LLB Fund Overview/media/Globale-Uploads/LLBQB/LLBQB.pdf · LLB strategy funds can draw on their full potential in this respect, as Markus Wiedemann explains: «About three quar-ters

Quarterly report · 2 / 2020

DEFENSIVE funds bond funds

equity fundsstrategy funds

special funds

Quarterly Report 2 / 2020

LLB Fund Overview


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OverviewEditorialRecognised as number 1Fund portraitRetrocession-free pricing modelOverview of fund rangeRisk / return spectrumInvestment philosophyPrice development of our fundsPerformance of market indices, trading and valuation

Fund factsheetsLLB Defensive (CHF)LLB Defensive (EUR) LLB Defensive (USD)LLB Bonds CHFLLB Bonds EURLLB Bonds USDLLB Bonds Euro Alternative (CHF)LLB Bonds Global Class PLLB Bonds Global Class H CHFLLB Bonds Global Class H EURLLB Bonds Global Class H USDLLB Bonds Inflation Linked Class PLLB Bonds Inflation Linked Class H CHFLLB Bonds Inflation Linked Class H EURLLB Bonds Inflation Linked Class H USDLLB Convertible Bonds Class H CHFLLB Convertible Bonds Class H EURLLB Convertible Bonds Class H USDLLB Bonds Strategy CEEMENA (EUR) Class I (T)LLB Equities Switzerland (CHF)LLB Equities Regio Bodensee (CHF)Bank Linth Regiofonds Zürichsee (CHF)LLB Equities Europe (EUR)LLB Equities North America (USD)LLB Equities Pacific (JPY)LLB Equities Dividend Pearls Global (CHF)LLB Equities Fit for Life (CHF) LLB Equities Real Estate Global (CHF) Class PLLB Equities Switzerland Passive (CHF) Class PLLB Equities Global Passive (USD) Class PLLB Strategy Fixed Income (CHF)

Contents

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LLB Strategy Conservative (CHF)LLB Strategy BPVV (CHF) LLB Strategy Yield (CHF)LLB Strategy Balanced (CHF)LLB Strategy Fixed Income (EUR)LLB Strategy Conservative (EUR)LLB Strategy Yield (EUR)LLB Strategy Balanced (EUR)LLB Strategy Yield (USD)LLB Strategy Balanced (USD)LLB Alternative Strategy Global Class H CHFLLB Alternative Strategy Global Class H EURLLB Alternative Strategy Global Class H USDLLB Inflation Protect (CHF)

General LLB fund glossary Legal information


2–3

Editorial

Dear Readers

In the second quarter, the economic impact of the coronavirus crisis gradu-ally became tangible in terms of numbers, but the response of the markets was astonishingly robust. The LLB investment strategies, measured in terms of our strategy funds, showed clearly positive performance data in line with their risk: LLB Strategy Balanced (CHF): 7.4 %, LLB Strategy Yield (CHF): 5.6 %, und LLB Strategy Fixed Income (CHF): 4.1 %. In Euro, the performance was about the same. The strategies in USD even generated better returns (see pp. 9 and 43 et seq.). Some of the losses in the first quarter were thus compensated surprisingly quickly. The strong performance of equity markets is especially striking: the US at 21.6 %, Europe at 12.6 %, Switzerland at 9.9 %, and Emerging Markets at 18.1 %. There were no major shifts among currencies. While the Euro gained weakly (0.5 %), the US Dollar, British Pound, and Japanese Yen all lost about 2 % against the Swiss Franc.

Following the strong recovery in the second quarter, the Investment Com-mittee of LLB Asset Management slightly reduced equity exposure in May. We remain underweight in investment grade bonds. Due to their specific characteristics, we further increased our overweight in inflation-linked bonds at the beginning of July, after they had already generated very good returns in the second quarter at 5.7 %. We see further potential here in the medium term.

Our monthly publication «Capital & Markets» contains detailed reports on the various asset classes and regional markets. Of course, our advisors are at your disposal if you have any questions or comments.

Yours faithfully

Dr. Thomas MächtelHead of Business ManagementLLB Asset Management AG


LLB Asset Management AG, Vaduz

Recognised as number 1 in Europe and Germany

The LLB Group has received the Refinitiv Lipper Group Award for the best fund range in Europe, winning in the top discipline «across all major asset classes». In 2019 it has won a total of twelve Refinitiv Lipper Awards in Switzerland, Austria, Germany, and at the European level. This means that several times already, the LLB Group's Asset Management has been awarded the highest possible recognition in the fund industry across multiple countries. The Refinitiv Lipper Awards honour consistently strong risk-adjusted performance by the best of the best.

«We are delighted to have won a gold medal as the 2019 European Champion in the top discipline of Overall Small Company,» says Markus Wiedemann, Chief Investment Officer of the LLB Group. «In this way, the LLB Group has shown once again that it creates sustainable added value for its clients through systematic investment processes.» Be- tween 2012 and 2019, the LLB Group has won a phenomenal total of 44 awards for its investment expertise. The awards of the renowned Refinitiv Lipper agency, which can look back on over thirty years of tradition in more than twenty coun-tries, are particularly significant.

Various agencies present awards according to slightly different risk-return criteria and time periods. We have already met these criteria in recent years as well, winning numerous awards in a wide range of countries and asset classes for LLB fund portfolios. Our strategy, equity, and bond funds regu-larly achieve top positions, underscoring the LLB Group's skills as an asset management and investment bank. Sys- tematic, value-based investment approaches – together with good teamwork – are decisive for these results.

The LLB strategy funds have been the LLB Group's flagship funds, receiving the most awards so far. Various factors have been crucial for their strong achievements, but above all good asset allocation and high-quality fund components. LLB strategy funds can draw on their full potential in this respect, as Markus Wiedemann explains: «About three quar-ters of the assets are invested in LLB funds according to the fund-of-funds principle. For the remaining quarter, the LLB third-party fund team uses a proprietary, highly effective fund selection process. Strategy funds permit a relatively easy, transparent comparison between different providers. It is our goal to further add to the list of our successes. We are therefore constantly working on improving our products and investment processes.»

Further information: http://www.llb.li/awards


4–5

ASM / Bloomberg

Speciality REITs Residential REITs

0

50

100

150

200

250

Jan 07 Jan 09 Jan 11 Jan 13 Jan 15 Jan 17 Jan 19

Retail REITs Office REITs

ASM / Bloomberg / own calculation

Absolute risk-adj. performance Relative risk-adj. performance

–0.05

0.00

0.05

0.10

0.15

0.20

Upswing Boom Recession Depression

Real estate equities and the business cycleIndex development of individual real estate sectors

«We've reopened!

For a few weeks now, we've seen signs like these at many shops, restaurants, and hotels. They refer not only to the end of the coronavirus lockdown, but they also want to convey the hope that business models can pick up where they left off before the coronavirus.

The coronavirus crisis has moved real estate equities and individual real estate sectors in very different ways, as inves-tors can see from the performance of the respective stocks. Diversification of tenants, sectors, and regions therefore continues to be crucial.

We believe the coronavirus crisis has not so much created new trends, but rather it has directed our focus to the lon-ger-term, divergent market developments. With the LLB Equities Real Estate Global fund, we have positioned our- selves clearly in the following three areas.

Allocation of real estate sectors in the fundAt the major Nareit conference in the United States, which is attended by US real estate investment trusts and inves-tors, the REITs were asked about the greatest structural challenges of the COVID-19 pandemic. The top 5 responses were: working from home, technological challenges, property modernisation, tenant mix, and «no significant changes».

Investors can see our approach to the responses best by looking at the fund allocation. Working from home espe-cially concerns the office segment. Optimisation of office space has been an issue for a long time now for cost reasons. Our positioning is relatively low. Real estate equities can benefit greatly from the technological challenges. Popular buzzwords include data centres and towers. We have a large weight of more than 30 % in this segment («technology REITs»). Investments in stocks such as American Tower, Crown Castle, and Equinix speak for themselves. Moderni-sation and tenant mix address not only quality but also the earning power of the properties and the general question of diversification. When selecting stocks, operational parame-ters such as profitability, free funds from operations, and investments are very important to us. The fact that we

already focused on these points in the fund before the coro-navirus crisis links us to the fifth argument in the survey. In the chart, the price trend of the individual sectors illustrates that technology REITs and residential REITs have performed much better for many years than office and retail REITs, for example.

Interest rate development and operational strengthThe expansionary monetary policy worldwide continues to be a positive argument in favour of real estate equities. This applies equally to the financing and valuation side of the companies as well as to the competition with interest-bear- ing investments for investor money. The dividend yield of the stocks is attractive and quite stable. After all, the real estate investment trust structure necessitates a minimum distri-bution of profits in order to maintain its tax advantage. But real estate equities also have a lot to offer compared with the equity markets. The positive dividend yield difference of real estate equities compared with global equities under- lines their advantages: Their dividend yield is more than 1.6 % higher than that of global equity investments. Histor- ically, we have observed that real estate equities have regu-larly outperformed global equities where the difference is greater than 1.5 %.

Real estate equities and the business cycleFinally, let us look at the behaviour of real estate equities over the course of the business cycle. Historical analyses for US REITs indicate that they have shown their best side in phases of economic upswing, both in absolute and relative risk-adjusted terms. Strongly expansionary monetary poli-cies worldwide, together with large governmental fiscal packages, should lead the global economy out of recession, followed by an economic upswing. This appears to lay the foundation for profitable real estate equities.

«We've reopened!» The LLB Equities Real Estate Global fund is open for subscription daily, and there are many good rea-sons to subscribe.


(TER)

–2 % 0 % 2 % 4 % 6 % 8 % 10 % 12 % 14 % 16 % 18 % 20 %Net return

Performance Fee TER

0.00 %

0.25 %

0.50 %

0.75 %

1.00 %

1.25 %

1.50 %

More transparency thanks to retrocession-free pricing model

Interest-based fee for selected bond and money market fundsWe also implement a fair and innovative variable fee has been developed for LLB bond funds in Swiss Franc, Euro, and US-Dollar as well as our money market funds. The cost bur-den is based on the current interest rate environment. When the interest rate level is low, investors can profit from es-pecially favourable conditions – compare the information on the total expense ratio for the individual funds.

This pricing leads to very attractive conditions compared to competitors: For instance, the fee burden of LLB Defen-sive (CHF) is only 0.10 %. LLB Bonds CHF is at 0.35 % and LLB Equities Europe (EUR) is at 0.80 % (total expense ratio, TER).

LLB implements for several years a pioneering pricing model that does without commission fees for own funds and third-party funds – in both asset manage-ment and fee-based investment advisory «LLB Invest». We introduced for selected strategy products and bond funds a performance- or interest based fee model.

By waiving or crediting commission fees for clients, cost transparency is created and potential conflicts of interest are avoided. This also makes LLB funds significantly cheaper.

«Active» funds at «passive» pricesClients benefit from attractive, performance-based condi-tions for LLB funds, which regularly receive awards from independent third parties for their above-average perfor-mance. For own funds, the LLB is eliminating commission fees entirely, making the funds significantly cheaper. This means clients receive professionally, actively managed and risk-controlled funds at prices that are comparable with those of passive ETFs. The low fees also have a positive impact on the longer-term performance of the funds.

Performance fees for selected LLB strategy fundsAlongside the existing performance fee in asset manage-ment, the LLB is one of the first banks in Europe to employ a performance fee for selected LLB strategy funds. In addition to a fixed basic fee of 0.25 % p.a., a share of one tenth of positive net performance up to a maximum of 1.25 % is charged (see figure). Investors pay this variable fee share only if the fund assets develop positively after all costs are deducted.

Current performance fee pricing for LLB strategy funds

Fixed rate of 0.25 % p.a. plus 10 % of positive net performance up to a maximum of 1.25 %.

Annual Fixed TER Variable TER Totalperformance * component component

–5.00 % 0.25 % 0.00 % 0.25 %

+5.00 % 0.25 % 0.50 % 0.75 %

+15.00 % 0.25 % 1.00 % 1.25 %

* The business year of our investment funds ends on 30 Septem- ber (TER = total expense ratio)

Examples for the strategy funds:LLB Strategy Conservative, Yield, and Balanced


6–7

Overview of fund rangePortfolio modules and special funds

We offer our clients an attractive range of products. The overall fund volume amounts per 31.12.2019 CHF 4.6 billion (excluding double counts in fund-of-funds). Our funds' per-formance has already been distinguished many times by prestigious fund rating agencies in various categories (e. g. Bond Global, Equities Small and Mid Caps Switzerland). LLB funds are managed by LLB Asset Management AG, the asset manager of the LLB Group.

Portfolio modulesWe recommend our equity and bond funds as building blocks for various portfolios. The extensive range of funds enables our clients' many different requirements to be optimally covered. Our clients benefit from our outstanding, broadly diversified funds.

Special funds for your portfolioIn addition to portfolio modules, we offer satellites consis-ting of equity- and special funds. These products enable spe-cial client wishes to be fulfilled. Each of these funds represents an independent investment solution that is suit-able for adding variety to many portfolios.

Good performance and low costsIn comparison with competitors, our range of funds is dis-tinguished by good performance and unusually low costs. This fact is confirmed by the periodic external comparisons carried out by independent fund rating agencies.

Portfolio modules

Ref. currency CHF Ref. currency EUR Ref. currency USD / other

Defensive funds LLB Defensive (CHF) LLB Defensive (EUR) LLB Defensive (USD)

Bond funds LLB Bonds CHF LLB Bonds EUR LLB Bonds USD

LLB Bonds Euro Alternative (CHF) LLB Bonds Global Class P LLB Bonds Infl. Linked Class P

LLB Bonds Global Class H CHF LLB Bonds Global Class H EUR LLB Bonds Global Class H USD

LLB Bonds Infl. Linked Class H CHF LLB Bonds Infl. Linked Class H EUR LLB Bonds Infl. Linked Class H USD

LLB Convertible Bonds Class H CHF LLB Convertible Bonds Class H EUR LLB Convertible Bonds Class H USD

LLB Bonds Strategy CEEMENA (EUR) Cl. I (T)

Equity funds LLB Equities Switzerland (CHF) LLB Equities Europe (EUR) LLB Eq. North America (USD)

LLB Equities Dividend Pearls LLB Equities Pacific (JPY) Global (CHF)

LLB Eq. Real Estate Global (CHF) Cl. P

Passive LLB Equities Switzerland LLB Equities Global Passive (CHF) Cl. P Passive (USD) Cl. P

Strategy funds LLB Strategy Fixed Income (CHF) LLB Strategy Fixed Income (EUR)

LLB Strategy Conservative (CHF) LLB Strategy Conservative (EUR)

LLB Strategy BPVV (CHF)

LLB Strategy Yield (CHF) LLB Strategy Yield (EUR) LLB Strategy Yield (USD)

LLB Strategy Balanced (CHF) LLB Strategy Balanced (EUR) LLB Strategy Balanced (USD)

Satellites

Ref. currency CHF Ref. currency EUR Ref. currency USD / other

Equity funds LLB Equities Regio Bodensee (CHF)

Bank Linth Regiofonds Zürichsee (CHF)

LLB Equities Fit for Life (CHF)

Special funds LLB Alternative Strategy LLB Alternative Strategy LLB Alternative Strategy Global Class H CHF Global Class H EUR Global Class H USD

LLB Inflation Protect (CHF)

Cl. P = Unit class for private clientsCl. H = In the H classes foreign currency risks from the perspective of the relevant reference currency are hedged at least 80 %.


Risk / return spectrumof LLB funds

The risk and return parameters of the individual funds differ according to the various asset classes.

Generally, the higher the expected returns on the financial markets, the higher the risks. To clearly illustrate this inter-relationship, we have shown the minimum investment hori-zon of our funds in the following table. This table is to be

interpreted in such a manner that in the most unfavourable case if the stated time period is not observed, losses in the value of assets are possible. In order to attain the expected long-term, average returns with the asset classes, the assets have to remain invested for a correspondingly longer period.

LLB funds Minimum investment horizon

Defensive funds

LLB Defensive (CHF) / (EUR) / (USD) 6 months

Bond funds

LLB Bonds CHF / EUR / USD 2 years

LLB Bonds Euro Alternative (CHF)

LLB Bonds Global Class P / H CHF / H EUR / H USD

LLB Bonds Inflation Linked Class P / H CHF / H EUR / H USD

LLB Convertible Bonds Class H CHF / H EUR / H USD 6 years

LLB Bonds Strategy CEEMENA (EUR) Class I (T)

Equity funds

LLB Equities Switzerland (CHF) 10 years

LLB Equities Regio Bodensee (CHF)

Bank Linth Regiofonds Zürichsee (CHF)

LLB Equities Europe (EUR)

LLB Equities North America (USD)

LLB Equities Pacific (JPY)

LLB Equities Dividend Pearls Global (CHF)

LLB Equities Fit for Life (CHF)

LLB Equities Real Estate Global (CHF) Class P

LLB Equities Switzerland Passive (CHF) Class P

LLB Equities Global Passive (USD) Class P

Strategy funds

LLB Strategy Fixed Income (CHF) / (EUR) 3 years

LLB Strategy Conservative (CHF) / (EUR)

LLB Strategy BPVV (CHF)

LLB Strategy Yield (CHF) / (EUR) / (USD) 4 years

LLB Strategy Balanced (CHF) / (EUR) / (USD) 6 years

Special funds

LLB Inflation Protect (CHF) 4 years

LLB Alternative Strategy Global Class H CHF / H EUR / H USD 5 years


8–9

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Investment philosophyMulti-factor investing

YTD performance per 30.06.2020 of LLB funds in % (fund currency)

The LLB funds are managed by LLB Asset Management AG. This company has extensive experience and an excellent track record in the management of complex portfolios. LLB Asset Management specializes in strategic asset structuring, security selection and portfolio construction in the key equity and bond markets. We understand this to mean the following:

Strategic asset structuring – the key to successfulinvestingIn our strategic asset allocation we formulate a made-to-measure portfolio which takes into consideration the client's requirements, particularly expected returns, risk tolerance, liquidity requirements and the investment horizon. Our aim here is to maximize returns in the long term without exceed-ing the client's risk tolerance.

We broadly diversify our funds according to asset classes and individual securities. This enables risks with specific securi-ties to be reduced and generates additional earnings poten-tial. We actively manage foreign currency exposures and implement over or under-weightings on the basis of thor- ough analyses. Secondary and parallel markets are covered in cooperation with professional external specialists.

