc.	EUR | 41,000 | 0 | 376,661 | 45.9200 | 17,296,273.12 | 2.70 |
|  |  |  |  | 34,115,124.84 | 5.32 |  |
| Exchange-traded securities |  |  |  | 620,269,909.06 | 96.77 |  |
| Equities, rights and participation certificates |  |  |  | 620,269,909.06 | 96.77 |  |
| Securities holdings |  |  |  | 620,269,909.06 | 96.77 |  |
| Options |  |  |  |  |  |  |
| Short positions 2) |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |
| Put on Unilever Plc. December 2022/40.00 | 0 | 983 | -983 | -56,031.00 | -0.01 |  |
|  |  |  |  | -56,031.00 | -0.01 |  |
| USD |  |  |  |  |  |  |
| Put on Apple Inc. April 2023/130.00 | 0 | 500 | -500 | -477,470.56 | -0.07 |  |
| Put on Microsoft Corporation September 2023/210.00 | 0 | 220 | -220 | -372,862.26 | -0.06 |  |

1) NSFA = net sub-fund assets. Due to rounding differences in individual amounts, totals may differ from the actual value.
2) Total commitments due to options written as at the reporting date, valued using the strike price, is EUR 25,324,729.13.
FLOSSBACH VON STORCH – GLOBAL QUALITY

#### Statement of assets as at 30 September 2022 (continued)
| ISIN | Securities | Additions in the reporting period | Disposals in the reporting period | Quantity | Price | Market value EUR | % share of NSFA 1) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Put on Salesforce Inc. June 2023/155.00 | 0 | 300 | -300 | -721,198.16 | -0.11 |  |
| Put on Verisk Analytics Inc. March 2023/160.00 | 0 | 320 | -320 | -249,052.74 | -0.04 |  |
|  |  |  |  | -1,820,583.72 | -0.28 |  |
| Short positions |  |  |  | -1,876,614.72 | -0.29 |  |
| Options |  |  |  | -1,876,614.72 | -0.29 |  |
| Bank balances - current account 2) |  |  |  | 16,798,428.01 | 2.62 |  |
| Balance of other receivables and payables |  |  |  | 5,748,662.10 | 0.90 |  |
| Net sub-fund assets in EUR |  |  |  | 640,940,384.45 | 100.00 |  |


#### Exchange rates
The values of assets denominated in foreign currencies are given in euro, applying the exchange rates prevailing on 30 September 2022 as stated below.
| Australian dollar | AUD | 1 | 1.5076 |
| --- | --- | --- | --- |
| British pound | GBP | 1 | 0.8848 |
| Danish krone | DKK | 1 | 7.4361 |
| Hong Kong dollar | HKD | 1 | 7.6652 |
| Indian rupee | INR | 1 | 79.9290 |
| Japanese yen | JPY | 1 | 141.1824 |
| Canadian dollar | CAD | 1 | 1.3391 |
| Norwegian krone | NOK | 1 | 10.4984 |
| Swedish krona | SEK | 1 | 10.9534 |
| Swiss franc | CHF | 1 | 0.9578 |
| US dollar | USD | 1 | 0.9765 |

1) NSFA = net sub-fund assets. Due to rounding differences in individual amounts, totals may differ from the actual value.
2) See the notes to the annual report.

Translation (ENDE, 2022-09-30):
# FLOSSBACH VON STORCH – GLOBAL QUALITY
Jahresbericht
1. Oktober 2021 - 30. September 2022
Die Verwaltungsgesellschaft des Fonds ist berechtigt, Anteilklassen mit unterschiedlichen Rechten hinsichtlich der Anteile zu bilden. Derzeit bestehen die folgenden Anteilklassen mit den Ausgestaltungsmerkmalen:
|  | Anteilklasse H | Anteilklasse I | Anteilklasse R | Anteilklasse MT |
| --- | --- | --- | --- | --- |
| WP-Kenn-Nr.: | 989975 | A0M1D3 | A0Q2PT | A2DR5Z |
| ISIN-Code: | LU0097333701 | LU0320532970 | LU0366178969 | LU1618024175 |
| Ausgabeaufschlag: | keiner | bis zu 5,00 % | bis zu 5,00 % | keiner |
| Rücknahmeabschlag: | keiner | keiner | keiner | keiner |
| Verwaltungsvergütung: | 1,03 % p.a. | 0,68 % p.a. | 1,53 % p.a. | 0,65 % p.a. |
| Mindesterstanlage: | keine | 1.000.000,00 EUR | keine | keine |
| Ertragsverwendung: | ausschüttend | ausschüttend | ausschüttend | thesaurierend |
| Währung: | EUR | EUR | EUR | EUR |
|  | Anteilklasse IT 1) | Anteilklasse ET 1) |  |  |
| WP-Kenn-Nr.: | A3C9HA | A3C9HB |  |  |
| ISIN-Code: | LU2423020796 | LU2423020879 |  |  |
| Ausgabeaufschlag: | bis zu 5,00 % | bis zu 1,00 % |  |  |
| Rücknahmeabschlag: | keiner | keiner |  |  |
| Verwaltungsvergütung: | 0,68 % p.a. | 1,93 % p.a. |  |  |
| Mindesterstanlage: | 1.000.000,00 EUR | keine |  |  |
| Ertragsverwendung: | thesaurierend | thesaurierend |  |  |
| Währung: | EUR | EUR |  |  |

