# FLOSSBACH VON STORCH – GLOBAL EMERGING MARKETS EQUITIES
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 I | Unit class R | Unit class CHF-I 1) | Unit class IT |
| --- | --- | --- | --- | --- |
| Securities ID No. (WKN): | A1XBPE | A1XBPF | A2QLWC | A2QQ09 |
| ISIN: | LU1012014905 | LU1012015118 | LU2279688340 | LU2312729846 |
| Subscription fee: | up to 5.00% | up to 5.00% | up to 5.00% | up to 5.00% |
| Redemption fee: | none | none | none | none |
| Management fee: | 0.78% p.a. | 1.53% p.a. | 0.78% p.a. | 0.78% p.a. |
| Minimum initial investment: | 1,000,000.00 EUR | none | 1,000,000.00 CHF | 1,000,000.00 EUR |
| Use of income: | distributing | distributing | distributing | accumulating |
| Currency: | EUR | EUR | CHF | EUR |
|  | Unit class ET |  |
| Securities ID No. (WKN): | A2QQ1A |
| ISIN: | LU2312729929 |
| Subscription fee: | up to 1.00% |
| Redemption fee: | none |
| Management fee: | 1.93% p.a. |
| Minimum initial investment: | none |
| Use of income: | accumulating |
| Currency: | EUR |

1) Unit class CHF-I was closed as of 18 February 2022.
| FLOSSBACH VON STORCH – GLOBAL EMERGING MARKETS EQUITIES |  |
| --- | --- |
| Geographical breakdown by country 1) |
| India | 20.13 % |
| United States of America | 19.86 % |
| Cayman Islands | 17.23 % |
| Hong Kong | 8.70 % |
| Taiwan | 7.27 % |
| China | 6.59 % |
| Indonesia | 4.68 % |
| Brazil | 3.33 % |
| Netherlands | 3.26 % |
| Mexico | 2.78 % |
| South Africa | 2.45 % |
| France | 1.59 % |
| Luxembourg | 1.31 % |
| Securities holdings | 99.18 % |
| Bank balances 2) | 1.11 % |
| Balance of other receivables and payables | -0.29 % |
|  | 100.00 % |
| Breakdown by economic sector 1) |  |
| Software and services | 14.20 % |
| Wholesale and retail | 13.41 % |
| Banks | 12.60 % |
| Semi-conductors and semi-conductor production equipment | 12.39 % |
| Diversified financial services | 10.82 % |
| Food and staples retail | 7.01 % |
| Media and entertainment | 6.55 % |
| Foodstuffs, beverages and tobacco | 4.90 % |
| Insurance | 4.64 % |
| Consumer goods and clothing | 3.49 % |
| Capital goods | 2.57 % |
| Household items and body care products | 1.97 % |
| Pharmaceuticals, biotechnology and life sciences | 1.85 % |
| Healthcare: equipment and services | 1.69 % |
| Raw materials and supplies | 1.09 % |
| Securities holdings | 99.18 % |
| Bank balances 2) | 1.11 % |
| Balance of other receivables and payables | -0.29 % |
|  | 100.00 % |

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 EMERGING MARKETS EQUITIES

#### Performance over the last 3 financial years
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 | 122.34 | 722,054 | 29,488.66 |  | 169.44 |
| 30.09.2021 | 226.71 | 1,120,595 | 79,712.13 |  | 202.31 |
| 30.09.2022 | 119.70 | 763,663 | -60,346.09 |  | 156.74 |
| 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 | 12.55 | 76,950 | 8,468.16 |  | 163.05 |
| 30.09.2021 | 40.59 | 210,077 | 25,675.48 |  | 193.19 |
| 30.09.2022 | 29.75 | 200,317 | -1,754.54 |  | 148.52 |
| Performance since | launch |  |  |  |  |
| Unit class CHF-I 1) |  |  |  |  |  |
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands | Unit value EUR | Unit value CHF |
| 10.02.2021 | Launch | - | - | 92.61 2) | 100.00 |
| 30.09.2021 | 3.20 | 37,935 | 3,190.52 | 84.28 3) | 91.28 |
| 30.09.2022 | - | - | 3,016.07 4) | - | - |
| Unit class IT |  |  |  |  |  |
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands |  | Unit value EUR |
| 15.03.2021 | Launch | - | - |  | 100.00 |
| 30.09.2021 | 0.62 | 6,267 | 625.61 |  | 98.82 |
| 30.09.2022 | 3.00 | 38,984 | 3,015.53 |  | 76.94 |
| Unit class ET |  |  |  |  |  |
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands |  | Unit value EUR |
| 15.03.2021 | Launch | - | - |  | 100.00 |
| 30.09.2021 | 0.04 | 428 | 42.92 |  | 98.21 |
| 30.09.2022 | 0.14 | 1,856 | 108.61 |  | 75.59 |

1) Unit class CHF-I was closed as of 18 February 2022.
2) Exchange rates converted to euros as at 10 February 2021 1 EUR = 1.0798 CHF
3) Exchange rates converted to euros as at 30 September 2021 1 EUR = 1.0831 CHF
4) This item contains cash outflows from the liquidation of unit class CHF-I.
FLOSSBACH VON STORCH – GLOBAL EMERGING MARKETS EQUITIES

#### Composition of net sub-fund assets
as at 30 September 2022
EUR
Securities holdings	151,313,028.72
(acquisition cost of securities: EUR 148,315,457.54)
Bank balances 1)	1,688,172.43
Interest receivables	7,481.64
Dividend receivables	90,788.31
Receivable on subscriptions872.86
Receivables from securities transactions	241,622.70
Receivables from currency transactions	348,025.46
153,689,992.12
Payable on redemptions	-601,352.78
Payables from currency transactions	-341,171.26
Other liabilities 2)	-157,186.98
-1,099,711.02
Net sub-fund assets	152,590,281.10