Security selection – systematic analysis leads to anefficient portfolioThe security selection combines quantitative analysis based on the LLB multi-factor model and fundamental research by analysts and fund managers - «Quantamental» à la LLB. Quantitative methods allow efficient and systematic screen- ing of large investment universes according to a diversified selection of scientifically recognized factors. To narrow down the most attractive securities we supplement quanti-tative methods with careful fundamental analysis and human judgment. Our goal is to achieve an optimal security selection to ensure above-average investment success in the medium to long term.

Portfolio construction – minimizing risk for anefficient portfolioWhen constructing a portfolio, particular attention is paid to attaining an optimal relationship between risk and return. We carefully weigh potential returns against associated risks using a sophisticated optimization procedure. The goal of our risk management is to combine quantitative and funda-mentally attractive securities in a portfolio that promises investment success. The LLB multi-factor model optimally combines the alpha properties of the various factors.


Price development of LLB funds per 30.06.2020

CHF Last Last Since millions Price 2020 2019 3 years 5 years inception

Defensive funds

LLB Defensive (CHF) 64.3 100.03 –0.38 % –0.45 % –1.36 % –1.11 % 0.03 %

LLB Defensive (EUR) 75.0 113.11 –0.72 % 0.70 % –0.95 % –0.68 % 13.11 %

LLB Defensive (USD) 73.4 126.43 0.66 % 2.84 % 5.60 % 7.11 % 26.43 %

Bond funds

LLB Bonds CHF Cl. T 714.5 1 151.90 –1.46 % 1.78 % –0.30 % 0.93 % 51.90 %

LLB Bonds EUR Cl. T 203.4 1 114.74 –0.53 % 4.33 % 4.28 % 8.66 % 124.41 %

LLB Bonds USD 75.6 270.99 5.40 % 8.34 % 14.74 % 21.97 % 170.99 %

LLB Bonds Euro Alternative (CHF) 19.1 111.30 0.82 % 2.03 % 4.46 % 10.80 % 40.48 %

LLB Bonds Global Class P 501.2 1 91.27 1.82 % 6.65 % 8.47 % 12.07 % 61.43 %

LLB Bonds Global Class H CHF 501.2 1 104.25 1.36 % 3.31 % 2.91 % – 4.25 %

LLB Bonds Global Class H EUR 501.2 1 105.40 1.64 % 3.90 % 3.79 % – 5.40 %

LLB Bonds Global Class H USD 501.2 1 115.18 2.70 % 6.42 % 10.73 % – 15.18 %

LLB Bonds Inflation Linked Class P 332.3 1 139.66 2.68 % 6.08 % 8.95 % 10.09 % 39.66 %

LLB Bonds Inflation Linked Class H CHF 332.3 1 106.70 3.79 % 3.01 % 4.81 % – 6.70 %

LLB Bonds Inflation Linked Class H EUR 332.3 1 108.11 4.07 % 3.71 % 5.98 % – 8.11 %

LLB Bonds Inflation Linked Class H USD 332.3 1 121.39 5.64 % 6.46 % 14.59 % – 21.39 %

LLB Convertible Bonds Class H CHF 256.7 1 100.25 –7.77 % 6.67 % –5.87 % – 0.25 %

LLB Convertible Bonds Class H EUR 256.7 1 119.67 –7.25 % 7.74 % –4.36 % 2.87 % 19.67 %

LLB Convertible Bonds Class H USD 256.7 1 113.92 –6.01 % 10.30 % 3.02 % – 13.92 %

LLB Bonds Strategy CEEMENA (EUR) Cl. I (T) 224.9 1 145.16 –3.09 % 13.23 % 8.01 % 22.77 % 58.33 %

Equity funds

LLB Equities Switzerland (CHF) 150.1 273.93 –4.35 % 25.90 % 10.54 % 19.80 % 175.31 %

LLB Equities Regio Bodensee (CHF) 67.8 383.47 –13.55 % 21.05 % –11.23 % 28.61 % 285.06 %

Bank Linth Regiofonds Zürichsee (CHF) 65.3 288.05 –10.53 % 26.39 % –6.37 % 30.45 % 188.88 %

LLB Equities Europe (EUR) 128.3 114.05 –15.55 % 23.65 % –6.65 % –2.91 % 123.06 %

LLB Equities North America (USD) 151.4 342.72 –9.86 % 26.66 % 13.02 % 28.64 % 242.72 %

LLB Equities Pacific (JPY) 55.5 11'463.00 –8.24 % 7.37 % –10.96 % –10.99 % 14.63 %

LLB Equities Dividend Pearls Global (CHF) Cl. T 101.1 1 155.90 –13.51 % 17.08 % 7.48 % 25.47 % 55.90 %

LLB Equities Fit for Life (CHF) 25.4 176.95 –13.49 % 15.40 % 3.12 % 19.93 % 76.95 %

LLB Equities Real Estate Global (CHF) Cl. P 113.1 1 74.40 –19.22 % 17.77 % –7.75 % 3.33 % –25.60 %

LLB Equities Switzerland Passive (CHF) Cl. P 455.4 112.54 –3.23 % 30.35 % – – 13.37 %

LLB Equities Global Passive (USD) Cl. P 344.8 104.50 –5.81 % 27.63 % – – 4.50 %


10–

11

Price development of LLB funds per 30.06.2020

CHF Last Last Since millions Price 2020 2019 3 years 5 years inception

Strategy funds

LLB Strategy Fixed Income (CHF) 28.7 112.20 –2.01 % 3.06 % –0.71 % 2.94 % 12.20 %

LLB Strategy Conservative (CHF) 53.1 102.30 –2.25 % 3.82 % –0.15 % 3.86 % 2.30 %

LLB Strategy BPVV (CHF) 28.8 125.40 –2.94 % 5.95 % 0.32 % 3.94 % 38.95 %

LLB Strategy Yield (CHF) 200.9 130.55 –3.33 % 6.51 % –0.08 % 3.65 % 30.55 %

LLB Strategy Balanced (CHF) 122.1 119.35 –5.61 % 10.24 % –0.58 % 3.42 % 19.35 %

LLB Strategy Fixed Income (EUR) 10.0 124.88 –1.61 % 4.67 % 0.69 % 3.39 % 24.88 %

LLB Strategy Conservative (EUR) 8.5 102.78 –1.25 % 5.80 % 1.67 % 4.56 % 2.78 %

LLB Strategy Yield (EUR) 51.8 163.84 –3.58 % 8.21 % 0.65 % 3.32 % 63.84 %

LLB Strategy Balanced (EUR) 47.4 147.65 –6.14 % 11.69 % –0.36 % 3.57 % 47.65 %

LLB Strategy Yield (USD) 4.8 108.86 –1.43 % 9.37 % 6.00 % 11.07 % 8.86 %

LLB Strategy Balanced (USD) 4.2 109.59 –3.80 % 12.67 % 5.07 % 10.52 % 9.59 %

Special funds

LLB Alternative Strategie Global Klasse H CHF 95.7 1 84.05 –6.46 % 3.93 % –11.57 % –14.76 % –15.95 %

LLB Alternative Strategie Global Klasse H EUR 95.7 1 86.26 –6.38 % 4.42 % –10.42 % –12.71 % –13.74 %

LLB Alternative Strategie Global Klasse H USD 95.7 1 96.79 –4.55 % 7.20 % –3.36 % – –3.21 %

LLB Inflation Protect (CHF) 8.9 99.20 –2.65 % 4.67 % –1.20 % –1.24 % –0.80 %

1 Total assets of all share classes


Performance of indices, trading and valuationOverview

TradingOrders can be placed with your client adviser from 8.30 a. m. to 3.30 p. m.; they must be received by the Trading Depart-ment by 4.00 p. m. at the latest. Orders received after this deadline will be processed on the next following workday. Subscriptions and redemptions of LLB fund units may also be made through other banks. Simply inform your client adviser at the other bank of the security number and name of the corresponding LLB fund.

Valuation / value dateFunds are valued in accordance with forward pricing guide-lines. This means that you receive the closing price on the day you place an order. The value date is the trading day plus three days.

ExceptionLLB Equities Pacific (JPY): Because the Japanese market closes at 8.00 a. m., you will receive the closing price of the next trading day. The value date is the trading day plus three days.

Equity indices (total return) per 30.06.2020

2020 2019 Last 3 years Last 5 years

SPI (CHF) –3.13 % 30.59 % 22.78 % 39.44 %

SPI Small and Mid Cap (CHF) –7.72 % 29.96 % 9.83 % 55.53 %

MSCI Europe (EUR) –12.48 % 26.87 % 3.36 % 9.86 %

MSCI USA (USD) –2.17 % 31.64 % 36.89 % 66.70 %

MSCI Pacific (JPY) –9.52 % 18.48 % 3.71 % 4.83 %

MSCI World (CHF) –7.51 % 26.13 % 22.20 % 45.57 %

Bond indices (total return) per 30.06.2020


SBI Foreign AAA-BBB (Swiss Bond Index CHF) –1.15 % 2.13 % 0.92 % 2.30 %

JP Morgan EMU Government Bonds (EUR) 2.01 % 6.94 % 11.57 % 17.63 %

JP Morgan United States Government Bonds (USD) 9.21 % 7.14 % 18.55 % 23.45 %

JP Morgan Global Government Bonds (EUR) 4.54 % 7.96 % 14.84 % 19.59 %

Convertible bond indices (total return) per 30.06.2020


Refinitiv Convertible Bonds Global Vanilla (EUR) 6.73 % 17.13 % 26.48 % 34.22 %

Refinitiv Convertible Bonds Global Investment Grade Hedged (EUR) –1.23 % 8.15 % 5.24 % 14.58 %


1 Median of comparison group of retail funds provided by Morningstar (Europe/Africa/Asia OE CHF Money Market).

DEFENSIVE funds

12–

13

Mirko MattaschCo-Manager since 16.03.2009

Stefan RöschFund Manager since 01.02.2019

2015 2016 2017 2018 2019 202097

98

99

100

101

102

AA 34 %AAA 3 %

BBB 16 %

A 47 %

NAV performance over 5 years

Ratings

The value development shown here provides no guarantee of future performance. The value of a unit may rise or fall at any time. The performance data shown do not take into consideration the commissions and costs charged in connection with the issuing and redemption of units.

Investment policyThe fund invests in short-dated fixed-interest investments and employs corresponding derivatives in order to attain a money mar-ket-type portfolio. With respect to returns, it is oriented towards six-monthly money market yields. The fund's assets are only inves-ted in investment grade, fixed- and variable-interest securities. In addition to short-dated bonds, the fund can also employ notes as well as interest rate and currency swaps. It is aimed at investors having an investment horizon of at least six months. The fund offers an attractive alternative to traditional time deposits and call money in the individual reference currency. The fund is suitable for investors who seek somewhat higher returns than are available in the money market.

LLB Defensive (CHF)per 30.06.2020

Key benefits ◆ Active management at very attractive fees◆ The politic of negative interest rates leads to negative returns on

accounts, time deposits and call money◆ LLB Defensive (CHF) represents an interesting alternative for defen-

sive investors with an investment horizon from 6 months on

Fund informationNet asset value per unit CHF 100.03Fund assets CHF 64.4 millionReference currency CHFTraded DailySecurity number 3257583ISIN LI0032575834WKN A0RLU0Bloomberg LLBGELD LE

Inception date 16 March 2009Legal form of fund SICAV (UCITS V)Fund domicile LiechtensteinManagement company LLB Fund Services AGCustodian Liechtensteinische Landesbank AG

Investment manager LLB Asset Management AGRepresentative in Switzerland LLB Swiss Investment AG Claridenstrasse 20, 8002 Zurich Paying agent in Switzerland Bank Linth LLB AG Zürcherstrasse 3, 8730 UznachEnd of financial year 30 September Dividend distributions None, reinvestedLicensed for distribution in LI, CH, DE, ATTax transparency in LI, CH, DE, ATGerman Investment Tax Act Investment Fund withoutInvStG (2018) Classification partial exemptionAuditors PricewaterhouseCoopers AG

Total Expense Ratio 0.10 % p. a. (per 30.09.2019)TER calculation 0.10 % + 10 % of 3-mo LIBOR

Performance and risk Fund Peer group 1

2020 –0.4 % –0.4 %Previous year –0.5 % –0.8 %Last 3 years –1.4 % –2.4 %Last 5 years –1.1 % –4.0 %Volatility last 5 years 0.8 % 0.2 %

Current average yield to maturity 0.32 % p. a.Current duration 11.25 monthsInterest rate spread, duration-adjusted 1.09 %

Maturities0 – 1 month 5 %1 – 3 month 9 %3 – 6 month 13 %6 – 12 month 27 %> 12 month 46 %


DEFENSIVE funds

Peter GollerCo-Manager since 01.02.2019

Roger WohlwendFund Manager since 01.01.2017

2015 2016 2017 2018 2019 2020110

112

114

116

AA 19 %AAA 8 %

BBB 20 % A 53 %


Ratings



LLB Defensive (EUR) per 30.06.2020

Key benefits ◆ Active management at very attractive fees◆ Attractive alternative to negative yielding EUR account

Fund informationNet asset value per unit EUR 113.11Fund assets EUR 70.4 millionReference currency EURTraded DailySecurity number 2153524ISIN LI0021535245WKN AOERMNBloomberg LLBDIEU LE

Inception date 20 June 2005Legal form of fund SICAV (UCITS V)Fund domicile LiechtensteinManagement company LLB Fund Services AGCustodian Liechtensteinische Landesbank AG


Total expense ratio 0.13 % p. a. (per 30.09.2019)TER calculation 0.125 % + 10 % of 3-mo LIBOR

Performance and risk Fund 2020 –0.7 % Previous year 0.7 % Last 3 years –1.0 % Last 5 years –0.7 % Volatility last 5 years 1.3 %

Current average yield to maturity 0.35 % p. a.Current Duration 11.20 months


DEFENSIVE funds

14–

15



2015 2016 2017 2018 2019 2020116

118

120

122

124

126

128

AA 38 %AAA 7 %

BBB 6 % A 49 %


Ratings



LLB Defensive (USD)per 30.06.2020

Key benefits ◆ Active management with very attractive conditions◆ Close monitoring of the US Federal Reserve's monetary policy◆ Broad diversification by regions, lines of business, and borrowers◆ Yield on LLB Defensive (USD) more attractive than interest on USD

fixed-term deposits◆ Alternative to traditional fixed-term and call deposits

Fund informationNet asset value per unit USD 126.43Fund assets USD 77.2 millionReference currency USDTraded DailySecurity number 2153526ISIN LI0021535260WKN AOERMPBloomberg LLBDIUS LE

Inception date 20 June 2005Legal form of fund SICAV (UCITS V)Fund domicile LiechtensteinManagement company LLB Fund Services AGCustodian Liechtensteinische Landesbank AG

Investment manager LLB Asset Management AGRepresentative in Switzerland LLB Swiss Investment AG Claridenstrasse 20, 8002 Zurich Paying agent in Switzerland Bank Linth LLB AG Zürcherstrasse 3, 8730 UznachEnd of financial year 30 September Dividend distributions None, reinvestedLicensed for distribution in LI, CHTax transparency in LI, CH, DE, ATGerman Investment Tax Act Investment Fund withoutInvStG (2018) Classification partial exemptionAuditors PricewaterhouseCoopers AG

Total expense ratio 0.38 % p. a. (per 30.09.2019)TER calculation 0.125 % + 10 % of 3-mo LIBOR

Performance and risk Fund 2020 0.7 % Previous year 2.8 % Last 3 years 5.6 % Last 5 years 7.1 % Volatility last 5 years 1.4 %

Current average yield to maturity 1.07 % p. a.Current Duration 5.42 monthsInterest rate spread, duration-adjusted 0.89 %


1 The fund ratings refer to the preceding month. 2 Median of comparison group of retail funds provided by Morningstar (Europe/Africa/Asia OE CHF Bond).

bond funds



2015 2016 2017 2018 2019 2020142

144

146

148

150

152

154

156

158

AA 38 %AAA 11 %

A 33 %BBB 18 %


Ratings

Investment policyThe fund invests in fixed-interest investments (bonds, money mar-ket instruments and credit balances) that are denominated in Swiss Francs. The fund's management pays particular attention to cover-ing the entire market from government bonds to attractive corpo-rate issuers, regions and sectors. The fund's assets are only invested in investment grade fixed- and variable-interest securities. Interest earnings are continuously reinvested in class T (accumulating) and distributed in class A. The fund is suitable for investors pursuing a yield-orientated but safety-conscious strategy who wish to achieve the highest possible interest earnings in addition to capital preser-vation.

The value development shown here provides no guarantee of future performance. The value of a unit may rise or fall at any time. The performance data shown do not take into consideration the commissions and costs charged in connection with the issuing and redemption of units. The NAV performance shown is based on the total return prices of class T.

