Quarterly report - LLB Quotes - Liechtensteinische Landesbank

DEFENSIVE funds 

bond funds 

equity funds 

strategy funds 

REAL VALUE funds 

special funds 

LLB Fund Overview 

Quarterly Report 2/2014 

Asset Management 

Quarterly report · 2/2014


Contents 

1 

– 2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

18 

19 

20 

21 

22 

23 

24 

25 

26 

27 

28 

29 

30 

31 

32 

33 

34 

35 

36 

39 

Overview 

Editorial 

Fund portrait 

Overview of fund range 

Risk / return spectrum 

Investment philosophy 

Price development of our funds 

Performance of market indices, trading and valuation 

Fund factsheets 

LLB Defensive (EUR) 

LLB Defensive (USD) 

LLB Bonds CHF 

LLB Bonds EUR 

LLB Bonds USD 

LLB Bonds Euro Alternative (CHF) 

LLB Bonds Global (EUR) Class P 

LLB Bonds Inflation Linked (USD) Class P 

LLB Convertible Bonds (EUR) Class P 

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

LLB Equities Switzerland (CHF) 

LLB Equities Europe (EUR) 

LLB Equities North America (USD) 

LLB Equities Pacific (JPY) 

LLB Liechtenstein Banken (CHF) 

LLB Equities 50 Leaders (CHF) 

LLB Equities Regio Bodensee (CHF) 

Bank Linth Regiofonds Zürichsee (CHF) 

LLB Equities Fit for Life (CHF) 

LLB Equities Real Estate Global (CHF) Class P 

LLB Strategy Yield (CHF) 

LLB Strategy Balanced (CHF) 

LLB Strategy Yield (EUR) 

LLB Strategy Balanced (EUR) 

LLB Inflation Protect (CHF) 

LLB Strategy Global Trend (CHF) 

 

General 

LLB fund glossary 

Legal information 


Editorial 

Dear Readers 

It is usual practice that fund providers pay trailer fees and retrocessions to 

banks. In this way, they compensate banks for services that banks provide 

in connection with the servicing and advice rendered to their clients. With 

these commissions and fees, banks in turn subsidize the terms and conditions 

in their investment business. However, this means that cost transparency 

for clients is limited. There is also a risk of conflicts of interest, so 

that clients no longer receive independent advice. 

At the LLB, investment recommendations have long been strictly guided by 

the best-in-class approach. This means that the bank looks for the products 

that are best suited to the client. But in order to ensure better cost transparency 

in our investment business, the LLB is introducing a new pricing 

model. 

Elimination of trailer fees and retrocessions 

Starting in mid-2014, the Liechtensteinische Landesbank AG will eliminate 

trailer fees and retrocessions for LLB funds and third-party funds in its investment 

business – both for asset management and investment advisory 

services. At the same time, we will adjust our terms and conditions in our 

investment business. Beneficiaries of the new pricing model will mainly be 

clients who hold LLB funds – they will benefit from significantly lower fund 

costs and thus from better performance. Read our article on page 4 for more 

about these changes and for the advantages enjoyed by investors in LLB 

funds. 

Name change 

In line with the expanded investment universe, LLB Equities Japan (JPY) is 

now called LLB Equities Pacific (JPY). 

Profit from our funds as well. We are happy to advise you. 

Yours faithfully 

Martin Beck 

Product Management Institutional Clients, LLB Asset Management AG 


New pricing structure for LLB funds 

3 

– 4 

On 1 July 2014, the LLB introduced a new pricing model 

in its investment business. By eliminating trailer fees 

and retrocessions for own funds and third-party funds, 

we are creating better cost transparency. 

Our offerings are based on our underlying commitment to 

provide clients with high-quality services on terms that are 

both fair and transparent. In order to continue to satisfy this 

commitment, we introduced a new pricing structure. We are 

committed to transparent pricing and waive commission 

fees for LLB funds. In addition, we will pass on the full 

amount of the trailer fees from third-party funds to our 

clients. Through this waiver or transfer of fees to clients, we 

will create cost transparency and avoid potential conflicts 

of interest. 

«Active funds at passive prices» 

Through this waiver of commission fees, LLB funds are becoming 

even more attractive. Our clients receive professional, 

actively managed and risk-controlled funds at prices 

comparable to those of passively managed exchange-traded 

funds (ETFs). That is why our multiple award-winning funds 

are becoming markedly less expensive, translating to better 

performance for our clients. 

Examples for the strategy fund 

LLB Strategy Yield and Balanced 

Annual Fixed TER Variable TER Total 

performance * component component 

–5.0 % 0.2 % 0.0 % 0.2 % 

+5.0 % 0.2 % 0.5 % 0.7 % 

+15.0 % 0.2 % 1.0 % 1.2 % 

* The financial year for our mutual funds ends on 30 September 

(TER = Total Expense Ratio) 

Performance-based fees on selected LLB strategy funds 

We are one of the first banks in Europe to offer performancebased 

fees for our LLB strategy funds Yield and Balanced. 

Aside from the fixed base rate of 0.20 percent p.a., we charge 

a share of a tenth of the positive net performance, up to a 

maximum of 1.20 percent. Investors will only pay this variable 

fee component when the value of the fund assets (after 

the deduction of all costs) has developed positively. 

Interest-based fee for selected bond and money market 

funds 

We are also offering an equally fair and innovative variable 

fee for our LLB bond funds (CHF, EUR and USD) as well as for 

our money market funds. The costs are based on the current 

interest rate environment. This means that investors are not 

unduly burdened during this time of low interest rates. 

Award-winning asset management 

As a client, you benefit from our asset management, which 

has won several international awards. Just recently, the LLB 

Equities Regio Bodensee (CHF) won yet another Lipper Fund 

Award for its three-year performance. It was recognized as 

the best fund in the category «Equity Switzerland Small and 

Mid Caps». The equity fund had already won Lipper Awards 

in 2007 and 2008 for its three-year and five-year performance. 

The most recent Lipper Award came shortly after other 

honours garnered by our strategy funds, which for years 

have regularly held the top positions in long-term comparisons 

with our competition. 

By eliminating trailer fees and retrocessions for own funds 

and third-party funds in asset management and investment 

advisory services, we are taking on a pioneering role. Thanks 

to innovative and fair pricing models, we are underscoring 

that the LLB serves as a reliable partner for its clients. 

Further details can be found in the present quarterly report. 

If you have questions, please consult your client advisor. 


Overview of fund range 

Portfolio modules and special funds 

We offer our clients an attractive range of products. This 

encompasses over 30 funds. The overall fund volume 

amounts per 31.12.2013 CHF 4.6 billion. Our funds' performance 

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 modules 

We 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 portfolio 

In addition to portfolio modules, we offer satellites consisting 

of equity- and special funds. These products enable special 

client wishes to be fulfilled. Each of these funds 

represents an independent investment solution that is suitable 

for adding variety to many portfolios. 

Good performance and low costs 

In comparison with competitors, our range of funds is distinguished 

by good performance and unusually low costs. 

This fact is confirmed by the periodic external comparisons 

carried out by independent fund rating agencies. 

Waiver of commission fees 

The LLB introduced a new pricing structure for investment 

transactions effective from 1 July 2014. In doing so, it has 

created increased cost transparency by waiving commission 

fees (trailer fees or retrocessions) for its own funds. That 

is why our multiple award-winning funds are becoming 

markedly less expensive, translating to better performance 

for our clients. Further new developments see the introduction 

of performance-based fees on selected LLB strategy 

funds and interest-based fees for selected bond and money 

market funds. In both cases, the costs are based on the current 

market environment, ensuring that prices for investors 

remain fair. 

Portfolio modules 

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

Defensive funds 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 (EUR) Cl. P LLB Bonds Infl. Linked (USD) Cl. P 

LLB Conv. Bonds (EUR) Cl. P 

LLB Bonds Strategy 

CEEMENA (EUR) Cl. I (T) 

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


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

Strategy funds LLB Strategy Yield (CHF) LLB Strategy Yield (EUR) 




Satellites 

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

Equity funds 





Real value funds 


Special funds 


Cl. P = Unit class for private clients 


Risk / return spectrum 

of 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 interrelationship, 

we have shown the minimum investment horizon 

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 

Defensive funds 



Minimum investment horizon 

6 months 

5 

– 6 

Bond funds 

LLB Bonds CHF 

LLB Bonds EUR 







2 years 

6 years 

Equity funds 











10 years 

Strategy funds 





4 years 

6 years 



4 years 

Special funds 


6 years 


Investment philosophy 

Quant / value investing 

The LLB's 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 successful 

investing 

In our strategic asset allocation we formulate a made-tomeasure 

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 exceeding 

the client's risk tolerance. 

We broadly diversify our funds according to asset classes and 

individual securities. This enables risks with specific securities 

to be reduced and generates additional earnings potential. 

We actively manage foreign currency exposures and 

implement over or under-weightings on the basis of 

thorough analyses. Secondary and parallel markets are covered 

in cooperation with professional external specialists. 