#### Allocation to the unit classes
Unit class I
Proportion of net sub-fund assets	119,699,571.80 EUR
Units outstanding	763,663.437
Unit value	156.74 EUR
Unit class R
Proportion of net sub-fund assets	29,750,921.60 EUR
Units outstanding	200,317.133
Unit value	148.52 EUR
Unit class IT
Proportion of net sub-fund assets	2,999,510.19 EUR
Units outstanding	38,983.514
Unit value	76.94 EUR
Unit class ET
Proportion of net sub-fund assets	140,277.51 EUR
Units outstanding	1,855.719
Unit value	75.59 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 EMERGING MARKETS EQUITIES |  |
| --- | --- |
| Change in net sub-fund assets |
| in the reporting period from 1 October 2021 to 30 September 2022 |
| Total | Unit class I | Unit class R | Unit class CHF-I 1) |
| EUR | EUR | EUR | EUR |
| Net sub-fund assets at the beginning of the reporting period	271,156,694.87 | 226,712,807.21 | 40,585,325.81 | 3,197,225.35 |
| Ordinary net expenditure	-60,475.26 | 156,903.79 | -219,591.44 | -35.75 |
| Income and expense equalisation	48,519.12 | 54,192.18 | -5,651.27 | -5,896.26 |
| Cash inflows from the sale of units	60,296,789.63 | 48,523,779.92 | 6,279,559.19 | 0.00 |
| Cash outflows from the redemption of units	-122,271,592.53 | -108,869,871.02 | -8,034,095.07 | -2,998,314.02 |
| Cash outflows from the liquidation of unit class CHF-I	-17,756.10 | 0.00 | 0.00 | -17,756.10 |
| Realised profits	13,258,441.40 | 10,648,455.74 | 2,174,569.89 | 206,688.09 |
| Realised losses	-13,830,968.25 | -11,331,774.76 | -2,167,145.62 | -139,470.06 |
| Net change in unrealised profits	-47,834,784.96 | -39,412,391.91 | -7,571,093.95 | -227,940.66 |
| Net change in unrealised losses	-6,779,497.28 | -5,612,817.28 | -1,085,578.47 | -14,500.59 |
| Distribution	-1,375,089.54 | -1,169,712.07 | -205,377.47 | 0.00 |
| Net sub-fund assets at the end of the reporting period	152,590,281.10 | 119,699,571.80 | 29,750,921.60 | 0.00 |
|  |  |  |  |
| Unit class IT EUR | Unit class ET EUR |  |  |
| Net sub-fund assets at the beginning of the reporting period	619,314.19 | 42,022.31 |  |  |
| Ordinary net expenditure	3,934.36 | -1,686.22 |  |  |
| Income and expense equalisation	4,700.56 | 1,173.91 |  |  |
| Cash inflows from the sale of units	5,375,812.87 | 117,637.65 |  |  |
| Cash outflows from the redemption of units	-2,360,286.42 | -9,026.00 |  |  |
| Cash outflows from the liquidation of unit class CHF-I0.00 | 0.00 |  |  |
| Realised profits	220,501.27 | 8,226.41 |  |  |
| Realised losses	-186,490.97 | -6,086.84 |  |  |
| Net change in unrealised profits	-609,921.88 | -13,436.56 |  |  |
| Net change in unrealised losses	-68,053.79 | 1,452.85 |  |  |
| Distribution0.00 | 0.00 |  |  |
| Net sub-fund assets at the end of the reporting period	2,999,510.19 | 140,277.51 |  |  |
| Changes in number of units in circulation |  |  |  |
| Unit class I | Unit class R | Unit class CHF-I 1) | Unit class IT |
| No. of units | No. of units | No. of units | No. of units |
| Units outstanding at the beginning of the reporting	1,120,594.806 period | 210,076.546 | 37,935.271 | 6,266.941 |
| Units issued	253,567.211 | 35,712.369 | 0.000 | 59,156.935 |
| Units redeemed	-610,498.580 | -45,471.782 | -37,717.391 | -26,440.362 |
| Units redeemed from the liquidation of unit class CHF-I0.000 | 0.000 | -217.880 | 0.000 |
| Units outstanding at the end of reporting period	763,663.437 | 200,317.133 | 0.000 | 38,983.514 |

1) Unit class CHF-I was closed as of 18 February 2022.
| FLOSSBACH VON STORCH – GLOBAL EMERGING MARKETS EQUITIES |  |
| --- | --- |
| Changes in number of units in circulation  (continued) |
|  | Unit class ET No. of units |
| Units outstanding at the beginning of the reporting period | 427.880 |
| Units issued | 1,527.839 |
| Units redeemed | -100.000 |
| Units redeemed from the liquidation of unit class CHF-I | 0.000 |
| Units outstanding at the end of reporting period | 1,855.719 |

| 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 Emerging Markets Equities I | LU1012014905 |  |  |  |  |  |  |
| since 31.03.2014 | A1XBPE | EUR | -12.07% | -22.14% | 8.06% | — | 66.07% |
| Flossbach von Storch - Global Emerging Markets Equities R | LU1012015118 |  |  |  |  |  |  |
| since 31.03.2014 | A1XBPF | EUR | -12.41% | -22.72% | 5.65% | — | 55.53% |
| Flossbach von Storch - Global Emerging Markets Equities CHF-I since 10.02.2021 liquidated 17 February 2022 | LU2279688340 A2QLWC | CHF | — | -7.23% 2) | — | — | -14.82% 3) |
| Flossbach von Storch - Global Emerging Markets Equities IT | LU2312729846 |  |  |  |  |  |  |
| since 15.03.2021 | A2QQ09 | EUR | -12.07% | -22.14% | — | — | -23.06% |
| Flossbach von Storch - Global Emerging Markets Equities ET | LU2312729929 |  |  |  |  |  |  |
| since 15.03.2021 | A2QQ1A | EUR | -12.58% | -23.03% | — | — | -24.41% |

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.
2) Different observation period of 1 October 2021 to 17 February 2022.
3) Different observation period of 10 February 2021 to 17 February 2022.
| FLOSSBACH VON STORCH – GLOBAL EMERGING MARKETS EQUITIES |  |
| --- | --- |
| Statement of income and expenses |
| in the reporting period from 1 October 2021 to 30 September 2022 |
| Total | Unit class I | Unit class R | Unit class CHF-I 1) |
| EUR | EUR | EUR | EUR |
| Income |  |  |  |
| Dividends	2,462,613.61 | 2,057,226.02 | 361,807.40 | 5,306.96 |
| Bank interest	-20,369.83 | -17,369.48 | -2,606.24 | -250.14 |
| Other income	2,572.98 | 2,166.75 | 365.67 | 0.00 |
| Income equalisation	-622,729.20 | -613,562.90 | -3,431.77 | -5,027.49 |
| Total income	1,822,087.56 | 1,428,460.39 | 356,135.06 | 29.33 |
| Expenses |  |  |  |
| Interest expense	-95.70 | -81.10 | -13.60 | -0.30 |
| Management fee / fund management fee	-2,121,405.27 | -1,551,199.55 | -535,238.20 | -9,475.97 |
| Depositary fee	-40,341.43 | -33,678.47 | -5,925.03 | -204.21 |
| Central administration agent fee	-17,209.16 | -14,366.84 | -2,527.41 | -86.84 |
| Taxe d’abonnement	-110,986.86 | -92,876.81 | -16,073.35 | -586.27 |
| Publication and auditing costs	-12,304.98 | -10,273.27 | -1,813.13 | -44.48 |
| Typesetting, printing and dispatch costs for the annual and semi- |  |  |  |
| annual reports	-9,561.45 | -7,998.46 | -1,384.28 | -34.20 |
| Registrar and transfer agent fee	-10,866.03 | -9,082.81 | -1,582.74 | -54.14 |
| State fees	-2,880.54 | -2,416.63 | -412.47 | -14.37 |
| Other expenses 2)	-131,121.48 | -108,953.38 | -19,839.33 | -488.05 |
| Expense equalisation	574,210.08 | 559,370.72 | 9,083.04 | 10,923.75 |
| Total expenses	-1,882,562.82 | -1,271,556.60 | -575,726.50 | -65.08 |
| Ordinary net expenditure	-60,475.26 | 156,903.79 | -219,591.44 | -35.75 |
| Total transaction costs during the financial year 3)	136,791.86 |  |  |  |
| Total expense ratio in per cent 3) | 0.92 | 1.67 | 0.35 4) |
| Ongoing charges in per cent 3) | 0.93 | 1.68 | 0.92 5) |

