FIVV-MIC-Mandat-Rohstoffe
Alternative · Global · Commodities
Figures refer to the share class ISIN DE000A0NAAA1, currency EUR.
Recent performance
The EUR class returned +16.16% over one year to 2026-09-30. Over the final three months, the fund returned +1.59%.
Key facts
- Associated firm
- FIVV Finanzinfo. & Vermögensverw. AG
- Asset class
- Alternative
- Geography
- Global
- Strategy
- Commodities
- Share class currency
- EUR
- Share class inception
- 10.04.2008
- Fund size
- 8 million (as at 14.09.2026)
- Management fee
- 0.40%
- Performance fee
- Yes
- UCITS
- Yes
- Registered in Switzerland
- No (qualified investors only)
Performance in context
Growth from the same starting value
Fund
Exact chart values
| Month | Fund |
|---|---|
| 2023-10 | 100.00 |
| 2023-11 | 99.71 |
| 2023-12 | 102.14 |
| 2024-01 | 99.27 |
| 2024-02 | 97.51 |
| 2024-03 | 103.55 |
| 2024-04 | 105.27 |
| 2024-05 | 107.52 |
| 2024-06 | 106.35 |
| 2024-07 | 105.96 |
| 2024-08 | 105.47 |
| 2024-09 | 107.17 |
| 2024-10 | 107.39 |
| 2024-11 | 107.92 |
| 2024-12 | 104.21 |
| 2025-01 | 108.58 |
| 2025-02 | 110.02 |
| 2025-03 | 111.91 |
| 2025-04 | 108.63 |
| 2025-05 | 109.77 |
| 2025-06 | 110.94 |
| 2025-07 | 113.10 |
| 2025-08 | 115.86 |
| 2025-09 | 120.30 |
| 2025-10 | 124.77 |
| 2025-11 | 129.12 |
| 2025-12 | 133.75 |
| 2026-01 | 144.01 |
| 2026-02 | 149.70 |
| 2026-03 | 144.34 |
| 2026-04 | 144.74 |
| 2026-05 | 144.32 |
| 2026-06 | 137.55 |
| 2026-07 | 139.53 |
| 2026-08 | 144.58 |
| 2026-09 | 139.73 |
Growth of 100 · EUR total returns. Monthly observations, income reinvested.
Fund valuations: 2023-10-31 to 2026-09-30. Each calendar month uses its last available source observation; fund and comparison dates can differ.
Figures as of 30.09.2026. Calendar-year returns cover the years shown.
| 1M | 3M | 6M | YTD | 2025 | 2024 | 2023 | 1Y | 3Y | 5Y | Volatility | Sharpe R. | Max DD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FundISIN DE000A0NAAA1, currency EUR | -3.36 | 1.59 | -3.19 | 4.47 | 28.34 | 2.03 | -2.53 | 16.16 | 12.00 | 6.72 | 9.74 | 0.72 | -8.12 |
| BenchmarkBloomberg Commodity TR USD | 0.61 | 16.19 | 6.79 | 32.87 | 15.77 | 5.38 | -7.91 | 40.64 | 15.63 | 11.27 | 13.94 | 0.79 | -11.79 |
| Differencefund minus benchmark, in percentage points | -3.97 | -14.60 | -9.99 | -28.40 | 12.57 | -3.35 | 5.39 | -24.48 | -3.63 | -4.55 | – | – | – |
Reporting dates by figure
- DE000A0NAAA1 — 30.09.2026: 1M, 3M, 6M, YTD, 1Y, 3Y, 5Y, Volatility, Sharpe R., Max DD, Benchmark 1M, Benchmark 3M, Benchmark 6M, Benchmark YTD, Benchmark 1Y, Benchmark 3Y, Benchmark 5Y, Benchmark Volatility, Benchmark Sharpe R., Benchmark Max DD; 31.12.2025: 2025, Benchmark 2025; 31.12.2024: 2024, Benchmark 2024; 31.12.2023: 2023, Benchmark 2023
How far below its previous high?