Security selection – systematic analysis leads to an 

efficient portfolio 

In selecting securities our portfolio managers are guided by 

quantitative and qualitative aspects. Modern information 

technology enables the investment universe to be examined 

according to quantitative criteria, whereby the concept of 

value is always at the forefront. This process is based on the 

fact that value investing generates higher returns for investors 

oriented towards the medium to long term. Promising 

securities are then subjected to a further fundamental analysis. 

Portfolio construction – minimizing risk for an 

efficient portfolio 

When 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 fundamentally 

attractive securities in a portfolio that promises 

investment success while at the same time strictly limiting 

the probability and scope of any underperformance. 

YTD performance per 30.06.2014 of LLB funds in % (fund currency) 

10.0 % 

8.0 % 

6.0 % 

4.0 % 

2.0 % 

0.0 % 

– 2.0 % 

– 4.0 % 













LLB Bonds EUR Class T 








LLB Bonds CHF Class T 







Price development of LLB funds per 30.06.2014 

at a glance 

CHF Last Last Since 

millions Price 2014 2013 3 years 5 years inception 

Defensive funds 

LLB Defensive (EUR) 212.1 113.61 0.28 % 0.41 % 2.31 % 5.77 % 13.61 % 

LLB Defensive (USD) 83.3 117.74 0.15 % 0.31 % 1.05 % 3.77 % 17.74 % 

Bond funds 

LLB Bonds CHF Cl. T 361.9 147.10 2.26 % – 0.31 % 6.98 % 17.21 % 47.10 % 

LLB Bonds EUR Cl. T 266.2 102.95 3.91 % – 0.23 % 18.01 % 28.82 % 101.35 % 

LLB Bonds USD 35.7 221.64 3.27 % – 1.64 % 11.20 % 26.91 % 121.64 % 

LLB Bonds Euro Alternative (CHF) 60.6 104.55 2.35 % – 7.30 % 2.00 % – 0.95 % 31.96 % 

LLB Bonds Global (EUR) Cl. P 213.8 73.76 4.92 % – 7.39 % 10.88 % 25.57 % 30.46 % 

LLB Bonds Inflation Linked (USD) Cl. P 262.6 133.66 4.97 % – 4.65 % 7.37 % 23.14 % 33.66 % 

LLB Convertible Bonds (EUR) Cl. P 264.9 109.78 3.23 % 10.04 % 17.46 % 42.31 % 9.78 % 

LLB Bonds Strategy CEEMENA (EUR) Cl. I (T) 125.5 119.07 4.39 % – 3.65 % 17.41 % – 23.96 % 

7 

– 8 

Equity funds 

LLB Equities Switzerland (CHF) 196.4 220.65 6.08 % 23.26 % 33.81 % 59.26 % 120.65 % 

LLB Equities Europe (EUR) 199.8 103.85 4.66 % 17.86 % 27.33 % 74.63 % 103.11 % 

LLB Equities North America (USD) 253.6 257.69 5.57 % 32.02 % 48.20 % 113.46 % 157.69 % 

LLB Equities Pacific (JPY) 76.4 10'461.00 – 1.21 % 46.26 % 49.98 % 41.23 % 4.61 % 

LLB Liechtenstein Banken (CHF) 14.9 137.15 – 3.62 % 36.30 % – 20.47 % – 10.74 % 37.15 % 

LLB Equities 50 Leaders (CHF) 125.4 118.15 3.69 % 22.20 % 38.19 % 48.43 % 18.15 % 

LLB Equities Regio Bodensee (CHF) 78.3 305.20 6.86 % 40.66 % 36.68 % 96.46 % 205.20 % 

Bank Linth Regiofonds Zürichsee (CHF) 81.8 211.55 4.70 % 28.69 % 31.52 % 84.76 % 111.55 % 

LLB Equities Fit for Life (CHF) 16.3 124.60 6.91 % 22.17 % 52.32 % 72.70 % 24.60 % 

LLB Equities Real Estate Global (CHF) Cl. P 40.4 67.30 8.37 % – 1.43 % 27.34 % 48.07 % – 32.70 % 

Strategy funds 

LLB Strategy Yield (CHF) 162.8 126.30 3.27 % 4.98 % 15.45 % 26.74 % 26.30 % 

LLB Strategy Balanced (CHF) 93.3 114.60 3.76 % 10.28 % 20.82 % 37.00 % 14.60 % 

LLB Strategy Yield (EUR) 64.0 150.68 3.99 % 4.03 % 18.77 % 40.93 % 50.68 % 

LLB Strategy Balanced (EUR) 43.8 134.48 3.96 % 9.47 % 22.31 % 52.18 % 34.48 % 


LLB Inflation Protect (CHF) 44.0 104.15 2.66 % – 1.07 % – – 4.15 % 

Special funds 

LLB Strategy Global Trend (CHF) 19.6 98.95 0.92 % 8.70 % – – 10.68 % 


Performance of indices, trading and valuation 

Overview 

Equity indices (total return) per 30.06.2014 

2014 2013 Last 3 years Last 5 years 

SPI (CHF) 7.88 % 24.60 % 48.75 % 81.35 % 

SPI Small and Mid Cap (CHF) 9.93 % 29.29 % 38.19 % 84.56 % 

MSCI Europe (EUR) 6.64 % 20.51 % 38.40 % 94.79 % 

MSCI USA (USD) 7.15 % 32.61 % 58.49 % 138.15 % 

MSCI Pacific (JPY) – 0.47 % 43.96 % 54.89 % 67.18 % 

MSCI World (CHF) 6.21 % 23.75 % 49.75 % 68.48 % 

Bond indices (total return) per 30.06.2014 


SBI Foreign AAA-BBB (Swiss Bond Index CHF) 2.84 % 0.38 % 10.49 % 22.63 % 

JP Morgan EMU Government Bonds (EUR) 7.23 % 2.38 % 25.10 % 29.55 % 

JP Morgan United States Government Bonds (USD) 3.25 % – 3.38 % 9.54 % 19.91 % 

JP Morgan Global Government Bonds (EUR) 5.73 % – 8.62 % 11.06 % 23.46 % 

Convertible bond indices (total return) per 30.06.2014 


TR CV Global Vanilla (EUR) 7.74 % 12.80 % 35.44 % 81.44 % 

TR CV Global Investment Grade Hedged (EUR) 5.37 % 15.19 % 23.35 % 53.52 % 

Trading 

Orders can be placed with your client adviser from 8.30 a. m. 

to 3.30 p. m.; they must be received by the Trading Department 

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. 

Exception 

LLB 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. 

Valuation / value date 

Funds are valued in accordance with forward pricing guidelines. 

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. 




per 30.06.2014 

Robert Tanner 

Fund Manager since 01.10.2006 

Peter Goller 

Co-Manager since 20.06.2005 

Investment policy 

The fund invests in short-dated fixed-interest investments and 

employs corresponding derivatives in order to attain a money market-type 

portfolio. With respect to returns, it is oriented towards 

six-monthly money market yields. The fund's assets are only invested 

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. 

NAV performance 

114 

112 

110 

108 

106 

2009 2010 2011 2012 2013 2014 

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. 

Ratings 

BBB 2 % 

AAA 18 % 

Fund information 

Net asset value per unit EUR 113.61 

Fund assets 

EUR 174.6 million 

Reference currency 

EUR 

Traded 

Daily 

Security number 2153524 

ISIN 

LI0021535245 

WKN 

AOERMN 

Bloomberg 

LLBDIEU LE 

Inception date 20 June 2005 

Legal form of fund 

SICAV (UCITS IV) 

Fund domicile 

Liechtenstein 

Management company 

LLB Fondsleitung AG 

Custodian bank 

Liechtensteinische 

Landesbank AG 

Investment manager 

Representative in Switzerland 

Paying agent in Switzerland 

End of financial year 

Dividend distributions 

Licensed for distribution in 

Tax transparency in 

Auditors 

LLB Asset Management AG 

LB(Swiss) Investment AG 

Claridenstrasse 20, 8022 Zurich 

Bank Linth LLB AG 

Zürcherstrasse 3, 8730 Uznach 

30 September 

none, reinvested 

LI, CH, AT 

LI, CH, DE, AT 

PricewaterhouseCoopers AG 

Total expense ratio ca. 0.16 % p. a. 

TER calculation (from 01.07.2014) 0.125 % + 10 % of 3-mo LIBOR 

Risk and performance Fund 

2014 0.3 % 

Previous year 0.4 % 

Last 3 years 2.3 % 


Volatility last 5 years 0.4 % 

Current average yield to maturity 0.41 % p. a. 

Current Duration 

4 months 

9 

– 

10 

A 47 % AA 33 % 

Purchase arguments 

◆ by elimination of trailer fee markedly less expensive 

◆ more attractive yield of LLB Defensive (EUR) compared to time 

deposit interest rates 

◆ traditional time deposits and call money investments have become 

even more unattractive after the recent ECB interest rate move 




per 30.06.2014 

Robert Tanner 


Peter Goller 



The fund invests in short-dated fixed-interest investments and 

employs corresponding derivatives in order to attain a money market-type 

portfolio. With respect to returns, it is oriented towards 

six-monthly money market yields. The fund's assets are only invested 

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. 


