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 Hard Value Fund - R dist. 


• Substance• Earnings strength• Stability•

Investing in oil & gas

Big Oil Pushes Energy Transition

The business of black gold has perhaps never faced greater criticism than today. Nevertheless, traditional oil companies play a significant role in the planned energy transition.

The sector has already strategically realigned itself, with investments in renewable energy and necessary infrastructure taking top priority[*]. This way, the sector is positioning itself on a broader scale and contributing to the reduction of CO2 emissions.

Here, some of the reasons why the Hard Value Fund is currently investing in Oil & Gas are revealed.

Key facts about the sector

  • Economic and population growth as demand-increasing factors

  • Strategic focus on renewable energies (H2O, biodiesel, wind, etc.)[*]

  • Provision of infrastructure for renewable energies (grid expansion, etc.)

  • Strong growth in demandfossil energy, especially in Asia

  • Oil & Gas cannot be ignored in the foreseeable future

  • Consistently good cash flows and dividends as well as low debt levels[*]

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Notes: Footnote: [*] The statement is a generalization referring to the overall sector and not to all companies within this sector.

Fund share class R dist.


We monitor these and other securities particularly closely.

Beispiel einer Fondsallokation

Chevron Corp.

Core competencies: Extraction, refining, transportation, and distribution of oil & gas, as well as the production of plastics and petrochemicals.

A leader in offshore oil drilling.

Investments include H2O production and infrastructure, carbon capture and storage, and biodiesel production (Ranked 2nd in the USA).

Stock buyback program in 2023.

Challenges: Dependency on international demand and end prices, government regulation.

Share class R dist.



Hard Value Fund

Financial sustainability

The guiding principle of the Hard Value Fund is financial sustainability.

Therefore, the equity fund invests without biases in order to consistently generate good returns and protect the asset base of its fund investors.

Unbiased investing means the freedom from blanket exclusions of sectors and ESG restrictions. Hence, sectors such as tobacco, defence, nuclear, oil & gas, and mining can also be important components of the portfolio.

We make no compromises when it comes to the strong and profitable investments in the fund.

Share class R dist.


Legal notice

This is a marketing communication for German investors. Please read the fund's sales prospectus and basic information sheet (KID) before making a final investment decision. This also contains detailed information on opportunities and risks. The advertised investment concerns the purchase of fund units, not the purchase of specific underlying assets, such as shares or bonds of a company, as underlying assets are only owned by the fund. The sole basis for the purchase of shares in the fund are the current sales documents (basic information sheet (KID), sales prospectus, annual and semi-annual reports, if available). All information published here is for your information only and does not constitute investment advice or any other recommendation and is subject to change at any time. The sales documents and further information are available free of charge in German on the website A summary of investors' rights in German can be downloaded free of charge in electronic form from the website Consultation with an appropriate financial and tax advisor is recommended before investing in units in the Fund. The value of an investment and the amount of income may fall as well as rise as a result of market and exchange rate fluctuations.  You may not get back the full amount originally invested. Past performance is no guarantee of future performance. The information published herein is based on the legal position as of the document date. This document and the information contained herein may not be distributed in the United States and distribution may be restricted in other jurisdictions. The Management Company may notify the distribution of units in the Fund in various EU or EEA member states. It should be noted that it may decide to withdraw the arrangements it has made for the distribution of units in the Fund in accordance with Article 93a of Directive 2009/65/EC. You can contact us by phone at +49 69 13 38 52 41 or write us an e-mail at All information has been provided with care according to the date of processing and partly reflects personal market opinions. No guarantee or liability can be assumed for their correctness and completeness.

Walter Ludwig GmbH Wertpapierhandelsbank

An der Hauptwache 5
60313 Frankfurt am Main

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© 2023 Walter Ludwig GmbH Wertpapierhandelsbank, Frankfurt am Main

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