Legal Notice

• Access restrictions due to local regulations

  Due to the regulations in force in some countries or the requirements imposed by their capital market or stock exchange supervisory authorities, some of the information published on the valuefonds website is not intended for private individuals. The disclosure of information from the valuefonds website that is subject to such local access restrictions in a country to persons affected by these restrictions may constitute a violation of the securities regulations or other laws of that country. The information on our websites is specifically not intended for US citizens and may not be distributed in other countries. For US citizens, the offer and sale restrictions of the United States Securities Act of 1933 apply.

  Information regarding the tax treatment of capital investments refers to the currently applicable legal situation and is formulated abstractly. The tax treatment depends on the personal circumstances of the client and may be subject to future changes.

• Disclaimer

  W&L Asset Management AG shall in no event be liable for losses or damages of any kind (including consequential or indirect damages or loss of profit) arising out of or in connection with access to the valuefonds website, the retrieval, use or querying of its content or with the links set up on the valuefonds website to websites or URLs of other operators. This also applies if W&L Asset Management AG has been advised of the possibility of such damages.

• Copyright

  The content and structure of the Valuefonds websites and their sub-pages are protected by copyright. Downloading or saving the applications contained on the valuefonds website, as well as the (complete or partial) reproduction, transmission, modification or linking of the contents of the valuefonds website is only permitted with the express written consent of W&L Asset Management AG.

  However, printing, downloading, or storing individual pages or sections of this website is permitted, but only within the framework of copyright law and furthermore only if copyright notices or other legally protected designations are neither removed nor altered.

• Link to websites

  W&L Asset Management AG assumes no liability whatsoever for the content of the websites or URLs of other operators linked to valuefonds.

• Data protection

  You can find our privacy policy under Data protection

Sustainability policy

• Statement on sustainability (ESG)

  In accordance with the European Union’s understanding of sustainability, sustainability should not only be limited to ecological aspects, but should rather take into account the entire ESG spectrum (Environment, Social and Governance). W&L Asset Management AG is subject to disclosure obligations in this regard under the Sustainable Finance Disclosure Regulation (Disclosure Regulation), Articles 5 to 8 of the Taxonomy Regulation and Delegated Regulation (EU) 2022/1288. In fulfillment of these disclosure obligations, we announce the following:

  W&L Asset Management AG is aware of its responsibility to ensure a future worth living for the next generations.

  W&L Asset Management AG is currently not implementing the strategies provided for in the EU regulations for the inclusion of sustainability risks in the investment decision-making process and consequently does not take into account the adverse effects on sustainability factors.

  No consideration of adverse impacts of investment decisions on sustainability factors

  W&L Asset Management is currently not taking sustainability aspects into account, as its strategy does not provide for any restrictions on the product range with regard to sustainability criteria. For this reason, the handling of sustainability (ESG) is not taken into account at the product or service level and at the company level.

  Our remuneration systems are conducive to appropriate management of sustainability risks. It is designed so that there are no incentives to take excessive risks. Within our remuneration system, the client’s interests are always taken into account. Thus, there are no incentives to acquire specific financial instruments. Nor are there any incentives for frequent buying and selling of financial instruments. Overall, the remuneration system is designed to avoid conflicts of interest. The aforementioned also applies to sustainability risks. The remuneration system is set up neutrally, meaning no incentives are created to take on specific sustainability risks or to avoid them.

  We are monitoring further developments in handling sustainability and will develop a sustainability strategy at the appropriate time.

  Updated on January 17, 2025

Participation policy and disclosure policy

• Engagement Policy

  (Mitwirkungspolitik.pdf)

  W&L Asset Management AG (hereinafter referred to as “Company”) falls under the term “asset manager” according to Art. 367a No. 3 of the Liechtenstein Law on Persons and Companies (PGR) and must therefore describe its participation policy within the meaning of Art. 367h PGR.

  The Company does not exercise shareholder rights within the meaning of Art. 367h para. 1 no. 1 and 4 PGR, which are based on engagement in the companies in which the Company has invested within the scope of asset management mandates. In particular, no rights related to the general meetings of public limited companies are exercised. The right to a share in profits and subscription rights are exercised in consultation with clients.

  The monitoring of important company matters within the meaning of Art. 367h para. 1 no. 2 PGR is carried out by taking note of the legally mandated reporting of the companies in financial reports and ad-hoc announcements.