LLB Bonds CHF Cl. T & Aper 30.06.2020

Key benefits ◆ Active management at very attractive fees◆ Cost-efficient alternative for yield-oriented investors◆ In an environment of low interest rates, active management of

bond portfolios becomes essential

Fund informationNet asset value per unit Cl. T / A CHF 151.90 / CHF 131.90Fund assets (all classes) CHF 714.6 millionReference currency CHFTraded DailySecurity number Cl. T / A 1325569 / 3254330ISIN Cl. T / A LI0013255695 / LI0032543303WKN Cl. T / A 964824 / A0RLUXBloomberg Cl. T / A LLBOBCH LE / LLBOBCA LE

Inception date 7 January 1997Legal form of fund SICAV (UCITS V)Fund domicile LiechtensteinManagement company LLB Fund Services AGCustodian Liechtensteinische Landesbank AG

Investment manager LLB Asset Management AGRepresentative in Switzerland LLB Swiss Investment AG Claridenstrasse 20, 8002 Zurich Paying agent in Switzerland Bank Linth LLB AG Zürcherstrasse 3, 8730 UznachEnd of financial year 30 September Class T = Accumul., A = Distribut. Dividend distributions Cl. T / A None / 10.12.2019 CHF 0.77 Licensed for distribution in Cl. T / A: LI, CH, DE, AT Tax transparency in Cl. T / A: LI, CH, DE, ATGerman Investment Tax Act Investment Fund without InvStG (2018) Classification partial exemption Auditors PricewaterhouseCoopers AG

Total expense ratio 0.35 % p. a. (per 30.09.2019)TER calculation 0.35 % + 10 % of 5-y swap CHF


2020 –1.5 % –1.1 %Previous year 1.8 % 2.3 %Last 3 years –0.3 % 0.2 %Last 5 years 0.9 % 1.2 %Volatility last 5 years 3.4 % 3.6 %

Current average yield to maturity 0.30 % p. a.Current duration 4.90 yearsInterest rate spread, duration-adjusted 0.88 %

Maturities0 – 3 years 29 %3 – 5 years 31 %5 – 7 years 17 %7 – 10 years 16 %> 10 years 7 %

Fund rating 1

Lipper preservation score (overall) Leader


1 The fund ratings refer to the preceding month. 2 Median of comparison group of retail funds provided by Morningstar (Europe/Africa/Asia OE EUR Diversified Bond).

bond funds

16–

17

Peter GollerCo-Manager since 01.02.2019

Roger WohlwendFund Manager since 01.01.2017

2015 2016 2017 2018 2019 2020104

106

108

110

112

114

116

118

AA 25 %AAA 13 %

BBB 19 % A 43 %


Ratings

Investment policyThe fund invests in fixed-interest investments (bonds, money mar-ket instruments and credit balances) that are denominated in Euros. The fund's management pays particular attention to covering the entire market from government bonds to attractive corporate issu-ers, regions and sectors. The fund's assets are only invested in invest-ment grade fixed- and variable-interest securities. Interest earnings are continuously reinvested in class T (accumulating) and distributed in class A. The fund is suitable for investors pursuing a yield-orien-tated but safety-conscious strategy who wish to achieve the highest possible interest earnings in addition to capital preservation.


LLB Bonds EUR Cl. T & Aper 30.06.2020

Key benefits ◆ Active management at very attractive fees◆ Broadly diversified portfolio◆ The fund invests in high-quality issuers

Fund ratings 1

Lipper preservation score (overall) LeaderLipper expense score (overall) Leader

Fund informationNet asset value per unit Cl. T / A EUR 114.74 / EUR 85.60Fund assets (all classes) EUR 190.9 millionReference currency EURTraded DailySecurity number Cl. T / A 1325568 / 3255064ISIN Cl. T / A LI0013255687 / LI0032550647WKN Cl. T / A 964825 / A0RLUYBloomberg Cl. T / A LLBOBEU LE / LLBOBEA LE


Investment manager LLB Asset Management AGRepresentative in Switzerland LLB Swiss Investment AG Claridenstrasse 20, 8002 Zurich Paying agent in Switzerland Bank Linth LLB AG Zürcherstrasse 3, 8730 UznachEnd of financial year 30 September Class T = Accumul., A = Distribut.Dividend distributions Cl. T / A None / 10.12.2019 EUR 1.33Licensed for distribution in Cl. T / A: LI, CH, DE, ATTax transparency Cl. T / A LI, CH, DE, AT, T: UKGerman Investment Tax Act Investment Fund withoutInvStG (2018) Classification partial exemption Auditors PricewaterhouseCoopers AG

Total expense ratio 0.38 % p. a. (per 30.09.2019)TER calculation 0.35 % + 10 % of 5-y swap EUR


2020 –0.5 % –0.4 %Previous year 4.3 % 4.2 %Last 3 years 4.3 % 2.6 %Last 5 years 8.7 % 6.1 %Volatility last 5 years 3.4 % 3.4 %




1 The fund ratings refer to the preceding month. 2 Median of comparison group of retail funds provided by Morningstar (Europe/Africa/Asia OE USD Diversified Bond).

bond funds



2015 2016 2017 2018 2019 2020220

230

240

250

260

270

280

AA 29 %

BBB 10 %

AAA 26 %

A 35 %

Ratings


Investment policyThe fund invests in fixed-interest investments (bonds, money mar-ket instruments and credit balances) that are denominated in US Dollars. The fund's management pays particular attention to cover-ing the entire market from government bonds to attractive corpo-rate issuers, regions and sectors. The fund's assets are only invested in investment grade fixed- and variable-interest securities; up to 10 % of the fund's assets can be invested in other Dollar currencies (CAD, AUD, NZD). Both interest earnings and capital gains are con-tinuously reinvested in the fund. The fund is suitable for investors pursuing a yield-orientated but safety-conscious strategy who wish to achieve the highest possible interest earnings in addition to capi-tal preservation.


LLB Bonds USDper 30.06.2020

Key benefits ◆ Active management with very attractive conditions◆ Close monitoring of the US Federal Reserve's monetary policy◆ Broadly diversified portfolio for yield-oriented investors◆ High yield to maturity compared with CHF and EUR

Fund informationNet asset value per unit USD 270.99Fund assets USD 79.4 millionReference currency USDTraded DailySecurity number 1325567ISIN LI0013255679WKN 964826Bloomberg LLBOBUS LE

Inception date 30 December 1997Legal form of fund SICAV (UCITS V)Fund domicile LiechtensteinManagement company LLB Fund Services AGCustodian Liechtensteinische Landesbank AG

Investment manager LLB Asset Management AGRepresentative in Switzerland LLB Swiss Investment AG Claridenstrasse 20, 8002 Zurich Paying agent in Switzerland Bank Linth LLB AG Zürcherstrasse 3, 8730 UznachEnd of financial year 30 September Dividend distributions None, reinvestedLicensed for distribution in LI, CH, ATTax transparency in LI, CH, DE, AT, UKGerman Investment Tax Act Investment Fund without InvStG (2018) Classification partial exemptionAuditors PricewaterhouseCoopers AG

Total expense ratio 0.59 % p. a. (per 30.09.2019)TER calculation 0.35 % + 10 % of 5-y swap USD


2020 5.4 % 4.1 %Previous year 8.3 % 7.9 %Last 3 years 14.7 % 12.4 %Last 5 years 22.0 % 16.7 %Volatility last 5 years 3.1 % 3.4 %



Fund ratings 1

Lipper consistent return score (overall) 4Lipper preservation score (3 years) LeaderMorningstar stars (overall) 4Scope Rating B


1 The fund ratings refer to the preceding month. 2 Median of comparison group of retail funds provided by Morningstar (Europe/Africa/Asia OE Global Bond).

bond funds

18–

19

Peter GollerFund Manager since 01.01.2007


2015 2016 2017 2018 2019 2020126

128

130

132

134

136

138

140

142

144

AA 27 %AAA 57 %

A 16 %


Ratings

Investment policyThe fund invests globally in bonds of first-class issuers excluding those denominated in Euros. The fund's portfolio contains curren-cies such as the US Dollar, Swiss Franc, Pound Sterling and Danish Krone. In addition, the fund practices active currency management. The fund's assets are only invested in high-quality, fixed- and varia-ble-interest securities (minimum A Rating). The fund is suitable for investors who seek a well-diversified, first-class alternative to bonds denominated in Euros and who wish to profit from the interest rate differentials between the various currencies.

The value development shown here provides no guarantee of future performance. The value of a unit may rise or fall at any time. The performance data shown do not take into consideration the commissions and costs charged in connection with the issuing and redemption of units. Until 29 November 2004 there wereannual dividend/coupons distributions. The NAV performance shown is based on total return prices. The-refore the net asset value per unit devia tes from the value of the NA V performance of both classes.

LLB Bonds Euro Alternative (CHF)per 30.06.2020

Key benefits ◆ Active management at very attractive fees◆ Focus on high quality borrowers (minimum rating A)◆ Yields in Swiss Franc not attractive◆ Chances for currency gains due to overvalued Swiss Franc

Fund ratings 1

Lipper total return score (5 years) 4Lipper consistent return score (5 years) 4Lipper preservation score (overall) Leader

Fund informationNet asset value per unit CHF 111.30Fund assets CHF 19.1 millionReference currency CHFTraded DailySecurity number 674526ISIN LI0006745264WKN 964815Bloomberg LLBEALT LE

Inception date 22 August 1997Legal form of fund SICAV (UCITS V)Fund domicile LiechtensteinManagement company LLB Fund Services AGCustodian Liechtensteinische Landesbank AG

Investment manager LLB Asset Management AGRepresentative in Switzerland LLB Swiss Investment AG Claridenstrasse 20, 8002 Zurich Paying agent in Switzerland Bank Linth LLB AG Zürcherstrasse 3, 8730 UznachEnd of financial year 30 September Dividend distributions None, reinvestedLicensed for distribution in LI, CH, DE, ATTax transparency in LI, CH, DE, ATGerman Investment Tax Act Investment Fund withoutInvStG (2018) Classification partial exemption Auditors PricewaterhouseCoopers AG

Total expense ratio 0.65 % p. a. (per 30.09.2019)


2020 0.8 % –0.6 %Previous year 2.0 % 4.0 %Last 3 years 4.5 % 5.8 %Last 5 years 10.8 % 13.5 %Volatility last 5 years 4.1 % 5.6 %

Current average yield to maturity 0.78 % p. a.Current duration 5.22 years

Currency exposureUSD 29 %JPY 20 %CHF 16 %DKK 12 %GBP 8 %SEK 5 %CAD 4 %NOK 2 %Other currencies 4 %


1 The fund ratings refer to the preceding month. 2 Median of comparison group of retail funds provided by Morningstar (Europe/Africa/Asia OE Global Bond).

bond funds

Mirko MattaschFund Manager since 01.03.2016

Roger WohlwendCo-Manager since 01.02.2019

AA 29 %AAA 28 %

BBB 11 % A 32 %

2015 2016 2017 2018 2019 202080

82

84

86

88

90

92

94


Ratings

Investment policyThe fund invests globally in the bonds of first-class issuers. The management strives to attain a broad coverage of the overall mar-ket, which ranges from investments in government bonds to a selec-tion of attractive corporate issuers. The fund conducts active cur-rency management. In addition to the core currencies Euro, Pound Sterling, US Dollar and Japanese Yen, investments are also consid-ered in other interesting marginal currencies in Eastern Europe, Asia or Latin America. The fund's assets are only invested in investment grade fixed- and variable-interest securities. Both interest earnings and capital gains are continuously reinvested. The fund is suitable for investors, who want to achieve the highest possible interest earnings by means of a first-class, globally diversified, yield-oriented but at the same time safety-conscious strategy.


LLB Bonds GlobalClass Pper 30.06.2020

Key benefits ◆ Active management at very attractive fees◆ Higher yields in foreign currencies versus Swiss Franc◆ Broadly diversified, cost-efficient international bond portfolio◆ In an environment of low interest rates, active management of

bond portfolios becomes essential

Fund informationNet asset value per unit EUR 91.27Fund assets (all classes) EUR 470.6 millionReference currency EURTraded DailySecurity number 916371ISIN LI0009163713WKN 964817Bloomberg LLBGBND LE





2020 1.8 % 1.5 %Previous year 6.7 % 7.7 %Last 3 years 8.5 % 8.6 %Last 5 years 12.1 % 11.1 %Volatility last 5 years 4.1 % 5.2 %


Currency exposureUSD 48 %EUR 29 %JPY 11 %GBP 6 %AUD 2 %Other currencies 4 %

Fund ratings 1

Lipper total return score (overall) 4Lipper consistent return score (overall) 4Lipper preservation score (overall) LeaderLipper expense score (overall) 4


1 The fund ratings refer to the preceding month.

bond funds

20–

21



AA 29 %AAA 28 %

BBB 11 % A 32 %

2015 2016 2017 2018 2019 202098

99

100

101

102

103

104

105

106

NAV performance since inception

Ratings

Investment policyThe fund invests globally in the bonds of first-class issuers. The management strives to attain a broad coverage of the overall mar-ket, which ranges from investments in government bonds to a selec-tion of attractive corporate issuers. In addition to the core currencies Euro, Pound Sterling, US Dollar and Japanese Yen, investments are also considered in other interesting marginal currencies in Eastern Europe, Asia or Latin America. The fund's assets are only invested in investment grade fixed- and variable-interest securities. Both inter-est earnings and capital gains are continuously reinvested. Foreign currency risks are largely hedged from the CHF perspective. The fund is suitable for investors, who want to achieve the highest possible interest earnings by means of a first-class, globally diversified, yield-oriented but at the same time safety-conscious strategy.


LLB Bonds GlobalClass H CHFper 30.06.2020

Key benefits ◆ Active management at very attractive fees◆ Broadly diversified, cost-efficient international bond portfolio◆ In an environment of low interest rates, active management of

bond portfolios becomes essential◆ Higher yields in foreign currencies versus corresponding Swiss

franc bonds◆ Active hedging of foreign currency risks

Fund informationNet asset value per unit CHF 104.25Fund assets (all classes) EUR 470.6 millionReference currency CHFTraded DailySecurity number 29091146ISIN LI0290911465WKN A142W1Bloomberg LLBOGHC LE

Inception date 30 October 2015Legal form of fund SICAV (UCITS V)Fund domicile LiechtensteinManagement company LLB Fund Services AGCustodian Liechtensteinische Landesbank AG



Performance and risk Fund 2020 1.4 % Previous year 3.3 %Last 3 years 2.9 % Since inception 4.3 %



Fund ratings 1

Lipper preservation score (overall) LeaderLipper expense score (overall) 4



bond funds



AA 29 %AAA 28 %

BBB 11 % A 32 %

2015 2016 2017 2018 2019 202098

99

100

101

102

103

104

105

106

107


Ratings

Investment policyThe fund invests globally in the bonds of first-class issuers. The management strives to attain a broad coverage of the overall mar-ket, which ranges from investments in government bonds to a selec-tion of attractive corporate issuers. In addition to the core currencies Euro, Pound Sterling, US Dollar and Japanese Yen, investments are also considered in other interesting marginal currencies in Eastern Europe, Asia or Latin America. The fund's assets are only invested in investment grade fixed- and variable-interest securities. Both inter-est earnings and capital gains are continuously reinvested. Foreign currency risks are largely hedged from the EUR perspective. The fund is suitable for investors, who want to achieve the highest possible interest earnings by means of a first-class, globally diversified, yield-oriented but at the same time safety-conscious strategy.


LLB Bonds GlobalClass H EURper 30.06.2020

Fund informationNet asset value per unit EUR 105.40Fund assets (all classes) EUR 470.6 millionReference currency EURTraded DailySecurity number 29091152ISIN LI0290911523WKN A142W2Bloomberg LLBOGHE LE


Investment manager LLB Asset Management AGRepresentative in Switzerland LLB Swiss Investment AG Claridenstrasse 20, 8002 Zurich Paying agent in Switzerland Bank Linth LLB AG Zürcherstrasse 3, 8730 UznachEnd of financial year 30 September Dividend distributions None, reinvestedLicensed for distribution in LI, CH, DE, ATTax transparency in LI, CH, DE, ATGerman Investment Tax Act Investment Fund without InvStG (2018) Classification partial exemptionAuditors PricewaterhouseCoopers AG





Fund ratings 1



bond portfolios becomes essential◆ Active hedging of foreign currency risks



bond funds

22–

23



AA 29 %AAA 28 %

BBB 11 % A 32 %

2015 2016 2017 2018 2019 202098

100

102

104

106

108

110

112

114

116


Ratings

Investment policyThe fund invests globally in the bonds of first-class issuers. The management strives to attain a broad coverage of the overall mar-ket, which ranges from investments in government bonds to a selec-tion of attractive corporate issuers. In addition to the core currencies Euro, Pound Sterling, US Dollar and Japanese Yen, investments are also considered in other interesting marginal currencies in Eastern Europe, Asia or Latin America. The fund's assets are only invested in investment grade fixed- and variable-interest securities. Both inter-est earnings and capital gains are continuously reinvested. Foreign currency risks are largely hedged from the USD perspective. The fund is suitable for investors, who want to achieve the highest possible interest earnings by means of a first-class, globally diversified, yield-oriented but at the same time safety-conscious strategy.


LLB Bonds GlobalClass H USDper 30.06.2020


bond portfolios becomes essential◆ Active hedging of foreign currency risks

Fund informationNet asset value per unit USD 115.18Fund assets (all classes) EUR 470.6 millionReference currency USDTraded DailySecurity number 29091154ISIN LI0290911549WKN A142W3Bloomberg LLBOGHU LE







Fund ratings 1

Lipper total return score (overall) LeaderLipper consistent return score (overall) LeaderLipper preservation score (overall) LeaderLipper expense score (overall) 4



bond funds



GBP 28 % EUR 18 %

USD 47 % JPY 2 %

Asia / Pacificex Japan 1 %

Europe othercurrencies 2 %

Othercurrencies 2 %

2015 2016 2017 2018 2019 2020120

122

124

126

128

130

132

134

136

138

140142


Allocation by currency

Investment policyThe fund invests in an internationally diversified portfolio of infla-tion-linked bonds, notes and other debt certificates, as well as money market instruments. The fund's assets are only invested in investment grade fixed- and variable-interest securities. Both inter-est earnings and capital gains are continuously reinvested. The fund is suitable for investors, who want to achieve the highest possible interest earnings while simultaneously ensuring capital preserva-tion (inflation-linked) by means of a first-class, globally diversified, yield-oriented but at the same time safety-conscious strategy.


LLB Bonds Inflation Linked Class P per 30.06.2020

Key benefits ◆ Active management at very attractive fees◆ Portfolio diversification in a separate asset class◆ Excess liquidity sparks inflation fears in the longer term◆ Protection against loss of purchasing power due to compensation

of inflation◆ Very good issuer quality (government issuers)

Fund informationNet asset value per unit USD 139.66Fund assets (all classes) USD 349.3 millionReference currency USDTraded DailySecurity number 2861487ISIN LI0028614878WKN A0MKEFBloomberg LLBOILP LE




Performance and risk Fund 2020 2.7 % Previous year 6.1 % Last 3 years 9.0 % Last 5 years 10.1 % Volatility last 5 years 4.3 %

Current averagereal yield to maturity – 0.83 % p. a.Current duration 10.03 years


Fund ratings 1

Lipper total return score (3 years) LeaderLipper consistent return score (3 years) LeaderLipper preservation score (3 years) LeaderLipper expense score (overall) 4



bond funds

24–

25



AA 38 %AAA 56 %

A 2 %

BBB 4 %

2015 2016 2017 2018 2019 202098

99

100

101

102

103

104

105

106

107


Ratings

Investment policyThe fund invests in an internationally diversified portfolio of infla-tion-linked bonds, notes and other debt certificates, as well as money market instruments. The fund's assets are only invested in investment grade fixed- and variable-interest securities. Both inter-est earnings and capital gains are continuously reinvested. Foreign currency risks are largely hedged from the CHF perspective. The fund is suitable for investors, who want to achieve the highest possible interest earnings while simultaneously ensuring capital preserva-tion (inflation-linked) by means of a first-class, globally diversified, yield-oriented but at the same time safety-conscious strategy.