1) Unit class CHF-I was closed as of 18 February 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 1 October 2021 to 17 February 2022 (date of the last unit price calculation).
5) Different observation period of 18 February 2021 to 17 February 2022 (date of the last unit price calculation).
| FLOSSBACH VON STORCH – GLOBAL EMERGING MARKETS EQUITIES |  |
| --- | --- |
| Statement of income and expenses  (continued) |
| in the reporting period from 1 October 2021 to 30 September 2022 |
|  | Unit class IT EUR | Unit class ET EUR |
| Income |  |  |
| Dividends | 37,088.95 | 1,184.28 |
| Bank interest | -144.58 | 0.61 |
| Other income | 40.09 | 0.47 |
| Income equalisation | -1,202.15 | 495.11 |
| Total income | 35,782.31 | 1,680.47 |
| Expenses |  |  |
| Interest expense | -0.68 | -0.02 |
| Management fee / fund management fee | -23,913.70 | -1,577.85 |
| Depositary fee | -519.58 | -14.14 |
| Central administration agent fee | -221.86 | -6.21 |
| Taxe d’abonnement | -1,414.61 | -35.82 |
| Publication and auditing costs | -169.01 | -5.09 |
| Typesetting, printing and dispatch costs for the annual and semi- |  |  |
| annual reports | -139.79 | -4.72 |
| Registrar and transfer agent fee | -142.10 | -4.24 |
| State fees | -36.12 | -0.95 |
| Other expenses 1) | -1,792.09 | -48.63 |
| Expense equalisation | -3,498.41 | -1,669.02 |
| Total expenses | -31,847.95 | -3,366.69 |
| Ordinary net expenditure | 3,934.36 | -1,686.22 |
| Total expense ratio in per cent 2) | 0.93 | 2.08 |
| Ongoing charges in per cent 2) | 0.94 | 2.09 |

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

#### Statement of assets as at 30 September 2022
| ISIN | Securities | Additions in the reporting period | Disposals in the reporting period | Quantity | Price | Market value EUR | % share of NSFA 1) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Equities, rights and participation certificates Exchange-traded securities |
| Brazil |  |  |  |  |  |  |  |  |  |
| BRB3SAACNOR6 | B3 S.A. | BRL | 0 | 400,000 | 1,000,000 | 12.6000 | 2,372,702.62 | 1.55 |  |
| BRRADLACNOR0 | Raia Drogasil S.A. | BRL | 50,000 | 350,000 | 650,000 | 22.1300 | 2,708,741.34 | 1.78 |  |
|  |  |  |  |  |  |  | 5,081,443.96 | 3.33 |  |
| Cayman Islands |  |  |  |  |  |  |  |  |  |
| KYG017191142 | Alibaba Group Holding Ltd. | HKD | 0 | 90,000 | 360,000 | 77.9500 | 3,633,420.95 | 2.38 |  |
| US01609W1027 | Alibaba Group Holding Ltd. ADR | USD | 0 | 9,000 | 9,000 | 79.0600 | 723,183.25 | 0.47 |  |
| KYG596691041 | Meituan | HKD | 45,000 | 160,000 | 300,000 | 165.6000 | 6,432,483.52 | 4.22 |  |
| US64110W1027 | NetEase Inc. ADR | USD | 47,500 | 11,000 | 36,500 | 75.1800 | 2,788,972.46 | 1.83 |  |
| KYG6683N1034 | Nu Holdings Ltd. | USD | 400,000 | 75,000 | 325,000 | 4.4400 | 1,466,612.46 | 0.96 |  |
| US81141R1005 | Sea Ltd. ADR | USD | 7,500 | 35,000 | 15,000 | 53.6300 | 817,613.58 | 0.54 |  |
| KYG8190F1028 | Silergy Corporation | TWD | 96,000 | 6,000 | 90,000 | 421.0000 | 1,214,100.10 | 0.80 |  |
| KYG875721634 | Tencent Holdings Ltd. | HKD | 10,000 | 140,000 | 185,000 | 266.4000 | 6,381,210.10 | 4.18 |  |
| KYG970081173 | WUXI Biologics [Cayman] Inc. | HKD | 150,000 | 90,000 | 460,000 | 47.4000 | 2,823,145.55 | 1.85 |  |
|  |  |  |  |  |  |  | 26,280,741.97 | 17.23 |  |
| China |  |  |  |  |  |  |  |  |  |
| CNE100001SL2 | Foshan Haitian Flavouring & Food Co. Ltd. | CNH | 31,500 | 56,500 | 290,000 | 82.9195 | 3,448,290.80 | 2.26 |  |
| CNE0000018R8 | Kweichow Moutai Co. Ltd. | CNH | 0 | 6,000 | 15,000 | 1,874.7497 | 4,032,587.01 | 2.64 |  |
| CNE100003G67 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd. | CNH | 22,000 | 20,305 | 60,000 | 299.3592 | 2,575,687.08 | 1.69 |  |
|  |  |  |  |  |  |  | 10,056,564.89 | 6.59 |  |
| France |  |  |  |  |  |  |  |  |  |
| FR0000121014 LVMHMoëtHennessy LouisVuitton EUR	3,500 | 5,000 | 4,000 | 608.0000 | 2,432,000.00 | 1.59 |
|  | SE |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | 2,432,000.00 | 1.59 |  |
| Hong Kong |  |  |  |  |  |  |  |  |  |
| HK0000069689 | AIA Group Ltd. | HKD | 100,000 | 315,000 | 835,000 | 65.4500 | 7,076,087.94 | 4.64 |  |
| HK0388045442 | Hongkong Exchanges and Clearing Ltd. | HKD | 10,000 | 27,500 | 65,000 | 269.6000 | 2,268,978.29 | 1.49 |  |
| HK0669013440 | Techtronic Industries Co. Ltd. | HKD | 72,500 | 150,000 | 400,000 | 75.8500 | 3,928,372.59 | 2.57 |  |
|  |  |  |  |  |  |  | 13,273,438.82 | 8.70 |  |
| India |  |  |  |  |  |  |  |  |  |
| INE021A01026 | Asian Paints Ltd. | INR | 15,000 | 65,000 | 40,000 | 3,352.1500 | 1,670,333.23 | 1.09 |  |
| INE040A01034 | HDFC Bank Ltd. | INR | 0 | 110,000 | 415,000 | 1,421.2000 | 7,347,218.93 | 4.81 |  |
| INE001A01036 | Housing Development Finance Corporation Ltd. | INR | 30,000 | 115,000 | 415,000 | 2,295.2000 | 11,865,562.13 | 7.78 |  |
| INE237A01028 | KOTAK MAHINDRA BANK | INR | 10,000 | 65,000 | 145,000 | 1,816.8000 | 3,281,669.26 | 2.15 |  |
| INE467B01029 | Tata Consultancy Services Ltd. | INR | 3,464 | 53,464 | 175,000 | 3,008.2500 | 6,558,003.74 | 4.30 |  |
|  |  |  |  |  |  |  | 30,722,787.29 | 20.13 |  |
| Indonesia |  |  |  |  |  |  |  |  |  |
| ID1000109507 | PT Bank Central Asia TBK | IDR | 12,825,000 | 3,500,000 12,500,000 8,550.0000 | 7,134,569.84 | 4.68 |  |
|  |  |  |  |  | 7,134,569.84 | 4.68 |  |