1) Die Anteilklassen IT und ET wurden zum 18. Januar 2022 aufgelegt.
| FLOSSBACH VON STORCH – GLOBAL QUALITY |  |
| --- | --- |
| Geografische Länderaufteilung 1) |
| Vereinigte Staaten von Amerika | 67,26 % |
| Vereinigtes Königreich | 5,32 % |
| Kanada | 4,49 % |
| Deutschland | 4,14 % |
| Schweiz | 3,81 % |
| Frankreich | 3,14 % |
| Cayman Inseln | 2,62 % |
| Indien | 2,48 % |
| Dänemark | 1,62 % |
| Irland | 1,06 % |
| Hongkong | 0,83 % |
| Wertpapiervermögen | 96,77 % |
| Optionen | -0,29 % |
| Bankguthaben 2) | 2,62 % |
| Saldo aus sonstigen Forderungen und Verbindlichkeiten | 0,90 % |
|  | 100,00 % |
| Branchenaufteilung 1) |  |
| Software & Dienste | 19,25 % |
| Diversifizierte Finanzdienste | 11,44 % |
| Pharmazeutika, Biotechnologie & Biowissenschaften | 10,39 % |
| Investitionsgüter | 9,94 % |
| Media & Entertainment | 8,01 % |
| Groß- und Einzelhandel | 6,66 % |
| Haushaltsartikel & Körperpflegeprodukte | 6,53 % |
| Versicherungen | 5,35 % |
| Gesundheitswesen: Ausstattung & Dienste | 4,90 % |
| Lebensmittel, Getränke & Tabak | 4,57 % |
| Gewerbliche Dienste & Betriebsstoffe | 4,16 % |
| Hardware & Ausrüstung | 3,09 % |
| Banken | 2,48 % |
| Wertpapiervermögen | 96,77 % |
| Optionen | -0,29 % |
| Bankguthaben 2) | 2,62 % |
| Saldo aus sonstigen Forderungen und Verbindlichkeiten | 0,90 % |
|  | 100,00 % |

1) Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
2) Siehe Erläuterungen zum Jahresbericht.
FLOSSBACH VON STORCH – GLOBAL QUALITY

#### Entwicklung der letzten 3 Geschäftsjahre
Anteilklasse H
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert |
| --- | --- | --- | --- | --- |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR |
| 30.09.2020 | 79,69 | 264.551 | -12.152,73 | 301,22 |
| 30.09.2021 | 92,15 | 250.579 | -4.449,18 | 367,76 |
| 30.09.2022 | 85,05 | 241.670 | -3.233,29 | 351,93 |

| Anteilklasse I |  |
| --- | --- |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR |
| 30.09.2020 | 151,24 | 486.555 | 43.774,39 | 310,83 |
| 30.09.2021 | 192,69 | 505.865 | 5.043,39 | 380,91 |
| 30.09.2022 | 295,21 | 807.080 | 115.637,30 | 365,77 |

| Anteilklasse R |  |
| --- | --- |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR |
| 30.09.2020 | 72,08 | 307.200 | 1.264,58 | 234,63 |
| 30.09.2021 | 104,48 | 366.470 | 15.336,60 | 285,10 |
| 30.09.2022 | 112,90 | 415.906 | 14.190,09 | 271,46 |
| Anteilklasse MT |  |  |  |  |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR |
| 30.09.2020 | 143,97 | 1.166.225 | -25.775,82 | 123,45 |
| 30.09.2021 | 157,95 | 1.036.863 | -17.429,88 | 152,34 |
| 30.09.2022 | 147,57 | 1.008.025 | -4.434,63 | 146,39 |
| Entwicklung seit | Auflegung |  |  |  |
| Anteilklasse IT |  |  |  |  |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR |
| 18.01.2022 | Auflegung | - | - | 100,00 |
| 30.09.2022 | 0,07 | 762 | 70,60 | 92,55 |
| Anteilklasse ET |  |  |  |  |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR |
| 18.01.2022 | Auflegung | - | - | 100,00 |
| 30.09.2022 | 0,14 | 1.552 | 148,79 | 91,73 |

