# Flossbach von Storch SICAV - Multiple Opportunities
Semi-annual report
1 October 2021 - 31 March 2022

## The company is entitled to create share classes with different rights in relation to the shares. Details of the current share classes are as follows:
|  | Share class F | Share class R | Share class I |
| --- | --- | --- | --- |
| Securities ID No. (WKN): | A0M43Z | A0M430 | A1W0MN |
| ISIN: | LU0323578574 | LU0323578657 | LU0945408952 |
| Subscription fee: | up to 5.00% | up to 5.00% | up to 5.00% |
| Redemption fee: | none | none | none |
| Management fee: | 1.03% p.a. | 1.53% p.a. | 0.78% p.a. |
| Minimum initial investment: | 5,000,000 EUR | none | 1,000,000 EUR |
| Minimum subsequent investment: | 1,000,000 EUR | none | 1,000,000 EUR |
| Use of income: | distributing | distributing | distributing |
| Currency: | EUR | EUR | EUR |

| Geographical breakdown by country 1) |  |
| --- | --- |
| United States of America |  |  |  | 47.86 % |
| Ireland |  |  |  | 8.65 % |
| Germany |  |  |  | 8.57 % |
| Switzerland |  |  |  | 6.22 % |
| United Kingdom |  |  |  | 4.72 % |
| Canada |  |  |  | 3.93 % |
| Denmark |  |  |  | 1.54 % |
| France |  |  |  | 1.38 % |
| Cayman Islands |  |  |  | 1.34 % |
| Israel |  |  |  | 0.94 % |
| Luxembourg |  |  |  | 0.14 % |
| Securities holdings |  |  |  | 85.29 % |
| Precious metals, gold |  |  |  | 8.65 % |
| Bank balances 2) |  |  |  | 6.41 % |
| Balance of other receivables and payables |  |  |  | -0.35 % |
|  |  |  |  | 100.00 % |

1) Due to rounding differences in individual amounts, totals may differ from the actual value.
2) See the notes to the semi-annual report.
| Flossbach von Storch SICAV - Multiple Opportunities Breakdown by economic sector 1) |  |
| --- | --- |
| Software and services | 11.86 % |
| Diversified financial services | 9.92 % |
| Raw materials and supplies | 9.47 % |
| Media and entertainment | 9.43 % |
| Pharmaceuticals, biotechnology and life sciences | 8.52 % |
| Capital goods | 8.43 % |
| Household items and body care products | 6.71 % |
| Foodstuffs, beverages and tobacco | 5.86 % |
| Wholesale and retail | 4.35 % |
| Automobiles and components | 3.63 % |
| Hardware and equipment | 3.46 % |
| Health care: equipment and services | 1.55 % |
| Industrial services and operating materials | 1.01 % |
| Telecommunications services | 0.56 % |
| Real estate | 0.29 % |
| Transport | 0.24 % |
| Securities holdings | 85.29 % |
| Precious metals, gold | 8.65 % |
| Bank balances 2) | 6.41 % |
| Balance of other receivables and payables | -0.35 % |
|  | 100.00 % |


## Performance over the last 3 financial years
| Share class F |  |
| --- | --- |
| Date | Net share class assets EUR millions | Shares outstanding | Net inflows of funds EUR thousands | Share value EUR |
| 30.09.2020 | 1,560.68 | 4,899,483 | 106,583.37 | 318.54 |
| 30.09.2021 | 1,692.14 | 4,896,442 | -1,794.55 | 345.59 |
| 31.03.2022 | 1,672.47 | 4,696,666 | -72,208.85 | 356.10 |

| Share class R |  |
| --- | --- |
| Date | Net share class assets EUR millions | Shares outstanding | Net inflows of funds EUR thousands | Share value EUR |
| 30.09.2020 | 16,209.81 | 58,573,273 | 2,386,145.86 | 276.74 |
| 30.09.2021 | 19,969.76 | 67,450,372 | 2,573,748.74 | 296.07 |
| 31.03.2022 | 21,589.68 | 71,176,470 | 1,124,712.82 | 303.33 |

1) Due to rounding differences in individual amounts, totals may differ from the actual value.
2) See the notes to the semi-annual report.
Flossbach von Storch SICAV - Multiple Opportunities

## Performance over the last 3 financial years (continued)
| Share class I |  |  |  |  |
| --- | --- | --- | --- | --- |
| Date | Net share class assets EUR millions | Shares outstanding | Net inflows of funds EUR thousands | Share value EUR |
| 30.09.2020 | 2,241.07 | 13,735,836 | 791,865.62 | 163.15 |
| 30.09.2021 | 3,017.55 | 17,186,217 | 588,805.80 | 175.58 |
| 31.03.2022 | 3,127.70 | 17,333,498 | 24,520.25 | 180.44 |
| Past performance is no guarantee of future results. |  |  |
| Composition of net sub-fund assets |  |  |
| as at 31 March 2022 | EUR | EUR |
|  | 30 September 2021 | 31 March 2022 |
| Securities holdings | 20,548,832,949.84 | 22,506,790,672.96 |
| (acquisition cost of securities as at 30 September 2021: EUR 17,055,352,273.56) |  |  |
| (acquisition cost of securities as at 31 March 2022: EUR 18,574,907,378.29) |  |  |
| Precious metals, gold | 1,910,769,039.31 | 2,282,262,689.27 |
| Bank balances 1) 2) | 2,564,458,493.77 | 1,692,637,250.68 |
| Dividend receivables | 8,216,495.53 | 5,574,855.17 |
| Receivables from the sale of shares | 19,147,101.60 | 28,292,941.98 |
| Receivables from currency transactions | 63,716,204.58 | 40,196,654.40 |
| Other receivables | 988,221.08 | 0.00 |
|  | 25,116,128,505.71 | 26,555,755,064.46 |
| Payables from the redemption of shares | -6,992,251.12 | -8,764,817.42 |
| Unrealised losses from forward exchange transactions | -46,037,166.13 | -1,248,232.64 |
| Interest payable | -4,014,528.13 | -2,993,544.37 |
| Payables from securities transactions | -94,167,206.75 | 0.00 |
| Payables from currency transactions | -63,433,718.62 | -40,201,140.15 |
| Management fee / fund management fee 3) | -28,970,419.34 | -30,545,167.05 |
| Depositary fee 3) | -342,250.47 | -359,129.08 |
| Performance fee | -189,394,607.13 | -78,377,309.70 |
| Central administration agent fee 3) | -149,571.17 | -156,946.90 |
| Registrar and transfer agent fee | -37,206.78 | 0.00 |
| Taxe d'abonnement 4) | -3,114,329.55 | -3,257,710.06 |
| Publication and auditing costs | -11,407.00 | -5,687.87 |
| Other liabilities | -20,648.31 | 0.00 |
|  | -436,685,310.50 | -165,909,685.24 |
| Net sub-fund assets | 24,679,443,195.21 | 26,389,845,379.22 |
| Shares outstanding | 89,533,030.249 | 93,206,634.255 |

1) The bank balances held are not protected by a deposit guarantee scheme.
2) See the notes to the semi-annual report.
3) Provisions for the period from 1 March 2022 to 31 March 2022.
4) Provisions for the first quarter of 2022.
| Flossbach von Storch SICAV - Multiple Opportunities Allocation to the share classes |  |
| --- | --- |
|  |  | 30 September 2021	31 March 2022 |
| Share class F |  |  |
| Proportion of net sub-fund assets |  | 1,692,138,494.66 EUR	1,672,469,212.78 EUR |
| Shares outstanding |  | 4,896,441.558	4,696,665.694 |
| Share value |  | 345.59 EUR	356.10 EUR |
| Share class R |  |  |
| Proportion of net sub-fund assets |  | 19,969,757,778.05 EUR	21,589,675,579.15 EUR |
| Shares outstanding |  | 67,450,372.021	71,176,470.242 |
| Share value |  | 296.07 EUR	303.33 EUR |
| Share class I |  |  |
| Proportion of net sub-fund assets |  | 3,017,546,922.50 EUR	3,127,700,587.29 EUR |
| Shares outstanding |  | 17,186,216.670	17,333,498.319 |
| Share value |  | 175.58 EUR	180.44 EUR |
| Change in net sub-fund assets |  |  |
| in the reporting period from 1 October 2021 to 31 March 2022 |  |  |
|  | Total EUR | Share class F EUR | Share class R EUR | Share class I EUR |
| Net sub-fund assets at the beginning of the reporting period | 24,679,443,195.21 | 1,692,138,494.66 | 19,969,757,778.05 | 3,017,546,922.50 |
| Ordinary net expenditure | -193,639,092.87 | -3,967,179.08 | -174,822,407.42 | -14,849,506.37 |
| Income and expense equalisation | 6,039,735.60 | -51,617.26 | 6,030,075.96 | 61,276.90 |
| Cash inflows from share sales | 2,165,133,603.34 | 77,169,658.11 | 1,815,112,725.66 | 272,851,219.57 |
| Cash outflows from share redemptions | -1,088,109,393.22 | -149,378,508.81 | -690,399,909.84 | -248,330,974.57 |
| Realised profits | 594,950,553.32 | 38,724,014.57 | 485,758,043.56 | 70,468,495.19 |
| Realised losses | -422,991,451.94 | -27,418,523.44 | -345,533,398.62 | -50,039,529.88 |
| Net change in unrealised profits | 1,236,560,734.77 | 83,020,769.97 | 1,003,964,707.56 | 149,575,257.24 |
| Net change in unrealised losses | -451,972,032.22 | -29,306,198.31 | -369,833,304.92 | -52,832,528.99 |
| Distribution | -135,570,472.77 | -8,461,697.63 | -110,358,730.84 | -16,750,044.30 |
| Net sub-fund assets at the end of the reporting period | 26,389,845,379.22 | 1,672,469,212.78 | 21,589,675,579.15 | 3,127,700,587.29 |