1) NSFA = net sub-fund assets. Due to rounding differences in individual amounts, totals may differ from the actual value.
FLOSSBACH VON STORCH – GLOBAL EMERGING MARKETS EQUITIES

#### 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) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Luxembourg |  |  |  |  |  |  |  |  |
| LU0974299876 | Globant S.A. | USD | 18,000 | 7,500 | 10,500 | 187.1400 | 1,997,123.69 | 1.31 |
|  |  |  |  |  |  |  | 1,997,123.69 | 1.31 |
| Mexico |  |  |  |  |  |  |  |  |
| MX01WA000038 | Wal-Mart de Mexico S.A.B. de C.V. | MXN | 0 | 350,000 | 1,150,000 | 72.9900 | 4,239,853.52 | 2.78 |
|  |  |  |  |  |  |  | 4,239,853.52 | 2.78 |
| Netherlands |  |  |  |  |  |  |  |  |
| NL0010273215 | ASML Holding NV | EUR | 2,000 | 3,000 | 11,500 | 431.9000 | 4,966,850.00 | 3.26 |
|  |  |  |  |  |  |  | 4,966,850.00 | 3.26 |
| South Africa |  |  |  |  |  |  |  |  |
| ZAE000134854 | Clicks Group Ltd. | ZAR | 15,000 | 95,000 | 230,000 | 286.0700 | 3,735,485.81 | 2.45 |
|  |  |  |  |  |  |  | 3,735,485.81 | 2.45 |
| Taiwan |  |  |  |  |  |  |  |  |
| US8740391003 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR | USD | 9,000 | 51,500 | 157,500 | 69.2800 | 11,090,151.44 | 7.27 |
|  |  |  |  |  |  |  | 11,090,151.44 | 7.27 |
| United States of America |
| US22266T1097 | Coupang Inc. | USD | 115,000 | 15,000 | 100,000 | 16.3000 | 1,656,672.43 | 1.09 |  |
| US29414B1044 | EPAM Systems Inc. | USD | 750 | 6,750 | 9,000 | 362.1400 | 3,312,592.74 | 2.17 |  |
| US58733R1023 | Mercadolibre Inc. | USD | 2,000 | 3,250 | 9,500 | 829.6800 | 8,010,936.07 | 5.25 |  |
| US6541061031 | NIKE Inc. | USD | 7,500 | 10,000 | 30,000 | 95.3300 | 2,906,697.84 | 1.90 |  |
| US67066G1040 | NVIDIA Corporation | USD | 12,000 | 9,000 | 13,000 | 122.2000 | 1,614,594.98 | 1.06 |  |
| US5184391044 | The Estée Lauder Companies Inc. | USD | 4,000 | 9,500 | 13,500 | 219.3500 | 3,009,680.86 | 1.97 |  |
| US92826C8394 | VISA Inc. | USD | 4,500 | 29,000 | 53,500 | 180.0600 | 9,790,842.57 | 6.42 |  |
|  |  |  |  |  |  |  | 30,302,017.49 | 19.86 |  |
| Exchange-traded securities | 151,313,028.72 | 99.18 |  |
| Equities, rights and participation certificates | 151,313,028.72 | 99.18 |  |
| Securities holdings | 151,313,028.72 | 99.18 |  |
| Bank balances - current account 2) | 1,688,172.43 | 1.11 |  |
| Balance of other receivables and payables | -410,920.05 | -0.29 |  |
| Net sub-fund assets in EUR | 152,590,281.10 | 100.00 |  |

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.
FLOSSBACH VON STORCH – GLOBAL EMERGING MARKETS EQUITIES

#### 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.
| Brazilian real | BRL | 1 | 5.3104 |
| --- | --- | --- | --- |
| British pound | GBP | 1 | 0.8804 |
| China renminbi offshore | CNH | 1 | 6.9735 |
| Hong Kong dollar | HKD | 1 | 7.7233 |
| Indian rupee | INR | 1 | 80.2750 |
| Indonesian rupiah | IDR | 1 | 14,979.8800 |
| Japanese yen | JPY | 1 | 142.0000 |
| Malaysian ringgit | MYR | 1 | 4.5496 |
| Mexican peso | MXN | 1 | 19.7975 |
| Polish zloty | PLN | 1 | 4.8540 |
| Swiss franc | CHF | 1 | 0.9610 |
| South African rand | ZAR | 1 | 17.6138 |
| Taiwan dollar | TWD | 1 | 31.2083 |
| Thai baht | THB | 1 | 37.1816 |
| Turkish lira | TRY | 1 | 18.2462 |
| US dollar | USD | 1 | 0.9839 |

Translation (ENDE, 2022-09-30):
# FLOSSBACH VON STORCH – GLOBAL EMERGING MARKETS EQUITIES
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 I | Anteilklasse R | Anteilklasse CHF-I 1) | Anteilklasse IT |
| --- | --- | --- | --- | --- |
| WP-Kenn-Nr.: | A1XBPE | A1XBPF | A2QLWC | A2QQ09 |
| ISIN-Code: | LU1012014905 | LU1012015118 | LU2279688340 | LU2312729846 |
| Ausgabeaufschlag: | bis zu 5,00 % | bis zu 5,00 % | bis zu 5,00 % | bis zu 5,00 % |
| Rücknahmeabschlag: | keiner | keiner | keiner | keiner |
| Verwaltungsvergütung: | 0,78 % p.a. | 1,53 % p.a. | 0,78 % p.a. | 0,78 % p.a. |
| Mindesterstanlage: | 1.000.000,00 EUR | keine | 1.000.000,00 CHF | 1.000.000,00 EUR |
| Ertragsverwendung: | ausschüttend | ausschüttend | ausschüttend | thesaurierend |
| Währung: | EUR | EUR | CHF | EUR |
|  | Anteilklasse ET |  |
| WP-Kenn-Nr.: | A2QQ1A |
| ISIN-Code: | LU2312729929 |
| Ausgabeaufschlag: | bis zu 1,00 % |
| Rücknahmeabschlag: | keiner |
| Verwaltungsvergütung: | 1,93 % p.a. |
| Mindesterstanlage: | keine |
| Ertragsverwendung: | thesaurierend |
| Währung: | EUR |