FLOSSBACH VON STORCH – GLOBAL QUALITY

#### Zusammensetzung des Netto-Teilfondsvermögens
zum 30. September 2022
EUR
Wertpapiervermögen	620.269.909,06
(Wertpapiereinstandskosten: EUR 528.203.598,81)
Bankguthaben 1)	16.798.428,01
Zinsforderungen	31.223,02
Dividendenforderungen	317.286,46
Forderungen aus Absatz von Anteilen	7.044.240,14
644.461.086,69
Optionen	-1.876.614,72
Verbindlichkeiten aus Rücknahmen von Anteilen	-144.284,61
Verbindlichkeiten aus Wertpapiergeschäften	-940.572,69
Sonstige Passiva 2)	-559.230,22
-3.520.702,24
Netto-Teilfondsvermögen	640.940.384,45

#### Zurechnung auf die Anteilklassen
Anteilklasse H
Anteiliges Netto-Teilfondsvermögen	85.050.554,13 EUR
Umlaufende Anteile	241.669,532
Anteilwert	351,93 EUR
Anteilklasse I
Anteiliges Netto-Teilfondsvermögen	295.209.708,16 EUR
Umlaufende Anteile	807.080,358
Anteilwert	365,77 EUR
Anteilklasse R
Anteiliges Netto-Teilfondsvermögen	112.900.263,22 EUR
Umlaufende Anteile	415.905,659
Anteilwert	271,46 EUR
Anteilklasse MT
Anteiliges Netto-Teilfondsvermögen	147.567.000,23 EUR
Umlaufende Anteile	1.008.025,096
Anteilwert	146,39 EUR
Anteilklasse IT
Anteiliges Netto-Teilfondsvermögen	70.486,80 EUR
Umlaufende Anteile	761,612
Anteilwert	92,55 EUR
Anteilklasse ET
Anteiliges Netto-Teilfondsvermögen	142.371,91 EUR
Umlaufende Anteile	1.552,129
Anteilwert	91,73 EUR
1) Siehe Erläuterungen zum Jahresbericht.
2) Diese Position setzt sich im Wesentlichen zusammen aus Verwaltungsvergütung und Taxe d'abonnement.
| FLOSSBACH VON STORCH – GLOBAL QUALITY |  |
| --- | --- |
| Veränderung des Netto-Teilfondsvermögens |
| im Berichtszeitraum vom 1. Oktober 2021 bis zum 30. September 2022 |
| Total | Anteilklasse H | Anteilklasse I | Anteilklasse R |
| EUR | EUR | EUR | EUR |
| Netto-Teilfondsvermögen zu Beginn des Berichtszeitraumes	547.274.543,87 | 92.153.686,31 | 192.688.040,90 | 104.478.777,54 |
| Ordentlicher Nettoertrag	278.352,64 | -113.446,75 | 686.227,56 | -749.953,86 |
| Ertrags- und Aufwandsausgleich	-39.038,76 | -6.901,79 | -94.363,61 | 60.157,62 |
| Mittelzuflüsse aus Anteilverkäufen	177.022.821,47 | 3.714.131,07 | 150.409.307,76 | 22.672.122,44 |
| Mittelabflüsse aus Anteilrücknahmen	-54.643.954,90 | -6.947.420,18 | -34.772.008,76 | -8.482.032,06 |
| Realisierte Gewinne	27.910.465,09 | 4.500.070,89 | 10.601.380,86 | 5.256.334,94 |
| Realisierte Verluste	-2.119.446,57 | -383.476,21 | -883.937,67 | -365.651,64 |
| Nettoveränderung nicht realisierter Gewinne	-32.893.413,11 | -4.600.399,67 | -14.510.061,64 | -5.920.817,25 |
| Nettoveränderung nicht realisierter Verluste	-21.849.945,28 | -3.265.689,54 | -8.914.877,24 | -4.048.674,51 |
| Netto-Teilfondsvermögen zum Ende des Berichtszeitraumes	640.940.384,45 | 85.050.554,13 | 295.209.708,16 | 112.900.263,22 |
|  |  |  |  |
| Anteilklasse MT EUR | Anteilklasse IT 1) EUR | Anteilklasse ET 1) EUR |  |
| Netto-Teilfondsvermögen zu Beginn des Berichtszeitraumes	157.954.039,12 | 0,00 | 0,00 |  |
| Ordentlicher Nettoertrag	456.148,24 | 229,82 | -852,37 |  |
| Ertrags- und Aufwandsausgleich	1.836,52 | -205,38 | 437,88 |  |
| Mittelzuflüsse aus Anteilverkäufen	0,00 | 70.603,66 | 156.656,54 |  |
| Mittelabflüsse aus Anteilrücknahmen	-4.434.625,46 | 0,00 | -7.868,44 |  |
| Realisierte Gewinne	7.550.449,58 | 597,42 | 1.631,40 |  |
| Realisierte Verluste	-485.944,82 | -115,86 | -320,37 |  |
| Nettoveränderung nicht realisierter Gewinne	-7.857.346,68 | 103,13 | -4.891,00 |  |
| Nettoveränderung nicht realisierter Verluste	-5.617.556,27 | -725,99 | -2.421,73 |  |
| Netto-Teilfondsvermögen zum Ende des Berichtszeitraumes	147.567.000,23 | 70.486,80 | 142.371,91 |  |
| Entwicklung der Anzahl der Anteile im Umlauf |  |  |  |
| Anteilklasse H | Anteilklasse I | Anteilklasse R | Anteilklasse MT |
| Stück | Stück | Stück | Stück |
| Umlaufende Anteile zu Beginn des Berichtszeitraumes	250.578,600 | 505.864,854 | 366.469,550 | 1.036.863,454 |
| Ausgegebene Anteile	9.920,468 | 391.280,101 | 79.055,335 | 0,000 |
| Zurückgenommene Anteile	-18.829,536 | -90.064,597 | -29.619,226 | -28.838,358 |
| Umlaufende Anteile zum Ende des Berichtszeitraumes	241.669,532 | 807.080,358 | 415.905,659 | 1.008.025,096 |
|  |  |  |  |
| Anteilklasse IT 1) Stück | Anteilklasse ET 1) Stück |  |  |
| Umlaufende Anteile zu Beginn des Berichtszeitraumes	0,000 | 0,000 |  |  |
| Ausgegebene Anteile	761,612 | 1.628,204 |  |  |
| Zurückgenommene Anteile	0,000 | -76,075 |  |  |
| Umlaufende Anteile zum Ende des Berichtszeitraumes	761,612 | 1.552,129 |  |  |
| 1) Die Anteilklassen IT und ET wurden zum 18. Januar 2022 aufgelegt. |  |  |  |