Fund
Exact chart values
| Month | Fund |
|---|---|
| 2023-10 | 0.00 |
| 2023-11 | -0.29 |
| 2023-12 | 0.00 |
| 2024-01 | -2.81 |
| 2024-02 | -4.54 |
| 2024-03 | 0.00 |
| 2024-04 | 0.00 |
| 2024-05 | 0.00 |
| 2024-06 | -1.09 |
| 2024-07 | -1.46 |
| 2024-08 | -1.91 |
| 2024-09 | -0.33 |
| 2024-10 | -0.12 |
| 2024-11 | 0.00 |
| 2024-12 | -3.43 |
| 2025-01 | 0.00 |
| 2025-02 | 0.00 |
| 2025-03 | 0.00 |
| 2025-04 | -2.94 |
| 2025-05 | -1.91 |
| 2025-06 | -0.87 |
| 2025-07 | 0.00 |
| 2025-08 | 0.00 |
| 2025-09 | 0.00 |
| 2025-10 | 0.00 |
| 2025-11 | 0.00 |
| 2025-12 | 0.00 |
| 2026-01 | 0.00 |
| 2026-02 | 0.00 |
| 2026-03 | -3.58 |
| 2026-04 | -3.32 |
| 2026-05 | -3.60 |
| 2026-06 | -8.12 |
| 2026-07 | -6.79 |
| 2026-08 | -3.42 |
| 2026-09 | -6.66 |
Deepest month-end decline for this class: -8.12%.
2023-10-31 to 2026-09-30 · EUR total returns. Declines are measured against the highest month-end value within this window. Intra-month falls are not shown; this is not daily maximum drawdown.
Where did the gains and setbacks occur?
Fund return · % in EUR
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | — | — | — | — | — | — | — | — | — | — | -0.29 | +2.43 |
| 2024 | -2.81 | -1.78 | +6.20 | +1.66 | +2.14 | -1.09 | -0.37 | -0.46 | +1.61 | +0.21 | +0.49 | -3.43 |
| 2025 | +4.19 | +1.32 | +1.72 | -2.94 | +1.06 | +1.07 | +1.95 | +2.44 | +3.83 | +3.72 | +3.48 | +3.59 |
| 2026 | +7.67 | +3.95 | -3.58 | +0.28 | -0.29 | -4.69 | +1.44 | +3.62 | -3.36 | — | — | — |
Green: positive; red: negative. Grey cells are outside the displayed history. Month-end observations; no missing month is filled or interpolated.
Fund valuations: 2023-10-31 to 2026-09-30. Each calendar month uses its last available source observation; fund and comparison dates can differ.
Within the list: OpenList — Real Assets
Compared with the alternative funds on OpenList — Real Assets (6 funds), each in the share class and currency its list shows. Returns are in each share class's own currency and are not converted.
Performance and risk figures as of 30.09.2026.
| This fund | Group median | Position | |
|---|---|---|---|
| Return 1Y | 16.16 | 32.67 | 6 of 6 |
| Return 3Y p.a. | 12.00 | 16.88 | 6 of 6 |
| 3Y p.a. over its own benchmark | -3.63 | 1.25 | 6 of 6 |
| Volatility 3Y | 9.74 | 13.41 | 1 of 6 |
| Sharpe ratio 3Y | 0.72 | 0.91 | 6 of 6 |
| Max drawdown 3Y | -8.12 | -9.27 | 1 of 6 |
| Management fee | 0.40% | 0.78% | 1 of 6 |
Position 1 is the highest value, except for volatility and the management fee, where 1 is the lowest; for max drawdown, 1 is the smallest fall. Only figures with the same reporting date are compared.
Return against risk, 3 years
Price history
Fund rebased to 100 at 30.10.2023; benchmark rebased to 100 at 31.10.2023.
Table view
| Period | From | Fund (100 at start) | Benchmark from | Benchmark (100 at start) |
|---|---|---|---|---|
| 1Y | 31.10.2025 | 113.4 | 31.10.2025 | 137.7 |
| Since 2023 | 30.10.2023 | 141.5 | 31.10.2023 | 155.3 |
Total return: distributions reinvested.
In EUR, the currency of the share class shown.
Comparison: Bloomberg Commodity TR USD.
The benchmark is in USD, not converted.
Fund history to 28.10.2026.
Benchmark history to 28.10.2026.
Past performance is not a reliable indicator of future results, and the value of investments can fall as well as rise.
Fund documents
Check the share class and reporting date in each document.
Factsheet (PDF, 31.08.2026)KID (PDF, 15.06.2026)Chart methodology
Charts use dated total-return observations, including reinvested income. Each calendar month uses the last available observation. Fund and comparison valuation dates may differ. Month-end drawdowns exclude falls within a month. Past performance does not predict future returns.
WSP report
Ask WSP which research is available for this fund and what it covers.
Enquire about WSP researchBack to the list: OpenList — Real Assets
Performance: in %, in the currency of the share class shown. 3Y and 5Y are annualised. Volatility and Sharpe ratio are over three years; Max DD is the largest fall over three years.
Benchmark: each fund is measured against the index its own documents name. Where WSP measures a fund against a comparator of its own instead, the row names it: a tracker or a blend of the markets the fund invests in, or a cash-plus hurdle
– means not applicable.
Reporting dates are shown above the figures; exceptions are dated individually.