LLB Bonds Inflation Linked Class H CHF per 30.06.2020


of inflation◆ Very good issuer quality (government issuers)◆ Active hedging of foreign currency risks

Fund informationNet asset value per unit CHF 106.70Fund assets (all classes) USD 349.3 millionReference currency CHFTraded DailySecurity number 29091157ISIN LI0290911572WKN A142W4Bloomberg LLOILHC LE




Performance and risk Fund 2020 3.8 %Previous year 3.0 %Last 3 years 4.8 %Since inception 6.7 %

Current averagereal yield to maturity –1.73 % p. a.Current duration 10.03 years


Fund ratings 1




bond funds



AA 38 %AAA 56 %

A 2 %

BBB 4 %

2015 2016 2017 2018 2019 202096

98

100

102

104

106

108

110


Ratings

Investment policyThe fund invests in an internationally diversified portfolio of infla-tion-linked bonds, notes and other debt certificates, as well as money market instruments. The fund's assets are only invested in investment grade fixed- and variable-interest securities. Both inter-est earnings and capital gains are continuously reinvested. Foreign currency risks are largely hedged from the EUR perspective. The fund is suitable for investors, who want to achieve the highest possible interest earnings while simultaneously ensuring capital preserva-tion (inflation-linked) by means of a first-class, globally diversified, yield-oriented but at the same time safety-conscious strategy.


LLB Bonds Inflation Linked Class H EUR per 30.06.2020



Fund informationNet asset value per unit EUR 108.11Fund assets (all classes) USD 349.3 millionReference currency EURTraded DailySecurity number 29091158ISIN LI0290911580WKN A142W5Bloomberg LLOILHE LE


Investment manager LLB Asset Management AGRepresentative in Switzerland LLB Swiss Investment AG Claridenstrasse 20, 8002 Zurich Paying agent in Switzerland Bank Linth LLB AG Zürcherstrasse 3, 8730 UznachEnd of financial year 30 September Dividend distributions None, reinvestedLicensed for distribution in LI, CH, DE, ATTax transparency in LI, CH, DE, AT, UKGerman Investment Tax Act Investment Fund withoutInvStG (2018) Classification partial exemptionAuditors PricewaterhouseCoopers AG


Performance and risk Fund 2020 4.1 %Previous year 3.7 %Last 3 years 6.0 %Since inception 8.1 %



Fund ratings 1




bond funds

26–

27



AA 38 %AAA 56 %

A 2 %

BBB 4 %

2015 2016 2017 2018 2019 202095

100

105

110

115

120

125


Ratings

Investment policyThe fund invests in an internationally diversified portfolio of infla-tion-linked bonds, notes and other debt certificates, as well as money market instruments. The fund's assets are only invested in investment grade fixed- and variable-interest securities. Both inter-est earnings and capital gains are continuously reinvested. Foreign currency risks are largely hedged from the USD perspective. The fund is suitable for investors, who want to achieve the highest possible interest earnings while simultaneously ensuring capital preserva-tion (inflation-linked) by means of a first-class, globally diversified, yield-oriented but at the same time safety-conscious strategy.


LLB Bonds Inflation Linked Class H USD per 30.06.2020



Fund informationNet asset value per unit USD 121.39Fund assets (all classes) USD 349.3 millionReference currency USDTraded DailySecurity number 29091159ISIN LI0290911598WKN A142W6Bloomberg LLOILHU LE


Investment manager LLB Asset Management AGRepresentative in Switzerland LLB Swiss Investment AG Claridenstrasse 20, 8002 Zurich Paying agent in Switzerland Bank Linth LLB AG Zürcherstrasse 3, 8730 UznachEnd of financial year 30 September Dividend distributions None, reinvestedLicensed for distribution in LI, CH, DE, ATTax transparency in LI, CH, DE, AT, UKGerman Investment Tax Act Investment Fund withoutInvStG (2018) Classification partial exemption Auditors PricewaterhouseCoopers AG


Performance and risk Fund 2020 5.6 %Previous year 6.5 %Last 3 years 14.6 % Since inception 21.4 %



Fund ratings 1

Lipper total return score (overall) LeaderLipper consistent return score (overall) LeaderLipper preservation score (overall) 4Lipper expense score (overall) 4



bond funds

Simon ÖhriFund Manager since 01.04.2014

Timo GruberCo-Manager since 01.02.2016

Healthcare 5 %

Utilities 2 %

Financials 19 %

Consumer discretionary 11 %

Informationtechnology 9 %

Energy 3 %

Consumerstaples 5 %

Communicationservices 12 % Real estate 11 %

Materials 8 %

Industrials 15 %

2015 2016 2017 2018 2019 202090

95

100

105

110

115


Investment policyThe fund invests in a globally diversified portfolio of investment grade convertible bonds. It is oriented towards the Refinitiv Con- vertible Bonds Global Investment Grade Hedged Index as bench-mark. Foreign currency risks are at least 80 % hedged from the reference currency perspective. The fund invests in favourably valued convertible bonds, which can benefit particularly strongly from upward movements of the stock markets but which, at the same time, are hedged as far as possible against any price setbacks. The fund is suitable for investors, who appreciate having convertible bonds in their portfolio because of their yield-enhancing and risk-reducing attributes. Investors can benefit from the opportunities on the stock markets without having to bear the full risks associated with equities.

Sector allocation


LLB Convertible Bonds Class H CHFper 30.06.2020

Fund informationNet asset value per unit CHF 100.25Fund assets (all classes) EUR 241.0 millionReference currency CHFTraded DailySecurity number 29091162ISIN LI0290911622WKN A142F6Bloomberg LLBWAHC LE


Investment manager LLB Asset Management AGRepresentative in Switzerland LLB Swiss Investment AG Claridenstrasse 20, 8002 Zurich Paying agent in Switzerland Bank Linth LLB AG Zürcherstrasse 3, 8730 UznachEnd of financial year 30 September Dividend distributions None, reinvestedLicensed for distribution in LI, CH, DE, ATTax transparency in LI, CH, DE, AT, UKGerman Investment Tax Act Investment Fund without InvStG (2018) Classification partial exemptionAuditors PricewaterhouseCoopers AG

Total expense ratio 0.70 % p. a. (per 30.09.2019)(incl. performance fee)Total expense ratio 0.70 % p. a. (per 30.09.2019)(excl. performance fee)

Performance and risk Fund 2020 –7.8 % Previous year 6.7 % Last 3 years –5.9 % Since inception 0.3 %

Allocation by regionsEurope 42 %America 41 %Asia 13 %Japan 3 %Other regions 1 %

Largest issuers JP Morgan Chase & Co. 4.0 % Southwest Airlines 3.5 % Weibo 3.5 % Deutsche Wohnen 3.2 % Wells Fargo 3.1 %Sika AG 2.9 %Bharti Airtel 2.8 %

Key benefits ◆ Active portfolio management at attractive conditions◆ High borrower quality in the portfolio◆ Convertible bonds offer an attractive risk/return profile thanks to

their convexity◆ Economies of scale in the allocation of new issues◆ Active hedging of foreign currency risks

Fund rating 1

Lipper expense score (overall) Leader



bond funds

28–

29



Healthcare 5 %

Utilities 2 %

Financials 19 %



Energy 3 %

Consumerstaples 5 %


Materials 8 %

Industrials 15 %

2015 2016 2017 2018 2019 2020105

110

115

120

125

130

135



Sector allocation


LLB Convertible Bonds Class H EURper 30.06.2020

Fund informationNet asset value per unit EUR 119.67 Fund assets (all classes) EUR 241.0 millionReference currency EURTraded DailySecurity number 2861470ISIN LI0028614704WKN A0MKEDBloomberg LLBWANP LE


Investment manager LLB Asset Management AGRepresentative in Switzerland LLB Swiss Investment AG Claridenstrasse 20, 8002 Zurich Paying agent in Switzerland Bank Linth LLB AG Zürcherstrasse 3, 8730 UznachEnd of financial year 30 September Dividend distributions None, reinvestedLicensed for distribution in LI, CH, DE, ATTax transparency in LI, CH, DE, AT, UKGerman Investment Tax Act Investment Fund withoutInvStG (2018) Classification partial exemption Auditors PricewaterhouseCoopers AG


Performance and risk Fund 2020 –7.3 % Previous year 7.7 % Last 3 years –4.4 % Last 5 years 2.9 % Volatility last 5 years 7.0 %





Fund rating 1




bond funds



Healthcare 5 %

Utilities 2 %

Financials 19 %



Energy 3 %

Consumerstaples 5 %


Materials 8 %

Industrials 15 %

2015 2016 2017 2018 2019 202090

95

100

105

110

115

120

125



Sector allocation


LLB Convertible Bonds Class H USDper 30.06.2020

Fund informationNet asset value per unit USD 113.92Fund assets (all classes) EUR 241.0 millionReference currency USDTraded DailySecurity number 29091163ISIN LI0290911630WKN A142F7Bloomberg LLBWAHU LE




Performance and risk Fund 2020 –6.0 % Previous year 10.3 % Last 3 years 3.0 % Since inception 13.9 %





Fund ratings 1

Lipper total return score (overall) 4Lipper expense score (overall) Leader


1 The fund ratings refer to the preceding month. 2 Median of comparison group of retail funds provided by Morningstar (Europe/Africa/Asia OE Emerging Europe Bond).

bond funds

30–

31

Christoph von BoninFund Manager since 10.06.2010

Ronald PlasserCo-Manager since 01.10.2018

2015 2016 2017 2018 2019 2020120

125

130

135

140

145

150

155

160

165

170

BBB 39 %

AAA 5 %

Others 17 % BB 28 %

A 8 %

AA 3 %

The value development shown provides no guarantee of future performance. A unit's value may rise or fall at any time. The performance data shown do not take into consideration the commissions and costs charged in connection with the issuing and redemption of units.

Investment policyThe fund primarily invests in bonds (hard currencies and local cur-rency) from the Central & Eastern Europe, Middle East & Northern Africa (CEEMENA) regions. The fund strives for relatively high cur-rent returns and takes higher volatility into account. The investment universe predominantly encompasses government bonds, quasi-sovereigns (bonds whose credit ratings make them equivalent to government bonds) as well as supranational issuers. Additionally, debt securities of companies close to the state and banks may be taken into account. While the fund invests in fixed- and variable-interest bonds across the entire range of credit ratings, the average rating of the fund will always end up being investment grade (mini-mum rating). The fund is suitable for investors wanting diversified investments in the debt securities markets of Central & Eastern Europe and its peripheral regions.


Ratings

LLB Bonds Strategy CEEMENA (EUR) Cl. I (T)per 30.06.2020

Fund informationNet asset value per unit Cl. I (T) EUR 145.16Fund assets (all classes) EUR 211.2 millionReference currency EURTraded DailySecurity number 24477707ISIN AT0000A17Z45 WKN A1110SBloomberg LLBANIT AV

Inception date 10 June 2010Legal form of fund Capital investment fund pursuant to §20 (UCITS V) of the Austrian InvFGFund domicile AustriaManagement company LLB Invest Kapitalanlage- gesellschaft m.b.H.Custodian LLB (Österreich) AG

Investment manager Liechtensteinische Landesbank (Österreich) AGRepresentative in Liechtenstein LLB Fund Services AG Äulestrasse 80, 9490 Vaduz Paying agent in Liechtenstein Liecht. Landesbank AG Städtle 44, 9490 VaduzRepresentative in Switzerland LLB Swiss Investment AG Claridenstrasse 20, 8002 Zurich Paying agent in Switzerland Bank Linth LLB AG Zürcherstrasse 3, 8730 UznachEnd of financial year 30 SeptemberClass T = accumulativeDividend distributions NoneLicensed for distribution in LI, CH, ATTax transparency in LI, CH, DE, ATGerman Investment Tax Act Investment Fund withoutInvStG (2018) Classification partial exemptionAuditors KPMG





Currency exposureEUR 81 %RUB 11 %TRY 3 %KZT 3 % USD 2 %

Key benefit◆ Benefits from the risk premiums for hard currency bonds and the higher returns in local bond markets

Fund ratings 1

Lipper total return score (overall) 4Lipper consistent return score (overall) 4Lipper preservation score (5 years) 4Morningstar stars (overall) 5



equity funds

Christian ZoggFund Manager since 01.08.1998

Thomas KühneCo-Manager since 30.05.2014

The launch was carried out by means of a repatriation, which saw theperformance history of the original fund taken over unchanged.

2015 2016 2017 2018 2019 2020200

210

220

230

240

250

260

270

280290300310

Industry 13 %

Healthcare 39 %

Consumerservices 2 % Finance 15 %

Consumergoods 22 %

Technology 3 %

Various sectors 6 %

Investment policyThe fund invests in Swiss equities. It is oriented towards the Swiss Performance Index (SPI) as the benchmark. The fund's management pays particular attention to achieving a broad coverage of the over-all market, with investments ranging from pharmaceuticals and food stocks to financials and cyclical industrials. Along with blue chips, small and mid caps are also considered for investments. The selection of the assets in the portfolio is based on quantitative and fundamental analysis, whereby quantitative methods are given a high importance. The fund is suitable for investors who wish to cover the Swiss stock market within the scope of a strategy focused on long-term capital growth, while at the same time minimizing the associated risks.


Sector allocation


LLB Equities Switzerland (CHF)per 30.06.2020

Key benefits◆ Active management◆ Stocks are very attractively valued in comparison to bonds◆ Higher dividend yield thanks to partial tax exemption◆ Stock selection supported by our quant model ◆ Small and mid caps are added for variety

Fund rating 1


Fund informationNet asset value per unit CHF 273.93Fund assets CHF 150.1 millionReference currency CHFTraded DailySecurity number 42196378ISIN CH0421963783WKN A2N40ZBloomberg LLBEQCH SW

Inception date 24 September 2018Legal form of fund Securities fund (Switzerland)Fund domicile SwitzerlandManagement company LLB Swiss Investment AG Claridenstrasse 20, 8002 ZurichCustodian bank and Frankfurter Bankgesellschaft Paying agent (Schweiz) AG, ZürichDistribution agents Bank Linth LLB AG, Uznach

Investment manager LLB Asset Management AG, Städtle 7, VaduzRepresentative and Paying Liechtensteinischeagent in Liechtenstein Landesbank AG, VaduzInformations for ODDO BHF Aktiengesellschaft,german investors Frankfurt am MainEnd of financial year 30 SeptemberDividend distributions None, reinvestedLicensed for distribution in LI, CH, DETax transparency in LI, CH, DE, ATGerman Investment Tax Act Equity Fund § 2 Abs. 6,InvStG (2018) Classification § 20 Abs. 1 lnvStGAuditors PricewaterhouseCoopers AG

Ongoing fees ca. 1.06 % p. a.

Performance and risk Fund 2020 –4.4 %Previous year 25.9 %Last 3 years 10.5 %Last 5 years 19.8 %Volatility last 5 years 11.8 %

Largest holdings Nestle SA, registered 19.7 %GS Roche Holding AG 17.6 %Novartis AG, registered 17.6 %Zurich Insurance Group AG, reg. 4.6 %LafargeHolcim Ltd., registered 3.1 %UBS Group AG, registered 3.1 %Credit Suisse Group AG, registered 2.3 % Geberit, registered 2.1 %Swiss Life Holding, registered 2.0 %Swisscom AG, registered 1.6 %


1 The fund ratings refer to the preceding month. 2 Median of comparison group of retail funds provided by Morningstar (Europe/Africa/Asia OE Europe Mid-Cap Equity).

equity funds

32–

33

Christian ZoggFund Manager since 28.09.1998

Thomas KühneCo-Manager since 30.05.2014

The launch was carried out by means of a repatriation, which saw the performancehistory of the original fund taken over unchanged.

2015 2016 2017 2018 2019 2020250

300

350

400

450

500

550

Consumerdiscretionary 9 %

Healthcare 11 %

Financials 16 %

Industrials 31 %

Materials 19 %

Consumerstaples 3 %

Technology 3 %

Communicationservices 5 %

Energy 3 %


Sector allocation

Investment policyThe fund invests in small and medium-sized companies (small and mid caps) located in the four countries of the Lake Constance region. This region is characterized by above-average growth rates and it offers an interesting mix of different industries and service providers. The selection of the assets in the portfolio is based on quantitative and fundamental analysis, whereby quantitative methods are given a high importance. The fund is suitable for investors who wish to diversify their portfolio by adding small and mid caps.