| FLOSSBACH VON STORCH – GLOBAL QUALITY |  |
| --- | --- |
| Wertentwicklung in Prozent 1) |
| Stand: 30.09.2022 |
|  | ISIN | Anteilklassen- |  |  |  |  | seit |
| Fonds | WKN | währung | 6 Monate | 1 Jahr | 3 Jahre | 10 Jahre | Auflegung |
| Flossbach von Storch - Global Quality H seit 19.05.1999 | LU0097333701 989975 | EUR | -6,66% | -4,31% | 30,90% | 143,51% | 282,59% |
| Flossbach von Storch - Global Quality I seit 11.10.2007 | LU0320532970 A0M1D3 | EUR | -6,50% | -3,97% | 32,27% | 152,22% | 186,15% |
| Flossbach von Storch - Global Quality R seit 04.08.2008 | LU0366178969 A0Q2PT | EUR | -6,90% | -4,78% | 28,95% | 131,52% | 190,56% |
| Flossbach von Storch - Global Quality MT seit 20.06.2018 | LU1618024175 A2DR5Z | EUR | -6,47% | -3,90% | 32,56% | — | 46,39% |
| Flossbach von Storch - Global Quality IT seit 18.01.2022 | LU2423020796 A3C9HA | EUR | -6,49% | — | — | — | -7,45% |
| Flossbach von Storch - Global Quality ET seit 18.01.2022 | LU2423020879 A3C9HB | EUR | -7,09% | — | — | — | -8,27% |

