ValueDO Fund

Strategy

1

limitation of the universe

selection of companies
with high transparency &
investability:
- about 4,000 titles

2

Quantitative Screening

cross-sector
cheap stocks with proved
robust business models:
- about 200 titles

3

Qualitative detailed analysis

identification of
particularly attractive
occasions:
- about 80 titles

The earnings factors

Use of a proprietary quantitative stock screening that reduces the universe from 4000 stocks to approx. 200 companies.

Detailed fundamental analysis of the remaining companies with a focus on the areas that cannot be mapped quantitatively. On average, this leaves around 80 companies whose stocks are attractive targets.

Thanks to the option valuation model developed in-house, the opportunities and risks associated with options on existing and any new portfolio companies are constantly reviewed and used where appropriate.

Avoiding excessive concentration on individual sectors and economic areas supports the fund's resilience to crises.

Avoidance of excessive weighting of individual titles, since company-specific risks or spontaneous deterioration cannot be ruled out despite precise analysis.

Phased reduction in the (net) investment ratio to reduce the effects of exogenous shocks and short-term turbulence on the markets.

An option is the documented right, but not the obligation, to purchase (call option/call) or sell a specific quantity of an underlying asset (e.g. shares) at an agreed price (base price) within a specified period or at a specific point in time (put option/put).

Source: Bloomberg / Own calculation

The ValueDO Fund not only earns income from accruing dividends on stocks or interest on bonds, but also earns on the time value loss of written options (theta).

In 2022, this amounted to 7.33% annualized. Of this, 2.67% was dividend yield, 0.53% interest and 4.12% theta.
Since August 2020, this has been 6.43% annualized. Of that, 2.90% was dividend yield, 0.17% interest and 3.35% theta. Past performance and metrics are not reliable indicators of future performance.

The return of the ValueDO Fund is determined by three factors