| Changes in number of shares in circulation for share class F | No. of shares | No. of shares |
| --- | --- | --- |
|  | 30 September 2021 | 31 March 2022 |
| Shares outstanding at the beginning of the reporting period | 4,899,483.328 | 4,896,441.558 |
| Shares issued | 491,055.443 | 218,699.268 |
| Shares redeemed | -494,097.213 | -418,475.132 |
| Shares outstanding at the end of the reporting period | 4,896,441.558 | 4,696,665.694 |

Flossbach von Storch SICAV - Multiple Opportunities
| Changes in number of shares in circulation for share class R | No. of shares | No. of shares |
| --- | --- | --- |
|  | 30 September 2021 | 31 March 2022 |
| Shares outstanding at the beginning of the reporting period | 58,573,273.387 | 67,450,372.021 |
| Shares issued | 12,842,982.288 | 6,025,431.884 |
| Shares redeemed | -3,965,883.654 | -2,299,333.663 |
| Shares outstanding at the end of the reporting period | 67,450,372.021 | 71,176,470.242 |

| Changes in number of shares in circulation for share class I | No. of shares | No. of shares |
| --- | --- | --- |
|  | 30 September 2021 | 31 March 2022 |
| Shares outstanding at the beginning of the reporting period | 13,735,835.983 | 17,186,216.670 |
| Shares issued | 4,786,013.828 | 1,527,396.138 |
| Shares redeemed | -1,335,633.141 | -1,380,114.489 |
| Shares outstanding at the end of the reporting period | 17,186,216.670 | 17,333,498.319 |

| Flossbach von Storch SICAV - Multiple Opportunities |  |
| --- | --- |
| Statement of income and expenses |
| in the reporting period from 1 October 2021 to 31 March 2022 |
|  | Total EUR | Share class F EUR | Share class R EUR | Share class I EUR |
| Income |  |  |  |  |
| Dividends | 88,372,533.63 | 5,725,711.01 | 72,191,615.76 | 10,455,206.86 |
| Bank interest | -6,133,368.40 | -400,880.68 | -5,005,535.57 | -726,952.15 |
| Trailer fees | 40,277.13 | 2,614.25 | 32,936.82 | 4,726.06 |
| Income equalisation | 1,476,926.45 | -28,069.40 | 1,319,880.30 | 185,115.55 |
| Total income | 83,756,368.81 | 5,299,375.18 | 68,538,897.31 | 9,918,096.32 |
| Expenses |  |  |  |  |
| Interest expense | -114,332.88 | -7,472.30 | -93,352.04 | -13,508.54 |
| Performance fee | -78,377,309.70 | 0.00 | -67,032,558.88 | -11,344,750.82 |
| Management fee / fund management fee | -179,946,898.99 | -8,592,540.35 | -159,546,243.66 | -11,808,114.98 |
| Depositary fee | -2,148,728.29 | -140,301.94 | -1,753,798.23 | -254,628.12 |
| Central administration agent fee | -915,748.51 | -59,792.24 | -747,441.87 | -108,514.40 |
| Taxe d'abonnement | -6,507,191.16 | -424,633.02 | -5,311,453.69 | -771,104.45 |
| Publication and auditing costs | -42,198.97 | -2,720.02 | -34,511.56 | -4,967.39 |
| Typesetting, printing and dispatch costs for the annual and semi-annual reports | -12,921.23 | -831.00 | -10,563.89 | -1,526.34 |
| Registrar and transfer agent fee | -48,241.63 | -3,107.21 | -39,434.00 | -5,700.42 |
| State fees | -8,887.75 | -567.42 | -7,271.56 | -1,048.77 |
| Sub-depositary fees | -1,662,976.97 | -108,324.97 | -1,358,354.08 | -196,297.92 |
| Other expenses 1) | -93,363.55 | -5,950.45 | -76,365.01 | -11,048.09 |
| Expense equalisation | -7,516,662.05 | 79,686.66 | -7,349,956.26 | -246,392.45 |
| Total expenses | -277,395,461.68 | -9,266,554.26 | -243,361,304.73 | -24,767,602.69 |
| Ordinary net expenditure | -193,639,092.87 | -3,967,179.08 | -174,822,407.42 | -14,849,506.37 |
| Total expense ratio not including performance fee in per cent 2) |  |  |  |
| (for the period from 1 April 2021 to 31 March 2022) | 1.12 | 1.62 | 0.87 |
| Total expense ratio including performance fee in per cent 2) |  |  |  |
| (for the period from 1 April 2021 to 31 March 2022) | 1.12 | 2.42 | 1.77 |
| Performance fee in per cent 2) |  |  |  |
| (for the period from 1 April 2021 to 31 March 2022) | - | 0.80 | 0.90 |

