Stellar Diversified Asset Fund USD (LI0409299885)
A sub-fund of Global Multi Asset Solutions Funds SICAV Management company: VP Fund Solutions (Liechtenstein) AG
Objectives and investment policy
- The objective is to achieve long-term asset growth.
- The compartment is actively managed.
- The investment policy aims to benefit from the disintermediation in the banking sector in lending to small and medium-sized enterprises (SMEs), which was caused in part by the last financial crisis. For access to capital has become complicated and expensive for many German SMEs. Corresponding opportunities in the DACH region (Germa- ny/Austria/Switzerland) could be utilised. The loan receivables usually have a joint and several guarantee by the partners of the companies re- questing the loan. It is important to note that every credit platform has to subject itself to a portfolio manager’s due diligence process prior to a transaction. Each platform will be screened against various criteria such as the borrower assessment and credit-rating process‚ the organisation‚ settlement procedures‚ etc.‚ in order to meet the high quality require- ments of the subfund for the purchase and settlement of securitised and unsecuritised loan receivables.The main risk of investments is aloss due to the inability of individual debtors to pay the loan receiva- bles. The creditworthiness and parameters of the individual loan receiv- ables are therefore reviewed before each investment‚ and then deter- mined from the standpoint of the entire portfolio. The debtor quality of each borrower is assessed according to a platform-specific ratings mod- el. For this‚ the main key figure used is the probability of default. The level of the probability of default allows the loan to be allocated to a so- called risk class. Depending on the platform‚ the credit projects are di- vided into four to five such risk classes. The general rule of thumb here is: the higher the returns the greater the (default) risk. To avoid cluster- ing and other risks‚ investments are made in a diversified portfolio.
- The compartment may use derivatives to increase or reduce the effects of market fluctuations on fund assets.
- Units may be subscribed for and redeemed weekly under the condi- tions set out in the fund documents.
- Net income and realised capital gains are reinvested.

Translation (ENDE, 2020-08-14):
# Stellar Diversified Asset Fund USD (LI0409299885)
Ein Teilfonds von Global Multi Asset Solutions Funds SICAV Verwaltungsgesellschaft: VP Fund Solutions (Liechtenstein) AG
Ziele und Anlagepolitik
- Ziel ist ein langfristiger Vermögenszuwachs.
- Der Teilfonds wird aktiv verwaltet.
- Das Anlageziel besteht darin, ein langfristiges Kapitalwachstum durch weltweite Investitionen‚ direkt oder indirekt‚ in Aktien‚ Obligationen Alternativen- sowie Geldmarkt-Anlagen zu erwirtschaften. Der Teilfonds investiert diversifiziert überwiegend in Anlagefonds und ETFs. Investitionsentscheidungen hinsichtlich der Anlagen und der Gewichtungen der Anlageklassen werden auf Basis von aktuellen Kapitalmarkteinschätzungen getroffen‚ ohne sich nach einer bestimmten Benchmark zu richten.
- Der Teilfonds kann Derivate einsetzen, um die Auswirkung von Marktschwankungen auf das Vermögen zu erhöhen oder zu reduzieren.
- Fondsanteile können unter den in den Fondsdokumenten angegebenen Bedingungen wöchentlich gezeichnet und zurückgegeben werden.
- Der Nettoertrag und die realisierten Kapitalgewinne werden wieder angelegt.