118 

116 

114 

112 

2009 2010 2011 2012 2013 2014 




Ratings 

AA 38 % 

A 46 % 


Net asset value per unit USD 117.74 

Fund assets 

USD 93.9 million 


USD 

Traded 

Daily 


ISIN 

LI0021535260 

WKN 

AOERMP 

Bloomberg 

LLBDIUS LE 




Fund domicile 

Liechtenstein 













Auditors 






30 September 


LI, CH 




TER calculation (from 01.07.2014) 0.125 % + 10 % of 3-mo LIBOR 


2014 0.2 % 






Current Duration 

4 months 

AAA 12 % BBB 4 % 



◆ extremely expansive monetary policy of the US Federal Reserve has 

led to strong decline in time deposit interest rates 

◆ more attractive yield of LLB Defensive (USD) compared with time 

deposit interest rates 

◆ an alternative to traditional time deposits and call money investments 


ond funds 

LLB Bonds CHF Cl. T & A 

per 30.06.2014 

Mirko Mattasch 


Peter Goller 



The fund invests in fixed-interest investments (bonds, money market 

instruments and credit balances) that are denominated in Swiss 

Francs. It is oriented towards the Swiss Foreign Bond Index (SBI 

Foreign) as the benchmark. The fund's management pays particular 

attention to covering the entire market from government bonds to 

attractive corporate 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 preservation. 


150 

145 

140 

135 

130 

125 

Ratings 

2009 2010 2011 2012 2013 2014 





Net asset value per unit Cl. T / A CHF 147.10 / CHF 135.60 

Fund assets 

CHF 361.9 million 


CHF 

Traded 

Daily 

Security number Cl. T / A 1325569 / 3254330 

ISIN Cl. T / A 

LI0013255695 / LI0032543303 

WKN Cl. T / A 

964824 / A0RLUX 

Bloomberg Cl. T / A 

LLBOBCH LE / LLBOBCA LE 

Inception date 7 January 1997 



Fund domicile 

Liechtenstein 








Representative in Switzerland LB(Swiss) Investment AG 


Paying agent in Switzerland Bank Linth LLB AG 



30 September 

Class 

T = Accumul., A = Distribut. 

Dividend distributions Cl. T / A none / 21.03.2014 CHF 1.95 

Licensed for distribution in Cl. T / A: LI, CH 


Cl. T / A: LI, CH, DE, AT 

Auditors 



TER calculation (from 01.07.2014) 0.25 % + 10 % of 5-y swap CHF 

Risk and performance Fund Peer-Group 2 

2014 2.3 % 2.7 % 

Previous year – 0.3 % – 0.4 % 

Last 3 years 7.0 % 8.1 % 

Last 5 years 17.2 % 18.1 % 

Volatility last 5 years 2.0 % 2.3 % 

11 – 

12 

AA 33 % 

A 31 % 


Current duration 

4.15 years 

Interest rate spread, durationadjusted 

0.45 % 

AAA 28 % 

BBB 8 % 



◆ cost-efficient alternative for yield-oriented investors 

◆ in an environment of low interest rates, active management of 

bond portfolios becomes essential 

Maturities 

0 – 3 years 41 % 

3 – 5 years 23 % 

5 – 7 years 18 % 

7 – 10 years 12 % 

> 10 years 6 % 

Fund ratings 1 

Lipper preservation score (10 years) Leader 

Lipper expense score (10 years) 4 

1 

The fund ratings refer to the preceding month. 

2 

Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe OE CHF Bond). 


ond funds 

LLB Bonds EUR Cl. T & A 

per 30.06.2014 

Robert Tanner 


Peter Goller 




instruments and credit balances) that are denominated in Euros. 

It is oriented towards the JP Morgan EMU Government Bond Index 

as the benchmark. The fund's management pays particular attention 

to covering the entire market from government bonds to attractive 

corporate 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 

preservation. 


105 

100 

95 

90 

85 

80 

75 

2009 2010 2011 2012 2013 2014 




Ratings 

BBB 10 % 

AAA 28 % 

A 30 % AA 32 % 


Net asset value per unit Cl. T / A EUR 102.95 / EUR 88.37 

Fund assets 



EUR 

Traded 

Daily 

Security number Cl. T / A 1325568 / 3255064 

ISIN Cl. T / A 

LI0013255687 / LI0032550647 

WKN Cl. T / A 

964825 / A0RLUY 

Bloomberg Cl. T / A 

LLBOBEU LE / LLBOBEA LE 




Fund domicile 

Liechtenstein 








Representative in Switzerland LB(Swiss) Investment AG 


Paying agent in Switzerland Bank Linth LLB AG 



30 September 

Class 

T = Accumul., A = Distribut. 

Dividend distributions Cl. T / A none / 21.03.2014 EUR 2.76 

Licensed for distribution in Cl. T / A: LI, CH 


Cl. T / A: LI, CH, DE, AT 

Auditors 



TER calculation (from 01.07.2014) 0.25 % + 10 % of 5-y swap EUR 


2014 3.9 % 4.5 % 

Previous year – 0.2 % 1.6 % 

Last 3 years 18.0 % 17.1 % 

Last 5 years 28.8 % 24.7 % 




4.86 years 

Maturities 

0 – 3 years 27 % 

3 – 5 years 20 % 

5 – 7 years 30 % 

7 – 10 years 11 % 

> 10 years 12 % 



◆ the European debt crisis showed that active management of bond 

portfolios is necessary to ensure investment success 

◆ broadly diversified portfolio 

◆ investors benefit from the selection of good borrowers 


Lipper preservation score (10 years) 

Lipper expense score (10 years) 

Feri Trust Rating 

Leader 

Leader 

B 

1 


2 

Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe OE EUR Diversified Bond). 


ond funds 


per 30.06.2014 

Mirko Mattasch 


Peter Goller 




instruments and credit balances) that are denominated in US 

Dollars. It is oriented towards the JP Morgan US Government Bond 

Index as the benchmark. The fund's management pays particular 

attention to covering the entire market from government bonds to 

attractive corporate 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 continuously 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 capital preservation. 


225 

220 

215 

210 

205 

200 

195 

190 

185 

180 

175 

170 

2009 2010 2011 2012 2013 2014 






Fund assets 



USD 

Traded 

Daily 


ISIN 

LI0013255679 

WKN 964826 

Bloomberg 

LLBOBUS LE 

Inception date 30 December 1997 



Fund domicile 

Liechtenstein 













Auditors 






30 September 


LI, CH 




TER calculation (from 01.07.2014) 0.25 % + 10 % of 5-y swap USD 


2014 3.3 % 3.2 % 


Last 3 years 11.2 % 8.3 % 

Last 5 years 26.9 % 20.8 % 


13 – 

14 

Ratings 

AA 36 % 

A 31 % 



4.99 years 

Interest rate spread, durationadjusted 

0.57 % 

AAA 26 % 

BBB 7 % 

Maturities 

0 – 3 years 34 % 

3 – 5 years 23 % 

5 – 7 years 22 % 

7 – 10 years 8 % 

> 10 years 13 % 



◆ suitable for yield-oriented investors 

◆ compared to CHF and EUR high yield to maturity, US dollar tends 

to be undervalued against European currencies 

◆ the current interest rate environment and the impending end of 

the ultra-expansive monetary policy requires an active management 


Lipper total return score (10 years) 4 

Lipper consistent return score (10 years) Leader 


Leader 

Morningstar stars (10 years) 4 


B 

1 


2 

Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe OE USD Diversified Bond). 


ond funds 

LLB Bonds Euro Alternative 

(CHF) 

per 30.06.2014 


The fund invests globally in bonds of first-class issuers excluding 

those denominated in Euros. It is oriented towards the JP Morgan 

Global Government Bond Index as the benchmark. The fund's portfolio 

contains currencies 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 highquality, 

fixed and variable interest securities (minimum A Rating). 

The fund is suitable for investors who seek a well-diversified, firstclass 

alternative to bonds denominated in Euros and who wish 

to profit from the interest rate differentials between the various 

currencies. 


150 

145 

140 

135 

130 

125 

120 

2009 2010 2011 2012 2013 2014 




Ratings 

A 16 % 

AA 44 % 

AAA 40 % 



◆ performance potentials due to foreign currencies (higher yields, 

currency gains) 

◆ focus on high quality borrowers (minimum rating A) 

Peter Goller 


Robert Tanner 



Net asset value per unit CHF 104.55 

Fund assets 



CHF 

Traded 

Daily 


ISIN 

LI0006745264 

WKN 964815 

Bloomberg 

LLBEALT LE 

Inception date 22 August 1997 



Fund domicile 

Liechtenstein 













Auditors 






30 September 


LI, CH, AT 



Total expense ratio 0.55 % p. a. (from 01.07.2014) 


2014 2.3 % 3.9 % 


Last 3 years 2.0 % 12.0 % 

Last 5 years – 0.9 % – 0.2 % 




4.15 years 

Currency exposure 

USD 28 % 

CHF 21 % 

JPY 20 % 

DKK 9 % 

GBP 5 % 

NOK 5 % 

SEK 3 % 

CAD 3 % 

AUD 2 % 

ZAR 1 % 

MXN 1 % 

HUF 1 % 

Other currencies 1 % 

Fund rating 1 


Leader 

1 


2 

Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe OE Global Bond). 


ond funds 

LLB Bonds Global (EUR) 

Class P 

per 30.06.2014 


The fund invests globally in the bonds of first-class issuers. It is oriented 

towards the JP Morgan Global Government Bonds Index as 

the benchmark. The management strives to attain a broad coverage 

of the overall market, which ranges from investments in government 

bonds to a selection of attractive corporate issuers. The fund 

conducts active currency management. 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 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. 