LLB Equities Regio Bodensee (CHF)per 30.06.2020

Key benefits ◆ Active management at attractive fees◆ Small and mid caps have attractive valuations ◆ Suitable as addition to a blue-chip-portfolio◆ An attractive, export-oriented economic area◆ Higher dividend yield thanks to partial tax exemption◆ Equity selection using our proprietary quantitative model

Fund rating 1

Morningstar stars (5 years) 4

Fund informationNet asset value per unit CHF 383.47Fund assets CHF 67.8 millionReference currency CHFTraded DailySecurity number 42196379ISIN CH0421963791WKN A2N400Bloomberg LLBEQBO SW

Inception date 24 September 2018Legal form of fund Securities fund (Switzerland)Fund domicile SwitzerlandManagement company LLB Swiss Investment AG Claridenstrasse 20, 8002 ZurichCustodian bank and Frankfurter BankgesellschaftPaying agent (Schweiz) AG, ZürichDistribution agents Bank Linth LLB AG, Uznach

Investment manager LLB Asset Management AG, Städtle 7, VaduzRepresentative and Paying Liechtensteinischeagent in Liechtenstein Landesbank AG, VaduzInformations for ODDO BHF Aktiengesellschaft,german investors Frankfurt am MainEnd of financial year 30 September Dividend distributions None, reinvestedLicensed for distribution in LI, CH, DETax transparency in LI, CH, DE, ATGerman Investment Tax Act Equity Fund § 2 Abs. 6, InvStG (2018) Classification § 20 Abs. 1 lnvStGAuditors PricewaterhouseCoopers AG



2020 –13.6 % –10.7 %Previous year 21.1 % 22.6 %Last 3 years –11.2 % –2.4 %Last 5 years 28.6 % 14.4 %Volatility last 5 years 17.3 % 18.0 %

Allocation by countrySwitzerland / Liechtenstein 80 %Germany 17 %Austria 3 %

Largest holdings Sonova Holding AG, registered 5.3 %Adecco Group, registered 4.9 %Swiss Life Holding, registered 4.9 %Helvetia Holding AG, registered 4.9 %Gurit Holding AG 4.9 %Porsche Holding SE, preferred 4.8 %STO SE & Co., preferred 4.4 % Geberit, registered 3.5 %Vifor Pharma AG, registered 3.2 %



equity funds

Thomas KühneFund Manager since 30.05.2014

Christian ZoggCo-Manager since 15.02.2005


2015 2016 2017 2018 2019 2020200

220

240

260

280

300

320

340

360

Materials 5 %

Various sectors 11 %

Consumergoods 8 %

Technology 11 %

Finance 9 %

Industry 37 %Consumer

services 3 %

Healthcare 16 %

Investment policyThe fund invests in small and medium-sized companies (small and mid caps) whose head offices or holding companies are in the region around Lake Zurich – specifically in the cantons of Glarus, Schwyz, St. Gallen, Zurich, Zug, Aargau, Schaffhausen, Thurgau, Appenzell Ausserrhoden, Appenzell Innerrhoden and Graubünden. It uses the Swiss Small & Middle Companies Index (SPISMC) as a benchmark and aims to maximize total return through active management. The selection of the assets in the portfolio is based on quantitative and fundamental analysis, whereby quantitative methods are given a high importance. The fund is suitable for investors who wish to diversify their portfolio by adding small and mid caps.


Sector allocation


Bank Linth Regiofonds Zürichsee (CHF)per 30.06.2020

Key benefits ◆ Active management at attractive fees◆ Small and mid caps have attractive valuations ◆ Suitable as addition to a blue-chip-portfolio◆ An attractive, export-oriented economic area◆ Higher dividend yield thanks to partial tax exemption◆ Equity selection using our proprietary quantitative model

Fund rating 1

Lipper preservation score (10 years) Leader

Fund informationNet asset value per unit CHF 288.05Fund assets CHF 65.3 millionReference currency CHFTraded DailySecurity number 42196380ISIN CH0421963809WKN A2N401Bloomberg BLZHSEE SW

Inception date 24 September 2018Legal form of fund Securities fund (Switzerland)Fund domicile SwitzerlandManagement company LLB Swiss Investment AG Claridenstrasse 20, 8002 ZurichCustodian bank and Frankfurter BankgesellschaftPaying agent (Schweiz) AG, ZürichDistribution agents Bank Linth LLB AG, Uznach

Investment manager LLB Asset Management AG, Städtle 7, VaduzRepresentative and Paying Liechtensteinischeagent in Liechtenstein Landesbank AG, VaduzInformations for ODDO BHF Aktiengesellschaft,german investors Frankfurt am MainEnd of financial year 30 September Dividend distributions None, reinvestedLicensed for distribution in LI, CH, DETax transparency in LI, CH, DE, ATGerman Investment Tax Act Equity Fund § 2 Abs. 6,InvStG (2018) Classification § 20 Abs. 1 lnvStGAuditors PricewaterhouseCoopers AG


Performance and risk Fund 2020 –10.5 %Previous year 26.4 %Last 3 years –6.4 %Last 5 years 30.5 %Volatility last 5 years 14.0 %

Largest holdings Orior AG, registered 6.7 %Kühne + Nagel AG, registered 6.6 %Sonova Holding AG, registered 6.0 %Implenia AG, registered 5.5 %Vetropack Holding AG 4.9 %Huber + Suhner AG, registered 4.3 %dormakaba Holding AG, registered 4.0 % Tecan Group AG, registered 3.7 %Schweiter Technologies AG 3.6 %Gurit Holding AG 3.6 %



equity funds

34–

35

Robert BinderCo-Manager since 01.12.2018

Dr. Karlheinz GfallFund Manager since 01.11.2002

2015 2016 2017 2018 2019 202090

95

100

105

110

115

120

125

130

135140


Energy 5 %

Healthcare 15 %

Consumer staples 12 %

Financials 13 %

Consumerdiscretionary 10 %

Utilities 5 %

Industrials 19 %

Materials 8 %



Sector allocation

Investment policyThe fund invests in the European equity market. The fund's manage-ment pays particular attention to achieving a broad coverage of the overall market, with investments ranging from base materials stocks and cyclical industrials to pharmaceuticals and food shares as well as high tech stocks and financials. The selection of the assets in the portfolio is based on quantitative and fundamental analysis, whereby quantitative methods are given a high importance. The fund is suitable for investors who wish to cover the European stock market within the scope of a strategy focused on long-term capital growth, while at the same time minimizing the associated risks.


LLB Equities Europe (EUR)per 30.06.2020

Fund informationNet asset value per unit EUR 114.05Fund assets EUR 120.4 millionReference currency EURTraded DailySecurity number 1325564ISIN LI0013255646WKN 964820Bloomberg LLBAKEU LE

Inception date 7 January 1997Legal form of fund Investment Fund (UCITS V)Fund domicile LiechtensteinManagement company LLB Fund Services AGCustodian Liechtensteinische Landesbank AG

Investment manager LLB Asset Management AGRepresentative in Switzerland LLB Swiss Investment AG Claridenstrasse 20, 8002 Zurich Paying agent in Switzerland Bank Linth LLB AG Zürcherstrasse 3, 8730 UznachEnd of financial year 30 September Dividend distributions None, reinvestedLicensed for distribution in LI, CH, DE, ATTax transparency in LI, CH, DE, AT, UKGerman lnvestment Tax Act Equity Fund § 2 Abs. 6,InvStG (2018) Classification § 20 Abs. 1 lnvStGAuditors PricewaterhouseCoopers AG


Performance and risk Fund2020 –15.6 %Previous year 23.7 %Last 3 years –6.7 %Last 5 years –2.9 %Volatility last 5 years 15.4 %

Allocation by countriesSwitzerland 20 %United Kingdom 19 %France 11 %Germany 9 %Netherlands 7 %Sweden 7 %Other countries 27 %

Largest holdings Royal Dutch Shell Plc. 2.4 % Total SA 2.2 %GS Roche Holding AG 1.7 %Sanofi SA 1.7 %Schneider Electric SE 1.5 % ASM International NV 1.5 % Nestle SA, registered 1.3 % Unilever NV 1.3 % Novo Nordisk 1.2 %Rio Tinto Ltd. 1.2 %

Key benefits◆ Quantitative multi-factor model as investment basis◆ Active management at attractive conditions◆ In terms of valuation the most attractive developed market◆ Worldwide leading companies in Europe

Fund rating 1




equity funds



2015 2016 2017 2018 2019 2020220

240

260

280

300

320

340

360

380

400


Healthcare 18 %

Industrials 9 % Financials 6 %


Energy 4 %

Utilities 2 %

Consumerstaples 8 %


Materials 3 %

Real estate 4 %


Sector allocation

Investment policyThe fund invests in the North American equity market. The fund's management pays particular attention to achieving a broad cover-age of the overall market, with investments ranging from basic materials stocks and cyclical industrials to pharmaceuticals and food shares as well as high tech stocks and financials. The selection of the assets in the portfolio is based on quantitative and funda-mental analysis, whereby quantitative methods are given a high importance. The fund is suitable for investors who wish to cover the North American stock market within the scope of a strategy focused on long-term capital growth, while at the same time minimizing the associated risks.


LLB Equities North America (USD)per 30.06.2020

Fund informationNet asset value per unit USD 342.72Fund assets USD 165.7 millionReference currency USDTraded DailySecurity number 1325563ISIN LI0013255638WKN 964822Bloomberg LLBAKNA LE


Investment manager LLB Asset Management AGRepresentative in Switzerland LLB Swiss Investment AG Claridenstrasse 20, 8002 Zurich Paying agent in Switzerland Bank Linth LLB AG Zürcherstrasse 3, 8730 UznachEnd of financial year 30 September Dividend distributions None, reinvestedLicensed for distribution in LI, CH, DE, ATTax transparency in LI, CH, DE, AT, UKGerman Investment Tax Act Equity Fund § 2 Abs. 6,InvStG (2018) Classification § 20 Abs. 1 lnvStGAuditors PricewaterhouseCoopers AG


Performance and risk Fund2020 –9.9 % Previous year 26.7 % Last 3 years 13.0 % Last 5 years 28.6 % Volatility last 5 years 15.8 %

Largest holdings Microsoft Corp. 5.1 %Apple Inc. 5.1 %Johnson & Johnson 2.2 %Procter & Gamble Co. 2.1 %JP Morgan Chase & Co. 2.0 % Unitedhealth Group Inc. 1.9 % Home Depot Inc. 1.9 %Intel Corp. 1.8 %Verizon Communications Inc. 1.8 % Cisco Systems, Inc. 1.7 %

Fund ratings 1

Lipper preservation score (overall) 4Lipper expense score (10 years) Leader

Key benefits◆ Quantitative multi-factor model as investment basis◆ Active management at attractive conditions◆ Share of US equities in world market capitalisation of >60 % ◆ Silicon Valley as global driver of innovation



equity funds

36–

37

Christoph HilfikerFund Manager since 01.01.2007

Henrietta SchmoigerCo-Manager since 01.12.2018

2015 2016 2017 2018 2019 20209000

10000

11000

12000

13000

14000

15000

16000

Electrical engineer.and electronics 4 %

Building materialsand construction 8 %

Telecommuni-cations 4 %

Chemie 5 %


Electronics a. semi-conductors 11 %

Pharmaceuticals andcosmetics 9 %

Holding and finance companies 9 %

Vehicles 6 %

Banks and othercredit institutes 5 %


Sector allocation

Investment policyThe fund invests in the Pacific equity market. The fund's manage-ment pays particular attention to achieving a broad coverage of the overall region, with investments ranging from base materials stocks and cyclical industrials to pharmaceuticals and food shares as well as high tech stocks and financials. The selection of the assets in the portfolio is based on quantitative and fundamental analysis, whe-reby quantitative methods are given a high importance. The fund is suitable for investors who wish to invest in the long-term growth opportunities offered by the Pacific region while at the same time minimizing the associated risks.


LLB Equities Pacific (JPY)per 30.06.2020

Fund informationNet asset value per unit JPY 11'463.00Fund assets JPY 6.3 billionReference currency JPYTraded DailySecurity number 1325561ISIN LI0013255612WKN 964821Bloomberg LLBAKJP LE


Investment manager LLB Asset Management AGRepresentative in Switzerland LLB Swiss Investment AG Claridenstrasse 20, 8002 Zurich Paying agent in Switzerland Bank Linth LLB AG Zürcherstrasse 3, 8730 UznachEnd of financial year 30 September Dividend distributions None, reinvestedLicensed for distribution in LI, CH, DE, ATTax transparency in LI, CH, DE, AT, UKGerman Investment Tax Act Equity Fund § 2 Abs. 6,InvStG (2018) Classification § 20 Abs. 1 lnvStGAuditors PricewaterhouseCoopers AG



Allocation by countriesJapan 85 %Australia 13 %Singapore 2 %

Largest holdingsToyota Motor Corp. 4.4 % Sony Corp. 4.2 %Fujifilm Holdings 3.2 % Fortescue Metals Group 3.2 %Astellas Pharma Inc. 3.2 % Rio Tinto Ltd. 2.7 % AGL Energy Ltd. 2.6 % Kinden Corp. 2.5 %Sundrug Co., Ltd. 2.4 % ORIX Corp. 2.3 %

Key benefits ◆ Active management at very attractive fees◆ Quantitative oriented value philosophy◆ The high cash resources and low borrowed capital levels of the

companies in the Pacific region increase share repurchases and dividend payments

◆ Favourably valued companies will benefit from M&A activity◆ «Abenomics» is taking full effect◆ A bet on rising earnings

Fund ratings 1

Lipper preservation score (overall) 4Lipper expense score (overall) Leader


1 The fund ratings refer to the preceding month. 2 Median of comparison group of retail funds provided by Morningstar (Europe/Africa/Asia OE Global Equity Income).

equity funds

René HenselCo-Manager since 01.07.2007

Manfred JakobFund Manager since 09.03.1998

2015 2016 2017 2018 2019 2020110

120

130

140

150

160

170

180

190



Oil and gas 5 %



Insurance cos. 5 %

Office supplies andcomputers 6 %

Electrical engineer.and electronics 6 %

Retailing anddept. stores 8 %Banks and othercredit institutes 8 %


Sector allocation

Investment policyThe fund invests in a broadly diversified portfolio of stocks, with the aim of attaining the highest overall return. At least two thirds of the fund's assets are invested in stocks and securities. In terms of stock selection global leading companies with a high dividend yield re-spectively shareholder return are favoured. The fund is oriented towards the MSCI World Equities Index (in CHF), as a basis for the selection of potential shares. The fund is suitable for investors with a long-term investment horizon. Earnings are continuously rein-vested in class T (accumulating) and distributed in class A.


LLB Equities Dividend Pearls Global (CHF) Cl. T & Aper 30.06.2020

Key benefits ◆ Active management at very attractive fees◆ LLB dividend strategy combined with quantitative and qualitative

research ◆ Equities with above-average dividend and shareholder yield◆ Expected lower volatility than the overall market◆ Broad diversification at the country and sectoral level

Fund ratings 1

Lipper total return score (10 years) LeaderLipper preservation score (10 years) LeaderMorningstar stars (overall) 4Scope Rating A

Fund informationNet asset value per unit Cl. T / A CHF 155.90 / 142.10Fund assets (all classes) CHF 101.1 millionReference currency CHFTraded DailySecurity number Cl. T / A 847513 / 29104584ISIN Cl. T / A LI0008475134 / LI0291045842WKN Cl. T / A 964813 / A14ZM9Bloomberg Cl. T / A LLB50LD LE / LLB50LA LE

Inception date Cl. T / A 9 March 98 / 30 September 15Legal form of fund Investment Fund (UCITS V)Fund domicile LiechtensteinManagement company LLB Fund Services AGCustodian Liechtensteinische Landesbank AG

Investment manager LLB Asset Management AGRepresentative in Switzerland LLB Swiss Investment AG Claridenstrasse 20, 8002 Zurich Paying agent in Switzerland Bank Linth LLB AG Zürcherstrasse 3, 8730 UznachEnd of financial year 30 September Class T = Accumul., A = Distribut. Dividend distributions Cl. T / A None / 10.12.2019 CHF 4.20 Licensed for distribution in LI, CH, DE, ATTax transparency in LI, CH, DE, ATGerman Investment Tax Act Equity Fund § 2 Abs. 6,InvStG (2018) Classification § 20 Abs. 1 lnvStGAuditors PricewaterhouseCoopers AG




Allocation by currencyUSD 57 %EUR 12 %GBP 11 %CHF 7 %JPY 6 %AUD 3 %CAD 2 %SEK 2 %

Largest holdingseBay Inc. 3.0 %Koninklijke Ahold Delhaize N.V. 2.4 % Texas Instruments Inc. 2.4 % Home Depot Inc. 2.4 %Eli Lilly & Co. 2.3 %


1 The fund ratings refer to the preceding month. 2 Median of comparison group of retail funds provided by Morningstar (Europe/Africa/Asia OE Global Large-Cap Blend Equity).

equity funds

38–

39

René HenselFund Manager since 01.07.2007

Manfred JakobCo-Manager since 26.04.1999

2015 2016 2017 2018 2019 2020130

140

150

160

170

180

190

200

210

Insurance cos. 9 %

Healthcare 4 %


Food a.non-alcoholicbeverages 7 %



Retailing and dept.stores 13 %

Holding and finance companies 10 %

Hotels andrestaurants 3 %

Biotechnology 3 %


Sector allocation

Investment policyThe fund invests in the global equity market. The fund's manage-ment pays particular attention to companies, whose business strategy is focused on the demographic shift in the structure of society and the changes in leisure activities. The investments are concen-trated on companies in the healthcare, food, leisure and financial service sectors. The selection of the assets in the portfolio is based on quantitative and fundamental analysis, whereby quantitative methods are given a high importance. The proportion of older peo-ple in the industrialized countries is increasing as a result of longer life expectancy. The demand for healthcare products and services will rise sharply in the coming decades. The fund is suitable for inves-tors who wish to profit from these developments.


LLB Equities Fit for Life (CHF) per 30.06.2020

Key benefits ◆ Active management at very attractive fees◆ Exploits investment opportunities arising from the shift in population structure ◆ Stocks from emerging markets are added for variety◆ Quantitative oriented value philosophy◆ Stock selection supported by our quant model

Fund ratings 1

Lipper total return score (10 years) 4Lipper preservation score (10 years) LeaderLipper expense score (10 years) LeaderMorningstar stars (10 years) 5

Fund informationNet asset value per unit CHF 176.95Fund assets CHF 25.4 millionReference currency CHFTraded DailySecurity number 434215ISIN LI0004342155WKN 964816Bloomberg LLBFITL LE

Inception date 26 April 1999Legal form of fund Investment Fund (UCITS V)Fund domicile LiechtensteinManagement company LLB Fund Services AGCustodian Liechtensteinische Landesbank AG

Investment manager LLB Asset Management AGRepresentative in Switzerland LLB Swiss Investment AG Claridenstrasse 20, 8002 Zurich Paying agent in Switzerland Bank Linth LLB AG Zürcherstrasse 3, 8730 UznachEnd of financial year 30 September Dividend distributions None, reinvestedLicensed for distribution in LI, CH, DE, ATTax transparency in LI, CH, DE, ATGerman Investment Tax Act Equity Fund § 2 Abs. 6,InvStG (2018) Classification § 20 Abs. 1 lnvStGAuditors PricewaterhouseCoopers AG




Allocation by countryUSA 48 %Switzerland 12 %Japan 8 %Denmark 4 %Italy 3 %Germany 3 %Other countries 22 %

Largest holdings Johnson & Johnson 3.7 %Nestle SA, registered 2.8 %Unitedhealth Group Inc. 2.8 %JP Morgan Chase & Co. 2.6 %Amgen Inc. 2.2 %Pfizer Inc. 2.0 %Merck & Co., Inc. 1.8 % Sanofi SA 1.6 %Novartis AG, registered 1.6 % GS Roche Holding AG 1.6 %


1 The fund ratings refer to the preceding month.2 Median of comparison group of retail funds provided by Morningstar (Europe/Africa/Asia OE Property – Indirect Global).

equity funds


Bernhard SchmittCo-Manager since 24.01.2007

Cayman Islands 8 %

Switzerland 2 %

Other countries 7 % Japan 5 %

USA 60 %

Singapore 3 %

Australia 3 %

Liechtenstein 4 %

Hong Kong 5 %

Germany 3 %

2015 2016 2017 2018 2019 202060

65

70

75

80

85

90

95

100


Allocation by countries

Investment policyThe fund invests in the global real estate equity market. The fund's management strives to attain a broad coverage of the overall mar-ket. The term «real estate equity» includes those companies, which are engaged in the planning, construction, ownership, manage-ment, distribution or sale of residential, commercial or industrial real estate and properties as well as closed REITs (Real Estate Invest-ment Trusts). Dividend earnings and capital gains are continuously reinvested. The selection of the assets in the portfolio is based on quantitative and fundamental analysis, whereby quantitative methods are given a high importance. The fund is suitable for inves-tors who want to achieve global coverage of the real estate sector within the scope of a strategy focused on long-term capital growth, while at the same time minimizing the associated risks.