1) This item mainly comprises membership fees and general administrative expenses.
2) See the notes to the semi-annual report.
| Flossbach von Storch SICAV - Multiple Opportunities Statement of assets as at 31 March 2022 |  |
| --- | --- |
|  | Additions in the | Disposals in the |  |  | Market value | %-share of |
| ISIN	Securities | reporting period | reporting period | Quantity | Price | EUR | NSFA 1) |
| Equities, rights and participation certificates |  |  |  |  |  |  |
| Exchange-traded securities |  |  |  |  |  |  |
| Cayman Islands |  |  |  |  |  |  |
| KYG017191142 Alibaba Group Holding Ltd.	HKD | 0 | 0 | 24,370,000 | 112.1000 | 312,671,908.62 | 1.18 |
| US01609W1027 Alibaba Group Holding Ltd. ADR USD | 300,000 | 1,000,000 | 300,000 | 116.5800 | 31,330,287.56 | 0.12 |
| KYG8208B1014 JD.com Inc.	HKD | 358,095 | 0 | 358,095 | 234.0000 | 9,590,519.35 | 0.04 |
|  |  |  |  |  | 353,592,715.53 | 1.34 |
| Denmark |  |  |  |  |  |  |
| DK0060534915 Novo-Nordisk AS	DKK | 0 | 1,340,000 | 4,000,000 | 755.7000 | 406,421,426.27 | 1.54 |
|  |  |  |  |  | 406,421,426.27 | 1.54 |
| Germany |  |  |  |  |  |  |
| DE0005190003 Bayer. Motoren Werke AG	EUR | 2,971,649 | 0 | 5,471,649 | 80.2600 | 439,154,548.74 | 1.66 |
| DE0005190037 Bayer. Motoren Werke AG -VZ-	EUR | 111,315 | 0 | 690,000 | 72.5500 | 50,059,500.00 | 0.19 |
| DE0005158703 Bechtle AG	EUR | 1,100,000 | 0 | 3,500,000 | 52.1200 | 182,420,000.00 | 0.69 |
| US09075V1026 BioNTech SE ADR	USD | 1,148,599 | 0 | 1,148,599 | 174.7800 | 179,837,080.73 | 0.68 |
| DE000A1DAHH0 Brenntag SE	EUR | 200,000 | 0 | 1,700,000 | 73.9600 | 125,732,000.00 | 0.48 |
| DE0005810055 Dte. Börse AG	EUR | 0 | 0 | 3,579,446 | 165.1500 | 591,145,506.90 | 2.24 |
| DE0007100000 Mercedes-Benz Group AG	EUR | 7,200,000 | 0 | 7,200,000 | 65.3500 | 470,520,000.00 | 1.78 |
| DE0008303504 TAG Immobilien AG	EUR | 0 | 369,969 | 3,630,031 | 21.0800 | 76,521,053.48 | 0.29 |
| DE0005089031 United Internet AG	EUR | 0 | 1,000,000 | 4,635,269 | 32.0000 | 148,328,608.00 | 0.56 |
|  |  |  |  |  | 2,263,718,297.85 | 8.57 |
| France |  |  |  |  |  |  |
| FR0010307819 Legrand S.A.	EUR | 0 | 0 | 4,200,000 | 86.7400 | 364,308,000.00 | 1.38 |
|  |  |  |  |  | 364,308,000.00 | 1.38 |
| Israel |  |  |  |  |  |  |
| IL0011301780 Wix.com Ltd.	USD | 461,981 | 0 | 2,656,981 | 104.1300 | 247,846,843.62 | 0.94 |
|  |  |  |  |  | 247,846,843.62 | 0.94 |
| Canada |  |  |  |  |  |  |
| CA0084741085 Agnico Eagle Mines Ltd.	USD | 3,174,000 | 0 | 3,174,000 | 61.7400 | 175,546,681.00 | 0.67 |
| CA0679011084 Barrick Gold Corporation	USD | 0 | 4,000,000 | 27,000,000 | 24.8500 | 601,048,105.35 | 2.28 |
| CA21037X1006 Constellation Software Inc.	CAD | 0 | 35,000 | 168,000 | 2,137.0000 | 258,359,240.07 | 0.98 |
|  |  |  |  |  | 1,034,954,026.42 | 3.93 |
| Luxembourg |  |  |  |  |  |  |
| LU1778762911  SPOTIFY TECHNOLOGY S.A.	USD | 0 | 95,000 | 255,000 | 156.1600 | 35,672,131.15 | 0.14 |
|  |  |  |  |  | 35,672,131.15 | 0.14 |
| Switzerland |  |  |  |  |  |  |
| CH0038863350 Nestlé S.A.	CHF | 0 | 0 | 8,700,000 | 120.5800 | 1,019,183,911.40 | 3.86 |
| CH0012005267 Novartis AG	CHF | 700,000 | 2,200,000 | 4,000,000 | 81.6500 | 317,303,021.47 | 1.20 |
| CH0012032048 Roche Holding AG	CHF Genussscheine | 0 | 450,000 | 850,000 | 370.8000 | 306,208,102.59 | 1.16 |
|  |  |  |  |  | 1,642,695,035.46 | 6.22 |
| United States of America |  |  |  |  |  |  |
| US0028241000 Abbott Laboratories	USD | 800,000 | 0 | 3,800,000 | 120.3800 | 409,785,899.85 | 1.55 |
| US00724F1012 Adobe Inc.	USD | 802,000 | 0 | 950,000 | 460.0600 | 391,522,888.11 | 1.48 |
| US02079K3059 Alphabet Inc.	USD | 20,000 | 35,000 | 486,000 | 2,838.7700 | 1,235,906,315.51 | 4.68 |
| US0231351067 Amazon.com Inc.	USD | 60,000 | 40,000 | 188,000 | 3,326.0200 | 560,146,698.92 | 2.12 |

1) NSFA = net sub-fund assets. Due to rounding differences in individual amounts, totals may differ from the actual value.
| ISIN | Securities | Additions in the reporting period | Disposals in the reporting period | Quantity | Price | Market value EUR | %-share of NSFA 1) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| US0311001004 | AMETEK Inc.	USD | 90,531 | 0 | 590,531 | 135.4300 | 71,643,476.96 | 0.27 |
| US0320951017 | Amphenol Corporation	USD | 882,291 | 0 | 5,282,291 | 76.7100 | 362,988,930.05 | 1.38 |
| US0378331005 | Apple Inc.	USD | 500,000 | 185,000 | 3,450,000 | 177.7700 | 549,410,104.81 | 2.08 |
| US0846707026 | Berkshire Hathaway Inc.	USD | 359,160 | 632,520 | 3,000,000 | 357.6100 | 961,058,855.15 | 3.64 |
| US09247X1019 | Blackrock Inc.	USD | 0 | 0 | 500,000 | 777.3600 | 348,185,971.51 | 1.32 |
| US8085131055 | Charles Schwab Corporation	USD | 0 | 0 | 2,000,000 | 88.7600 | 159,025,351.61 | 0.60 |
| US2172041061 | Copart Inc.	USD | 300,588 | 0 | 300,588 | 127.4300 | 34,313,292.88 | 0.13 |
| US2358511028 | Danaher Corporation	USD | 800,000 | 0 | 800,000 | 297.3600 | 213,104,004.30 | 0.81 |
| US2561631068 | DocuSign Inc.	USD | 1,569,175 | 0 | 1,569,175 | 107.9500 | 151,744,550.08 | 0.58 |
| US29786A1060 | Etsy Inc.	USD | 359,872 | 0 | 1,649,872 | 134.5600 | 198,877,341.50 | 0.75 |
| US34959J1088 | Fortive Corporation	USD | 2,118,874 | 0 | 6,800,000 | 62.1300 | 378,468,153.72 | 1.43 |
| US4523081093 | Illinois Tool Works Inc.	USD | 0 | 24,500 | 1,875,500 | 214.6600 | 360,651,106.33 | 1.37 |
| US45866F1049 | Intercontinental Exchange Inc.  USD | 449,171 | 0 | 1,949,171 | 134.3500 | 234,588,483.25 | 0.89 |
| US4781601046 | Johnson & Johnson	USD | 400,000 | 449,503 | 3,800,000 | 179.5900 | 611,342,828.99 | 2.32 |
| US57636Q1040 | Mastercard Inc.	USD | 240,000 | 0 | 1,000,000 | 362.2400 | 324,500,582.28 | 1.23 |
| US57667L1070 | Match Group Inc.	USD | 1,950,000 | 0 | 1,950,000 | 110.7200 | 193,410,373.56 | 0.73 |
| US30303M1027 | Meta Platforms Inc.	USD | 825,000 | 0 | 3,050,000 | 227.8500 | 622,540,983.61 | 2.36 |
| US5949181045 | Microsoft Corporation	USD | 200,000 | 95,000 | 2,230,000 | 313.8600 | 626,988,981.46 | 2.38 |
| US6153691059 | Moody's Corporation	USD | 515,299 | 0 | 1,070,299 | 338.3200 | 324,378,354.99 | 1.23 |
| US6516391066 | Newmont Corporation	USD | 0 | 2,300,000 | 7,200,000 | 79.9600 | 515,732,330.02 | 1.95 |
| US70450Y1038 | PayPal Holdings Inc.	USD | 1,500,000 | 0 | 1,856,000 | 118.4900 | 197,005,679.48 | 0.75 |
| US7134481081 | PepsiCo Inc.	USD | 0 | 0 | 3,500,000 | 167.9600 | 526,614,709.31 | 2.00 |
| US72352L1061 | Pinterest Inc.	USD | 4,189,978 | 0 | 18,091,467 | 25.6900 | 416,348,461.19 | 1.58 |
| US7766961061 | Roper Technologies Inc.	USD | 266,036 | 0 | 616,036 | 478.3200 | 263,963,396.51 | 1.00 |
| US79466L3024 | salesforce.com Inc.	USD | 376,083 | 0 | 1,576,083 | 214.9400 | 303,469,748.29 | 1.15 |
| US83304A1060 | Snap Inc.	USD | 2,150,000 | 1,500,000 | 650,000 | 36.8400 | 21,451,222.79 | 0.08 |
| US7427181091 | The Procter & Gamble Co.	USD | 0 | 300,000 | 3,800,000 | 154.3900 | 525,559,437.43 | 1.99 |
| US8835561023 | Thermo Fisher Scientific Inc.	USD | 100,000 | 0 | 400,000 | 595.1500 | 213,258,084.74 | 0.81 |
| US90138F1021 | Twilio Inc.	USD | 800,000 | 0 | 800,000 | 168.6300 | 120,849,234.08 | 0.46 |
| US90353T1007 | Uber Technologies Inc.	USD | 0 | 5,043,351 | 1,956,649 | 36.5800 | 64,117,370.26 | 0.24 |
| US92345Y1064 | Verisk Analytics Inc.	USD | 0 | 0 | 1,190,000 | 216.9700 | 231,294,723.64 | 0.88 |
| US92826C8394 | VISA Inc.	USD | 280,000 | 0 | 1,600,000 | 223.9500 | 320,988,981.46 | 1.22 |
| US88579Y1010 | 3M Co.	USD | 365,222 | 0 | 4,865,222 | 151.4300 | 659,984,383.64 | 2.50 |
|  |  |  |  |  |  | 13,705,221,292.27 | 51.94 |
| United Kingdom |
| GB00B24CGK77 Reckitt Benckiser Group Plc.	GBP | 0 | 0 | 9,000,000 | 58.0100 | 616,253,541.08 | 2.34 |  |
| GB00B10RZP78 Unilever Plc. | EUR | 47,632 | 0 15,047,632 | 41.8100 | 629,141,493.92 | 2.38 |  |
|  |  |  |  |  | 1,245,395,035.00 | 4.72 |  |
| Exchange-traded securities |  |  |  |  | 21,299,824,803.57 | 80.72 |  |
| Equities, rights and participation certificates |  |  |  |  | 21,299,824,803.57 | 80.72 |  |