85 

80 

75 

70 

65 

60 

55 

Ratings 

2009 2010 2011 2012 2013 2014 




BBB 14 % 

AAA 40 % 

A 20 % AA 26 % 

Robert Tanner 


Peter Goller 




Fund assets (Class P and LLB) EUR 176.1 million 


EUR 

Traded 

Daily 


ISIN 

LI0009163713 

WKN 964817 

Bloomberg 

LLBGBND LE 




Fund domicile 

Liechtenstein 













Auditors 






30 September 


LI, CH 





2014 4.9 % 4.9 % 


Last 3 years 10.9 % 12.6 % 

Last 5 years 25.6 % 25.4 % 




4.56 years 


EUR 37 % 

USD 31 % 

JPY 14 % 

GBP 7 % 

AUD 3 % 

NZD 3 % 

CAD 2 % 

SEK 1 % 

NOK 1 % 

MXN 1 % 

15 – 

16 



◆ 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 

1 

Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe OE Global Bond). 


ond funds 

LLB Bonds Inflation Linked 

(USD) Class P 

per 30.06.2014 


The fund invests in an internationally diversified portfolio of inflation-linked 

bonds, notes and other debt certificates, as well as 

money market instruments. It is oriented towards the Barclays 

World Inflation Linked Total Return Index as the benchmark. 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 while simultaneously 

ensuring capital preservation (inflation-linked) by means 

of a first-class, globally diversified, yield-oriented but at the same 

time safety-conscious strategy. 


135 

130 

125 

120 

115 

110 

105 

2009 2010 2011 2012 2013 2014 




Allocation by currency 

SEK 2 % 

JPY 2 % 

CAD 3 % 

USD 45 % 

GBP 25 % EUR 23 % 

Robert Tanner 


Peter Goller 




Fund assets (Class P and LLB) USD 295.9 million 


USD 

Traded 

Daily 


ISIN 

LI0028614878 

WKN 

A0MKEF 

Bloomberg 

LLBOILP LE 




Fund domicile 

Liechtenstein 













Auditors 






30 September 


LI, CH 





2014 5.0 % 

Previous year – 4.7 % 




Current average 

real yield to maturity 0.03 % p. a. 


9.93 years 

Maturities 

0 – 3 years 20 % 

3 – 5 years 10 % 

5 – 7 years 11 % 

7 – 10 years 22 % 

> 10 years 37 % 



◆ portfolio diversification in a separate asset class 

◆ excess liquidity sparks inflation fears 

◆ protection against loss of purchasing power due to compensation 

of inflation 

◆ very good issuer quality (government issuers) 

Fund rating 1 

Lipper consistent return score (5 years) 4 

1 

The fund ratings refer to the end of the preceding quarter. 


ond funds 

LLB Convertible Bonds 

(EUR) Class P 

per 30.06.2014 


The fund invests in a globally diversified portfolio of investment 

grade convertible bonds. It is oriented towards the TR CV Global 

Investment Grade Hedged in EUR Index as the benchmark. From an 

EUR perspective, foreign currency risks are at least 90 % hedged. The 

fund invests in favourably valued securities, 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 yieldenhancing 

and risk-reducing attributes. Investors can benefit from 

the opportunities on the stock markets without having to bear the 

full risks. 


115 

110 

105 

100 

95 

90 

85 

80 

75 

2009 2010 2011 2012 2013 2014 




Sector allocation 

Energy 7 % 

Information 

technology 13 % 

Materials 6 % 

Consumer 

staples 2 % 

Healthcare 5 % 

Consumer 

discretionary 9 % 

Utilities 3 % 

Industrials 12 % Financials 43 % 



◆ very good issuer quality in the portfolio 

◆ convertible bonds offer an attractive risk / reward ratio relative to 

other traditional assets (stocks and straight bonds) 

◆ the fund has got the critical size to get an allocation in attractive 

new convertible bonds issues 

Simon Öhri 


Dr. Karlheinz Gfall 




Fund assets (Class P and LLB) EUR 218.1 million 


EUR 

Traded 

Daily 


ISIN 

LI0028614704 

WKN 

A0MKED 

Bloomberg 

LLBWANP LE 




Fund domicile 

Liechtenstein 













Auditors 






30 September 


LI, CH 



Total expense ratio ca. 0.78 % p. a. (from 01.07.14) 

(incl. performance fee) 


(excl. performance fee) 


2014 3.2 % 





Allocation by countries 

America 50 % 

Europe 43 % 

Japan 3 % 

Asia 1 % 

Other countries 3 % 

Largest holdings 

Security Maturity Curr. Weight 

0.600 % Deutsche Post 06.12.2019 EUR 4.1 % 

0.350 % Priceline.com 15.06.2020 USD 3.7 % 

2.000 % Cofinimmo 20.06.2018 EUR 3.5 % 

0.625 % ENI 18.01.2016 EUR 3.2 % 

2.500 % Industrivaerden 27.02.2015 EUR 3.1 % 

1.625 % Newmont Mining 15.07.2017 USD 2.9 % 

0.750 % Unibail-Rodamco 01.01.2014 EUR 2.9 % 

3.875 % Jerrefies Grp Deps. 01.11.2029 USD 2.9 % 

7.500 % Wells Fargo Series kein Verfall USD 2.8 % 

2.950 % Intel Deps. 15.12.2035 USD 2.8 % 

17 – 

18 


ond funds 

LLB Bonds Strategy 

CEEMENA (EUR) Cl. I (T) 

per 30.06.2014 


The fund primarily invests in bonds (hard currencies and local currency) 

from the Central & Eastern Europe, Middle East & Northern 

Africa (CEEMENA) regions. The fund strives for relatively high current 

returns and takes higher volatility into account. The investment 

universe predominantly encompasses government bonds, quasisovereigns 

(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-interest and 

variable-interest bonds across the entire range of credit ratings, the 

average rating of the fund will always end up being investment 

grade (minimum rating). The fund is suitable for investors wanting 

diversified investments in the debt securities markets of Central & 

Eastern Europe and its peripheral regions. 


130 Based on total return prices of the class T and as of 

125 

10.06.2014 on total return prices of the 

class I (T) 

120 

115 

110 

105 

100 

95 

2010 2011 2012 2013 2014 

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. The NAV performance shown is based on 

the total return prices of class T and as of 10.06.2014 on total return prices of the class I (T). 

Ratings 

A 11 % 

BBB 35 % 

Others 13 % BB 41 % 



◆ invests in government bonds or bonds of issuers close to the state 

from the CEEMENA growth region 

◆ benefits from the risk premiums for hard currency bonds and the 

higher returns in local bond markets 

Christoph von Bonin 


Friedrich Maier 



Net asset value per unit Cl. I (T) EUR 119.07 

Fund assets EUR 103.4 


EUR 

Traded 

Daily 


ISIN 

AT0000A17Z45 

WKN 

A1110S 

Bloomberg 

LLBANIT AV 



Capital investment fund 

pursuant to §20 (UCITS IV) 

of the Austrian InvFG 

Fund domicile 

Austria 


Allianz Invest KAGmbH 


Allianz Investmentbank AG 


Representative in Liechtenstein 

Paying agent in Liechtenstein 




Class 




Auditors 

Liechtensteinische Landesbank 

(Österreich) AG 

LLB Fund Services AG 

Äulestrasse 80, 9490 Vaduz 

Liecht. Landesbank AG 

Städtle 44, 9490 Vaduz 





31 December 

T = accumulative 

none 

LI, CH, AT 


KPMG 



2014 4.4 % 4.4 % 


Last 3 years 17.4 % 12.6 % 

Since inception 24.0 % 17.8 % 



4.06 years 


EUR 56 % 

USD 11 % 

TRY 10 % 

HUF 9 % 

PLN 7 % 

RUB 4 % 

GBP 3 % 

Fund rating 1 


1 


2 

Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe OE Emerging Europe Bond). 


equity funds 

LLB Equities Switzerland 

(CHF) 

per 30.06.2014 


The 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 overall 

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. 