1) Auf Basis veröffentlichter Anteilwerte (BVI-Methode), entspricht im Ergebnis der Richtlinie zur “Berechnung und Publikation der Performance von kollektiven Kapitalanlagen“ der Asset Management Association Switzerland vom 16. Mai 2008 (Fassung vom 5. August 2021).
Die historische Performance stellt keinen Indikator für die laufende oder zukünftige Performance dar. Die Performancedaten lassen die bei der Ausgabe und Rücknahme der Anteile erhobenen Kommissionen und Kosten unberücksichtigt.
| FLOSSBACH VON STORCH – GLOBAL QUALITY |  |
| --- | --- |
| Ertrags- und Aufwandsrechnung |
| im Berichtszeitraum vom 1. Oktober 2021 bis zum 30. September 2022 |
| Total | Anteilklasse H | Anteilklasse I | Anteilklasse R |
| EUR | EUR | EUR | EUR |
| Erträge |  |  |  |
| Dividenden	6.046.827,17 | 917.919,03 | 2.418.973,38 | 1.129.189,12 |
| Bankzinsen	-11.809,10 | -2.561,72 | -2.375,75 | -2.527,60 |
| Ertragsausgleich	738.596,07 | -15.820,80 | 700.998,15 | 70.033,28 |
| Erträge insgesamt	6.773.614,14 | 899.536,51 | 3.117.595,78 | 1.196.694,80 |
| Aufwendungen |  |  |  |
| Zinsaufwendungen	-105,35 | -16,06 | -42,12 | -19,62 |
| Verwaltungsvergütung / Fondsmanagementvergütung	-5.263.713,81 | -945.267,58 | -1.587.128,57 | -1.705.498,96 |
| Verwahrstellenvergütung	-100.694,22 | -15.537,28 | -39.574,70 | -18.879,85 |
| Zentralverwaltungsstellenvergütung	-43.009,29 | -6.634,98 | -16.907,56 | -8.063,47 |
| Taxe d'abonnement	-240.893,31 | -45.476,23 | -123.343,45 | -56.346,73 |
| Veröffentlichungs- und Prüfungskosten	-17.875,54 | -2.799,56 | -6.917,44 | -3.356,82 |
| Satz-, Druck- und Versandkosten der Jahres- und Halbjahresberichte	-8.599,38 | -1.234,98 | -3.673,53 | -1.568,36 |
| Register- und Transferstellenvergütung	-13.720,10 | -2.106,93 | -5.432,69 | -2.563,85 |
| Staatliche Gebühren	-2.593,16 | -415,21 | -977,29 | -490,75 |
| Sonstige Aufwendungen 1)	-104.500,03 | -16.217,04 | -40.736,33 | -19.669,35 |
| Aufwandsausgleich	-699.557,31 | 22.722,59 | -606.634,54 | -130.190,90 |
| Aufwendungen insgesamt	-6.495.261,50 | -1.012.983,26 | -2.431.368,22 | -1.946.648,66 |
| Ordentlicher Nettoertrag	278.352,64 | -113.446,75 | 686.227,56 | -749.953,86 |
| Transaktionskosten im Geschäftsjahr gesamt 2)	170.562,62 |  |  |  |
| Total Expense Ratio in Prozent 2) | 1,13 | 0,78 | 1,63 |
| Laufende Kosten in Prozent 2) | 1,13 | 0,78 | 1,63 |

1) Die Position setzt sich im Wesentlichen zusammen aus Lagerstellengebühren und allgemeinen Verwaltungskosten.
2) Siehe Erläuterungen zum Jahresbericht.
FLOSSBACH VON STORCH – GLOBAL QUALITY

#### Ertrags- und Aufwandsrechnung 
(Fortsetzung)
im Berichtszeitraum vom 1. Oktober 2021 bis zum 30. September 2022
| Anteilklasse MT | Anteilklasse IT 1) | Anteilklasse ET 1) |
| --- | --- | --- |
| EUR | EUR | EUR |
| Erträge |  |  |
| Dividenden	1.579.963,07 | 194,11 | 588,46 |
| Bankzinsen	-4.351,79 | 3,42 | 4,34 |
| Ertragsausgleich	-17.707,89 | 425,03 | 668,30 |
| Erträge insgesamt	1.557.903,39 | 622,56 | 1.261,10 |
| Aufwendungen |  |  |
| Zinsaufwendungen	-27,54 | 0,00 | -0,01 |
| Verwaltungsvergütung / Fondsmanagementvergütung	-1.024.717,02 | -151,83 | -949,85 |
| Verwahrstellenvergütung	-26.690,81 | -3,26 | -8,32 |
| Zentralverwaltungsstellenvergütung	-11.398,09 | -1,53 | -3,66 |
| Taxe d'abonnement	-15.682,27 | -11,19 | -33,44 |
| Veröffentlichungs- und Prüfungskosten	-4.800,56 | -0,24 | -0,92 |
| Satz-, Druck- und Versandkosten der Jahres- und Halbjahresberichte	-2.120,25 | -0,93 | -1,33 |
| Register- und Transferstellenvergütung	-3.614,97 | -0,46 | -1,20 |
| Staatliche Gebühren	-709,72 | -0,07 | -0,12 |
| Sonstige Aufwendungen 2)	-27.865,29 | -3,58 | -8,44 |
| Aufwandsausgleich	15.871,37 | -219,65 | -1.106,18 |
| Aufwendungen insgesamt	-1.101.755,15 | -392,74 | -2.113,47 |
| Ordentlicher Nettoertrag	456.148,24 | 229,82 | -852,37 |
| Total Expense Ratio in Prozent 3)	0,71 | 0,53 4) | 1,43 4) |
| Laufende Kosten in Prozent 3)	0,71 | - | - |