1) NSFA = net sub-fund assets. Due to rounding differences in individual amounts, totals may differ from the actual value.
|  | Additions in the | Disposals in the |  |  | Market value | %-share of |
| --- | --- | --- | --- | --- | --- | --- |
| ISIN | Securities | reporting period | reporting period | Quantity | Price | EUR | NSFA 1) |
| Certificates |  |  |  |  |  |  |  |

| IE00B579F325	Invesco Physical Markets Plc./ | USD | 3,160,000 | 0 | 7,200,000 | 187.1300 | 1,206,965,869.39 | 4.57 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Gold Ounce Cert. v.09(2100) |  |  |  |  |  |
|  |  |  |  | 1,206,965,869.39 | 4.57 |
| Exchange-traded securities |  |  |  | 1,206,965,869.39 | 4.57 |
| Certificates |  |  |  | 1,206,965,869.39 | 4.57 |
| Securities holdings |  |  |  | 22,506,790,672.96 | 85.29 |
| Precious metals, gold 2) |  |  |  |  |  |
| USD |  |  |  |  |  |
| Gold (bars) |  | 100 | 0 | 3,300 772,027.2248	2,282,262,689.27 | 8.65 |
|  |  |  |  | 2,282,262,689.27 | 8.65 |
| Precious metals, gold 2) |  |  |  | 2,282,262,689.27 | 8.65 |

Exchange-traded securities Ireland
| Bank balances – current account | Currency | Interest rate in % | Maturity | Foreign currency holdings | Market value EUR | %-share of NSFA 1) |
| --- | --- | --- | --- | --- | --- | --- |
| DZ PRIVATBANK S.A. 3) | CAD | -0.3500 | daily | 537,080.88 | 386,500.35 | 0.00 |
| DZ PRIVATBANK S.A. 3) | CHF | -1.1500 | daily | 60,540,181.61 | 58,816,847.96 | 0.22 |
| DZ PRIVATBANK S.A. 3) | DKK | -1.0000 | daily | 299,336,958.51 | 40,246,444.89 | 0.15 |
| DZ PRIVATBANK S.A. 3) | EUR | -0.5800 | daily | 1,471,454,502.94 | 1,471,454,502.94 | 5.58 |
| DZ PRIVATBANK S.A. 3) | GBP | 0.2250 | daily | 210,749.29 | 248,759.79 | 0.00 |
| DZ PRIVATBANK S.A. 3) | HKD | -1.2000 | daily | 13,381.82 | 1,531.59 | 0.00 |
| DZ PRIVATBANK S.A. 3) | JPY | -0.7000 | daily | 11,882.00 | 87.25 | 0.00 |
| DZ PRIVATBANK S.A. 3) | USD | -0.0750 | daily | 62,180,785.49 | 55,702,575.91 | 0.21 |
| DZ PRIVATBANK S.A. (Variation Margin) | EUR | 0.0000 | daily | 65,780,000.00 | 65,780,000.00 | 0.25 |
| Total bank balances current account 4) |  |  |  |  | 1,692,637,250.68 | 6.41 |
| Balance of other receivables and payables |  |  |  |  | -91,845,233.69 | -0.35 |
| Net sub-fund assets in EUR |  |  |  |  | 26,389,845,379.22 | 100.00 |


## Forward exchange transactions
As at 31 March 2022, the following forward exchange transactions were outstanding:
Currency	Currency amount
Market value
EUR
%-share
of NSFA 1)
EUR/USD	Currency sales	2,000,000,000.00	1,790,040,372.796.78
1) NSFA = net sub-fund assets. Due to rounding differences in individual amounts, totals may differ from the actual value.
2) A detailed statement of gold holdings as at 31 March 2022 is available free of charge by post, fax or email from the registered offices of the investment company, the depositary, the paying agents and sales agents for each country of distribution and from the representative in Switzerland.
3) The bank balances held are not protected by a deposit guarantee scheme. The interest rates given are valid as at 31 March 2022. The stated bank credit balances are payable at sight.
4) See the notes to the semi-annual report.
Flossbach von Storch SICAV - Multiple Opportunities

## Additions and disposals from 1 October 2021 to 31 March 2022
Purchases and sales of securities, note loans and derivatives during the reporting period, including changes not involving monetary transactions and not disclosed in the statement of assets.
ISIN	Securities
| Cayman Islands |  |
| --- | --- |
| KYG875721634 | Tencent Holdings Ltd. | HKD | 0 | 7,520,000 |
| Germany |  |  |  |  |
| DE000A1EWWW0 | adidas AG | EUR | 0 | 500,000 |
| DE000BASF111 | BASF SE | EUR | 0 | 7,400,000 |
| Hong Kong |  |  |  |  |
| HK0000069689 | AIA Group Ltd. | HKD | 0 | 20,500,000 |
| India |  |  |  |  |
| INE001A01036 | Housing Development Finance Corporation Ltd. | INR | 0 | 3,000,000 |
| Canada |  |  |  |  |
| CA49741E1007 | Kirkland Lake Gold Ltd. | USD | 300,000 | 4,000,000 |
| United States of America |
| US0758871091 | Becton, Dickinson & Co. | USD | 0 | 1,140,992 |
| US7181721090 | Philip Morris International Inc. | USD | 2,080,874 | 4,300,000 |

Equities, rights and participation certificates Exchange-traded securities
Additions
in the reporting period
Disposals
in the reporting period

## Exchange rates
The values of assets denominated in foreign currencies are given in euro, applying the exchange rates prevailing on 30 March 2022 as stated below.
| British pound | GBP | 1 | 0.8472 |
| --- | --- | --- | --- |
| Danish krone | DKK | 1 | 7.4376 |
| Hong Kong dollar | HKD | 1 | 8.7372 |
| Japanese yen | JPY | 1 | 136.1886 |
| Canadian dollar | CAD | 1 | 1.3896 |
| Swiss franc | CHF | 1 | 1.0293 |
| US dollar | USD | 1 | 1.1163 |

Translation (ENDE, 2022-03-31):
# Flossbach von Storch SICAV - Multiple Opportunities
Halbjahresbericht
1. Oktober 2021 - 31. März 2022

## Die Gesellschaft ist berechtigt, Aktienklassen mit unterschiedlichen Rechten hinsichtlich der Aktien zu bilden. Derzeit bestehen die folgenden Aktienklassen mit den Ausgestaltungsmerkmalen:
|  | Aktienklasse F | Aktienklasse R | Aktienklasse I |
| --- | --- | --- | --- |
| WP-Kenn-Nr.: | A0M43Z | A0M430 | A1W0MN |
| ISIN-Code: | LU0323578574 | LU0323578657 | LU0945408952 |
| Ausgabeaufschlag: | bis zu 5,00 % | bis zu 5,00 % | bis zu 5,00 % |
| Rücknahmeabschlag: | keiner | keiner | keiner |
| Verwaltungsvergütung: | 1,03 % p.a. | 1,53 % p.a. | 0,78 % p.a. |
| Mindesterstanlage: | 5.000.000 EUR | keine | 1.000.000 EUR |
| Mindestfolgeanlage: | 1.000.000 EUR | keine | 1.000.000 EUR |
| Ertragsverwendung: | ausschüttend | ausschüttend | ausschüttend |
| Währung: | EUR | EUR | EUR |

| Geografische Länderaufteilung 1) |  |
| --- | --- |
| Vereinigte Staaten von Amerika |  |  |  | 47,86 % |
| Irland |  |  |  | 8,65 % |
| Deutschland |  |  |  | 8,57 % |
| Schweiz |  |  |  | 6,22 % |
| Vereinigtes Königreich |  |  |  | 4,72 % |
| Kanada |  |  |  | 3,93 % |
| Dänemark |  |  |  | 1,54 % |
| Frankreich |  |  |  | 1,38 % |
| Cayman Inseln |  |  |  | 1,34 % |
| Israel |  |  |  | 0,94 % |
| Luxemburg |  |  |  | 0,14 % |
| Wertpapiervermögen |  |  |  | 85,29 % |
| Edelmetall Gold |  |  |  | 8,65 % |
| Bankguthaben 2) |  |  |  | 6,41 % |
| Saldo aus sonstigen Forderungen und Verbindlichkeiten |  |  |  | -0,35 % |
|  |  |  |  | 100,00 % |

1) Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
2) Siehe Erläuterungen zum Halbjahresbericht.
Die Erläuterungen sind integraler Bestandteil dieses Halbjahresberichtes.
| Flossbach von Storch SICAV - Multiple Opportunities Branchenaufteilung 1) |  |
| --- | --- |
| Software & Dienste | 11,86 % |
| Diversifizierte Finanzdienste | 9,92 % |
| Roh-, Hilfs- & Betriebsstoffe | 9,47 % |
| Media & Entertainment | 9,43 % |
| Pharmazeutika, Biotechnologie & Biowissenschaften | 8,52 % |
| Investitionsgüter | 8,43 % |
| Haushaltsartikel & Körperpflegeprodukte | 6,71 % |
| Lebensmittel, Getränke & Tabak | 5,86 % |
| Groß- und Einzelhandel | 4,35 % |
| Automobile & Komponenten | 3,63 % |
| Hardware & Ausrüstung | 3,46 % |
| Gesundheitswesen: Ausstattung & Dienste | 1,55 % |
| Gewerbliche Dienste & Betriebsstoffe | 1,01 % |
| Telekommunikationsdienste | 0,56 % |
| Immobilien | 0,29 % |
| Transportwesen | 0,24 % |
| Wertpapiervermögen | 85,29 % |
| Edelmetall Gold | 8,65 % |
| Bankguthaben 2) | 6,41 % |
| Saldo aus sonstigen Forderungen und Verbindlichkeiten | -0,35 % |
|  | 100,00 % |

| Entwicklung der letzten | 3 Geschäftsjahre |  |
| --- | --- | --- |
| Aktienklasse F |  |
|  | Netto- Aktienklassenvermögen | Umlaufende | Netto- Mittelaufkommen | Aktienwert |
| Datum | Mio. EUR | Aktien | Tsd. EUR | EUR |
| 30.09.2020 | 1.560,68 | 4.899.483 | 106.583,37 | 318,54 |
| 30.09.2021 | 1.692,14 | 4.896.442 | -1.794,55 | 345,59 |
| 31.03.2022 | 1.672,47 | 4.696.666 | -72.208,85 | 356,10 |
| Aktienklasse R |  |  |  |  |
|  | Netto- Aktienklassenvermögen | Umlaufende | Netto- Mittelaufkommen | Aktienwert |
| Datum | Mio. EUR | Aktien | Tsd. EUR | EUR |
| 30.09.2020 | 16.209,81 | 58.573.273 | 2.386.145,86 | 276,74 |
| 30.09.2021 | 19.969,76 | 67.450.372 | 2.573.748,74 | 296,07 |
| 31.03.2022 | 21.589,68 | 71.176.470 | 1.124.712,82 | 303,33 |

1) Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
2) Siehe Erläuterungen zum Halbjahresbericht.
Die Erläuterungen sind integraler Bestandteil dieses Halbjahresberichtes.
Flossbach von Storch SICAV - Multiple Opportunities

## Entwicklung der letzten 3 Geschäftsjahre 
(Fortsetzung)
| Aktienklasse I |  |
| --- | --- |
|  | Netto- Aktienklassenvermögen | Umlaufende | Netto- Mittelaufkommen | Aktienwert |
| Datum | Mio. EUR | Aktien | Tsd. EUR | EUR |
| 30.09.2020 | 2.241,07 | 13.735.836 | 791.865,62 | 163,15 |
| 30.09.2021 | 3.017,55 | 17.186.217 | 588.805,80 | 175,58 |
| 31.03.2022 | 3.127,70 | 17.333.498 | 24.520,25 | 180,44 |
| Entwicklungen der Vergangenheit sind keine Gewähr für zukünftige Ergebnisse. |  |  |
| Zusammensetzung des Netto-Teilfondsvermögens |  |  |
| zum 31. März 2022 | EUR | EUR |
|  | 30. September 2021 | 31. März 2022 |
| Wertpapiervermögen | 20.548.832.949,84 | 22.506.790.672,96 |
| (Wertpapiereinstandskosten zum 30. September 2021: EUR 17.055.352.273,56) |  |  |
| (Wertpapiereinstandskosten zum 31. März 2022: EUR 18.574.907.378,29) |  |  |
| Edelmetall Gold | 1.910.769.039,31 | 2.282.262.689,27 |
| Bankguthaben 1) 2) | 2.564.458.493,77 | 1.692.637.250,68 |
| Dividendenforderungen | 8.216.495,53 | 5.574.855,17 |
| Forderungen aus Absatz von Aktien | 19.147.101,60 | 28.292.941,98 |
| Forderungen aus Devisengeschäften | 63.716.204,58 | 40.196.654,40 |
| Sonstige Forderungen | 988.221,08 | 0,00 |
|  | 25.116.128.505,71 | 26.555.755.064,46 |
| Verbindlichkeiten aus Rücknahmen von Aktien | -6.992.251,12 | -8.764.817,42 |
| Nicht realisierte Verluste aus Devisentermingeschäften | -46.037.166,13 | -1.248.232,64 |
| Zinsverbindlichkeiten | -4.014.528,13 | -2.993.544,37 |
| Verbindlichkeiten aus Wertpapiergeschäften | -94.167.206,75 | 0,00 |
| Verbindlichkeiten aus Devisengeschäften | -63.433.718,62 | -40.201.140,15 |
| Verwaltungsvergütung / Fondsmanagementvergütung 3) | -28.970.419,34 | -30.545.167,05 |
| Verwahrstellenvergütung 3) | -342.250,47 | -359.129,08 |
| Performancevergütung | -189.394.607,13 | -78.377.309,70 |
| Zentralverwaltungsstellenvergütung 3) | -149.571,17 | -156.946,90 |
| Register- und Transferstellenvergütung | -37.206,78 | 0,00 |
| Taxe d'abonnement 4) | -3.114.329,55 | -3.257.710,06 |
| Veröffentlichungs- und Prüfungskosten | -11.407,00 | -5.687,87 |
| Sonstige Passiva | -20.648,31 | 0,00 |
|  | -436.685.310,50 | -165.909.685,24 |
| Netto-Teilfondsvermögen | 24.679.443.195,21 | 26.389.845.379,22 |
| Umlaufende Aktien | 89.533.030,249 | 93.206.634,255 |

1) Die gehaltenen Bankguthaben sind nicht durch eine Einrichtung zur Sicherung der Einlagen geschützt.
2) Siehe Erläuterungen zum Halbjahresbericht.
3) Rückstellungen für den Zeitraum 1. März 2022 - 31. März 2022.
4) Rückstellungen für das erste Quartal 2022.
Die Erläuterungen sind integraler Bestandteil dieses Halbjahresberichtes.
| Flossbach von Storch SICAV - Multiple Opportunities Zurechnung auf die Aktienklassen |  |
| --- | --- |
|  |  | 30. September 2021	31. März 2022 |
| Aktienklasse F |  |  |
| Anteiliges Netto-Teilfondsvermögen |  | 1.692.138.494,66 EUR	1.672.469.212,78 EUR |
| Umlaufende Aktien |  | 4.896.441,558	4.696.665,694 |
| Aktienwert |  | 345,59 EUR	356,10 EUR |
| Aktienklasse R |  |  |
| Anteiliges Netto-Teilfondsvermögen |  | 19.969.757.778,05 EUR	21.589.675.579,15 EUR |
| Umlaufende Aktien |  | 67.450.372,021	71.176.470,242 |
| Aktienwert |  | 296,07 EUR	303,33 EUR |
| Aktienklasse I |  |  |
| Anteiliges Netto-Teilfondsvermögen |  | 3.017.546.922,50 EUR	3.127.700.587,29 EUR |
| Umlaufende Aktien |  | 17.186.216,670	17.333.498,319 |
| Aktienwert |  | 175,58 EUR	180,44 EUR |
| Veränderung des Netto-Teilfondsvermögens |  |  |
| im Berichtszeitraum vom 1. Oktober 2021 bis zum 31. März 2022 |  |  |
|  | Total EUR | Aktienklasse F EUR | Aktienklasse R EUR | Aktienklasse I EUR |
| Netto-Teilfondsvermögen zu Beginn des Berichtszeitraumes | 24.679.443.195,21 | 1.692.138.494,66 | 19.969.757.778,05 | 3.017.546.922,50 |
| Ordentlicher Nettoaufwand | -193.639.092,87 | -3.967.179,08 | -174.822.407,42 | -14.849.506,37 |
| Ertrags- und Aufwandsausgleich | 6.039.735,60 | -51.617,26 | 6.030.075,96 | 61.276,90 |
| Mittelzuflüsse aus Aktienverkäufen | 2.165.133.603,34 | 77.169.658,11 | 1.815.112.725,66 | 272.851.219,57 |
| Mittelabflüsse aus Aktienrücknahmen | -1.088.109.393,22 | -149.378.508,81 | -690.399.909,84 | -248.330.974,57 |
| Realisierte Gewinne | 594.950.553,32 | 38.724.014,57 | 485.758.043,56 | 70.468.495,19 |
| Realisierte Verluste | -422.991.451,94 | -27.418.523,44 | -345.533.398,62 | -50.039.529,88 |
| Nettoveränderung nicht realisierter Gewinne | 1.236.560.734,77 | 83.020.769,97 | 1.003.964.707,56 | 149.575.257,24 |
| Nettoveränderung nicht realisierter Verluste | -451.972.032,22 | -29.306.198,31 | -369.833.304,92 | -52.832.528,99 |
| Ausschüttung | -135.570.472,77 | -8.461.697,63 | -110.358.730,84 | -16.750.044,30 |
| Netto-Teilfondsvermögen zum Ende des Berichtszeitraumes | 26.389.845.379,22 | 1.672.469.212,78 | 21.589.675.579,15 | 3.127.700.587,29 |