LLB Equities Real Estate Global (CHF) Class Pper 30.06.2020

Fund informationNet asset value per unit CHF 74.40Fund assets (all classes) CHF 113.1 millionReference currency CHFTraded DailySecurity number 2861494ISIN LI0028614944WKN A0MKEHBloomberg LLBAIGP LE





2020 –19.2 % –19.6 %Previous year 17.8 % 19.6 %Last 3 years –7.8 % –2.9 %Last 5 years 3.3 % 9.9 %Volatility last 5 years 14.6 % 15.1 %

Allocation by subsectors REITs specialized 35 %REITs residential 12 %Real estate development 11 %REITs industry 9 % Real estate service 7 %Real estate diversified 6 %REITs office 4 %Other subsectors 16 %

Largest holdings American Tower Corp. 8.8 % Equinix, Inc. 5.9 % Weyerhaeuser Co. 5.7 %Crown Castle International Corp. 5.1 %

Fund ratings 1

Lipper preservation score (10 years) LeaderLipper expense score (overall) Leader

Key benefits ◆ Three convincing reasons to invest in real estate equities:

1. M&A momentum is giving a fresh impetus to global real estate2. Dividends continue to be the driving force for these equities3. Substantial inflows to private real estate are supporting the

entire segment◆ Value-oriented investment style – a key element of the fund◆ Active management, many years of investment expertise, and

attractive terms in a single product


1 The fund ratings refer to the preceding month.2 Median of comparison group provided by Morningstar (Europe/Africa/Asia OE Switzerland Large-Cap Equity).

equity funds PASSIVE

40–

41


2018 2019 202085

90

95

100

105

110

115

120

125

Consumergoods 26 %

Materials 3 % Healthcare 38 %

Various sectors 3 % Finance 15 %

Industry 13 %

Technology 2 %

LLB Equities Switzerland Passive (CHF) Class Pper 30.06.2020

Investment policyThe fund invests, in accordance with the principle of risk distribu-tion, in a broadly diversified equities portfolio of companies domi-ciled in Switzerland. It tracks the development of the SPI Swiss Per-formance Index and offers investors the possibility of participating in the development of the Swiss equity market. The optimised sampling approach has been chosen as an indexing method. The fund's level of risk relative to the reference index is constantly moni-tored. The fund is suitable for investors having a long-term invest-ment horizon, who wish to benefit from the high earnings potential offered by Swiss equities, and who are ready to accept substantial temporary fluctuations in the value of their assets to do so.



Sector allocation


René HenselCo-Manager since 01.02.2012

Fund informationNet asset value per unit CHF 112.54Fund assets CHF 455.4 millionReference currency CHFTraded Daily (Cut-off 2:00 pm)Security number 42196382ISIN CH0421963825WKN A2N403Bloomberg LLBASPP SW

Inception date 24 September 2018Legal form of fund Securities fund (Switzerland)Fund domicile SwitzerlandManagement company LLB Swiss Investment AG Claridenstrasse 20, 8002 Zurich Custodian bank and Frankfurter BankgesellschaftPaying agent (Schweiz) AG, ZürichDistribution agents Bank Linth LLB AG, Uznach

Investment manager LLB Asset Management AG, Städtle 7, VaduzRepresentative and Paying Liechtensteinischeagent in Liechtenstein Landesbank AG, VaduzInformations for ODDO BHF Aktiengesellschaft,german investors Frankfurt am MainEnd of financial year 30 September Dividend distributions None, reinvestedLicensed for distribution in LI, CH, DETax transparency in LI, CH, DE, ATGerman Investment Tax Act Equity Fund § 2 Abs. 6,InvStG (2018) Classification § 20 Abs. 1 lnvStGAuditors PricewaterhouseCoopers AG

Ongoing fees ca. 0.21 % p. a.Minimum investment 1 Piece


2020 –3.2 % –3.9 %Previous year 30.4 % 29.2 %Since inception 13.4 % 8.6 %

Largest holdingsNestle SA, registered 21.5 %GS Roche Holding AG 15.9 %Novartis AG, registered 14.1 %Zurich Insurance Group AG, reg. 3.5 %UBS Group AG, registered 2.7 %ABB Ltd., registered 2.7 %Lonza Group AG, registered 2.6 %Cie Financiere Richemont SA, reg. 2.2 %Key benefit

◆ Offers investors a cost-efficient participation in the development of the Swiss equity market

Fund ratings 1

Lipper total return score (3 years) 4Lipper consistent return score (10 years) 4Lipper preservation score (overall) LeaderLipper expense score (overall) Leader


1 The fund ratings refer to the preceding month.2 Median of comparison group provided by Morningstar (Europe/Africa/Asia OE Global Large-Cap Blend Equity).

equity funds PASSIVE

2018 2019 202080

85

90

95

100

105

110

115






Holding and financecompanies 9 %

Internet and soft-ware services 12 %

Office supplies andcomputers 5 %

Energy andwater utilities 3 %

Retailing and dept.stores 4 %

LLB Equities Global Passive (USD) Class P per 30.06.2020

Investment policyThe fund invests, in accordance with the principle of risk distribu-tion, in a broadly diversified global equities portfolio. It tracks the development of the MSCI Developed Markets World Equity Index in US Dollars and offers investors the possibility of participating in the development of the global equity markets. The optimised sampling approach has been chosen as an indexing method. The fund's level of risk relative to the reference index is constantly monitored. The fund is suitable for investors having a long-term investment horizon, who wish to benefit from the high earnings potential offered by the global equity markets, and who are ready to accept substantial tem-porary fluctuations in the value of their assets to do so.



Sector allocation


Bernhard SchmittCo-Manager since 30.01.2018

Fund informationNet asset value per unit USD 104.50Fund assets USD 362.5 millionReference currency USDTraded DailySecurity number 38667056ISIN LI0386670561WKN A2JCUEBloomberg LLBQAGP LE

Inception date 30 January 2018Legal form of fund AGmvK (UCITS V)Fund domicile LiechtensteinManagement company LLB Fund Services AGCustodian Liechtensteinische Landesbank AG

Investment manager LLB Asset Management AGRepresentative in Switzerland LLB Swiss Investment AG Claridenstrasse 20, 8002 Zurich Paying agent in Switzerland Bank Linth LLB AG Zürcherstrasse 3, 8730 UznachEnd of financial year 30 September Dividend distributions None, reinvestedLicensed for distribution in LI, CH, DE, ATTax transparency in LI, CH, DE, ATGerman Investment Tax Act Equity Fund § 2 Abs. 6,InvStG (2018) Classification § 20 Abs. 1 lnvStGAuditors PricewaterhouseCoopers AG

Total expense ratio 0.30 % p. a. (per 30.09.2019)Minimum investment 1 Piece

Risk and performance Fund Peer group 2

2020 –5.8 % –6.9 %Previous year 27.6 % 24.2 %Since inception 4.5 % –4.4 %

Largest holdingsApple Inc. 3.9 %Microsoft Corp. 3.5 %Amazon.com Inc. 2.8 %Alphabet Inc. 2.1 %Facebook Inc. 1.3 %Johnson & Johnson 0.9 %Visa Inc. 0.8 % Nestle SA, registered 0.8 %Procter & Gamble Co. 0.7 % JP Morgan Chase & Co. 0.7 %

Key benefits ◆ Cost-efficient, broadly diversified, international equity portfolio◆ Direct access to a large number of global companies from the in-

dustrialized countries

Fund rating 1

Morningstar stars (overall) 5



strategy funds

42–

43



2015 2016 2017 2018 2019 2020104

106

108

110

112

114

116

Bonds CHF 18 %

Global bonds (incl.high yield, emergingmarkets, CAT bondsand infl. linked) 66 %

Liquidity 5 %

Convertiblebonds 11 %


Asset allocation

Investment policyThe fund invests in a broadly diversified international portfolio of fixed income securities with the aim of attaining the highest overall return. Conceived of as a fund-of-funds, the fund's investment strategy consists of a combination of various asset classes such as money market instruments, investment grade bonds, inflation-protected and high yield bonds, emerging markets bonds, con-vertible bonds. At least 50 % of its total assets are invested in the Swiss Franc reference currency. The fund is suitable for investors, who want to benefit from active portfolio management in line with the LLB's investment policy.


LLB Strategy Fixed Income (CHF)per 30.06.2020

Key benefits ◆ Active management at very attractive fees◆ Broadly diversified and professionally managed portfolio◆ Immediate implementation of the well-proven LLB investment

policy◆ Cooperation with external specialists in specified markets

Fund informationNet asset value per unit CHF 112.20Fund assets CHF 28.7 millionReference currency CHFTraded DailySecurity number 11645639ISIN LI0116456398WKN A1H7E5Bloomberg LLBSCHF LE

Inception date 4 April 2011Legal form of fund SICAV (UCITS V)Fund domicile LiechtensteinManagement company LLB Fund Services AGCustodian Liechtensteinische Landesbank AG


TER look-through 0.99 % p. a. (per 30.09.2019)TER fund-of-funds 0.45 %

Performance and risk Fund2020 –2.0 %Previous year 3.1 %Last 3 years –0.7 %Last 5 years 2.9 %Volatility last 5 years 3.8 %

Allocation by currencyCHF 80 %USD 8 %EUR 7 %GBP 2 %JPY 2 %Other currencies 1 %

Fund rating 1




strategy funds



2015 2016 2017 2018 2019 202094

96

98

100

102

104

106

Local and globalequities (incl. emerging markets and real estate) 8 %

Local and globalbonds (incl.

high yield, emergingmarkets, CAT bondsand infl. linked) 76 %

Liquidity 10 %


Investment policyThe fund invests in a broadly diversified, international securities portfolio with the aim of attaining the highest overall return. Con-ceived of as a fund-of-funds, the fund's investment strategy consists of a combination of various asset classes such as money market instruments, investment grade bonds, inflation-protected and high yield bonds, emerging markets bonds, convertible bonds, stocks in the reference currency and globally, emerging market stocks, real estate stocks. The fund's equity exposure fluctuates between 4 % and 15 % of its total assets. At least 50 % of its total assets are in-vested in the Swiss Franc reference currency. The fund is suitable for investors, who want to benefit from active portfolio management in line with the LLB's investment policy.



Asset allocation

Fund informationNet asset value per unit CHF 102.30Fund assets CHF 53.1 millionReference currency CHFTraded DailySecurity number 27955013ISIN LI0279550136WKN A14TF6Bloomberg LLBSTKC LE

Inception date 29 May 2015Legal form of fund Investment Fund (UCITS V)Fund domicile LiechtensteinManagement company LLB Fund Services AGCustodian Liechtensteinische Landesbank AG


TER look-through 1.02 % p. a. (per 30.09.2019)(incl. performance fee)TER look-through 0.78 % p. a. (per 30.09.2019)(excl. performance fee)TER fund-of-funds 0.25 % + 10 % of annual perf.

Performance and risk Fund2020 –2.3 %Previous year 3.8 %Last 3 years –0.2 %Last 5 years 3.9 %Volatility last 5 years 3.9 %


Largest shareholdings Nestle SA, registered 0.6 %GS Roche Holding AG 0.5 %Novartis AG, registered 0.5 %Apple Inc. 0.1 % American Tower Corp. 0.1 %Microsoft Corp. 0.1 %Zurich Insurance Group AG, reg. 0.1 %

LLB Strategy Conservative (CHF) per 30.06.2020


policy◆ Cooperation with external specialists in specified markets◆ The addition of a moderate equity allocation improves the return-

risk ratio

Fund ratings 1




strategy funds

44–

45



2015 2016 2017 2018 2019 2020114

116

118

120

122

124

126

128

130

132



inflation linked) 62 %

Liquidity 8 %


Alternativeinvestments (incl. commodities) 1 %


Asset allocation

Investment policyThe investment policy of the LLB Strategy BPVV (CHF) follows the guidelines for the investment of vested pension benefits set out in the Occupational Pensions Ordinance (BPVV). The fund invests in a broadly diversified, international securities portfolio with the aim of attaining the highest overall return. Conceived of as a fund-of-funds, the fund's investment strategy consists of a combination of various asset classes such as money market instruments, invest-ment grade bonds, inflation-protected bonds, convertible bonds, stocks in the reference currency and globally, emerging market stocks, real estate stocks, commodities. Equity exposure is at most 30 % of the total assets. The fund is suitable for investors, who want to benefit from active portfolio management in line with the LLB's investment policy.


LLB Strategy BPVV (CHF) per 30.06.2020

Key benefits ◆ Active management at very attractive fees◆ Broadly diversified and professionally managed portfolio ◆ Immediate implementation of the well-proven LLB investment policy◆ Quantitative oriented value philosophy in the equities selection process◆ Cooperation with external specialists in specified markets

Fund ratings 1


Fund informationNet asset value per unit CHF 125.40Fund assets CHF 28.8 millionReference currency CHFTraded DailySecurity number 3261934ISIN LI0032619343WKN A0RLVHBloomberg LLBPVVC LE

Inception date 11 March 2009Legal form of fund SICAV (UCITS V)Fund domicile LiechtensteinManagement company LLB Fund Services AGCustodian Liechtensteinische Landesbank AG



Performance and risk Fund2020 –2.9 %Previous year 6.0 %Last 3 years 0.3 %Last 5 years 3.9 %Volatility last 5 years 5.0 %

Allocation by currencyCHF 77 %EUR 10 %USD 7 %GBP 2 %JPY 2 %Other currencies 2 %

Largest shareholdings Nestle SA, registered 1.6 %GS Roche Holding AG 1.4 %Novartis AG, registered 1.4 %Zurich Insurance Group AG, reg. 0.4 %Microsoft Corp. 0.3 %Apple Inc. 0.3 % American Tower Corp. 0.3 %UBS Group AG, registered 0.3 %LafargeHolcim Ltd., registered 0.2 %Crown Castle International Corp. 0.2 %


1 The fund ratings refer to the preceding month. 2 Median of comparison group of retail funds provided by Morningstar (Europe/Africa/Asia OE CHF Cautious Allocation).

strategy funds



2015 2016 2017 2018 2019 2020118

120

122

124

126

128

130

132

134

136

138




Liquidity 4 %


Alternative investments (incl. hedge funds and commodities) 5 %

Investment policyThe fund invests in a broadly diversified, international securities portfolio with the aim of attaining the highest overall return. Con-ceived of as a fund-of-funds, the fund's investment strategy consists of a combination of various asset classes such as money market instruments, investment grade bonds, inflation-protected and high yield bonds, emerging markets bonds, convertible bonds, stocks in the reference currency and globally, emerging market stocks, real estate stocks, commodities. To add variety and for diversification reasons, investments may possibly be made in alternative products. The fund's equity exposure fluctuates between 15 % and 30 % of its total assets. At least 50 % of its total assets are invested in the Swiss Franc reference currency. The fund is suitable for investors, who want to benefit from active portfolio management in line with the LLB's investment policy.


Asset allocation


LLB Strategy Yield (CHF) per 30.06.2020

Key benefits ◆ Active management at very attractive fees◆ Broadly diversified and professionally managed portfolio ◆ Immediate implementation of the well-proven LLB investment policy◆ Quantitative oriented value philosophy in the equities selection process◆ Cooperation with external specialists in specified markets such as commodities or high yield bonds

Fund informationNet asset value per unit CHF 130.55Fund assets CHF 200.9 millionReference currency CHFTraded DailySecurity number 812745ISIN LI0008127453WKN 964829Bloomberg LLBVERC LE

Inception date 15 July 1999Legal form of fund SICAV (UCITS V)Fund domicile LiechtensteinManagement company LLB Fund Services AGCustodian Liechtensteinische Landesbank AG






Fund ratings 1



1 The fund ratings refer to the preceding month. 2 Median of comparison group of retail funds provided by Morningstar (Europe/Africa/Asia OE CHF Moderate Allocation).

strategy funds

46–

47



2015 2016 2017 2018 2019 2020105

110

115

120

125

130




Liquidity 7 %



Investment policyThe fund invests in a broadly diversified, international securities portfolio with the aim of attaining the highest overall return. Con-ceived of as a fund-of-funds, the fund's investment strategy consists of a combination of various asset classes such as money market instruments, investment grade bonds, inflation-protected and high yield bonds, emerging markets bonds, convertible bonds, stocks in the reference currency and globally, emerging market stocks, real estate stocks, commodities. To add variety and for diversification reasons, investments may possibly be made in alternative products. The fund's equity exposure fluctuates between 35 % and 60 % of its total assets. At least 50 % of its total assets are invested in the Swiss Franc reference currency. The fund is suitable for investors, who want to benefit from active portfolio management in line with the LLB's investment policy.