1) Die Anteilklassen IT und ET wurden zum 18. Januar 2022 aufgelegt.
2) Die Position setzt sich im Wesentlichen zusammen aus Lagerstellengebühren und allgemeinen Verwaltungskosten.
3) Siehe Erläuterungen zum Jahresbericht.
4) Für den Zeitraum vom 19. Januar 2022 (Tag der ersten Anteilwertberechnung) bis zum 30. September 2022.
FLOSSBACH VON STORCH – GLOBAL QUALITY
| Vermögensaufstellung zum 30. September 2022 |
| --- |
| ISIN | Wertpapiere | Zugänge im Berichtszeitraum | Abgänge im Berichtszeitraum | Bestand | Kurs | Kurswert EUR | %-Anteil vom NTFV 1) |
| Aktien, Anrechte und Genussscheine Börsengehandelte Wertpapiere |
| Cayman Inseln |  |  |  |  |  |  |  |  |  |
| KYG017191142 | Alibaba Group Holding Ltd. | HKD | 190.000 | 100.000 | 580.000 | 77,9500 | 5.898.215,31 | 0,92 |  |
| KYG875721634 | Tencent Holdings Ltd. | HKD | 45.000 | 0 | 313.000 | 266,4000 | 10.878.150,60 | 1,70 |  |
|  |  |  |  |  |  |  | 16.776.365,91 | 2,62 |  |
| Dänemark |  |  |  |  |  |  |  |  |  |
| DK0060534915 | Novo-Nordisk AS | DKK | 0 | 85.000 | 101.000 | 764,7000 | 10.386.452,58 | 1,62 |  |
|  |  |  |  |  |  |  | 10.386.452,58 | 1,62 |  |
| Deutschland |  |  |  |  |  |  |  |  |  |
| DE0005810055 | Dte. Börse AG | EUR | 27.000 | 0 | 89.000 | 167,9000 | 14.943.100,00 | 2,33 |  |
| DE0007164600 | SAP SE | EUR | 40.000 | 0 | 142.000 | 81,8700 | 11.625.540,00 | 1,81 |  |
|  |  |  |  |  |  |  | 26.568.640,00 | 4,14 |  |
| Frankreich |  |  |  |  |  |  |  |  |  |
| FR0010307819 | Legrand S.A. | EUR | 87.000 | 0 | 190.000 | 64,9600 | 12.342.400,00 | 1,93 |  |
| FR0000120321 | L'Oréal S.A. | EUR | 4.000 | 2.000 | 24.000 | 323,3500 | 7.760.400,00 | 1,21 |  |
|  |  |  |  |  |  |  | 20.102.800,00 | 3,14 |  |
| Hongkong |  |  |  |  |  |  |  |  |  |
| HK0000069689 | AIA Group Ltd. | HKD | 75.000 | 310.000 | 625.000 | 65,4500 | 5.336.618,74 | 0,83 |  |
|  |  |  |  |  |  |  | 5.336.618,74 | 0,83 |  |
| Indien |  |  |  |  |  |  |  |  |  |
| INE040A01034 | HDFC Bank Ltd. | INR | 0 | 0 | 706.000 | 1.421,2000 | 12.553.230,99 | 1,96 |  |
| US40415F1012 | HDFC Bank Ltd. ADR | USD | 35.000 | 0 | 57.000 | 56,8500 | 3.318.433,18 | 0,52 |  |
|  |  |  |  |  |  |  | 15.871.664,17 | 2,48 |  |
| Irland |  |  |  |  |  |  |  |  |  |
| IE00BTN1Y115 | Medtronic Plc. | USD | 16.000 | 10.000 | 81.000 | 82,2700 | 6.824.239,63 | 1,06 |  |
|  |  |  |  |  |  |  | 6.824.239,63 | 1,06 |  |
| Kanada |  |  |  |  |  |  |  |  |  |
| CA21037X1006 | Constellation Software Inc. | CAD | 2.657 | 1.400 | 19.957 | 1.931,5000 | 28.785.710,93 | 4,49 |  |
|  |  |  |  |  |  |  | 28.785.710,93 | 4,49 |  |
| Schweiz |  |  |  |  |  |  |  |  |  |
| CH0038863350 | Nestlé S.A. | CHF | 22.000 | 8.000 | 148.000 | 106,5600 | 16.465.733,97 | 2,57 |  |
| CH0012005267 | Novartis AG | CHF | 0 | 28.000 | 102.000 | 74,9200 | 7.978.534,14 | 1,24 |  |
|  |  |  |  |  |  |  | 24.444.268,11 | 3,81 |  |
| Vereinigte Staaten von Amerika |  |  |  |  |  |  |  |  |
| US0028241000 Abbott Laboratories | USD | 35.000 | 10.000 | 109.000 | 98,2900 | 10.971.438,81 | 1,71 |  |
| US00507V1098 Activision Blizzard Inc. | USD | 42.000 | 11.000 | 130.000 | 74,8700 | 9.967.332,31 | 1,56 |  |
| US00724F1012 Adobe Inc. | USD | 30.000 | 0 | 30.000 | 278,2500 | 8.548.387,10 | 1,33 |  |
| US02079K3059 Alphabet Inc. | USD | 233.000 | 1.200 | 242.000 | 97,4200 | 24.143.000,51 | 3,77 |  |
| US0231351067 Amazon.com Inc. | USD | 141.600 | 0 | 147.000 | 114,8000 | 17.281.720,43 | 2,70 |  |
| US0311001004 AMETEK Inc. | USD | 41.000 | 0 | 113.636 | 113,2800 | 13.182.474,22 | 2,06 |  |
| US0320951017 Amphenol Corporation | USD | 106.000 | 0 | 285.000 | 67,9200 | 19.823.041,47 | 3,09 |  |
| US0846707026 Berkshire Hathaway Inc. | USD | 22.000 | 2.000 | 105.000 | 269,5800 | 28.987.096,77 | 4,52 |  |
| US09247X1019 Blackrock Inc. | USD | 3.400 | 0 | 19.000 | 563,9200 | 10.972.329,75 | 1,71 |  |

