"van Grunsteyn" is a brand of Walter Ludwig GmbH Wertpapierhandelsbank, based in Frankfurt am Main. The company has around 45 years of experience in stock exchange trading and has evolved from a traditional stock broker to an internationally operating market maker.

The Hard Value Fund is an equity fund focused on financial sustainability. It invests in established companies with proven business models, solid fundamentals, and stable dividends. The fund pursues a value-neutral investment strategy that includes both ESG-compliant and traditionally excluded sectors such as tobacco, defense, or fossil energy.

Note: The investment policy and investment objectives can be found in the sales documents.

The fund combines complex quantitative and qualitative analyses to identify companies with financial substance and successful business models. Factors evaluated include the business model, management quality, cash flow, debt ratio, and dividend history. The focus is on value stocks that generate long-term stable returns. In total, our portfolio concentrates on 30-40 companies from our global investment universe of over 3,300 companies.

Risk controlling evaluates each company daily against our defined fair value, using real-time data and results. The fund targets an attractive risk-adjusted return of 6 to 8% per year, with moderate volatility.

Please read the sales prospectus and KID of the fund before making a final decision.

The Hard Value Fund combines financial sustainability with a value-neutral investment approach. Unlike traditional ESG funds, it does not categorically exclude any industries but evaluates companies based on their economic substance.

Investments are possible through various platforms and banks. On the van Grunsteyn website, under the menu item "Invest," you will find further information and links to partners.

The fund offers the following share classes:

• R-Tranche – ISIN: DE000A3D1ZP1

No minimum investment, TER 1.69% p.a.

• I-Tranche – ISIN: DE000A3D1ZQ9

Minimum investment 50,000 EUR, TER 1.29% p.a.

• S-Tranche – ISIN: DE000A3D2YL1

Minimum investment 500,000 EUR, TER 0.89% p.a.

For all classes, a front-end load of up to 5% may apply. All tranches distribute returns annually.

Please read the sales prospectus and KID of the fund before making a final decision.

No, there is no minimum investment amount for share class R of the Hard Value Fund (WKN: A3D1ZP). This class distributes returns annually and is suitable for various investor groups who do not wish to exclusively align their portfolio with environmental or social objectives.

Note: The Hard Value Fund also offers other share classes that include a front-end load. For more information on the share classes, please refer to the previous question.

There is no fixed minimum investment period. Investors can redeem their fund shares on any trading day. However, since the fund is designed for long-term growth, an investment horizon of at least five years is recommended.

Please read the sales prospectus and KID of the fund before making a final decision.

No, fund shares are not covered by statutory deposit insurance for bank deposits. However, your money is still protected: fund shares are classified as special assets (Sondervermögen). This means they are protected even if the fund company or the custodian bank becomes insolvent.

Note: In general, every investment in the fund carries the risk of price fluctuations up to the loss of capital.

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