240 

220 

200 

180 

160 

140 

Christian Zogg 


Thomas Kühne 




Fund assets 



CHF 

Traded 

Daily 


ISIN 

LI0013255703 

WKN 964823 

Bloomberg 

LLBAKCH LE 



Investment Fund (UCITS IV) 

Fund domicile 

Liechtenstein 

Fund management 












Auditors 






30 September 


LI, CH, AT 




19 – 

20 

120 

2009 2010 2011 2012 2013 2014 





2014 6.1 % 6.8 % 

Previous year 23.3 % 23.8 % 

Last 3 years 33.8 % 40.8 % 

Last 5 years 59.3 % 68.1 % 



Clock and 

watch industry 3 % 

Chemicals 3 % 

Holding and finance 

companies 6 % 

Banks and other 

credit institutes 11 % 

Insurance cos. 9 % 

Various sectors 13 % 

Pharmaceuticals and 

cosmetics 34 % 

Machinery a. mech. 

engineering 3 % 

Electrical engineer. 

and electronics 4 % 

Food a.non-alcoholic 

beverages 14 % 


Novartis AG, registered 17.6 % 

GS Roche Holding AG 15.5 % 

Nestlé SA, registered 13.8 % 

UBS AG, registered 5.3 % 

Credit Suisse Group, registered 4.1 % 

ABB Ltd., registered 4.1 % 

Zurich Insurance Group, registered 3.5 % 

Swiss Re, registered 3.0 % 

Cie Financiere Richemont AG 2.4 % 

Syngenta AG, registered 2.2 % 



◆ 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 




1 


2 

Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe OE Switzerland Large-Cap Equity). 


equity funds 


per 30.06.2014 

Dr. Karlheinz Gfall 


Manfred Jakob 



The fund invests in European equities. It is oriented towards the 

MSCI Europe as the benchmark. The fund's management 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. 


110 

105 

100 

95 

90 

85 

80 

75 

70 

65 

60 

55 

2009 2010 2011 2012 2013 2014 





Information 


Consumer 


Materials 9 % 

Utilities 3 % 

Industrials 11 % 

Financials 22 % 

Energy 8 % 

Telecommunications 

7 % 

Consumer 

staples 11 % 




◆ in terms of valuation, the most favourable developed market 

◆ high dividend yield 

◆ stocks are attractively valued in comparison with interest rates 

◆ quantitative oriented value philosophy 


Lipper preservation score (10 years) 4 




Fund assets 



EUR 

Traded 

Daily 


ISIN 

LI0013255646 

WKN 964820 

Bloomberg 

LLBAKEU LE 




Fund domicile 

Liechtenstein 













Auditors 






30 September 


LI, CH 





2014 4.7 % 4.2 % 


Last 3 years 27.3 % 29.4 % 

Last 5 years 74.6 % 73.6 % 



United Kingdom 25 % 

France 19 % 

Germany 18 % 

Switzerland 10 % 

Spain 4 % 

Netherlands 4 % 

Italy 4 % 





Total SA 2.3 % 

Bayer AG, registered 2.1 % 

HSBC Holdings Plc. 2.1 % 

Sanofi-Aventis 1.7 % 


Vodafone Group 1.4 % 

BASF, registered 1.3 % 

Royal Dutch Shell Plc. -B- 1.3 % 

1 


2 

Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe OE Europe Large-Cap Blend Equity). 


equity funds 

LLB Equities North 

America (USD) 

per 30.06.2014 


The fund invests in US and Canadian equities. It is oriented towards 

the MSCI USA as the benchmark. The fund's management pays particular 

attention to achieving a broad coverage 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 


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. 


280 

260 

240 

220 

200 

180 

160 

140 

120 

100 

2009 2010 2011 2012 2013 2014 





Airlines and aerospace 

industry 4 % 


6 % 

Internet and software 

services 7 % 

Retailing and dept. 

stores 6 % 


cosmetics 7 % 


Oil and gas 10 % 


companies 7 % 

Office supplies and 

computers 8 % 





◆ US stocks represent almost 50 % of world market capitalization 

◆ stocks are attractively valued in comparison with interest rates 

◆ US Dollar is undervalued, long-term currency gains are to be 

expected 


Dr. Gerold Kühne 


Timo Gruber 




Fund assets 



USD 

Traded 

Daily 


ISIN 

LI0013255638 

WKN 964822 

Bloomberg 

LLBAKNA LE 




Fund domicile 

Liechtenstein 













Auditors 






30 September 


LI, CH 





2014 5.6 % 6.2 % 


Last 3 years 48.2 % 45.0 % 

Last 5 years 113.5 % 106.2 % 



Apple Inc. 3.2 % 

Exxon Mobil Corp. 3.2 % 

Microsoft Corp. 2.4 % 

Johnson & Johnson 1.9 % 

JP Morgan Chase & Co. 1.9 % 

Chevron Corp. 1.8 % 

Google Inc. -A- 1.8 % 

Wells Fargo & Co. 1.8 % 

IBM Corp. 1.7 % 

Pfizer Inc. 1.6 % 




Leader 


21 – 

22 

1 


2 

Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe OE US Large-Cap Blend Equity). 


equity funds 


per 30.06.2014 

Christoph Hilfiker 


René Hensel 



The fund invests at least two-thirds in Pacific equities. It is oriented 

towards the MSCI Pacific as the benchmark. The fund's management 

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, 

whereby 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. 


11000 

10000 

9000 

8000 

7000 

6000 

5000 

2009 2010 2011 2012 2013 2014 






5 % 

Real estate 11 % 




Building materials 

and construction 5 % 


Mining 

industry 4 % 

Vehicles 9 % 




companies 17 % 




◆ 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 

◆ weaker Yen against USD offers opportunities and «Abenomics» is 

taking full effect 


Net asset value per unit 

JPY 10'461.00 

Fund assets 

JPY 8.7 billion 


JPY 

Traded 

Daily 


ISIN 

LI0013255612 

WKN 964821 

Bloomberg 

LLBAKJP LE 




Fund domicile 

Liechtenstein 













Auditors 






30 September 


LI, CH 





2014 – 1.2 % 






Japan 72 % 

Australia 19 % 

Hong Kong 8 % 

Singapore 1 % 


Toyota Motor Corp. 3.4 % 

Mitsubishi UFJ Fin. Group Inc. 2.4 % 

Sumitomo Mitsui Fin. Group Inc. 2.1 % 

Dexus Prop. 2.1 % 

Comonwealth Bank of Australia 2.0 % 

Nippon Telegraph & Telephone Corp. 1.9 % 

BHP Billiton Ltd. 1.8 % 

Mitsubishi Motors Corp. 1.7 % 

Suncorp Metway Ltd. 1.7 % 

Scentre Group 1.5 % 






1 



equity funds 

LLB Liechtenstein Banken 

(CHF) 

per 30.06.2014 


The fund invests in Liechtenstein's well-positioned banking centre. 

It is oriented towards the MSCI World Financials Index (Total Return 

CHF) as the benchmark. At least two-thirds of the fund's assets are 

invested in the securities of the Liechtensteinische Landesbank and 

the VP Bank. A maximum of one-third of the fund's assets are placed 

in first-class international financial stocks. The Liechtenstein banking 

and financial centre enjoys the highest possible sovereign rating 

AAA issued by Standard & Poor's. The fund is suitable for investors 

who wish to benefit from the growth of the Liechtenstein banking 

centre. 


200 

190 

180 

170 

160 

150 

140 

130 

120 

110 

100 

90 

2009 2010 2011 2012 2013 2014 




Asset allocation 

International financial 

stocks 35.4 % 


Landesbank 36.1 % 

VP Bank 28.5 % 



◆ favourable valuation of banking and insurance securities 

◆ global diversified financial stocks in addition to Liechtenstein's 

banking center 

◆ no FL withholding tax on dividends 



Thomas Kühne 




Fund assets 



CHF 

Traded 

Daily 


ISIN 

LI0005129700 

WKN 964819 

Bloomberg 

LLBINVT LE 

Inception date 23 October 1996 


Investment Fund 

Fund domicile 

Liechtenstein 













Auditors 






31 December 


LI, CH 





2014 – 3.6 % 0.7 % 


Last 3 years – 20.5 % 28.8 % 

Last 5 years – 10.7 % 28.3 % 



Liechtensteinische Landesbank AG 36.1 % 

VP Bank AG 28.5 % 

Allianz AG, registered 3.0 % 

JP Morgan Chase & Co. 2.7 % 


Nordea Bank AB 2.5 % 

American Int. Group 2.4 % 

Goldman Sachs Group Inc. 2.3 % 

United Overseas Bank Plc. 2.2 % 

AXA 2.1 % 

23 – 

24 

Fund rating 1 


Leader 

1 


2 

Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe OE Sector Equity Financial Services). 


equity funds 

LLB Equities 50 Leaders 

(CHF) 

per 30.06.2014 


The fund invests in the stocks of 50 of the world's leading companies, 

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 companies with a high dividend yield are 

favored. The fund is oriented towards the MSCI World Equities Index 

(Total Return CHF) as the benchmark. The selection of the assets in 



Fund is suitable for investors who wish to benefit from a broadly 

diversified portfolio of leading global companies with high dividends. 