1) NTFV = Netto-Teilfondsvermögen. Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
FLOSSBACH VON STORCH – GLOBAL QUALITY

#### Vermögensaufstellung zum 30. September 2022 
(Fortsetzung)
| ISIN | Wertpapiere | Zugänge im Berichtszeitraum | Abgänge im Berichtszeitraum | Bestand | Kurs | Kurswert EUR | %-Anteil vom NTFV 1) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| US8085131055 | Charles Schwab Corporation USD | 170.000 | 0 | 170.000 | 72,6400 | 12.645.980,54 | 1,97 |
| US2172041061 | Copart Inc.	USD | 106.000 | 0 | 106.000 | 109,7800 | 11.916.722,99 | 1,86 |
| US2358511028 | Danaher Corporation	USD | 8.500 | 2.000 | 71.000 | 262,1500 | 19.060.573,48 | 2,97 |
| US2566771059 | Dollar General Corporation USD | 54.500 | 26.000 | 79.500 | 239,4700 | 19.496.021,51 | 3,04 |
| US34959J1088 | Fortive Corporation	USD | 11.000 | 10.000 | 171.000 | 59,2100 | 10.368.571,43 | 1,62 |
| US4523081093 | Illinois Tool Works Inc.	USD | 6.000 | 0 | 66.000 | 183,8800 | 12.428.141,32 | 1,94 |
| US4612021034 | Intuit Inc.	USD | 17.000 | 3.000 | 30.000 | 396,8100 | 12.190.783,41 | 1,90 |
| US4781601046 | Johnson & Johnson	USD | 4.000 | 13.000 | 98.000 | 164,5300 | 16.511.971,33 | 2,58 |
| US57636Q1040 | Mastercard Inc.	USD | 9.000 | 0 | 40.000 | 286,7700 | 11.746.851,00 | 1,83 |
| US30303M1027 | Meta Platforms Inc.	USD | 5.000 | 10.000 | 45.000 | 136,4100 | 6.286.175,12 | 0,98 |
| US5949181045 | Microsoft Corporation	USD | 9.500 | 20.000 | 80.500 | 237,5000 | 19.578.853,05 | 3,05 |
| US6153691059 | Moody's Corporation	USD | 19.000 | 0 | 63.955 | 246,5600 | 16.148.228,16 | 2,52 |
| US55354G1004 | MSCI Inc.	USD | 18.000 | 0 | 18.000 | 423,2200 | 7.801.290,32 | 1,22 |
| US70450Y1038 | PayPal Holdings Inc.	USD | 95.000 | 8.000 | 122.000 | 88,7000 | 11.081.822,84 | 1,73 |
| US7134481081 | PepsiCo Inc.	USD | 0 | 20.000 | 75.000 | 166,6100 | 12.796.466,97 | 2,00 |
| US79466L3024 | Salesforce Inc.	USD | 45.000 | 0 | 86.000 | 146,8100 | 12.929.503,33 | 2,02 |
| US78409V1044 | S&P Global Inc.	USD | 34.000 | 0 | 34.000 | 310,4300 | 10.808.622,63 | 1,69 |
| US8636671013 | Stryker Corporation	USD | 21.000 | 0 | 65.000 | 205,4800 | 13.677.624,17 | 2,13 |
| US8835561023 | Thermo Fisher Scientific Inc. USD | 10.000 | 0 | 24.000 | 516,6100 | 12.697.019,97 | 1,98 |
| US92345Y1064 | Verisk Analytics Inc.	USD | 10.067 | 0 | 83.014 | 173,5500 | 14.753.793,86 | 2,30 |
| US92826C8394 | VISA Inc.	USD | 0 | 0 | 37.750 | 180,0600 | 6.960.844,85 | 1,09 |
| US88579Y1010 | 3M Co.	USD | 32.000 | 0 | 133.000 | 112,3000 | 15.295.340,50 | 2,39 |
|  |  |  |  |  |  | 431.058.024,15 | 67,26 |
| Vereinigtes Königreich |
| GB00B24CGK77 Reckitt Benckiser Group Plc. GBP | 61.000 | 8.000 | 243.000 | 61,2400 | 16.818.851,72 | 2,62 |  |
| GB00B10RZP78 | Unilever Plc.	EUR | 41.000 | 0 | 376.661 | 45,9200 | 17.296.273,12 | 2,70 |  |