| Entwicklung der Anzahl der Aktien im Umlauf Aktienklasse F | Stück | Stück |
| --- | --- | --- |
|  | 30. September 2021 | 31. März 2022 |
| Umlaufende Aktien zu Beginn des Berichtszeitraumes | 4.899.483,328 | 4.896.441,558 |
| Ausgegebene Aktien | 491.055,443 | 218.699,268 |
| Zurückgenommene Aktien | -494.097,213 | -418.475,132 |
| Umlaufende Aktien zum Ende des Berichtszeitraumes | 4.896.441,558 | 4.696.665,694 |

Die Erläuterungen sind integraler Bestandteil dieses Halbjahresberichtes.
Flossbach von Storch SICAV - Multiple Opportunities
| Entwicklung der Anzahl der Aktien im Umlauf Aktienklasse R | Stück | Stück |
| --- | --- | --- |
|  | 30. September 2021 | 31. März 2022 |
| Umlaufende Aktien zu Beginn des Berichtszeitraumes | 58.573.273,387 | 67.450.372,021 |
| Ausgegebene Aktien | 12.842.982,288 | 6.025.431,884 |
| Zurückgenommene Aktien | -3.965.883,654 | -2.299.333,663 |
| Umlaufende Aktien zum Ende des Berichtszeitraumes | 67.450.372,021 | 71.176.470,242 |

| Entwicklung der Anzahl der Aktien im Umlauf Aktienklasse I | Stück | Stück |
| --- | --- | --- |
|  | 30. September 2021 | 31. März 2022 |
| Umlaufende Aktien zu Beginn des Berichtszeitraumes | 13.735.835,983 | 17.186.216,670 |
| Ausgegebene Aktien | 4.786.013,828 | 1.527.396,138 |
| Zurückgenommene Aktien | -1.335.633,141 | -1.380.114,489 |
| Umlaufende Aktien zum Ende des Berichtszeitraumes | 17.186.216,670 | 17.333.498,319 |

Die Erläuterungen sind integraler Bestandteil dieses Halbjahresberichtes.
| Flossbach von Storch SICAV - Multiple Opportunities |  |
| --- | --- |
| Ertrags- und Aufwandsrechnung |
| im Berichtszeitraum vom 1. Oktober 2021 bis zum 31. März 2022 |
| Total | Aktienklasse F | Aktienklasse R | Aktienklasse I |
| EUR | EUR | EUR | EUR |
| Erträge |  |  |  |
| Dividenden	88.372.533,63 | 5.725.711,01 | 72.191.615,76 | 10.455.206,86 |
| Bankzinsen	-6.133.368,40 | -400.880,68 | -5.005.535,57 | -726.952,15 |
| Bestandsprovisionen	40.277,13 | 2.614,25 | 32.936,82 | 4.726,06 |
| Ertragsausgleich	1.476.926,45 | -28.069,40 | 1.319.880,30 | 185.115,55 |
| Erträge insgesamt	83.756.368,81 | 5.299.375,18 | 68.538.897,31 | 9.918.096,32 |
| Aufwendungen |  |  |  |
| Zinsaufwendungen	-114.332,88 | -7.472,30 | -93.352,04 | -13.508,54 |
| Performancevergütung	-78.377.309,70 | 0,00 | -67.032.558,88 | -11.344.750,82 |
| Verwaltungsvergütung / Fondsmanagementvergütung	-179.946.898,99 | -8.592.540,35 | -159.546.243,66 | -11.808.114,98 |
| Verwahrstellenvergütung	-2.148.728,29 | -140.301,94 | -1.753.798,23 | -254.628,12 |
| Zentralverwaltungsstellenvergütung	-915.748,51 | -59.792,24 | -747.441,87 | -108.514,40 |
| Taxe d'abonnement	-6.507.191,16 | -424.633,02 | -5.311.453,69 | -771.104,45 |
| Veröffentlichungs- und Prüfungskosten	-42.198,97 | -2.720,02 | -34.511,56 | -4.967,39 |
| Satz-, Druck- und Versandkosten der Jahres- und Halbjahresberichte -12.921,23 | -831,00 | -10.563,89 | -1.526,34 |
| Register- und Transferstellenvergütung	-48.241,63 | -3.107,21 | -39.434,00 | -5.700,42 |
| Staatliche Gebühren	-8.887,75 | -567,42 | -7.271,56 | -1.048,77 |
| Lagerstellengebühren	-1.662.976,97 | -108.324,97 | -1.358.354,08 | -196.297,92 |
| Sonstige Aufwendungen 1)	-93.363,55 | -5.950,45 | -76.365,01 | -11.048,09 |
| Aufwandsausgleich	-7.516.662,05 | 79.686,66 | -7.349.956,26 | -246.392,45 |
| Aufwendungen insgesamt	-277.395.461,68 | -9.266.554,26 | -243.361.304,73 | -24.767.602,69 |
| Ordentlicher Nettoaufwand	-193.639.092,87 | -3.967.179,08 | -174.822.407,42 | -14.849.506,37 |
| Total Expense Ratio ohne Performancevergütung in Prozent 2) |  |  |  |
| (für den Zeitraum vom 1. April 2021 bis zum 31. März 2022) | 1,12 | 1,62 | 0,87 |
| Total Expense Ratio mit Performancevergütung in Prozent 2) |  |  |  |
| (für den Zeitraum vom 1. April 2021 bis zum 31. März 2022) | 1,12 | 2,42 | 1,77 |
| Performancevergütung in Prozent 2) |  |  |  |
| (für den Zeitraum vom 1. April 2021 bis zum 31. März 2022) | - | 0,80 | 0,90 |

