{{i}}
Discrete Performance Periods in %
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Calendar Year Performance Periods in %
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Returns are gross of PM and adm. fees
All figures are in selected currency and based on monthly data


ValueInvest Asset Management S.A. claims compliance with the Global Investment Performance Standards (GIPS®). For the purpose of complying with the GIPS standards, the ”Firm” is defined as ValueInvest Asset Management S.A. which is an independent asset management company, based in Luxembourg. ValueInvest Asset Management S.A. was founded in 1998 and is based in the Grand Duchy of Luxembourg. The Firm is regulated by the Luxembourg supervisory authority CSSF. ValueInvest Asset Management S.A. manages and provides investment advice for Global equities and Japan equities, exclusively according to the principles of value investing.

The ValueInvest AM, Global Composite was created and presented for the first time as at December 31, 2004. The ValueInvest AM Global Composite includes investment portfolios that the firm advises or manages on behalf of clients and investors according to the ValueInvest AM Global Equity strategy. Portfolios are invested in a broad range of transferable international equities and tend to be exposed to larger companies. The use of leverage, derivatives and short positions is prohibited.

Performance data quoted represents past performance, which is no guarantee of future results. Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Clients and investors should be aware that these returns were primarily achieved during favourable equity market conditions. Returns are calculated in EUR and include currency fluctuations. Composite returns are presented gross of the fees: performances are stated before management fees, but after transaction costs. Except a non-refundable tax on dividends, returns include no other tax.

MSCI World is used as reference index. The reference index is calculated with net dividends reinvested and is used for comparative purposes only.

To receive a list of composite descriptions of ValueInvest Asset Management S.A. and/or a presentation that complies with the GIPS standards, contact Angela Schroeder at +352 315155 – 24 or write ValueInvest Asset Management S.A., 36, rue Marie-Adelaïde, L-2128 Luxembourg, or 
info@valueinvest.lu.
 
{{i}}
Discrete Performance Periods in %
{{i}}
Calendar Year Performance Periods in %
{{i}}
Returns are gross of PM and adm. fees
All figures are in selected currency and based on monthly data


ValueInvest Asset Management S.A. claims compliance with the Global Investment Performance Standards (GIPS®). For the purpose of complying with the GIPS standards, the ”Firm” is defined as ValueInvest Asset Management S.A. which is an independent asset management company, based in Luxembourg. ValueInvest Asset Management S.A. was founded in 1998 and is based in the Grand Duchy of Luxembourg. The Firm is regulated by the Luxembourg supervisory authority CSSF. ValueInvest Asset Management S.A. manages and provides investment advice for Global equities and Japan equities, exclusively according to the principles of value investing.

The ValueInvest AM, Global Composite was created and presented for the first time as at December 31, 2004. The ValueInvest AM Global Composite includes investment portfolios that the firm advises or manages on behalf of clients and investors according to the ValueInvest AM Global Equity strategy. Portfolios are invested in a broad range of transferable international equities and tend to be exposed to larger companies. The use of leverage, derivatives and short positions is prohibited.

Performance data quoted represents past performance, which is no guarantee of future results. Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Clients and investors should be aware that these returns were primarily achieved during favourable equity market conditions. Returns are calculated in EUR and include currency fluctuations. Composite returns are presented gross of the fees: performances are stated before management fees, but after transaction costs. Except a non-refundable tax on dividends, returns include no other tax.

MSCI World is used as reference index. The reference index is calculated with net dividends reinvested and is used for comparative purposes only.

To receive a list of composite descriptions of ValueInvest Asset Management S.A. and/or a presentation that complies with the GIPS standards, contact Angela Schroeder at +352 315155 – 24 or write ValueInvest Asset Management S.A., 36, rue Marie-Adelaïde, L-2128 Luxembourg, or 
info@valueinvest.lu.
 
{{i}}
Discrete Performance Periods in %
{{i}}
Calendar Year Performance Periods in %
{{i}}
Returns are gross of PM and adm. fees
All figures are in selected currency and based on monthly data


ValueInvest Asset Management S.A. claims compliance with the Global Investment Performance Standards (GIPS®). For the purpose of complying with the GIPS standards, the ”Firm” is defined as ValueInvest Asset Management S.A. which is an independent asset management company, based in Luxembourg. ValueInvest Asset Management S.A. was founded in 1998 and is based in the Grand Duchy of Luxembourg. The Firm is regulated by the Luxembourg supervisory authority CSSF. ValueInvest Asset Management S.A. manages and provides investment advice for Global equities and Japan equities, exclusively according to the principles of value investing.

The ValueInvest AM, Japan Composite was created and presented for the first time as at December 31, 2004. The ValueInvest AM Japan Composite includes investment portfolios that the firm advises or manages on behalf of clients and investors according to the ValueInvest AM Japan Equity strategy. Portfolios are invested in a broad range of transferable international equities and tend to be exposed to larger companies. The use of leverage, derivatives and short positions is prohibited.

Performance data quoted represents past performance, which is no guarantee of future results. Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Clients and investors should be aware that these returns were primarily achieved during favourable equity market conditions. Returns are calculated in EUR and include currency fluctuations. Composite returns are presented gross of the fees: performances are stated before management fees, but after transaction costs. Except a non-refundable tax on dividends, returns include no other tax.

MSCI Japan is used as reference index. The reference index is calculated with net dividends reinvested and is used for comparative purposes only.

To receive a list of composite descriptions of ValueInvest Asset Management S.A. and/or a presentation that complies with the GIPS standards, contact Angela Schroeder at +352 315155 – 24 or write ValueInvest Asset Management S.A., 36, rue Marie-Adelaïde, L-2128 Luxembourg, or 
info@valueinvest.lu.
{{i}}
Discrete Performance Periods in %
{{i}}
Calendar Year Performance Periods in %
{{i}}
Returns are gross of PM and adm. fees
All figures are in selected currency and based on monthly data


ValueInvest Asset Management S.A. claims compliance with the Global Investment Performance Standards (GIPS®). For the purpose of complying with the GIPS standards, the ”Firm” is defined as ValueInvest Asset Management S.A. which is an independent asset management company, based in Luxembourg. ValueInvest Asset Management S.A. was founded in 1998 and is based in the Grand Duchy of Luxembourg. The Firm is regulated by the Luxembourg supervisory authority CSSF. ValueInvest Asset Management S.A. manages and provides investment advice for Global equities and Japan equities, exclusively according to the principles of value investing.

The ValueInvest AM, Japan Composite was created and presented for the first time as at December 31, 2004. The ValueInvest AM Japan Composite includes investment portfolios that the firm advises or manages on behalf of clients and investors according to the ValueInvest AM Japan Equity strategy. Portfolios are invested in a broad range of transferable international equities and tend to be exposed to larger companies. The use of leverage, derivatives and short positions is prohibited.

Performance data quoted represents past performance, which is no guarantee of future results. Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Clients and investors should be aware that these returns were primarily achieved during favourable equity market conditions. Returns are calculated in EUR and include currency fluctuations. Composite returns are presented gross of the fees: performances are stated before management fees, but after transaction costs. Except a non-refundable tax on dividends, returns include no other tax.

MSCI Japan is used as reference index. The reference index is calculated with net dividends reinvested and is used for comparative purposes only.

To receive a list of composite descriptions of ValueInvest Asset Management S.A. and/or a presentation that complies with the GIPS standards, contact Angela Schroeder at +352 315155 – 24 or write ValueInvest Asset Management S.A., 36, rue Marie-Adelaïde, L-2128 Luxembourg, or
info@valueinvest.lu.