|  | 34.115.124,84 | 5,32 |
| --- | --- | --- |
| Börsengehandelte Wertpapiere |  |  |  | 620.269.909,06 | 96,77 |
| Aktien, Anrechte und Genussscheine |  |  |  | 620.269.909,06 | 96,77 |
| Wertpapiervermögen |  |  |  | 620.269.909,06 | 96,77 |
| Optionen |  |  |  |  |  |
| Short-Positionen 2) |  |  |  |  |  |
| EUR |  |  |  |  |  |
| Put on Unilever Plc. Dezember 2022/40,00 | 0 | 983 | -983 | -56.031,00 | -0,01 |
|  |  |  |  | -56.031,00 | -0,01 |
| USD |  |  |  |  |  |
| Put on Apple Inc. April 2023/130,00 | 0 | 500 | -500 | -477.470,56 | -0,07 |
| Put on Microsoft Corporation September 2023/210,00 | 0 | 220 | -220 | -372.862,26 | -0,06 |

1) NTFV = Netto-Teilfondsvermögen. Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
2) Der Gesamtbetrag der Verpflichtungen der zum Stichtag laufenden geschriebenen Optionen, bewertet mit dem Basispreis, beträgt EUR 25.324.729,13.
FLOSSBACH VON STORCH – GLOBAL QUALITY

#### Vermögensaufstellung zum 30. September 2022 
(Fortsetzung)
| ISIN | Wertpapiere | Zugänge im Berichtszeitraum | Abgänge im Berichtszeitraum | Bestand | Kurs | Kurswert EUR | %-Anteil vom NTFV 1) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Put on Salesforce Inc. Juni 2023/155,00 | 0 | 300 | -300 | -721.198,16 | -0,11 |  |
| Put on Verisk Analytics Inc. März 2023/160,00 | 0 | 320 | -320 | -249.052,74 | -0,04 |  |
|  |  |  |  | -1.820.583,72 | -0,28 |  |
| Short-Positionen |  |  |  | -1.876.614,72 | -0,29 |  |
| Optionen |  |  |  | -1.876.614,72 | -0,29 |  |
| Bankguthaben - Kontokorrent 2) |  |  |  | 16.798.428,01 | 2,62 |  |
| Saldo aus sonstigen Forderungen und Verbindlichkeiten |  |  |  | 5.748.662,10 | 0,90 |  |
| Netto-Teilfondsvermögen in EUR |  |  |  | 640.940.384,45 | 100,00 |  |


#### Devisenkurse
Für die Bewertung von Vermögenswerten in fremder Währung wurde zum nachstehenden Devisenkurs zum 30. September 2022 in Euro umgerechnet.
| Australischer Dollar | AUD | 1 | 1,5076 |
| --- | --- | --- | --- |
| Britisches Pfund | GBP | 1 | 0,8848 |
| Dänische Krone | DKK | 1 | 7,4361 |
| Hongkong Dollar | HKD | 1 | 7,6652 |
| Indische Rupie | INR | 1 | 79,9290 |
| Japanischer Yen | JPY | 1 | 141,1824 |
| Kanadischer Dollar | CAD | 1 | 1,3391 |
| Norwegische Krone | NOK | 1 | 10,4984 |
| Schwedische Krone | SEK | 1 | 10,9534 |
| Schweizer Franken | CHF | 1 | 0,9578 |
| US-Dollar | USD | 1 | 0,9765 |

1) NTFV = Netto-Teilfondsvermögen. Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
2) Siehe Erläuterungen zum Jahresbericht.