Asset allocation


LLB Strategy Balanced (CHF)per 30.06.2020

Key benefits ◆ Active management at very attractive fees◆ Immediate implementation of the LLB investment policy◆ Quantitative oriented value philosophy in the equities selection process◆ Cooperation with external specialists in specified markets such as commodities or high yield bonds

Fund ratings 1

Lipper preservation score (10 years) LeaderLipper expense score (10 years) Leader

Fund informationNet asset value per unit CHF 119.35Fund assets CHF 122.1 millionReference currency CHFTraded DailySecurity number 812751ISIN LI0008127511WKN 964831Bloomberg LLBVZUC LE


Investment manager LLB Asset Management AGRepresentative in Switzerland LLB Swiss Investment AG Claridenstrasse 20, 8002 Zurich Paying agent in Switzerland Bank Linth LLB AG Zürcherstrasse 3, 8730 UznachEnd of financial year 30 September Dividend distributions None, reinvestedLicensed for distribution in LI, CH, DE, ATTax transparency in LI, CH, DE, ATGerman Investment Tax Act Mixed Fund § 2 Abs. 7,InvStG (2018) Classification § 20 Abs. 2 lnvStGAuditors PricewaterhouseCoopers AG





Largest shareholdings Nestle SA, registered 3.5 %GS Roche Holding AG 3.1 %Novartis AG, registered 3.1 %Zurich Insurance Group AG, reg. 0.8 % UBS Group AG, registered 0.6 %



strategy funds



2015 2016 2017 2018 2019 2020116

118

120

122

124

126

128

130

Bonds EUR 18 %

Global bonds (incl.high yield, emergingmarkets, CAT bondsand infl. linked) 64 %

Liquidity 7 %



Asset allocation

Investment policyThe fund invests in a broadly diversified international portfolio of fixed income securities with the aim of attaining the highest overall return. Conceived of as a fund-of-funds, the fund's investment strategy consists of a combination of various asset classes such as money market instruments, investment grade bonds, inflation-protected and high yield bonds, emerging markets bonds, con-vertible bonds. At least 50 % of its total assets are invested in the Euro reference currency. The fund is suitable for investors, who want to benefit from active portfolio management in line with the LLB's investment policy.


LLB Strategy Fixed Income (EUR)per 30.06.2020


policy◆ Cooperation with external specialists in specified markets

Fund informationNet asset value per unit EUR 124.88Fund assets EUR 9.4 millionReference currency EURTraded DailySecurity number 11645645ISIN LI0116456455WKN A1H66JBloomberg LLBSEUR LE

Inception date 4 April 2011Legal form of fund SICAV (UCITS V)Fund domicile LiechtensteinManagement company LLB Fund Services AGCustodian Liechtensteinische Landesbank AG




Allocation by currencyEUR 83 %USD 9 %GBP 2 %JPY 2 %CHF 1 %Other currencies 3 %

Fund rating 1



1 The fund ratings refer to the preceding month. 2 Median of comparison group of retail funds provided by Morningstar (Europe/Africa/Asia OE EUR Cautious Allocation).

strategy funds

48–

49



2015 2016 2017 2018 2019 202094

96

98

100

102

104

106




Liquidity 17 %


Investment policyThe fund invests in a broadly diversified, international securities portfolio with the aim of attaining the highest overall return. Con-ceived of as a fund-of-funds, the fund's investment strategy consists of a combination of various asset classes such as money market instruments, investment grade bonds, inflation-protected and high yield bonds, emerging markets bonds, convertible bonds, stocks in the reference currency and globally, emerging market stocks, real estate stocks. The fund's equity exposure fluctuates between 4 % and 15 % of its total assets. At least 50 % of its total assets are in-vested in the Euro reference currency. The fund is suitable for inves-tors, who want to benefit from active portfolio management in line with the LLB's investment policy.



Asset allocation

Fund informationNet asset value per unit EUR 102.78Fund assets EUR 8.0 millionReference currency EURTraded DailySecurity number 27955015ISIN LI0279550151WKN A14TF7Bloomberg LLBSKEU LE







Largest shareholdings American Tower Corp. 0.1 %Apple Inc. 0.1 %Microsoft Corp. 0.1 %Amazon.com, Inc. 0.1 %

LLB Strategy Conservative (EUR) per 30.06.2020


policy◆ Cooperation with external specialists in specified markets◆ The addition of a moderate equity allocation improves the return-

risk ratio

Fund ratings 1

Lipper preservation score (overall) LeaderLipper expense score (overall) LeaderMorningstar stars (overall) 4


1 The fund ratings refer to the preceding month. 2 Median of comparison group of retail funds provided by Morningstar (Europe/Africa/Asia OE EUR Cautious Allocation).

strategy funds



2015 2016 2017 2018 2019 2020145

150

155

160

165

170

175




Liquidity 4 %



Investment policyThe fund invests in a broadly diversified, international securities portfolio with the aim of attaining the highest overall return. Con-ceived of as a fund-of-funds, the fund's investment strategy consists of a combination of various asset classes such as money market instruments, investment grade bonds, inflation-protected and high yield bonds, emerging markets bonds, convertible bonds, stocks in the reference currency and globally, emerging market stocks, real estate stocks, commodities. To add variety and for diversification reasons, investments may possibly be made in alternative products. The fund's equity exposure fluctuates between 15 % and 30 % of its total assets. At least 50 % of its total assets are invested in the Euro reference currency. The fund is suitable for investors, who want to benefit from active portfolio management in line with the LLB's investment policy.


Asset allocation


LLB Strategy Yield (EUR)per 30.06.2020


Fund ratings 1

Lipper total return score (10 years) LeaderMorningstar stars (overall) 4

Fund informationNet asset value per unit EUR 163.84Fund assets EUR 48.7 millionReference currency EURTraded DailySecurity number 812750ISIN LI0008127503WKN 964830Bloomberg LLBVERE LE

Inception date 15 July 1999Legal form of fund SICAV (UCITS V)Fund domicile LiechtensteinManagement company LLB Fund Services AGCustodian Liechtensteinische Landesbank AGInvestment manager LLB Asset Management AGRepresentative in Switzerland LLB Swiss Investment AG Claridenstrasse 20, 8002 Zurich Paying agent in Switzerland Bank Linth LLB AG Zürcherstrasse 3, 8730 UznachEnd of financial year 30 September Dividend distributions None, reinvestedLicensed for distribution in LI, CH, DE, ATTax transparency in LI, CH, DE, ATGerman Investment Tax Act Investment Fund without InvStG (2018) Classification partial exemption Auditors PricewaterhouseCoopers AG





Largest shareholdings Apple Inc. 0.3 % Microsoft Corp. 0.3 %American Tower Corp. 0.3 %Royal Dutch Shell Plc. 0.2 % Crown Castle International Corp. 0.2 % Equinix, Inc. 0.2 %


1 The fund ratings refer to the preceding month. 2 Median of comparison group of retail funds provided by Morningstar (Europe/Africa/Asia OE EUR Moderate Allocation).

strategy funds

50–

51



2015 2016 2017 2018 2019 2020130

135

140

145

150

155

160

165




Liquidity 7 %




Asset allocation

Investment policyThe fund invests in a broadly diversified, international securities portfolio with the aim of attaining the highest overall return. Con-ceived of as a fund-of-funds, the fund's investment strategy consists of a combination of various asset classes such as money market instruments, investment grade bonds, inflation-protected and high yield bonds, emerging markets bonds, convertible bonds, stocks in the reference currency and globally, emerging market stocks, real estate stocks, commodities. To add variety and for diversification reasons, investments may possibly be made in alternative products. The fund's equity exposure fluctuates between 35 % and 60 % of its total assets. At least 50 % of its total assets are invested in the Euro reference currency. The fund is suitable for investors, who want to benefit from active portfolio management in line with the LLB's investment policy.


LLB Strategy Balanced (EUR)per 30.06.2020


Fund ratings 1

Lipper consistent return score (10 years) 4Lipper expense score (10 years) Leader

Fund informationNet asset value per unit EUR 147.65Fund assets EUR 44.5 millionReference currency EURTraded DailySecurity number 812755ISIN LI0008127552WKN 964832Bloomberg LLBVZUE LE


Investment manager LLB Asset Management AGRepresentative in Switzerland LLB Swiss Investment AG Claridenstrasse 20, 8002 Zurich Paying agent in Switzerland Bank Linth LLB AG Zürcherstrasse 3, 8730 UznachEnd of financial year 30 September Dividend distributions None, reinvestedLicensed for distribution in LI, CH, DE, ATTax transparency in LI, CH, DE, ATGerman Investment Tax Act Mixed Fund § 2 Abs. 7,InvStG (2018) Classification § 20 Abs. 2 lnvStGAuditors PricewaterhouseCoopers AG





Largest shareholdings Apple Inc. 0.7 % Microsoft Corp. 0.6 %Royal Dutch Shell Plc. 0.5 %Total SA 0.4 % GS Roche Holding AG 0.4 %


1 Median of comparison group of retail funds provided by Morningstar (Europe/Africa/Asia OE EUR Moderate Allocation).

strategy funds



2015 2016 2017 2018 2019 202092

94

96

98

100

102

104

106

108

110

112




Liquidity 7 %



Investment policyThe fund invests in a broadly diversified, international securities portfolio with the aim of attaining the highest overall return. Con-ceived of as a fund-of-funds, the fund's investment strategy consists of a combination of various asset classes such as money market instruments, investment grade bonds, inflation-protected and high yield bonds, emerging markets bonds, convertible bonds, stocks in the reference currency and globally, emerging market stocks, real estate stocks, commodities. To add variety and for diversification reasons, investments may possibly be made in alternative products. The fund's equity exposure fluctuates between 15 % and 30 % of its total assets. At least 50 % of its total assets are invested in the US Dollar reference currency. The fund is suitable for investors, who want to benefit from active portfolio management in line with the LLB's investment policy.



Asset allocation

LLB Strategy Yield (USD) per 30.06.2020

Key benefits ◆ Active management at very attractive fees◆ Broadly diversified and professionally managed portfolio ◆ Immediate implementation of the well-proven LLB investment policy◆ Quantitative oriented value philosophy in the equities selection process◆ Cooperation with external specialists in specified markets such as commodities or high yield bonds

Fund informationNet asset value per unit USD 108.86Fund assets USD 5.0 millionReference currency USDTraded DailySecurity number 25028593ISIN LI0250285934WKN A12ABMBloomberg LLBSRUS LE

Inception date 29 August 2014Legal form of fund Investment Fund (UCITS V)Fund domicile LiechtensteinManagement company LLB Fund Services AGCustodian Liechtensteinische Landesbank AG





Allocation by currencyUSD 78 %EUR 11 %GBP 3 %JPY 2 %CHF 2 %Other currencies 4 %

Largest shareholdings Apple Inc. 0.3 %Microsoft Corp. 0.3 %American Tower Corp. 0.3 % Sony Corp. 0.2 % Toyota Motor Corp. 0.2 %



strategy funds

52–

53






Liquidity 9 %



2015 2016 2017 2018 2019 202085

90

95

100

105

110

115

120

Asset allocation



Investment policyThe fund invests in a broadly diversified, international securities portfolio with the aim of attaining the highest overall return. Con-ceived of as a fund-of-funds, the fund's investment strategy consists of a combination of various asset classes such as money market instruments, investment grade bonds, inflation-protected and high yield bonds, emerging markets bonds, convertible bonds, stocks in the reference currency and globally, emerging market stocks, real estate stocks, commodities. To add variety and for diversification reasons, investments may possibly be made in alternative products. The fund's equity exposure fluctuates between 35 % and 60 % of its total assets. At least 50 % of its total assets are invested in the US Dollar reference currency. The fund is suitable for investors, who want to benefit from active portfolio management in line with the LLB's investment policy.

LLB Strategy Balanced (USD)per 30.06.2020

Key benefits ◆ Active management at very attractive fees◆ Immediate implementation of the well-proven LLB investment policy◆ Quantitative oriented value philosophy in the equities selection process◆ Cooperation with external specialists in specified markets such as commodities or high yield bonds

Fund rating 1

Lipper expense score (overall) 4

Fund informationNet asset value per unit USD 109.59Fund assets USD 4.4 millionReference currency USDTraded DailySecurity number 25029148ISIN LI0250291486WKN A12ABNBloomberg LLBSTRU LE

Inception date 29 August 2014Legal form of fund Investment Fund (UCITS V)Fund domicile LiechtensteinManagement company LLB Fund Services AGCustodian Liechtensteinische Landesbank AG

Investment manager LLB Asset Management AGRepresentative in Switzerland LLB Swiss Investment AG Claridenstrasse 20, 8002 Zurich Paying agent in Switzerland Bank Linth LLB AG Zürcherstrasse 3, 8730 UznachEnd of financial year 30 September Dividend distributions None, reinvestedLicensed for distribution in LI, CHTax transparency in LI, CH, DE, ATGerman Investment Tax Act Mixed Fund § 2 Abs. 7,InvStG (2018) Classification § 20 Abs. 2 lnvStGAuditors PricewaterhouseCoopers AG



Allocation by currencyUSD 75 %EUR 12 %CHF 3 %GBP 2 %JPY 2 %Other currencies 6 %

Largest shareholdings Apple Inc. 0.7 %Microsoft Corp. 0.7 % Sony Corp. 0.4 % Toyota Motor Corp. 0.4 %Johnson & Johnson 0.3 %


1 The fund ratings refer to the preceding month.2 Median of comparison group of retail funds provided by Morningstar (Europe/Africa/Asia OE Alt - Multistrategy).

special funds


Bernhard SchmittFund Manager since 29.05.2015

2015 2016 2017 2018 2019 202080

82

84

86

88

90

92

94

96

98

100

Global Macro 27 %Equity MarketNeutral 16 %

Commodity TradingAdvisor 20 %

Fixed IncomeArbitrage 11 %

Long ShortEquity 26 %

Investment policyThe fund invests in a broadly diversified international fund portfolio with the aim of an increase in value. Conceived of as a fund-of-funds, the fund's investment strategy consists of a combination of various target funds, which come from the universes of alternative- and absolute return-strategies. When selecting the target funds the analysis of the issuers, the assessment of the fund management respective fund manager as well as the fund size is of particular importance. Potential investments are selected quantitatively and qualitatively. There are five analytical groups which play an impor-tant role: investment philosophy, process, portfolio, investment professionals involved and the realized performance. Foreign cur-rency risks are largely hedged from the CHF perspective. The fund is suitable for investors who wish to invest in alternative strategies.



Style allocation

Fund informationNet asset value per unit CHF 84.05Fund assets (all classes) EUR 89.8 millionReference currency CHFNotice period 6 daysTraded Weekly (on Wednesdays)Security number 27958834ISIN LI0279588342WKN A14TF9Bloomberg LLASGHC LE


Investment manager LLB Asset Management AGRepresentative in Switzerland LLB Swiss Investment AG Claridenstrasse 20, 8002 Zurich Paying agent in Switzerland Bank Linth LLB AG Zürcherstrasse 3, 8730 UznachEnd of financial year 30 September Dividend distributions None, reinvestedLicensed for distribution in LI, CH, DE, ATTax transparency in LI, CH, DE, ATAuditors PricewaterhouseCoopers AG

TER look-through 2.07 % p. a. (per 30.09.2019)TER fund-of-funds 0.85 % + 10 % of annual perf. with high watermark


2020 –6.5 % –2.9 %Previous year 3.9 % 3.0 %Last 3 years –11.6 % –4.3 %Last 5 years –14.8 % –6.6 %Volatility last 5 years 4.7 % 4.7 %

Largest holdings Trojan Invest Fund 9.6 %Nordea Sicav Alpha Fund 9.0 %Man GLG Alpha Select Fund 8.6 %Eleva UCITs Abs. Return Fund 8.4 %LF Ruffer Inv. Total Return Fund 7.9 %Lyxor Invest Epsilon Fund 7.5 %FvS Bond Opportunities Fund 6.7 % BMO Invest Real Estate Fund 6.6 %

Fund rating 1


LLB Alternative Strategy Global Cl. H CHF per 30.06.2020

Key benefits ◆ Active management at very attractive fees◆ Profit from the performance of alternative investment strategies◆ Added value out of a consistent and structured third fund selection

process◆ Identification of above-average fund managers based on the 5P

analysis (philosophy, people, process, portfolio and performance)◆ Continuous optimization and monitoring in fund-of-funds port-

folio


1 The fund ratings refer to the preceding month.2 Median of comparison group of retail funds provided by Morningstar (Europe/Africa/Asia OE Alt - Multistrategy).

special funds

54–

55



2015 2016 2017 2018 2019 202082

84

86

88

90

92

94

96

98

100





Investment policyThe fund invests in a broadly diversified international fund portfolio with the aim of an increase in value. Conceived of as a fund-of-funds, the fund's investment strategy consists of a combination of various target funds, which come from the universes of alternative- and absolute return-strategies. When selecting the target funds the analysis of the issuers, the assessment of the fund management respective fund manager as well as the fund size is of particular importance. Potential investments are selected quantitatively and qualitatively. There are five analytical groups which play an impor-tant role: investment philosophy, process, portfolio, investment professionals involved and the realized performance. Foreign cur-rency risks are largely hedged from the EUR perspective. The fund is suitable for investors who wish to invest in alternative strategies.



Style allocation

Fund informationNet asset value per unit EUR 86.26Fund assets (all classes) EUR 89.8 millionReference currency EURNotice period 6 daysTraded Weekly (on Wednesdays)Security number 27955016ISIN LI0279550169WKN A14TF8Bloomberg LLASGHE LE


Investment manager LLB Asset Management AGRepresentative in Switzerland LLB Swiss Investment AG Claridenstrasse 20, 8002 Zurich Paying agent in Switzerland Bank Linth LLB AG Zürcherstrasse 3, 8730 UznachEnd of financial year 30 September Dividend distributions None, reinvestedLicensed for distribution in LI, CH, DE, ATTax transparency in LI, CH, DE, AT, UKAuditors PricewaterhouseCoopers AG



2020 –6.4 % –2.8 %Previous year 4.4 % 3.6 %Last 3 years –10.4 % –3.3 %Last 5 years –12.7 % –2.3 %Volatility last 5 years 4.7 % 5.6 %


Fund rating 1

Lipper preservation score (5 years) 4

LLB Alternative Strategy Global Cl. H EURper 30.06.2020




folio



special funds



2015 2016 2017 2018 2019 202092

94

96

98

100

102

104





Investment policyThe fund invests in a broadly diversified international fund portfolio with the aim of an increase in value. Conceived of as a fund-of-funds, the fund's investment strategy consists of a combination of various target funds, which come from the universes of alternative- and absolute return-strategies. When selecting the target funds the analysis of the issuers, the assessment of the fund management respective fund manager as well as the fund size is of particular importance. Potential investments are selected quantitatively and qualitatively. There are five analytical groups which play an impor-tant role: investment philosophy, process, portfolio, investment professionals involved and the realized performance. Foreign cur-rency risks are largely hedged from the USD perspective. The fund is suitable for investors who wish to invest in alternative strategies.