1) Die Position setzt sich im Wesentlichen zusammen aus Mitgliedsbeiträgen und allgemeinen Verwaltungskosten.
2) Siehe Erläuterungen zum Halbjahresbericht.
Die Erläuterungen sind integraler Bestandteil dieses Halbjahresberichtes.
| Flossbach von Storch SICAV - Multiple Opportunities Vermögensaufstellung zum 31. März 2022 |  |
| --- | --- |
|  | Zugänge im | Abgänge im |  |  | Kurswert | %-Anteil vom |
| ISIN	Wertpapiere | Berichtszeitraum | Berichtszeitraum | Bestand | Kurs | EUR | NTFV 1) |
| Aktien, Anrechte und Genussscheine |  |  |  |  |  |  |
| Börsengehandelte Wertpapiere |  |  |  |  |  |  |
| Cayman Inseln |  |  |  |  |  |  |
| KYG017191142 Alibaba Group Holding Ltd.	HKD | 0 | 0 | 24.370.000 | 112,1000 | 312.671.908,62 | 1,18 |
| US01609W1027 Alibaba Group Holding Ltd. ADR USD | 300.000 | 1.000.000 | 300.000 | 116,5800 | 31.330.287,56 | 0,12 |
| KYG8208B1014 JD.com Inc.	HKD | 358.095 | 0 | 358.095 | 234,0000 | 9.590.519,35 | 0,04 |
|  |  |  |  |  | 353.592.715,53 | 1,34 |
| Dänemark |  |  |  |  |  |  |
| DK0060534915 Novo-Nordisk AS	DKK | 0 | 1.340.000 | 4.000.000 | 755,7000 | 406.421.426,27 | 1,54 |
|  |  |  |  |  | 406.421.426,27 | 1,54 |
| Deutschland |  |  |  |  |  |  |
| DE0005190003 Bayer. Motoren Werke AG	EUR | 2.971.649 | 0 | 5.471.649 | 80,2600 | 439.154.548,74 | 1,66 |
| DE0005190037 Bayer. Motoren Werke AG -VZ-	EUR | 111.315 | 0 | 690.000 | 72,5500 | 50.059.500,00 | 0,19 |
| DE0005158703 Bechtle AG	EUR | 1.100.000 | 0 | 3.500.000 | 52,1200 | 182.420.000,00 | 0,69 |
| US09075V1026 BioNTech SE ADR	USD | 1.148.599 | 0 | 1.148.599 | 174,7800 | 179.837.080,73 | 0,68 |
| DE000A1DAHH0 Brenntag SE	EUR | 200.000 | 0 | 1.700.000 | 73,9600 | 125.732.000,00 | 0,48 |
| DE0005810055 Dte. Börse AG	EUR | 0 | 0 | 3.579.446 | 165,1500 | 591.145.506,90 | 2,24 |
| DE0007100000 Mercedes-Benz Group AG	EUR | 7.200.000 | 0 | 7.200.000 | 65,3500 | 470.520.000,00 | 1,78 |
| DE0008303504 TAG Immobilien AG	EUR | 0 | 369.969 | 3.630.031 | 21,0800 | 76.521.053,48 | 0,29 |
| DE0005089031 United Internet AG	EUR | 0 | 1.000.000 | 4.635.269 | 32,0000 | 148.328.608,00 | 0,56 |
|  |  |  |  |  | 2.263.718.297,85 | 8,57 |
| Frankreich |  |  |  |  |  |  |
| FR0010307819 Legrand S.A.	EUR | 0 | 0 | 4.200.000 | 86,7400 | 364.308.000,00 | 1,38 |
|  |  |  |  |  | 364.308.000,00 | 1,38 |
| Israel |  |  |  |  |  |  |
| IL0011301780 Wix.com Ltd.	USD | 461.981 | 0 | 2.656.981 | 104,1300 | 247.846.843,62 | 0,94 |
|  |  |  |  |  | 247.846.843,62 | 0,94 |
| Kanada |  |  |  |  |  |  |
| CA0084741085 Agnico Eagle Mines Ltd.	USD | 3.174.000 | 0 | 3.174.000 | 61,7400 | 175.546.681,00 | 0,67 |
| CA0679011084 Barrick Gold Corporation	USD | 0 | 4.000.000 | 27.000.000 | 24,8500 | 601.048.105,35 | 2,28 |
| CA21037X1006 Constellation Software Inc.	CAD | 0 | 35.000 | 168.000 | 2.137,0000 | 258.359.240,07 | 0,98 |
|  |  |  |  |  | 1.034.954.026,42 | 3,93 |
| Luxemburg |  |  |  |  |  |  |
| LU1778762911  SPOTIFY TECHNOLOGY S.A.	USD | 0 | 95.000 | 255.000 | 156,1600 | 35.672.131,15 | 0,14 |
|  |  |  |  |  | 35.672.131,15 | 0,14 |
| Schweiz |  |  |  |  |  |  |
| CH0038863350 Nestlé S.A.	CHF | 0 | 0 | 8.700.000 | 120,5800 | 1.019.183.911,40 | 3,86 |
| CH0012005267 Novartis AG	CHF | 700.000 | 2.200.000 | 4.000.000 | 81,6500 | 317.303.021,47 | 1,20 |
| CH0012032048 Roche Holding AG	CHF Genussscheine | 0 | 450.000 | 850.000 | 370,8000 | 306.208.102,59 | 1,16 |
|  |  |  |  |  | 1.642.695.035,46 | 6,22 |
| Vereinigte Staaten von Amerika |  |  |  |  |  |  |
| US0028241000 Abbott Laboratories	USD | 800.000 | 0 | 3.800.000 | 120,3800 | 409.785.899,85 | 1,55 |
| US00724F1012 Adobe Inc.	USD | 802.000 | 0 | 950.000 | 460,0600 | 391.522.888,11 | 1,48 |
| US02079K3059 Alphabet Inc.	USD | 20.000 | 35.000 | 486.000 | 2.838,7700 | 1.235.906.315,51 | 4,68 |

1) NTFV = Netto-Teilfondsvermögen. Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
Die Erläuterungen sind integraler Bestandteil dieses Halbjahresberichtes.
| ISIN | Wertpapiere |  | Zugänge im Berichtszeitraum | Abgänge im Berichtszeitraum | Bestand | Kurs | Kurswert EUR | %-Anteil vom NTFV 1) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| US0231351067 | Amazon.com Inc. | USD | 60.000 | 40.000 | 188.000 | 3.326,0200 | 560.146.698,92 | 2,12 |
| US0311001004 | AMETEK Inc. | USD | 90.531 | 0 | 590.531 | 135,4300 | 71.643.476,96 | 0,27 |
| US0320951017 | Amphenol Corporation | USD | 882.291 | 0 | 5.282.291 | 76,7100 | 362.988.930,05 | 1,38 |
| US0378331005 | Apple Inc. | USD | 500.000 | 185.000 | 3.450.000 | 177,7700 | 549.410.104,81 | 2,08 |
| US0846707026 | Berkshire Hathaway Inc. | USD | 359.160 | 632.520 | 3.000.000 | 357,6100 | 961.058.855,15 | 3,64 |
| US09247X1019 | Blackrock Inc. | USD | 0 | 0 | 500.000 | 777,3600 | 348.185.971,51 | 1,32 |
| US8085131055 | Charles Schwab Corporation | USD | 0 | 0 | 2.000.000 | 88,7600 | 159.025.351,61 | 0,60 |
| US2172041061 | Copart Inc. | USD | 300.588 | 0 | 300.588 | 127,4300 | 34.313.292,88 | 0,13 |
| US2358511028 | Danaher Corporation | USD | 800.000 | 0 | 800.000 | 297,3600 | 213.104.004,30 | 0,81 |
| US2561631068 | DocuSign Inc. | USD | 1.569.175 | 0 | 1.569.175 | 107,9500 | 151.744.550,08 | 0,58 |
| US29786A1060 | Etsy Inc. | USD | 359.872 | 0 | 1.649.872 | 134,5600 | 198.877.341,50 | 0,75 |
| US34959J1088 | Fortive Corporation | USD | 2.118.874 | 0 | 6.800.000 | 62,1300 | 378.468.153,72 | 1,43 |
| US4523081093 | Illinois Tool Works Inc. | USD | 0 | 24.500 | 1.875.500 | 214,6600 | 360.651.106,33 | 1,37 |
| US45866F1049 | Intercontinental Exchange Inc. | USD | 449.171 | 0 | 1.949.171 | 134,3500 | 234.588.483,25 | 0,89 |
| US4781601046 | Johnson & Johnson | USD | 400.000 | 449.503 | 3.800.000 | 179,5900 | 611.342.828,99 | 2,32 |
| US57636Q1040 | Mastercard Inc. | USD | 240.000 | 0 | 1.000.000 | 362,2400 | 324.500.582,28 | 1,23 |
| US57667L1070 | Match Group Inc. | USD | 1.950.000 | 0 | 1.950.000 | 110,7200 | 193.410.373,56 | 0,73 |
| US30303M1027 | Meta Platforms Inc. | USD | 825.000 | 0 | 3.050.000 | 227,8500 | 622.540.983,61 | 2,36 |
| US5949181045 | Microsoft Corporation | USD | 200.000 | 95.000 | 2.230.000 | 313,8600 | 626.988.981,46 | 2,38 |
| US6153691059 | Moody's Corporation | USD | 515.299 | 0 | 1.070.299 | 338,3200 | 324.378.354,99 | 1,23 |
| US6516391066 | Newmont Corporation | USD | 0 | 2.300.000 | 7.200.000 | 79,9600 | 515.732.330,02 | 1,95 |
| US70450Y1038 | PayPal Holdings Inc. | USD | 1.500.000 | 0 | 1.856.000 | 118,4900 | 197.005.679,48 | 0,75 |
| US7134481081 | PepsiCo Inc. | USD | 0 | 0 | 3.500.000 | 167,9600 | 526.614.709,31 | 2,00 |
| US72352L1061 | Pinterest Inc. | USD | 4.189.978 | 0 | 18.091.467 | 25,6900 | 416.348.461,19 | 1,58 |
| US7766961061 | Roper Technologies Inc. | USD | 266.036 | 0 | 616.036 | 478,3200 | 263.963.396,51 | 1,00 |
| US79466L3024 | salesforce.com Inc. | USD | 376.083 | 0 | 1.576.083 | 214,9400 | 303.469.748,29 | 1,15 |
| US83304A1060 | Snap Inc. | USD | 2.150.000 | 1.500.000 | 650.000 | 36,8400 | 21.451.222,79 | 0,08 |
| US7427181091 | The Procter & Gamble Co. | USD | 0 | 300.000 | 3.800.000 | 154,3900 | 525.559.437,43 | 1,99 |
| US8835561023 | Thermo Fisher Scientific Inc. | USD | 100.000 | 0 | 400.000 | 595,1500 | 213.258.084,74 | 0,81 |
| US90138F1021 | Twilio Inc. | USD | 800.000 | 0 | 800.000 | 168,6300 | 120.849.234,08 | 0,46 |
| US90353T1007 | Uber Technologies Inc. | USD | 0 | 5.043.351 | 1.956.649 | 36,5800 | 64.117.370,26 | 0,24 |
| US92345Y1064 | Verisk Analytics Inc. | USD | 0 | 0 | 1.190.000 | 216,9700 | 231.294.723,64 | 0,88 |
| US92826C8394 | VISA Inc. | USD | 280.000 | 0 | 1.600.000 | 223,9500 | 320.988.981,46 | 1,22 |
| US88579Y1010 | 3M Co. | USD | 365.222 | 0 | 4.865.222 | 151,4300 | 659.984.383,64 | 2,50 |
|  |  |  |  |  |  |  | 13.705.221.292,27 | 51,94 |
| Vereinigtes Königreich |
| GB00B24CGK77 Reckitt Benckiser Group Plc.	GBP | 0 | 0 | 9.000.000 | 58,0100 | 616.253.541,08 | 2,34 |  |
| GB00B10RZP78 Unilever Plc. | EUR | 47.632 | 0 15.047.632 | 41,8100 | 629.141.493,92 | 2,38 |  |
|  |  |  |  |  | 1.245.395.035,00 | 4,72 |  |
| Börsengehandelte Wertpapiere |  |  |  |  | 21.299.824.803,57 | 80,72 |  |
| Aktien, Anrechte und Genussscheine |  |  |  |  | 21.299.824.803,57 | 80,72 |  |