130 

120 

110 

100 

90 

80 

70 

60 

2009 2010 2011 2012 2013 2014 







Internet and software 

services 10 % 


companies 9 % 

Office supplies and 

computers 10 % 

Electronics a. semiconductors 

6 % 



◆ invests in the five most important mega-trends 

◆ broad diversification in the most important sectors 

◆ attractive valuation of large caps 


◆ attractive dividend yields 




4 % 


beverages 4 % 



Manfred Jakob 


René Hensel 




Fund assets 



CHF 

Traded 

Daily 


ISIN 

LI0008475134 

WKN 964813 

Bloomberg 

LLB50LD LE 

Inception date 9 March 1998 



Fund domicile 

Liechtenstein 













Auditors 






30 September 


LI, CH 





2014 3.7 % 4.3 % 


Last 3 years 38.2 % 33.2 % 

Last 5 years 48.4 % 41.9 % 



USD 67 % 

EUR 16 % 

CHF 10 % 

GBP 4 % 

JPY 2 % 

SEK 1 % 





Google Inc. -A- 3.6 % 


Walt Disney Co. 3.3 % 


Chevron Corp. 3.0 % 

General Electric Co. 2.9 % 

Verizon Communications Inc. 2.8 % 





1 


2 

Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe OE Global Large-Cap Blend Equity). 


equity funds 

LLB Equities Regio 

Bodensee (CHF) 

per 30.06.2014 


The fund invests in small and medium-sized companies (small and 

mid caps) located in the four countries of the Lake Constance region. 

The fund is oriented towards the SPI Small and Medium Companies 

Index as the benchmark. 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 


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. 


320 

300 

280 

260 

240 

220 

200 

180 

160 

140 

2009 2010 2011 2012 2013 2014 





Industrials 43 % 

Materials 7 % 


2 % 

Information 


Consumer 

staples 6 % 


Consumer 


Financials 16 % 



◆ small and mid caps have attractive valuations 

◆ suitable as addition to a blue-chip-portfolio 

◆ an attractive, export-oriented economic area 


◆ equity selection using our proprietary quantitative model 



Thomas Kühne 




Fund assets 



CHF 

Traded 

Daily 


ISIN 

LI0009453668 

WKN 964827 

Bloomberg 

LLBBODN LE 

Inception date 28 September 1998 



Fund domicile 

Liechtenstein 













Auditors 






30 September 


LI, CH, AT 





2014 6.9 % 8.0 % 


Last 3 years 36.7 % 34.4 % 

Last 5 years 96.5 % 89.4 % 


Allocation by country 

Switzerland / Liechtenstein 71 % 

Germany 28 % 

Austria 1 % 


Cancom IT Systeme AG 4.9 % 

Bechtle AG 4.9 % 

Swiss Life Holding, registered 4.7 % 

Sixt AG 4.6 % 

Helvetia Holding AG, registered 4.2 % 

Aryzta, registered 4.0 % 

Bucher Industries AG, registered 3.9 % 

AFG Arbonia-Forster-Holding AG 3.6 % 

Georg Fischer AG , registered 3.5 % 

Starrag-Heckert, registered 3.0 % 

25 – 

26 







B 

1 


2 

Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe OE Switzerland Small/Mid-Cap Equity). 


equity funds 

Bank Linth Regiofonds 

Zürichsee (CHF) 

per 30.06.2014 


The 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. 


220 

200 

180 

160 

140 

120 

100 

2009 2010 2011 2012 2013 2014 





Various services 4 % 



Vehicles 4 % 

Building materials 

and construction 4 % 

Electronics a.semiconductors 

11 % 



companies 20 % 



Insurance cos. 10 % Transport 5 % 



Thomas Kühne 




Fund assets 



CHF 

Traded 

Daily 


ISIN 

LI0018925540 

WKN 

A0JK6D 

Bloomberg 

REGZURI LE 

Inception date 11 February 2005 



Fund domicile 

Liechtenstein 













Auditors 






30 September 


LI, CH 

LI, CH, DE 




2014 4.7 % 8.0 % 


Last 3 years 31.5 % 34.4 % 

Last 5 years 84.8 % 89.4 % 



Swiss Life Holding, registered 5.1 % 

OC Oerlikon, registered 5.1 % 

Helvetia Holding AG, registered 5.0 % 

Bucher Industries AG, registered 4.3 % 

Schweiter Technologies AG 4.2 % 

Aryzta, registered 4.1 % 

Phoenix Mecano AG 3.7 % 

Walter Meier Holding AG, reg. 3.6 % 

Kuoni Reisen Holding AG -B- 3.4 % 

Flughafen Zuerich AG, registered 3.3 % 



◆ small and mid caps have attractive valuations 

◆ suitable as addition to a blue-chip-portfolio 

◆ an attractive, export-oriented economic area 


◆ equity selection using our proprietary quantitative model 

Fund rating 1 


Leader 

1 


2 

Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe OE Switzerland Small/Mid-Cap Equity). 


equity funds 

LLB Equities Fit for Life 

(CHF) 

per 30.06.2014 


The fund invests worldwide in companies, whose business strategy 

is focused on the demographic shift in the structure of society and 

the changes in leisure activities. It is oriented towards the MSCI 

World Equity Index (Total Return CHF) as the benchmark. The fund's 

investments are concentrated on companies in the healthcare, food, 

leisure and financial service sectors. The selection of the assets in 



proportion of older people 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 investors who wish to profit from these developments. 


130 

120 

110 

100 

90 

80 

70 

60 

2009 2010 2011 2012 2013 2014 






Retailing and dept. 

stores 4 % 


companies 8 % 

Various services 4 % 

Hotels and 

restaurants 8 % 







beverages 9 % Insurance cos. 10 % 



◆ exploits investment opportunities arising from the shift in 

population structure 

◆ stocks from emerging markets are added for variety 



Lipper total return score (5 years) 

Leader 




A 

René Hensel 


Manfred Jakob 




Fund assets 



CHF 

Traded 

Daily 


ISIN 

LI0004342155 

WKN 964816 

Bloomberg 

LLBFITL LE 

Inception date 26 April 1999 



Fund domicile 

Liechtenstein 













Auditors 






30 September 


LI, CH 





2014 6.9 % 4.3 % 


Last 3 years 52.3 % 33.2 % 

Last 5 years 72.7 % 41.9 % 


Allocation by country 

USA 50 % 


Germany 5 % 

United Kingdom 4 % 

South Africa 4 % 

Japan 4 % 

Thailand 3 % 

Canada 3 % 

France 2 % 




McDonald's Corp. 3.3 % 

Unitedhealth Group Inc. 2.9 % 

Walt Disney Co. 2.8 % 


AVI Ltd., registered 2.5 % 

Aetna 2.2 % 

CVS / Caremark Corp. 2.1 % 

McKesson Corp. 2.0 % 

State Bank of India GDR 2.0 % 

27 – 

28 

1 


2 

Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe OE Global Large-Cap Blend Equity). 


equity funds 

LLB Equities Real Estate 

Global (CHF) Class P 

per 30.06.2014 


The fund invests in an internationally diversified portfolio of real 

estate companies. It is oriented toward the universe of the MSCI All 

Countries World Real Estate Index as the benchmark. The management 

strives to attain a broad coverage of the overall market. The 

term «real estate companies» includes those companies, which are 

engaged in the planning, construction, ownership, management, 

distribution or sale of residential, commercial or industrial real 

estate and properties as well as closed REITs (Real Estate Investment 

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 investors 

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. 


80 

75 

70 

65 

60 

55 

50 

45 

40 

2009 2010 2011 2012 2013 2014 





Singapore 5 % 

France 3 % 

Canada 5 % 

UK 3 % 

Cayman Islands 3 % 

Australia 6 % 


USA 40 % 

Japan 12 % Hong Kong 13 % 



◆ value-oriented investment philosophy 

◆ in terms of valuation attractive and therefore overweighted real 

estate markets: Canada, Hongkong and Singapore 

◆ US-real estate securities are underweighted, since, for example, 

dividend yields are low and Funds From Operations- as well as book 

value-ratios are high 

Bernhard Schmitt 


Melanie Linher 




Fund assets (Class P and LLB) CHF 40.4 million 


CHF 

Traded 

Daily 


ISIN 

LI0028614944 

WKN 

A0MKEH 

Bloomberg 

LLBAIGP LE 




Fund domicile 

Liechtenstein 













Auditors 






30 September 


LI, CH 





2014 8.4 % 10.4 % 


Last 3 years 27.3 % 29.6 % 

Last 5 years 48.1 % 61.1 % 


Allocation by subsectors 

Real estate oper / development 21 % 

REITs diversified 15 % 

REITs shopping centers 10 % 

REITs office property 10 % 

REITs regional malls 7 % 

Real estate management / service 5 % 

REITs apartments 4 % 

REITs mortgage 3 % 

Other subsectors 25 % 


Simon Property Group Inc. 4.2 % 

Weyerhaeuser Co. 2.5 % 

ProLogis 2.4 % 

Mitsui Fudosan Co. Ltd. 2.4 % 

Cheung Kong Holdings Ltd. 2.3 % 

Boston Properties 2.3 % 

Sun Hung Kai Properties Ltd. 2.2 % 

Unibail Holding 2.1 % 

HCP 2.0 % 

Japan Retail Fund Inv. Corp. 1.7 % 



Leader 


1 


2 

Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe OE Property – Indirect Global). 




per 30.06.2014 

René Hensel 


Manfred Jakob 



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, 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 20 % 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. 