Style allocation

Fund informationNet asset value per unit USD 96.79Fund assets (all classes) EUR 89.8 millionReference currency USDNotice period 6 daysTraded Weekly (on Wednesdays)Security number 27958839ISIN LI0279588391WKN A14TGABloomberg LLASGHU LE

Inception date 30 October 2015Legal form of fund Investment Fund (UCITS V)Fund domicile LiechtensteinManagement company LLB Fund Services AGCustodian Liechtensteinische Landesbank AG

Investment manager LLB Asset Management AGRepresentative in Switzerland LLB Swiss Investment AG Claridenstrasse 20, 8002 Zurich Paying agent in Switzerland Bank Linth LLB AG Zürcherstrasse 3, 8730 UznachEnd of financial year 30 September Dividend distributions None, reinvestedLicensed for distribution in LI, CH, DE, ATTax transparency in LI, CH, DE, AT, UKAuditors PricewaterhouseCoopers AG


Performance and risk Fund 2020 –4.6 % Previous year 7.2 %Last 3 years –3.4 % Since inception –3.2 %


Fund rating 1

Lipper consistent return score (3 years) 4

LLB Alternative Strategy Global Cl. H USD per 30.06.2020




folio



special funds

56–

57



2015 2016 2017 2018 2019 202092

94

96

98

100

102

104


Local and globalbonds (incl. inflation

linked) 45 %

Liquidity 27 %

Alternative investments (incl.commodities) 11 %

Gold 6 %

Investment policyThe fund invests in a broadly diversified, international securities portfolio with the aim of attaining the highest overall real return in the long term. Conceived of as a fund-of-funds, the fund's invest-ment strategy consists of a combination of various asset classes such as money market instruments, investment grade bonds, infla-tion-protected bonds, real estate (indirect), stocks of developed markets, emerging market stocks, gold (indirect), commodities (indirect). To add variety and for diversification reasons, investments may possibly be made in high yield bonds, emerging markets bonds and alternative products. The fund's exposure in fixed- or variable- interest securities as well as liquidity fluctuates between 40 % and 90 % of its total assets. At least 80 % of its total assets are invested in the Swiss Franc reference currency. The fund is suitable for inves-tors, who want to preserve the real value of their portfolio in phases with inflation but also to attain an adequate overall return in phases without inflation.


Asset allocation


LLB Inflation Protect (CHF)per 30.06.2020

Key benefits ◆ Active management at very attractive fees◆ Offers protection in phases of increased inflation◆ Designed flexibly to attain an adequate overall return in phases without inflation◆ Broadly diversified and professionally managed portfolio◆ Cooperation with external specialists in specified markets

Fund informationNet asset value per unit CHF 99.20Fund assets CHF 8.9 millionReference currency CHFTraded DailySecurity number 13759253ISIN LI0137592536WKN A1JHVDBloomberg LLBIPCF LE

Inception date 14 October 2011Legal form of fund Investment Fund (UCITS V)Fund domicile LiechtensteinManagement company LLB Fund Services AGCustodian Liechtensteinische Landesbank AG





Fund ratings 1



LLB fund glossaryFund jargon

Accounting currencyThe currency in which an investment fund's accounts are kept and in which fund units are issued and redeemed. Not to be confused with the reference or investment currency.

All-inclusive management feeThe fee paid to the fund management company for management, administration and portfolio management activities, as well as auditing, marketing and legal expenses in relation to the fund. The all-inclusive fee is expressed as a percentage of the fund's total assets and is debited to the fund on a daily basis.

Asset allocationDepending on the type of fund, the distribution of assets into the various investment instruments (money market instruments, bonds, equities, real estate and alternative investments) as well as sectors, markets and currencies.

Average residual term to maturityThis term describes the average remaining time up to maturity of the bonds in a bond portfolio, weighted according to the invested capital.

Average yield or returnUsing average annual yield, the earnings of investments having dif-ferent durations can be compared. Usually, the value is used only for periods of longer than a year. The average yield shows the per-centage income an investor would have to receive each year in order to attain the total income over the entire investment period.

BenchmarkA reference index against which a fund's performance is measured. Depending on the fund's orientation and investment policy, both standardized market indices and specially formulated reference parameters can be employed.

Bond fundsFunds which concentrate their investments in fixed-interest secu-rities. They may also invest to a limited extent in convertible bonds and bonds with warrants.

Conflict of interestIn the investment business, it is common for fund providers to pay trailer fees or retrocessions to banks. Fund providers use these fees to compensate banks for services they provide in connection with client care and advice. Many banks subsidize their terms and condi-tions for investments in this way. This limits cost transparency for the client. Moreover, if banks no longer recommend the best prod-ucts to clients because of these payments, opting instead to push products for which they receive the highest fees, a conflict of inter-est may arise.

CreditworthinessThe solvency or credit rating of a borrower (issuer) which indicates how secure its bonds are.

DiversificationThe distribution of the invested capital into several investment media such as equities, bonds and money market instruments, and

into various sectors, countries and currencies. This enables the investment risk to be reduced while maintaining the same level of return.

DurationDuration is also a risk measurement with bonds. Usually expressed in terms of years, duration measure the sensitivity of fixed-interest instruments to changes in interest rates. If the interest rate level changes by one percent, the expected price fluctuation roughly cor-responds to the duration in percent.

Fixed-interest securitiesSecurities such as debentures and bonds which bear a fixed-interest rate for their entire term.

Fund assets / net assetsThe entire assets of a fund minus its accrued costs. In the case of a securities investment fund, the fund's assets comprise securities, bank deposits and other assets.

Fund of funds Investment funds which invest their assets in units of other invest-ment funds.

Fund ratingsLipper assesses funds on the basis of an evaluation period of at least three years, as well as on the basis of the following independent criteria:◆ Total return: measures a fund's performance over the last three

years without risk relative to a specified comparison group.◆ Consistent return: measures a fund's performance over the last

three years with risk relative to a specified comparison group. ◆ Expense: measures the gross performance over the last three

years. The lowest costs relative to a specified comparison group are also taken into consideration.

◆ Preservation: measures the sum of all negative monthly perfor-mances relative to the asset class.

The funds are classified according to a rating system from one to five. The best 20 percent of funds in a comparison group are awarded the best score of five and the title of «Leader». The remaining funds are rated, in increments of 20 percent, from four down to one, whereby one is the worst score. The overall rating is based on the equal-weighted average of percentile ranks over the 3, 5 and 10 years period. See also www.lipperweb.com.

Morningstar measures the performance with risk over the last three years. The 10 percent of funds which are the best performers are awarded five stars, the next 22.5 % are awarded four stars, the next 35 % receive three stars, the following 22.5 % two stars, down to the last 10 % of the funds which are awarded only one star. The overall rating is based on the weighted average of the ratings over each period (weighting 50 % over 10 years, 30 % over 5 years, 20 % over 3 years). See also www.morningstar.com.

Scope measures the performance with risk over the last five years. The funds are rated within a comparison group from A to E, whereby A represents «very good» and E «poor». The ratings are assigned in 20 %-increments. See also https://funds.scopeanalysis.com.


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Investment horizonThe time period for which an investor wants to invest a portion of his / her assets.

Investment strategyInvesting assets according to a planned method, taking into consid-eration the investor's personal requirements and circumstances, particularly the client's personal ability to accept risks, risk tolerance and expected returns.

Investment tacticsActive deviation (using over or underweighting of individual asset classes), taking into consideration various factors and risks such as the economic situation, current market trends, interest rate and currency developments etc.

Issuing commissionThe commission debited to the buyer of fund units.

Mixed fundsFunds which invest in both equities and fixed-interest securities. Usually ceilings are stipulated for the equity or bond portions. See also «Strategy funds / asset allocation funds / portfolio funds».

Net asset value / NAVThe net asset value per unit of the investment fund.See «Fund assets / net assets».

PerformanceSee «Yield».

Redemption commissionThe commission charged in favour of the fund to the investor when redeeming his / her fund units.

Redemption priceThe price at which the fund is obliged to redeem fund units, which is then charged to the fund's assets. The redemption price corres-ponds to the net asset value minus any redemption commission.

Reference currencyThe currency in which the investor usually thinks and calculates and pays his liabilities. In the case of an investment fund, the currency in which the fund's value appreciation is measured.

Refinitiv Lipper Awards©2019 / ©2020 Refinitiv. All rights reserved. Used by permission and protected by the Copyright Laws of the United States. The printing, copying, redistribution, or retransmission of this Content without express written permission is prohibited.

Retrocession-freeFund providers use retrocessions to compensate banks for services they provide in connection with client care and advice. For reasons of cost transparency, the LLB has waived commission fees entirely for its own funds since 1 July 2014. It passes on 100 % of trailer fees for third-party funds to its clients – both in asset management and in «LLB-Invest» our investment advice against payment. The LLB is also anticipating regulatory developments in this way.

Risk See «Volatility».

Strategy funds / asset allocation funds /portfolio fundsInvestment funds which reflect the Liechtensteinische Landesbank's investment strategies for the various risk categories. Strategy funds invest worldwide in various investment instruments. Depending on the risk category, equities or bonds are overweighted. Investors can choose between three different reference currencies and four different risk categories. See «Mixed funds».

Tax informationTax information showing the current tax rates for LLB funds for per-sons who are liable for tax in Switzerland, Austria and Germany is published on the internet under www.llb.li / LLB-Fonds / Publika-tionen.

Total expense ratio (TER)A reference figure that compares the total expenses incurred in op-erating the fund with the average asset value of the fund at a given time. It includes the following fees and charges: management fees, safe custody fees, administration and auditing fees, costs of official publications, listing fees, legal advice fees, taxes.

Total returnThe entire value appreciation in percent of a capital investment over a specified period of time. This is measured as the actual return on the invested capital, and is based on the fund's revenues and ear-nings (e. g. interest, dividends, realized price gains) and on price changes on the securities contained in the fund's portfolio.

Unit (participating share)A certificate of no par value representing a unit (share) in an invest-ment fund. Under securities law, the unit is the certification of the investor's claims against the fund management for a share of the investment fund's assets and earnings.

Unit classesSeveral LLB bond funds are offered both as unit classes that distri-bute dividends and as unit classes that reinvest earnings.

Class «A»: This unit class designates funds, which periodically distribute a portion of their earnings in the form of a dividend. The dividends are equivalent to approximately the amount of the coupons and are always paid out after the end of the financial year. We offer the following funds in this asset class: LLB Bonds CHF, LLB Bonds EUR.

Class «T»: In this unit class earnings are not distributed as dividends but rather reinvested in the fund. With all LLB funds, which are not designated as Class «A», the earnings are reinvested in the respective fund.

Class «P»: Unit class for private clients.

Class «LLB»: Unit class for institutional clients.


Class «H»: In the H classes foreign currency risks from the perspec-tive of the relevant reference currency are hedged at least 80 %.

Umbrella fundsInvestment funds which are composed of several segments or sub-funds. All the subfunds together form a legal entity, so that only one licensing procedure is required for the umbrella fund.

VolatilityVolatility is a measure used to assess the degree of risk with a port-folio. It defines the fluctuation range within which a fund's yields will probably move. Statistically, it represents the annualized stand-ard deviation of yield distribution expressed as a percentage. A high volatility of monthly yields is an indication of a higher fluctuation range of future earnings and a higher degree of uncertainty with respect to future value appreciation. This uncertainty is equivalent to a higher degree of risk.

Yield to maturityIn addition to ordinary interest income, this also takes into consid-eration the price differences between the current market value and the probable redemption value of the investments (calculated nomi-nal values) on the basis of the average remaining life of the portfolio.


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Legal information

No offerThe information contained in this publication constitutes neither an invitation nor an offer, nor a recommendation to buy or sell investment instruments or to enter into transactions of any kind. The information in this publication does not constitute an aid for the reader in making decisions. Please consult a qualified person before making investment decisions.

Sales restrictionsThe contents of this publication are not directed or meant for persons subject to a jurisdiction that prohibits the distribution of the publica-tion or the investment funds referred to therein (due to the nationality of the persons concerned, their domicile or any other reason). Persons who come into the possession of this publication must inform themselves about any possible restrictions and comply with them. In particular, the units of the investment funds described in this publication are not registered under the United States Securities Act of 1933 and, other than in connection with a transaction that does not violate that Act, may not be offered, sold, resold, or delivered, directly or indirectly, in the United States, to citizens or residents of the United States, or to corporate or other legal entities established or managed under the law of the United States. The term «United States» encompasses the United States of America, all of its constituent states, its territories and pos-sessions, and all areas under its sovereign jurisdiction.

Risk warningPlease note that the value of an investment may fall as well as rise. The future performance of an investment cannot be derived from its past price development. Investments in foreign currencies are subject in addition to exchange rate fluctuations. Investments involving high volatility can be subject to strong price fluctuations. These price fluctu-ations may equal or even exceed the value of the invested amount. The preservation of the invested capital cannot therefore be guaranteed. Further information about risks can be obtained from the Liechten- steinische Landesbank AG. In addition, this information can be obtained from the brochure Risks in securities trading issued by the Liech-tenstein Bankers Association, or from the brochure «Special risks in securities trading» issued by the Swiss Bankers Association.

Fund documentsInvestment funds should in all cases only be bought after detailed study of the respective sales prospectus and the latest annual report (or semi-annual report, where it is more up-to-date), as well as the other legally relevant documents (regulations/terms of contract/articles of associa-tion and possibly the simplified prospectus). These documents may be obtained free of charge for the investment funds referred to in this pub-lication from Liechtensteinische Landesbank AG in Liechtenstein and in Switzerland from the representative for funds, LLB Swiss Investment AG, Claridenstrasse 20, 8002 Zuerich. The documents for the Bank Linth Regiofonds Zürichsee (CHF) may be obtained free of charge from Bank Linth LLB Ltd.

No warranty / No guarantee All information has been compiled by the LLB and/or its Group compa-nies with great care. The information and opinions presented here ori-ginate from sources which the LLB and/or its Group companies deem to be reliable. Nevertheless, the LLB Group provides no undertaking or guarantee for the accuracy, completeness, or currency of the informa-tion contained in these publications. The contents of the information contained in these publications may be changed at any time due to cer-tain circumstances, but the LLB and its Group companies are under no obligation to update any information once it has been published.

Exclusion of liabilityTo the extent allowed by law, the LLB and its Group companies exclude all liability for losses or damages of any kind (both direct and indirect damages as well as consequential damages) which arise from the use of or in connection with this publication.

Basic methodical approaches to financial analysisLLB and its LLB Asset Management AG responsible for financial analysis have summarised the basic methodological principles of financial ana-lyses on which the individual investment recommendations are founded in their white paper «Theory and Methodology of Securities Analysis by LLB Asset Management AG». This document (in German) can be accessed at the following link: www.llb.li/securities-analysis.

Additional informationFurther information about our publications, in particular ◆ Summary of the important sources of information◆ Valuation principles and methods◆ Explanation of the meaning of the recommendations◆ List of all recommendations as well◆ Information on conflicts of interestcan be requested at www.llb.li/legal-notes . We are providing this infor-mation also free of charge in paper form.

Internal organisational and regulatory measures to prevent con-flicts of interestThe Liechtensteinische Landesbank and any of its Group companies concerned have implemented internal organisational measures to pre-vent possible conflicts of interest from arising and, if these do occur, to disclose them.ExplanationPossible conflicts of interest are indicated by the following numbers placed next to the names of issuers:The Liechtensteinische Landesbank AG and/or its Group companies1. have more than a 5 % stake in the issuer,2. have substantial financial interests in relation to the issuer,3. participated during the last twelve months in the management of a

consortium which placed financial instruments of the issuer in the form of a public offering,

4. act as a market-maker in the financial instruments of the issuer,5. have during the last twelve months concluded an agreement for ser-

vices in connection with investment banking services with issuers who themselves or whose financial instruments are the subject of the financial analysis, or have received a performance or the promise of a performance from such an agreement,

6. have concluded an agreement for the production of financial analysis with issuers who themselves or whose financial instruments are the subject of the financial analysis.

Responsible for the preparation of this publicationLiechtensteinische Landesbank AGStädtle 44, PO Box 3849490 Vaduz, Liechtenstein

Competent regulatory authorities◆ Competent regulatory authority in the Principality of Liechtenstein FMA Financial Market Supervisory Authority Liechtenstein Landstrasse 109, P. O. Box 279, 9490 Vaduz, www.fma-li.li◆ Competent regulatory authority in Switzerland Swiss Financial Market Supervisory Authority FINMA Laupenstrasse 27, 3003 Berne, www.finma.ch◆ Competent supervisory authority in Austria Austrian Financial Market Authority FMA Otto-Wagner-Platz 5, A-1090 Vienna, www.fma.gv.at



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Imprint

Editorial deadline20 July 2020

Publication date27 July 2020

PublishedQuarterly

Editorial team Dr. Thomas Mächtel, Franz Maurer, Lasko von Loesch

Layout Franz Maurer, Nadja Good-Romer

Sources for charts LLB Asset Management AGDatastream, Bloomberg

Editorial addressLLB Asset Management AGStädtle 7, 9490 Vaduz, Liechtenstein

DispatchLasko von LoeschTelephone +423 236 95 25E-mail [email protected]

This publication is a marketing communication in terms of the Markets in Financial Instruments Directive (MiFID II, 2014/65/EU).

Liechtensteinische Landesbank AGStädtle 44 · P. O. Box 3849490 Vaduz · Liechtenstein

Bank Linth LLB AGZürcherstrasse 3 · P. O. Box 1688730 Uznach · Switzerland

LiechtensteinischeLandesbank (Österreich) AGHessgasse 11010 Vienna · Austria 20

182E

07.

20

Telephone +423 236 88 11Fax +423 236 88 22Internet www.llb.IiE-mail [email protected]

Telephone +41 844 11 44 11Fax +41 844 11 44 12Internet www.banklinth.chE-mail [email protected]

Telephone +43 1 533 73 83-0Fax +43 1 533 73 83-22Internet www.llb.atE-mail [email protected]

Documents

LLB Fund Overview/media/Globale-Uploads/LLBQB/LLBQB.pdf · LLB strategy funds can draw on their full potential in this respect, as Markus Wiedemann explains: «About three quar-ters