This page is advertising within the meaning of the Swiss Financial Services Act. It is not an offer, a recommendation or investment advice. The prospectus and key information document for any fund shown may be obtained free of charge from its management company or Swiss representative
How this fund works
Investment rationale
FIVV-MIC-Mandat-Rohstoffe is a German UCITS commodity and energy equity fund designed to achieve capital growth by actively using opportunities in international commodity markets. The fund has a risk indicator of 3 out of 7 and a recommended holding period of 10 years. Investors must be willing and able to bear significant price fluctuations and potentially substantial capital losses. Based on its focus on commodity-related equities and certificates, flexible use of bonds and derivatives, and thematic sector exposure, it is a distinct specialist allocation rather than a broad multi-asset core holding. It is intended for investors who can assess the risks and value of the investment and who want targeted exposure to the global resources segment.
2026-08-31
How the strategy works
The fund is actively managed and seeks the highest possible capital appreciation through a flexible strategy focused on international commodity markets. It invests at least 51% in shares of companies active in the commodities sector or in corresponding certificates, with intended emphasis on commodity-related companies that show above-average potential under fundamental analysis. In addition to global equity exposure, the fund may use bond markets to balance risks, and it may use derivatives both for hedging and for investment purposes to increase returns; it is not managed against a benchmark. As of 31.08.2026, the portfolio consisted of 64.16% equities, 13.26% commodity certificates, 7.25% commodity fund units, 5.84% bonds, 2.90% fund units, 7.78% bank deposits, 0.22% dividend receivables and -1.40% other receivables/liabilities (rounding applies). It is an accumulating fund with a recommended holding period of 10 years.
2026-08-31
Investment philosophy
• The investment universe is centred on companies active in the commodities sector, with the fund investing predominantly in equities and, to a significant extent, in commodity-linked certificates; at least 51% must be invested in commodity-related shares or corresponding certificates.
• Portfolio construction is flexible and follows the relative attractiveness of individual markets, both geographically and by industry, with intended emphasis on companies that offer above-average potential on fundamental grounds.
• The strategy combines global diversification with tactical use of equity and bond markets to balance risks, rather than maintaining a static pure-equity commodity allocation.
• Derivatives may be used both to reduce risk through hedging and to enhance returns for investment purposes; the fund is managed actively without reference to a benchmark.
• Current positioning at 31.08.2026 shows 64.16% equities, 13.26% commodity certificates, 7.25% commodity fund units, 5.84% bonds and 7.78% bank deposits, with currency exposure led by EUR 40.31% and USD 32.17%, followed by CAD, GBP, AUD, CHF, HKD, NOK and SEK.
2026-08-31
Distinctive features
The fund is distinguished by its explicit commodity-market specialisation combined with a flexible, cross-asset implementation that includes equities, commodity certificates, bonds and fund units. Its process combines global geographic and sector allocation with fundamental selection of commodity-related companies judged to have above-average potential. It also stands out by allowing derivatives for both hedging and return enhancement, giving the manager additional tools beyond long-only stock selection. At 31 August 2026, the portfolio showed meaningful diversification by currency, with exposure spread across EUR, USD, CAD, GBP, AUD, CHF, HKD, NOK and SEK rather than a single-market resources focus.
2026-08-31
Risks
The fund has a risk indicator of 3 out of 7. The marketing material attributes the fund’s elevated volatility and potentially sharp short-term unit-price fluctuations to its composition and the techniques used by management. Market risk is driven by the fund’s emphasis on international commodity-related equities and certificates, making it sensitive to movements in commodity markets and equity markets. Currency risk is structurally relevant. At 31 August 2026, the portfolio had material exposure outside the euro, including USD 32.17%, CAD 6.11%, GBP 5.77%, AUD 5.11%, CHF 3.78%, HKD 2.95%, NOK 2.57% and SEK 1.22%. Derivative risk is present because derivatives may be used both for hedging and investment purposes, and the fund also faced bond-market risk through its 5.84% bond allocation at that date. At 31 August 2026, the fund had a modified-duration contribution of 0.19% on a whole-fund basis and a bond rating of A-; the 0.19 figure is not the duration of the bond sleeve alone.
2026-08-31
Asset manager
The management company is Universal-Investment-Gesellschaft mbH, based in Frankfurt am Main, and it belongs to the Universal-Investment Group. The fund partner is FIVV AG, based in Munich, an independent, owner-managed wealth manager for private clients, entrepreneurial families, foundations and family offices. FIVV AG was founded in 1999 by Andreas Grünewald and has maintained a representative office in Beijing since 2005. The custodian/depositary is ABN AMRO Bank N.V. Frankfurt Branch.
2026-08-31