130 

125 

120 

115 

110 

105 

100 

95 

2009 2010 2011 2012 2013 2014 






Fund assets 



CHF 

Traded 

Daily 


ISIN 

LI0008127453 

WKN 964829 

Bloomberg 

LLBVERC LE 

Inception date 15 July 1999 



Fund domicile 

Liechtenstein 













Auditors 






30 September 


LI, CH 



TER look-through ca. 0.99 % p. a. 

TER fund-of-funds (from 01.07.14) 0.20 % + 10 % of annual perf. 


2014 3.3 % 3.4 % 


Last 3 years 15.4 % 12.8 % 

Last 5 years 26.7 % 19.8 % 


29 – 

30 


Inflation linked 9 % 

Money market 9 % 

Bonds world 11 % 

Convertible 

bonds 7 % 

Private equity 1 % 

Bonds emerging 

markets 3 % 

Bonds CHF 18 % 

Equities world 12 % 

Commodities 2 % 

Hedge funds 2 % 


Equities 


Equities emerging 

markets 2 % 

Bonds high yield 4 % 

Bonds EUR 11 % 



◆ 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 niche markets such as 

commodities or high yield bonds 

1 


2 

Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe OE CHF Cautious Allocation). 


CHF 74 % 

EUR 10 % 

USD 9 % 

GBP 2 % 

JPY 1 % 


Largest shareholdings 













Leader 




Leader 



B 



LLB Strategy Balanced 

(CHF) 

per 30.06.2014 












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. 


120 

115 

110 

105 

100 

95 

90 

85 

80 

2009 2010 2011 2012 2013 2014 




René Hensel 


Manfred Jakob 




Fund assets 



CHF 

Traded 

Daily 


ISIN 

LI0008127511 

WKN 964831 

Bloomberg 

LLBVZUC LE 




Fund domicile 

Liechtenstein 













Auditors 






30 September 


LI, CH 






2014 3.8 % 3.8 % 


Last 3 years 20.8 % 16.9 % 

Last 5 years 37.0 % 26.3 % 






Convertible 

bonds 5 % 



markets 3 % 






Equities 



markets 4 % 






policy 


process 



1 


2 

Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe OE CHF Moderate Allocation). 


CHF 74 % 

USD 10 % 

EUR 8 % 

GBP 3 % 

JPY 1 % 















Leader 



Leader 


Leader 



A 




per 30.06.2014 

René Hensel 


Manfred Jakob 













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. 


155 

150 

145 

140 

135 

130 

125 

120 

115 

110 

105 

2009 2010 2011 2012 2013 2014 








Convertible 

bonds 7 % 



markets 3 % 






Equities Europe 10 % 


markets 2 % 


Bonds CHF 4 % 





policy 


process 





Fund assets 



EUR 

Traded 

Daily 


ISIN 

LI0008127503 

WKN 964830 

Bloomberg 

LLBVERE LE 




Fund domicile 

Liechtenstein 













Auditors 






30 September 


LI, CH, AT 






2014 4.0 % 3.4 % 


Last 3 years 18.8 % 12.0 % 

Last 5 years 40.9 % 22.9 % 



EUR 77 % 

USD 14 % 

GBP 3 % 

JPY 2 % 

CHF 1 % 












Sanofi SA 0.2 % 



Leader 



Leader 


Leader 


31 – 

32 

1 


2 

Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe OE EUR Cautious Allocation). 



LLB Strategy Balanced 

(EUR) 

per 30.06.2014 












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. 


140 

135 

130 

125 

120 

115 

110 

105 

100 

95 

90 

85 

2009 2010 2011 2012 2013 2014 








Convertible 

bonds 5 % 



markets 3 % 






Equities Europe 20 % 


markets 4 % 






policy 


process 



René Hensel 


Manfred Jakob 




Fund assets 



EUR 

Traded 

Daily 


ISIN 

LI0008127552 

WKN 964832 

Bloomberg 

LLBVZUE LE 




Fund domicile 

Liechtenstein 













Auditors 






30 September 


LI, CH, AT 






2014 4.0 % 3.9 % 


Last 3 years 22.3 % 16.5 % 

Last 5 years 52.2 % 37.0 % 



EUR 77 % 

USD 13 % 

JPY 3 % 

GBP 3 % 

CHF 1 % 

















Leader 


1 


2 

Peer-Group = Median of the peer group of retail funds, provided by Morningstar (Europe OE EUR Moderate Allocation). 


eal value funds 


per 30.06.2014 

René Hensel 


Manfred Jakob 




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 investment 

strategy consists of a combination of various asset classes 

such as money market instruments, investment grade bonds, inflation-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 investors, 

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. 


105 

104 

103 

102 

101 

100 

99 


2011 2012 2013 2014 




Inflation linked 

bonds 15 % 




Fund assets 



CHF 

Traded 

Daily 


ISIN 

LI0137592536 

WKN 

A1JHVD 

Bloomberg 

LLBIPCF LE 

Inception date 14 October 2011 



Fund domicile 

Liechtenstein 













Auditors 


TER fund-of-funds (from 01.07.14) 0.45 % p. a. 


2014 2.7 % 

Previous year – 1.1 % 

Since inception 4.2 % 


CHF 87 % 

USD 6 % 

EUR 2 % 

GBP 2 % 

JPY 2 % 







30 September 


LI, CH 



33 – 

34 


Real estate 



Gold 6 % 


markets 7 % 




◆ offers protection in phases of increased inflation 

◆ designed flexibly to attain an adequate overall return in phases 

without inflation 


◆ cooperation with external specialists in niche markets 


special funds 

LLB Strategy Global Trend 

(CHF) 

per 30.06.2014 


The fund invests in a diversified portfolio across a variety of asset 

classes and currencies with the aim of attaining the highest possible 

return. As its core element, the fund utilizes a trend monitoring 

system which is employed to determine timing and extent of 

investments into the asset classes bonds, equities, commodities 

and gold. By employing futures, the actual degree of investment is 

adjusted to suit the corresponding trend quickly, precisely and in a 

cost-efficient manner. In addition, currency movements in relation 

to the fund's reference currency, the Swiss Franc, are analysed and 

hedged if necessary. The fund is suitable for investors who wish to 

benefit from an investment strategy adjusted to prevailing trends 

in the financial markets. 


100 

98 

96 

94 

92 

90 

88 

J A S O N D J F M A M J J A S O N D J F M A M J 






Gold 5 % 

Equities USA 25 % 

Manfred Jakob 


Jürgen Reitz 

Advisor to the fund manager since 

25.07.2012 



Fund assets 



CHF 

Traded 

Daily 


ISIN 

LI0017986717 

WKN 

AOB7KW 

Bloomberg 

LLBEQTR LE 




Fund domicile 

Liechtenstein 













Auditors 






30 September 


LI, CH 





2014 0.9 % 


Since inception 10.7 % 


EUR 48 % 

CHF 31 % 

USD 10 % 

JPY 1 % 



Short-term government 

bonds 20 % 

Long-term government 

bonds 13 % 

Equities 

Germany 11 % 

Equities Japan 5 % 



◆ the fund reduces risk during downward phases 

◆ in spite of its complex trend monitoring system the fund has a 

favourable cost structure 

◆ the right investment for uncertain times 


LLB fund glossary 

Fund jargon 

Accounting currency 

The 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 fee 

The 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. 


Depending 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 maturity 

This 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 return 

Using average annual yield, the earnings of investments having different 

durations can be compared. Usually, the value is used only 

for periods of longer than a year. The average yield shows the percentage 

income an investor would have to receive each year in order 

to attain the total income over the entire investment period. 

Benchmark 

A 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 funds 

Funds which concentrate their investments in fixed-interest securities. 

They may also invest to a limited extent in convertible bonds 

and bonds with warrants. 

Creditworthiness 

The solvency or credit rating of a borrower (issuer) which indicates 

how secure its bonds are. 

Diversification 

The 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. 

Duration 

Duration 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 corresponds 

to the duration in percent. 

Fixed-interest securities 

Securities such as debentures and bonds which bear a fixed interest 

rate for their entire term. 

Fund assets / net assets 

The 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 investment 

funds. 

Fund ratings 

Lipper 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 performances 

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. 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. See 

also www.morningstar.com. 

Feri Trust 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 www.feritrust.de. 

Grandfathered bonds 

Bonds that were issued for the first time prior to 1 March 2001, and 

for which no other subsequent issues were made after 1 March 

2002. The interest earnings of such bonds are not subject to the EU 

withholding tax directive 2003/48/EC until 31 December 2010. 

Investment horizon 

The time period for which an investor wants to invest a portion of 

his / her assets. 

35 – 

36 


Investment strategy 

Investing assets according to a planned method, taking into consideration 

the investor's personal requirements and circumstances, 

particularly the client's personal ability to accept risks, risk tolerance 

and expected returns. 

Investment tactics 

Active 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 commission 

The commission debited to the buyer of fund units. 

Mixed funds 

Funds 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 / NAV 

The net asset value per unit of the investment fund. 

See «Fund assets / net assets». 

Performance 

See «Yield». 