1) NTFV = Netto-Teilfondsvermögen. Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
Die Erläuterungen sind integraler Bestandteil dieses Halbjahresberichtes.
|  | Zugänge im | Abgänge im |  |  | Kurswert | %-Anteil vom |
| --- | --- | --- | --- | --- | --- | --- |
| ISIN | Wertpapiere | Berichtszeitraum | Berichtszeitraum | Bestand | Kurs | EUR | NTFV 1) |
| Zertifikate |  |  |  |  |  |  |  |

| IE00B579F325	Invesco Physical Markets Plc./ Gold Unze Zert. v.09(2100) | USD | 3.160.000 | 0 | 7.200.000 | 187,1300 | 1.206.965.869,39 | 4,57 |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  | 1.206.965.869,39 | 4,57 |
| Börsengehandelte Wertpapiere |  |  | 1.206.965.869,39 | 4,57 |
| Zertifikate |  |  | 1.206.965.869,39 | 4,57 |
| Wertpapiervermögen |  |  | 22.506.790.672,96 | 85,29 |
| Edelmetall Gold 2) |  |  |  |  |
| USD |  |  |  |  |
| Gold (Barren) | 100 | 0 | 3.300 772.027,2248	2.282.262.689,27 | 8,65 |
|  |  |  | 2.282.262.689,27 | 8,65 |
| Edelmetall Gold 2) |  |  | 2.282.262.689,27 | 8,65 |

Börsengehandelte Wertpapiere Irland
| Zinssatz Bankguthaben - Kontokorrent	Währung	in % | Bestand in Fälligkeit	Fremdwährung | Kurswert EUR | %-Anteil vom NTFV |
| --- | --- | --- | --- |
| DZ PRIVATBANK S.A. 3) | CAD | -0,3500 | täglich | 537.080,88 | 386.500,35 | 0,00 |
| DZ PRIVATBANK S.A. 3) | CHF | -1,1500 | täglich | 60.540.181,61 | 58.816.847,96 | 0,22 |
| DZ PRIVATBANK S.A. 3) | DKK | -1,0000 | täglich | 299.336.958,51 | 40.246.444,89 | 0,15 |
| DZ PRIVATBANK S.A. 3) | EUR | -0,5800 | täglich | 1.471.454.502,94 | 1.471.454.502,94 | 5,58 |
| DZ PRIVATBANK S.A. 3) | GBP | 0,2250 | täglich | 210.749,29 | 248.759,79 | 0,00 |
| DZ PRIVATBANK S.A. 3) | HKD | -1,2000 | täglich | 13.381,82 | 1.531,59 | 0,00 |
| DZ PRIVATBANK S.A. 3) | JPY | -0,7000 | täglich | 11.882,00 | 87,25 | 0,00 |
| DZ PRIVATBANK S.A. 3) | USD | -0,0750 | täglich | 62.180.785,49 | 55.702.575,91 | 0,21 |
| DZ PRIVATBANK S.A. (Variation Margin) | EUR | 0,0000 | täglich | 65.780.000,00 | 65.780.000,00 | 0,25 |
| Summe Bankguthaben - Kontokorrent 4) |  |  |  |  | 1.692.637.250,68 | 6,41 |

1)
| Saldo aus sonstigen Forderungen und Verbindlichkeiten | -91.845.233,69 | -0,35 |
| --- | --- | --- |
| Netto-Teilfondsvermögen in EUR | 26.389.845.379,22 | 100,00 |
| Devisentermingeschäfte |  |  |
| Zum 31. März 2022 standen folgende offene Devisentermingeschäfte aus: |  |  |
|  | Kurswert | %-Anteil vom |
| Währung	Währungsbetrag | EUR | NTFV 1) |
| EUR/USD	Währungsverkäufe	2.000.000.000,00 | 1.790.040.372,79 | 6,78 |

1) NTFV = Netto-Teilfondsvermögen. Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
2) Eine detaillierte Aufstellung der Goldbestände zum 31. März 2022 ist am Sitz der Investmentgesellschaft, der Verwahrstelle, bei den Zahlstellen und der Vertriebsstelle der jeweiligen Vertriebsländer und bei der Vertreterin in der Schweiz kostenlos per Post, per Telefax oder per E-Mail erhältlich.
3) Die gehaltenen Bankguthaben sind nicht durch eine Einrichtung zur Sicherung der Einlagen geschützt. Die angegebenen Zinssätze sind per
31. März 2022. Die aufgeführten Salden der Bankguthaben sind auf Sicht fällig.
4) Siehe Erläuterungen zum Halbjahresbericht.
Die Erläuterungen sind integraler Bestandteil dieses Halbjahresberichtes.
Flossbach von Storch SICAV - Multiple Opportunities

## Zu- und Abgänge vom 1. Oktober 2021 bis zum 31. März 2022
Während des Berichtszeitraumes getätigte Käufe und Verkäufe in Wertpapieren, Schuldscheindarlehen und Derivaten, einschließlich Änderungen ohne Geldbewegungen, soweit sie nicht in der Vermögensaufstellung genannt sind.
| Cayman Inseln |  |
| --- | --- |
| KYG875721634 | Tencent Holdings Ltd. | HKD | 0 | 7.520.000 |
| Deutschland |  |  |  |  |
| DE000A1EWWW0 | adidas AG | EUR | 0 | 500.000 |
| DE000BASF111 | BASF SE | EUR | 0 | 7.400.000 |
| Hongkong |  |  |  |  |
| HK0000069689 | AIA Group Ltd. | HKD | 0 | 20.500.000 |
| Indien |  |  |  |  |
| INE001A01036 | Housing Development Finance Corporation Ltd. | INR | 0 | 3.000.000 |
| Kanada |  |  |  |  |
| CA49741E1007 | Kirkland Lake Gold Ltd. | USD | 300.000 | 4.000.000 |
| Vereinigte Staaten von Amerika |  |  |  |
| US0758871091	Becton, Dickinson & Co. | USD | 0 | 1.140.992 |
| US7181721090	Philip Morris International Inc. | USD | 2.080.874 | 4.300.000 |

ISIN	Wertpapiere Aktien, Anrechte und Genussscheine Börsengehandelte Wertpapiere
Zugänge
im Berichtszeitraum
Abgänge
im Berichtszeitraum

## Devisenkurse
Für die Bewertung von Vermögenswerten in fremder Währung wurde zum nachstehenden Devisenkurs zum 30. März 2022 in Euro umgerechnet.
| Britisches Pfund | GBP | 1 | 0,8472 |
| --- | --- | --- | --- |
| Dänische Krone | DKK | 1 | 7,4376 |
| Hongkong Dollar | HKD | 1 | 8,7372 |
| Japanischer Yen | JPY | 1 | 136,1886 |
| Kanadischer Dollar | CAD | 1 | 1,3896 |
| Schweizer Franken | CHF | 1 | 1,0293 |
| US-Dollar | USD | 1 | 1,1163 |

Die Erläuterungen sind integraler Bestandteil dieses Halbjahresberichtes.