1) Die Anteilklasse CHF-I wurde zum 18. Februar 2022 geschlossen.
| FLOSSBACH VON STORCH – GLOBAL EMERGING MARKETS EQUITIES |  |
| --- | --- |
| Geografische Länderaufteilung 1) |
| Indien | 20,13 % |
| Vereinigte Staaten von Amerika | 19,86 % |
| Cayman Inseln | 17,23 % |
| Hongkong | 8,70 % |
| Taiwan | 7,27 % |
| China | 6,59 % |
| Indonesien | 4,68 % |
| Brasilien | 3,33 % |
| Niederlande | 3,26 % |
| Mexiko | 2,78 % |
| Südafrika | 2,45 % |
| Frankreich | 1,59 % |
| Luxemburg | 1,31 % |
| Wertpapiervermögen | 99,18 % |
| Bankguthaben 2) | 1,11 % |
| Saldo aus sonstigen Forderungen und Verbindlichkeiten | -0,29 % |
|  | 100,00 % |
| Branchenaufteilung 1) |  |
| Software & Dienste | 14,20 % |
| Groß- und Einzelhandel | 13,41 % |
| Banken | 12,60 % |
| Halbleiter & Geräte zur Halbleiterproduktion | 12,39 % |
| Diversifizierte Finanzdienste | 10,82 % |
| Lebensmittel- und Basisartikeleinzelhandel | 7,01 % |
| Media & Entertainment | 6,55 % |
| Lebensmittel, Getränke & Tabak | 4,90 % |
| Versicherungen | 4,64 % |
| Gebrauchsgüter & Bekleidung | 3,49 % |
| Investitionsgüter | 2,57 % |
| Haushaltsartikel & Körperpflegeprodukte | 1,97 % |
| Pharmazeutika, Biotechnologie & Biowissenschaften | 1,85 % |
| Gesundheitswesen: Ausstattung & Dienste | 1,69 % |
| Roh-, Hilfs- & Betriebsstoffe | 1,09 % |
| Wertpapiervermögen | 99,18 % |
| Bankguthaben 2) | 1,11 % |
| Saldo aus sonstigen Forderungen und Verbindlichkeiten | -0,29 % |
|  | 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 EMERGING MARKETS EQUITIES

#### Entwicklung der letzten 3 Geschäftsjahre
Anteilklasse I
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen |  | Anteilwert |
| --- | --- | --- | --- | --- | --- |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR |  | EUR |
| 30.09.2020 | 122,34 | 722.054 | 29.488,66 |  | 169,44 |
| 30.09.2021 | 226,71 | 1.120.595 | 79.712,13 |  | 202,31 |
| 30.09.2022 | 119,70 | 763.663 | -60.346,09 |  | 156,74 |
| Anteilklasse R |  |  |  |  |  |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen |  | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR |  | EUR |
| 30.09.2020 | 12,55 | 76.950 | 8.468,16 |  | 163,05 |
| 30.09.2021 | 40,59 | 210.077 | 25.675,48 |  | 193,19 |
| 30.09.2022 | 29,75 | 200.317 | -1.754,54 |  | 148,52 |
| Entwicklung seit | Auflegung |  |  |  |  |
| Anteilklasse CHF-I 1) |  |  |  |  |  |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR | CHF |
| 10.02.2021 | Auflegung | - | - | 92,61 2) | 100,00 |
| 30.09.2021 | 3,20 | 37.935 | 3.190,52 | 84,28 3) | 91,28 |
| 30.09.2022 | - | - | 3.016,07 4) | - | - |
| Anteilklasse IT |  |  |  |  |  |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen |  | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR |  | EUR |
| 15.03.2021 | Auflegung | - | - |  | 100,00 |
| 30.09.2021 | 0,62 | 6.267 | 625,61 |  | 98,82 |
| 30.09.2022 | 3,00 | 38.984 | 3.015,53 |  | 76,94 |
| Anteilklasse ET |  |  |  |  |  |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen |  | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR |  | EUR |
| 15.03.2021 | Auflegung | - | - |  | 100,00 |
| 30.09.2021 | 0,04 | 428 | 42,92 |  | 98,21 |
| 30.09.2022 | 0,14 | 1.856 | 108,61 |  | 75,59 |

1) Die Anteilklasse CHF-I wurde zum 18. Februar 2022 geschlossen.
2) umgerechnet Devisenkurse in Euro per 10. Februar 2021 1 EUR = 1,0798 CHF
3) umgerechnet Devisenkurse in Euro per 30. September 2021 1 EUR = 1,0831 CHF
4) Diese Position enthält Mittelabflüsse aus der Liquidation der Anteilklasse CHF-I.
FLOSSBACH VON STORCH – GLOBAL EMERGING MARKETS EQUITIES

#### Zusammensetzung des Netto-Teilfondsvermögens
zum 30. September 2022
EUR
Wertpapiervermögen	151.313.028,72
(Wertpapiereinstandskosten: EUR 148.315.457,54)
Bankguthaben 1)	1.688.172,43
Zinsforderungen	7.481,64
Dividendenforderungen	90.788,31
Forderungen aus Absatz von Anteilen	872,86
Forderungen aus Wertpapiergeschäften	241.622,70
Forderungen aus Devisengeschäften	348.025,46
153.689.992,12
Verbindlichkeiten aus Rücknahmen von Anteilen	-601.352,78
Verbindlichkeiten aus Devisengeschäften	-341.171,26
Sonstige Passiva 2)	-157.186,98
-1.099.711,02
Netto-Teilfondsvermögen	152.590.281,10