Redemption commission 

The commission charged in favour of the fund to the investor when 

redeeming his / her fund units. 

Redemption price 

The price at which the fund is obliged to redeem fund units, which 

is then charged to the fund's assets. The redemption price corresponds 

to the net asset value minus any redemption commission. 


The 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. 

Risk 

See «Volatility». 

Special funds 

These are funds which have special characteristics or investment 

styles such as a stepped or phased investment concept or a combination 

of equities and options. 

Strategy funds / asset allocation funds / 

portfolio funds 

Investment funds which reflect the Liechtensteinische Landesbank's 

official 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 two different reference currencies 

and two different risk categories. See «Mixed funds». 

Tax information 

Tax information showing the current tax rates for LLB funds for persons 

who are liable for tax in Switzerland, Austria and Germany is 

published on the internet under www.llb.li / LLB-Fonds / Publikationen. 

Total expense ratio (TER) 

A reference figure that compares the total expenses incurred in operating 

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 return 

The 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 earnings 

(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 investment 

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 classes 

Several LLB bond funds are offered both as unit classes that distribute 

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 in the first quarter. We offer the following 

funds in this asset class: LLB Bonds CHF, LLB Bonds EUR, LLB 

Bonds Euro Alternative (CHF). 

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. 

Umbrella funds 

Investment funds which are composed of several segments or subfunds. 

All the subfunds together form a legal entity, so that only one 

licensing procedure is required for the umbrella fund. 

Volatility 

Volatility is a measure used to assess the degree of risk with a portfolio. 

It defines the fluctuation range within which a fund's yields 

will probably move. Statistically, it represents the annualized standard 

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. 


37 – 

38 

Yield to maturity 

In addition to ordinary interest income, this also takes into consideration 

the price differences between the current market value and 

the probable redemption value of the investments (calculated nominal 

values) on the basis of the average remaining life of the portfolio. 


Legal information 

General notice 

All the contents of this publication are for information purposes only 

and are directed exclusively at investors in Liechtenstein and Switzerland. 

The information contained in this publication constitutes neither 

an invitation nor an offer, nor a personal recommendation to buy or sell 

investment funds or to enter into transactions of any kind. The information 

in this publication neither takes into account the specific or future 

investment goals nor the tax or financial situation or individual needs 

of the recipient. Interested persons should consult a qualified expert 

before making investment decisions. 

Sales restrictions 

The contents of this publication are not directed or meant for persons 

subject to a jurisdiction that prohibits the distribution of the publication 

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 possessions, 

and all areas under its sovereign jurisdiction. 

Warning about risks 

Interested persons should be aware that the prices of investment funds 

may rise or may also fall. For this reason, information on historic performance 

is no guarantee for the current and future development of an 

investment fund. The performance shown does not take into account 

any commissions and costs charged for subscription and redemption of 

units. Commissions and costs adversely affect performance. 

Investments in foreign currencies are subject in addition to exchange 

rate fluctuations. Investments involving high volatility can be subject 

to high price fluctuations. These price fluctuations may equal or even 

exceed the value of the invested amount. The preservation of the invested 

capital cannot therefore be guaranteed. Interested persons can 

obtain further information about risks – depending on the business 

relationship – from either Liechtensteinische Landesbank AG or from 

the relevant group company. They can also be obtained from the 

brochure «Characteristics and risks of securities transactions» issued 

by the Liechtenstein Bankers Association, or from the brochure «Special 

risks in securities trading» issued by the Swiss Bankers Association. 

These brochures can also be downloaded from the internet at 

www.bankenverband.li or www.swissbanking.org. 

Fund documents 

Investment funds should in all cases only be bought after detailed study 

of the respective sales prospectus and the latest annual report (or semiannual 

report, where it is more up-to-date), as well as the other legally 

relevant documents (regulations/terms of contract/articles of association 

and possibly the simplified prospectus). These documents may be 

obtained free of charge for the investment funds referred to in this publication 

from Liechtensteinische Landesbank AG in Liechtenstein and in 

Switzerland from the representative for funds, LB(Swiss) Investment 

AG, Claridenstrasse 20, 8022 Zuerich. The documents for the Regiofonds 

Zürichsee may be obtained free of charge from Bank Linth LLB Ltd. 

No warranty / No guarantee 

The information in this publication has been compiled by Liechtensteinische 

Landesbank AG and its Group companies with great care. The 

information and opinions presented here originate from sources which 

we deem to be reliable. Nevertheless, we provide no guarantee for the 

accuracy, completeness or currency of the information contained in 

this publication. The contents of the information contained in this publication 

may be changed at any time due to changed circumstances, 

whereby we are under no obligation to update once published information. 

We exclude all liability for losses or damages of any kind (both 

direct and indirect as well as consequential damages), which may arise 

from the use of this publication. 

Conflicts of interest 

Providing it is permitted pursuant to the prevailing legal and/or regulatory 

provisions, Liechtensteinische Landesbank AG, its Group companies, 

and its employees may invest in the securities or other instruments 

in which the investment funds referred to in this publication also 

invest, provide services to their issuers or approach them for orders, 

hold options on these securities or on investments connected with 

them, and have other material interests in them. 

Important sources of information 

This publication was produced on the basis of the following information 

sources: 

◆ primary research: original sources of the companies under consideration; 

◆ secondary research: financial analyses of specialised brokers / 

analysts; 

◆ publications in domestic and foreign media such as information services 

(e. g. Reuters, Bloomberg, Lipper, Morningstar etc.); 

◆ business press (e. g. Börsenzeitung, Handelsblatt, FAZ, Financial 

Times etc.); 

◆ published statistics. 

Basic methodical approaches to financial analysis 

Liechtensteinische Landesbank AG and its Group companies responsible 

for financial analysis, particularly LLB Asset Management AG, have 

defined the following basic methodical approaches to financial analysis: 

They produce only buy-side research for investment purposes. They do 

not produce or publish sell-side research. Great importance is attached 

to the quality of the securities. In the case of equities and bonds, a 

value-oriented selection process is applied. They conduct active fund 

and portfolio management and construct broadly diversified portfolios 

according to asset classes and individual securities. Foreign currencies 

are actively managed. In doing so, the focus is placed on the most 

important core markets; in fringe markets business cooperations are 

entered into with qualified specialists. 

Within the scope of financial analysis, quantitative and qualitative evaluation 

methods are applied for investment funds and individual securities. 

The quantitative parameters include, for example, performance 

over various time periods, volatility, maximum loss, etc. The qualitative 

parameters take into consideration, for example, an assessment of the 

investment processes, and of the management, etc. 

The parameters applied for the evaluation are subject to risks, and can 

change at any time without prior notice. 

Investment horizon 

The recommendations are based on well diversified portfolios. In the 

case of balanced portfolios, the recommended investment horizon 

extends from five to ten years, with equity portfolios it is generally over 

ten years. 

Internal organisational and regulatory measures to prevent conflicts 

of interest 

Liechtensteinische Landesbank AG and any of its Group companies concerned 

have implemented internal organisational measures to prevent 

possible conflicts of interest from arising and, if these do occur, to disclose 

them. 

Explanation 

Possible conflicts of interest are indicated by the following numbers 

placed next to the names of issuers: 

Liechtensteinische Landesbank AG and/or its Group companies 

1. have more than a 5-percent 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 

aconsortium 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 services 

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. 

Competent supervisory authority in the Principality of Liechtenstein 

FMA Financial Market Authority Liechtenstein 

Landstrasse 109, P. O. Box 279, 9490 Vaduz, www.fma-li.li 

Competent supervisory authority in Switzerland 

Swiss Financial Market Supervisory Authority FINMA 

Einsteinstrasse 2, 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 


39 – 

40 

Imprint 

Editorial deadline 

10 July 2014 

Publication date 

17 July 2014 

Published 

Quarterly 

Editorial team 

Dr. Thomas Mächtel, Martin Beck, 

Franz Maurer, Lasko von Loesch 

Layout 

Franz Maurer, Claudia Wohlwend 

Sources for charts 


Thomson Datastream, Bloomberg 

Editorial address 


Städtle 7, 9490 Vaduz, Liechtenstein 

Dispatch 

Lasko von Loesch 

Telephone +423 236 95 25 

E-mail lasko.vonloesch@llb.li 



Quarterly report · 2/2014 

41 – 

42



Städtle 44 · P. O. Box 384 

9490 Vaduz · Liechtenstein 


Zürcherstrasse 3 · P. O. Box 168 

8730 Uznach · Switzerland 


Landesbank (Österreich) AG 

Wipplingerstrasse 35 

1010 Vienna · Austria 

Telephone +423 236 88 11 

Fax +423 236 88 22 

Internet www.llb.Ii 

E-mail Ilb@llb.li 

Telephone +41 844 11 44 11 

Fax +41 844 11 44 12 

Internet www.banklinth.ch 

E-mail info@banklinth.ch 

Telephone +43 1 533 73 83-0 

Fax +43 1 533 73 83-22 

Internet www.llb.at 

E-mail llb@llb.at 

20182E 07.14

Quarterly report - LLB Quotes - Liechtensteinische Landesbank

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