  An exchange of views with the company bodies and stakeholders of the companies within the meaning of Art. 367h para. 1 no. 3 PGR does not take place.

  Collaboration with other shareholders or other relevant stakeholders of the company within the meaning of Art. 367h para. 1 no. 5 and 6 PGR does not take place.

  In the event of conflicts of interest within the meaning of Art. 367h para. 1 no. 7 PGR, disclosure to the affected parties takes place in accordance with legal provisions and clarification of further action with them.

  An annual publication on the implementation of the engagement policy within the meaning of Art. 367h para. 2 PGR does not take place, because no corresponding exercise of rights occurs.

  A publication of voting behavior within the meaning of Art. 367h para. 2 PGR does not take place, because participation in votes does not occur.

  As of: December 31, 2024

  Updated V.1.3 on January 9, 2025

• Disclosure according to Art. 367k PGR

  (Offenlegung.pdf)

  Asset Manager: W&L Asset Management AG
  Institutional Investor: To all institutional investors in accordance with Art. 367a No. 2 PGR
  Financial year: 2024

  According to Art. 367k para. 1 PGR, asset managers must annually disclose to institutional investors1 with whom they have concluded an agreement according to Art. 367i para. 2 PGR2, how their investment strategy and its implementation align with this agreement and contribute to the medium and long-term value development of the institutional investor’s assets.

  This includes reporting on:
  1. the material principal medium to long-term risks associated with the investments;
  2. the portfolio composition, portfolio turnover, and portfolio turnover costs;
  3. the use of proxy advisors for engagement activities; and
  4. their policy on securities lending and how it is applied, if applicable, to realize their engagement activities, especially at the time of the general meeting of the companies in which they have invested.

  The aforementioned disclosure also includes information, according to Art. 367k para. 2 PGR, on whether and, if so, how asset managers make investment decisions based on an assessment of the medium to long-term performance, including non-financial performance, of the company in which they have invested, and whether and, if so, what conflicts of interest arose in connection with the engagement activities and how these were dealt with.

  1 An “institutional investor” is, according to Art. 367a No. 2 PGR: a) an undertaking carrying on the business of life assurance within the meaning of Art. 2(3) and reinsurance within the meaning of Art. 13(7) of Directive 2009/138/EC5, insofar as those activities relate to life assurance obligations, and which is not excluded under that Directive; b) an institution for occupational retirement provision within the meaning of Art. 2 of Directive (EU) 2016/23416.
  2 If an asset manager invests on behalf of an institutional investor, whether with a discretionary margin under an individual client mandate or under a collective investment scheme, […].

  Medium to long-term material main risks associated with the investments:
  The value of an investment can change both upwards and downwards. The future performance of investments cannot be derived from past price performance. As medium to long-term material main risks, investments are associated with market risks, price/currency/interest rate risks or liquidity risks. For example, financial losses can arise due to changes in market prices; investments in foreign currencies are subject to currency fluctuations. Investments with high volatility can be subject to strong price fluctuations. These price fluctuations can amount to or even exceed the amount invested. The preservation of the invested capital cannot be guaranteed. Further information on risks can be obtained from W&L Asset Management AG. In addition, these can be found in the brochure of the Liechtenstein Bankers Association Risks in Securities Trading.

  Portfolio composition, portfolio turnover, and portfolio turnover costs:
  Institutional investors can find details in the corresponding reports according to MiFID II or in the documents provided by the bank.

  Use of proxy advisors for engagement activities:
  No proxy advisors are used.

  Policy on securities lending:
  No securities lending is applied.

  Information on whether and, if so, how asset managers make investment decisions based on an assessment of the medium to long-term performance, including non-financial performance, of the company:

  W&L Asset Management AG makes investment decisions based on a well-founded selection process with prior analyses. This, as well as the ongoing monitoring of markets, is carried out by using external sources. This provides data and information on strategy, financial and non-financial situation, risk content, capitalisation, corporate governance, and social and ecological impacts, which are directly or indirectly incorporated into the selection process.

  Conflicts of interest in connection with any engagement activities:
  W&L Asset Management AG has not carried out any engagement activities (see Engagement Policy).

  As of: December 31, 2024

  Updated V.1.3 on January 9, 2025