#### Zurechnung auf die Anteilklassen
Anteilklasse I
Anteiliges Netto-Teilfondsvermögen	119.699.571,80 EUR
Umlaufende Anteile	763.663,437
Anteilwert	156,74 EUR
Anteilklasse R
Anteiliges Netto-Teilfondsvermögen	29.750.921,60 EUR
Umlaufende Anteile	200.317,133
Anteilwert	148,52 EUR
Anteilklasse IT
Anteiliges Netto-Teilfondsvermögen	2.999.510,19 EUR
Umlaufende Anteile	38.983,514
Anteilwert	76,94 EUR
Anteilklasse ET
Anteiliges Netto-Teilfondsvermögen	140.277,51 EUR
Umlaufende Anteile	1.855,719
Anteilwert	75,59 EUR
1) Siehe Erläuterungen zum Jahresbericht.
2) Diese Position setzt sich im Wesentlichen zusammen aus Verwaltungsvergütung und Taxe d'abonnement.
| FLOSSBACH VON STORCH – GLOBAL EMERGING MARKETS EQUITIES |  |
| --- | --- |
| Veränderung des Netto-Teilfondsvermögens |
| im Berichtszeitraum vom 1. Oktober 2021 bis zum 30. September 2022 |
| Total | Anteilklasse I | Anteilklasse R | Anteilklasse CHF-I 1) |
| EUR | EUR | EUR | EUR |
| Netto-Teilfondsvermögen zu Beginn des Berichtszeitraumes	271.156.694,87 | 226.712.807,21 | 40.585.325,81 | 3.197.225,35 |
| Ordentlicher Nettoaufwand	-60.475,26 | 156.903,79 | -219.591,44 | -35,75 |
| Ertrags- und Aufwandsausgleich	48.519,12 | 54.192,18 | -5.651,27 | -5.896,26 |
| Mittelzuflüsse aus Anteilverkäufen	60.296.789,63 | 48.523.779,92 | 6.279.559,19 | 0,00 |
| Mittelabflüsse aus Anteilrücknahmen	-122.271.592,53 | -108.869.871,02 | -8.034.095,07 | -2.998.314,02 |
| Mittelabflüsse aus der Liquidation der Anteilklasse CHF-I	-17.756,10 | 0,00 | 0,00 | -17.756,10 |
| Realisierte Gewinne	13.258.441,40 | 10.648.455,74 | 2.174.569,89 | 206.688,09 |
| Realisierte Verluste	-13.830.968,25 | -11.331.774,76 | -2.167.145,62 | -139.470,06 |
| Nettoveränderung nicht realisierter Gewinne	-47.834.784,96 | -39.412.391,91 | -7.571.093,95 | -227.940,66 |
| Nettoveränderung nicht realisierter Verluste	-6.779.497,28 | -5.612.817,28 | -1.085.578,47 | -14.500,59 |
| Ausschüttung	-1.375.089,54 | -1.169.712,07 | -205.377,47 | 0,00 |
| Netto-Teilfondsvermögen zum Ende des Berichtszeitraumes	152.590.281,10 | 119.699.571,80 | 29.750.921,60 | 0,00 |
|  |  |  |  |
| Anteilklasse IT EUR | Anteilklasse ET EUR |  |  |
| Netto-Teilfondsvermögen zu Beginn des Berichtszeitraumes	619.314,19 | 42.022,31 |  |  |
| Ordentlicher Nettoaufwand	3.934,36 | -1.686,22 |  |  |
| Ertrags- und Aufwandsausgleich	4.700,56 | 1.173,91 |  |  |
| Mittelzuflüsse aus Anteilverkäufen	5.375.812,87 | 117.637,65 |  |  |
| Mittelabflüsse aus Anteilrücknahmen	-2.360.286,42 | -9.026,00 |  |  |
| Mittelabflüsse aus der Liquidation der Anteilklasse CHF-I	0,00 | 0,00 |  |  |
| Realisierte Gewinne	220.501,27 | 8.226,41 |  |  |
| Realisierte Verluste	-186.490,97 | -6.086,84 |  |  |
| Nettoveränderung nicht realisierter Gewinne	-609.921,88 | -13.436,56 |  |  |
| Nettoveränderung nicht realisierter Verluste	-68.053,79 | 1.452,85 |  |  |
| Ausschüttung	0,00 | 0,00 |  |  |
| Netto-Teilfondsvermögen zum Ende des Berichtszeitraumes	2.999.510,19 | 140.277,51 |  |  |
| Entwicklung der Anzahl der Anteile im Umlauf |  |  |  |
| Anteilklasse I | Anteilklasse R | Anteilklasse CHF-I 1) | Anteilklasse IT |
| Stück | Stück | Stück | Stück |
| Umlaufende Anteile zu Beginn des Berichtszeitraumes	1.120.594,806 | 210.076,546 | 37.935,271 | 6.266,941 |
| Ausgegebene Anteile	253.567,211 | 35.712,369 | 0,000 | 59.156,935 |
| Zurückgenommene Anteile	-610.498,580 | -45.471,782 | -37.717,391 | -26.440,362 |
| Zurückgenommene Anteile aus Liquidation der	0,000 Anteilklasse CHF-IT | 0,000 | -217,880 | 0,000 |
| Umlaufende Anteile zum Ende des Berichtszeitraumes	763.663,437 | 200.317,133 | 0,000 | 38.983,514 |

1) Die Anteilklasse CHF-I wurde zum 18. Februar 2022 geschlossen.
FLOSSBACH VON STORCH – GLOBAL EMERGING MARKETS EQUITIES

#### Entwicklung der Anzahl der Anteile im Umlauf 
(Fortsetzung)
|  | Anteilklasse ET Stück |
| --- | --- |
| Umlaufende Anteile zu Beginn des Berichtszeitraumes | 427,880 |
| Ausgegebene Anteile | 1.527,839 |
| Zurückgenommene Anteile | -100,000 |
| Zurückgenommene Anteile aus Liquidation der Anteilklasse CHF-IT | 0,000 |
| Umlaufende Anteile zum Ende des Berichtszeitraumes | 1.855,719 |

| 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 Emerging Markets Equities I | LU1012014905 |  |  |  |  |  |  |
| seit 31.03.2014 | A1XBPE | EUR | -12,07% | -22,14% | 8,06% | — | 66,07% |
| Flossbach von Storch - Global Emerging Markets Equities R | LU1012015118 |  |  |  |  |  |  |
| seit 31.03.2014 | A1XBPF | EUR | -12,41% | -22,72% | 5,65% | — | 55,53% |
| Flossbach von Storch - Global Emerging Markets Equities CHF-I | LU2279688340 |  |  |  |  |  |  |
| seit 10.02.2021 aufgelöst am 17.02.2022 | A2QLWC | CHF | — | -7,23% 2) | — | — | -14,82% 3) |
| Flossbach von Storch - Global Emerging Markets Equities IT | LU2312729846 |  |  |  |  |  |  |
| seit 15.03.2021 | A2QQ09 | EUR | -12,07% | -22,14% | — | — | -23,06% |
| Flossbach von Storch - Global Emerging Markets Equities ET | LU2312729929 |  |  |  |  |  |  |
| seit 15.03.2021 | A2QQ1A | EUR | -12,58% | -23,03% | — | — | -24,41% |

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.
2) Abweichender Betrachtungszeitraum vom 1. Oktober 2021 bis zum 17. Februar 2022.
3) Abweichender Betrachtungszeitraum vom 10. Februar 2021 bis zum 17. Februar 2022.
| FLOSSBACH VON STORCH – GLOBAL EMERGING MARKETS EQUITIES |  |  |
| --- | --- | --- |
| Ertrags- und Aufwandsrechnung |  |
| im Berichtszeitraum vom 1. Oktober 2021 bis zum 30. September | 2022 |
|  | Total EUR | Anteilklasse I EUR | Anteilklasse R EUR | Anteilklasse CHF-I 1) EUR |
| Erträge |  |  |  |  |
| Dividenden | 2.462.613,61 | 2.057.226,02 | 361.807,40 | 5.306,96 |
| Bankzinsen | -20.369,83 | -17.369,48 | -2.606,24 | -250,14 |
| Sonstige Erträge | 2.572,98 | 2.166,75 | 365,67 | 0,00 |
| Ertragsausgleich | -622.729,20 | -613.562,90 | -3.431,77 | -5.027,49 |
| Erträge insgesamt | 1.822.087,56 | 1.428.460,39 | 356.135,06 | 29,33 |
| Aufwendungen |  |  |  |  |
| Zinsaufwendungen | -95,70 | -81,10 | -13,60 | -0,30 |
| Verwaltungsvergütung / Fondsmanagementvergütung | -2.121.405,27 | -1.551.199,55 | -535.238,20 | -9.475,97 |
| Verwahrstellenvergütung | -40.341,43 | -33.678,47 | -5.925,03 | -204,21 |
| Zentralverwaltungsstellenvergütung | -17.209,16 | -14.366,84 | -2.527,41 | -86,84 |
| Taxe d'abonnement | -110.986,86 | -92.876,81 | -16.073,35 | -586,27 |
| Veröffentlichungs- und Prüfungskosten | -12.304,98 | -10.273,27 | -1.813,13 | -44,48 |
| Satz-, Druck- und Versandkosten der Jahres- und Halbjahresberichte | -9.561,45 | -7.998,46 | -1.384,28 | -34,20 |
| Register- und Transferstellenvergütung | -10.866,03 | -9.082,81 | -1.582,74 | -54,14 |
| Staatliche Gebühren | -2.880,54 | -2.416,63 | -412,47 | -14,37 |
| Sonstige Aufwendungen 2) | -131.121,48 | -108.953,38 | -19.839,33 | -488,05 |
| Aufwandsausgleich | 574.210,08 | 559.370,72 | 9.083,04 | 10.923,75 |
| Aufwendungen insgesamt | -1.882.562,82 | -1.271.556,60 | -575.726,50 | -65,08 |
| Ordentlicher Nettoaufwand | -60.475,26 | 156.903,79 | -219.591,44 | -35,75 |
| Transaktionskosten im Geschäftsjahr gesamt 3) | 136.791,86 |  |  |  |
| Total Expense Ratio in Prozent 3) |  | 0,92 | 1,67 | 0,35 4) |
| Laufende Kosten in Prozent 3) |  | 0,93 | 1,68 | 0,92 5) |

1) Die Anteilklasse CHF-I wurde zum 18. Februar 2022 geschlossen.
2) Die Position setzt sich im Wesentlichen zusammen aus Lagerstellengebühren und allgemeinen Verwaltungskosten.
3) Siehe Erläuterungen zum Jahresbericht.
4) Für den Zeitraum vom 1. Oktober 2021 bis zum 17. Februar 2022 (Tag der letzten Anteilwertberechnung).
5) Abweichender Betrachtungszeitraum vom 18. Februar 2021 bis zum 17. Februar 2022 (Tag der letzten Anteilwertberechnung).
FLOSSBACH VON STORCH – GLOBAL EMERGING MARKETS EQUITIES

#### Ertrags- und Aufwandsrechnung 
(Fortsetzung)
im Berichtszeitraum vom 1. Oktober 2021 bis zum 30. September 2022
|  | Anteilklasse IT | Anteilklasse ET |
| --- | --- | --- |
| EUR | EUR |
| Erträge |  |  |
| Dividenden | 37.088,95 | 1.184,28 |
| Bankzinsen | -144,58 | 0,61 |
| Sonstige Erträge | 40,09 | 0,47 |
| Ertragsausgleich | -1.202,15 | 495,11 |
| Erträge insgesamt | 35.782,31 | 1.680,47 |
| Aufwendungen |  |  |
| Zinsaufwendungen | -0,68 | -0,02 |
| Verwaltungsvergütung / Fondsmanagementvergütung | -23.913,70 | -1.577,85 |
| Verwahrstellenvergütung | -519,58 | -14,14 |
| Zentralverwaltungsstellenvergütung | -221,86 | -6,21 |
| Taxe d'abonnement | -1.414,61 | -35,82 |
| Veröffentlichungs- und Prüfungskosten | -169,01 | -5,09 |
| Satz-, Druck- und Versandkosten der Jahres- und Halbjahresberichte	-139,79 | -4,72 |
| Register- und Transferstellenvergütung | -142,10 | -4,24 |
| Staatliche Gebühren | -36,12 | -0,95 |
| Sonstige Aufwendungen 1) | -1.792,09 | -48,63 |
| Aufwandsausgleich | -3.498,41 | -1.669,02 |
| Aufwendungen insgesamt | -31.847,95 | -3.366,69 |
| Ordentlicher Nettoaufwand | 3.934,36 | -1.686,22 |
| Total Expense Ratio in Prozent 2) | 0,93 | 2,08 |
| Laufende Kosten in Prozent 2) | 0,94 | 2,09 |

1) Die Position setzt sich im Wesentlichen zusammen aus Lagerstellengebühren und allgemeinen Verwaltungskosten.
2) Siehe Erläuterungen zum Jahresbericht.
FLOSSBACH VON STORCH – GLOBAL EMERGING MARKETS EQUITIES
| 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 |
| Brasilien |  |  |  |  |  |  |  |  |  |
| BRB3SAACNOR6 | B3 S.A. | BRL | 0 | 400.000 | 1.000.000 | 12,6000 | 2.372.702,62 | 1,55 |  |
| BRRADLACNOR0 | Raia Drogasil S.A. | BRL | 50.000 | 350.000 | 650.000 | 22,1300 | 2.708.741,34 | 1,78 |  |
|  |  |  |  |  |  |  | 5.081.443,96 | 3,33 |  |
| Cayman Inseln |  |  |  |  |  |  |  |  |  |
| KYG017191142 | Alibaba Group Holding Ltd. | HKD | 0 | 90.000 | 360.000 | 77,9500 | 3.633.420,95 | 2,38 |  |
| US01609W1027 | Alibaba Group Holding Ltd. ADR | USD | 0 | 9.000 | 9.000 | 79,0600 | 723.183,25 | 0,47 |  |
| KYG596691041 | Meituan | HKD | 45.000 | 160.000 | 300.000 | 165,6000 | 6.432.483,52 | 4,22 |  |
| US64110W1027 | NetEase Inc. ADR | USD | 47.500 | 11.000 | 36.500 | 75,1800 | 2.788.972,46 | 1,83 |  |
| KYG6683N1034 | Nu Holdings Ltd. | USD | 400.000 | 75.000 | 325.000 | 4,4400 | 1.466.612,46 | 0,96 |  |
| US81141R1005 | Sea Ltd. ADR | USD | 7.500 | 35.000 | 15.000 | 53,6300 | 817.613,58 | 0,54 |  |
| KYG8190F1028 | Silergy Corporation | TWD | 96.000 | 6.000 | 90.000 | 421,0000 | 1.214.100,10 | 0,80 |  |
| KYG875721634 | Tencent Holdings Ltd. | HKD | 10.000 | 140.000 | 185.000 | 266,4000 | 6.381.210,10 | 4,18 |  |
| KYG970081173 | WUXI Biologics [Cayman] Inc. | HKD | 150.000 | 90.000 | 460.000 | 47,4000 | 2.823.145,55 | 1,85 |  |
|  |  |  |  |  |  |  | 26.280.741,97 | 17,23 |  |
| China |  |  |  |  |  |  |  |  |  |
| CNE100001SL2 | Foshan Haitian Flavouring & Food Co. Ltd. | CNH | 31.500 | 56.500 | 290.000 | 82,9195 | 3.448.290,80 | 2,26 |  |
| CNE0000018R8 | Kweichow Moutai Co. Ltd. | CNH | 0 | 6.000 | 15.000 | 1.874,7497 | 4.032.587,01 | 2,64 |  |
| CNE100003G67 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd. | CNH | 22.000 | 20.305 | 60.000 | 299,3592 | 2.575.687,08 | 1,69 |  |
|  |  |  |  |  |  |  | 10.056.564,89 | 6,59 |  |
| Frankreich |  |  |  |  |  |  |  |  |  |
| FR0000121014 LVMHMoëtHennessy LouisVuitton EUR3.500 | 5.000 | 4.000 | 608,0000 | 2.432.000,00 | 1,59 |
|  | SE |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | 2.432.000,00 | 1,59 |  |
| Hongkong |  |  |  |  |  |  |  |  |  |
| HK0000069689 | AIA Group Ltd. | HKD | 100.000 | 315.000 | 835.000 | 65,4500 | 7.076.087,94 | 4,64 |  |
| HK0388045442 | Hongkong Exchanges and Clearing Ltd. | HKD | 10.000 | 27.500 | 65.000 | 269,6000 | 2.268.978,29 | 1,49 |  |
| HK0669013440 | Techtronic Industries Co. Ltd. | HKD | 72.500 | 150.000 | 400.000 | 75,8500 | 3.928.372,59 | 2,57 |  |
|  |  |  |  |  |  |  | 13.273.438,82 | 8,70 |  |
| Indien |  |  |  |  |  |  |  |  |  |
| INE021A01026 | Asian Paints Ltd. | INR | 15.000 | 65.000 | 40.000 | 3.352,1500 | 1.670.333,23 | 1,09 |  |
| INE040A01034 | HDFC Bank Ltd. | INR | 0 | 110.000 | 415.000 | 1.421,2000 | 7.347.218,93 | 4,81 |  |
| INE001A01036 | Housing Development Finance Corporation Ltd. | INR | 30.000 | 115.000 | 415.000 | 2.295,2000 | 11.865.562,13 | 7,78 |  |
| INE237A01028 | KOTAK MAHINDRA BANK | INR | 10.000 | 65.000 | 145.000 | 1.816,8000 | 3.281.669,26 | 2,15 |  |
| INE467B01029 | Tata Consultancy Services Ltd. | INR | 3.464 | 53.464 | 175.000 | 3.008,2500 | 6.558.003,74 | 4,30 |  |
|  |  |  |  |  |  |  | 30.722.787,29 | 20,13 |  |
| Indonesien |  |  |  |  |  |  |  |  |  |
| ID1000109507 | PT Bank Central Asia TBK | IDR | 12.825.000 | 3.500.000 12.500.000 8.550,0000 | 7.134.569,84 | 4,68 |  |
|  |  |  |  |  | 7.134.569,84 | 4,68 |  |

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

#### Vermögensaufstellung zum 30. September 2022 
(Fortsetzung)
| ISIN | Wertpapiere |  | Zugänge im Berichtszeitraum | Abgänge im Berichtszeitraum | Bestand | Kurs | Kurswert EUR | %-Anteil vom NTFV 1) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Luxemburg |  |  |  |  |  |  |  |  |
| LU0974299876 | Globant S.A. | USD | 18.000 | 7.500 | 10.500 | 187,1400 | 1.997.123,69 | 1,31 |
|  |  |  |  |  |  |  | 1.997.123,69 | 1,31 |
| Mexiko |  |  |  |  |  |  |  |  |
| MX01WA000038 | Wal-Mart de Mexico S.A.B. de C.V. | MXN | 0 | 350.000 | 1.150.000 | 72,9900 | 4.239.853,52 | 2,78 |
|  |  |  |  |  |  |  | 4.239.853,52 | 2,78 |
| Niederlande |  |  |  |  |  |  |  |  |
| NL0010273215 | ASML Holding NV | EUR | 2.000 | 3.000 | 11.500 | 431,9000 | 4.966.850,00 | 3,26 |
|  |  |  |  |  |  |  | 4.966.850,00 | 3,26 |
| Südafrika |  |  |  |  |  |  |  |  |
| ZAE000134854 | Clicks Group Ltd. | ZAR | 15.000 | 95.000 | 230.000 | 286,0700 | 3.735.485,81 | 2,45 |
|  |  |  |  |  |  |  | 3.735.485,81 | 2,45 |
| Taiwan |  |  |  |  |  |  |  |  |
| US8740391003 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR | USD | 9.000 | 51.500 | 157.500 | 69,2800 | 11.090.151,44 | 7,27 |
|  |  |  |  |  |  |  | 11.090.151,44 | 7,27 |
| Vereinigte Staaten von Amerika |  |  |  |  |  |  |  |  |
| US22266T1097 Coupang Inc. | USD | 115.000 | 15.000 | 100.000 | 16,3000 | 1.656.672,43 | 1,09 |  |
| US29414B1044 EPAM Systems Inc. | USD | 750 | 6.750 | 9.000 | 362,1400 | 3.312.592,74 | 2,17 |  |
| US58733R1023 Mercadolibre Inc. | USD | 2.000 | 3.250 | 9.500 | 829,6800 | 8.010.936,07 | 5,25 |  |
| US6541061031 NIKE Inc. | USD | 7.500 | 10.000 | 30.000 | 95,3300 | 2.906.697,84 | 1,90 |  |
| US67066G1040 NVIDIA Corporation | USD | 12.000 | 9.000 | 13.000 | 122,2000 | 1.614.594,98 | 1,06 |  |
| US5184391044 The Estée Lauder Companies Inc. | USD | 4.000 | 9.500 | 13.500 | 219,3500 | 3.009.680,86 | 1,97 |  |
| US92826C8394 VISA Inc. | USD | 4.500 | 29.000 | 53.500 | 180,0600 | 9.790.842,57 | 6,42 |  |
|  |  |  |  |  |  | 30.302.017,49 | 19,86 |  |
| Börsengehandelte Wertpapiere | 151.313.028,72 | 99,18 |  |
| Aktien, Anrechte und Genussscheine | 151.313.028,72 | 99,18 |  |
| Wertpapiervermögen | 151.313.028,72 | 99,18 |  |
| Bankguthaben - Kontokorrent 2) | 1.688.172,43 | 1,11 |  |
| Saldo aus sonstigen Forderungen und Verbindlichkeiten | -410.920,05 | -0,29 |  |
| Netto-Teilfondsvermögen in EUR | 152.590.281,10 | 100,00 |  |

1) NTFV = Netto-Teilfondsvermögen. Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
2) Siehe Erläuterungen zum Jahresbericht.
FLOSSBACH VON STORCH – GLOBAL EMERGING MARKETS EQUITIES

#### Devisenkurse
Für die Bewertung von Vermögenswerten in fremder Währung wurde zum nachstehenden Devisenkurs zum 30. September 2022 in Euro umgerechnet.
| Brasilianischer Real | BRL | 1 | 5,3104 |
| --- | --- | --- | --- |
| Britisches Pfund | GBP | 1 | 0,8804 |
| China Renminbi Offshore | CNH | 1 | 6,9735 |
| Hongkong Dollar | HKD | 1 | 7,7233 |
| Indische Rupie | INR | 1 | 80,2750 |
| Indonesische Rupiah | IDR | 1 | 14.979,8800 |
| Japanischer Yen | JPY | 1 | 142,0000 |
| Malaysischer Ringgit | MYR | 1 | 4,5496 |
| Mexikanischer Peso | MXN | 1 | 19,7975 |
| Polnischer Zloty | PLN | 1 | 4,8540 |
| Schweizer Franken | CHF | 1 | 0,9610 |
| Südafrikanischer Rand | ZAR | 1 | 17,6138 |
| Taiwan Dollar | TWD | 1 | 31,2083 |
| Thailändischer Baht | THB | 1 | 37,1816 |
| Türkische Lira | TRY | 1 | 18,2462 |
| US-Dollar | USD | 1 | 0,9839 |