NESTOR Gold Fonds

Investment rationale

NESTOR Gold Fonds B is an actively managed equity fund focused on the gold industry, so it is positioned as a specialist exposure rather than a broad market allocation. The fund has an SRI of 6 on the 1 to 7 scale and a recommended holding period of 5 years, indicating it is intended for investors who accept higher price fluctuations for higher return opportunities. It is intended for investors who view investment funds as an appropriate way to participate in capital markets and who accept higher volatility. The product can be used as a core element or as an allocation within a portfolio, while its distinct role comes from concentrated exposure to gold-industry equities and the sensitivity of gold-mining companies to movements in the gold price.

2026-08-31

How the strategy works

The fund’s objective is to capture opportunities in the gold industry through active management. It invests at least 51% of assets in shares of companies involved in exploration, production, processing and trading of gold and other precious metals, with the main emphasis on precious-metal producers; at least 51% must also be invested in equity participations within the meaning of the German Investment Tax Act. The fund may also invest in fixed- and floating-rate securities and other permitted assets including equity-like securities, participation certificates, convertible, profit-participation and option rights or warrants, and REITs; up to 10% may be invested in issuers whose business focus is not in the gold industry. Derivatives may be used both for hedging and investment purposes, income is retained in the fund, and the benchmark reference is the Philadelphia Stock Exchange Gold and Silver Index (EUR), which is used for performance-fee calculation via a hurdle-rate mechanism rather than for portfolio construction. The recommended holding period is 5 years.

2026-08-31

Investment philosophy

• The investment universe is centered on companies in the gold industry, covering exploration, production, processing and trading of gold and other precious metals, with the main emphasis on precious-metal producers.

• Stock selection follows a bottom-up approach in which management analyzes the growth potential of individual companies and then assesses the opportunities in the sector and the overall market.

• The portfolio is broadly diversified, with a distinctive allocation of about 15% to 20% in exploration companies as a specialty.

• At 31 August 2026, the portfolio was overwhelmingly in equities, with 99.28% in equity exposure; sector allocation is concentrated in Materials at 90.92%, with small weights in Financial Services and unclassified positions.

• At that date, country exposure was led by Canada at 61.21%, followed by the United States at 13.52%, Australia at 11.87%, the United Kingdom at 5.46% and South Africa at 4.43%; the top holdings include Freeport-McMoRan, Barrick Mining, OR Royalties, Alamos Gold and Equinox Gold.

2026-08-31

Management team

The fund managers are Erich Beat Meier and Walter Wehrli, associated with Konwave AG in Herisau, Switzerland.

2026-08-31

Distinctive features

The fund specialises in gold-industry equities. The manager highlights their potential to amplify gains when gold prices rise, alongside the risk of sharper losses. This is equity exposure rather than direct ownership of physical gold. Its portfolio construction combines a broad diversification approach with a dedicated 15% to 20% allocation to exploration companies as a special feature. The fund also emphasizes small- and mid-cap companies with growth profiles, which is presented as capable of supporting positive share-price development even when gold prices are stagnant or slightly falling. Country and production-cost diversification within the gold-mining universe is also highlighted.

2026-08-31

Risks

The fund has an SRI of 6, the second-highest risk class, with high potential losses from future performance. Volatility is elevated because the portfolio is concentrated in gold-mining equities, including smaller and mid-sized companies and a 15% to 20% allocation to exploration stocks. Risks include cost inflation reducing margins, short-term correlation of gold-mining shares with broader equity markets, and the possibility that mining equities can collapse in extreme market situations even when the gold price changes only slightly. Additional risks are liquidity risk, counterparty risk, custody risk, operational risk and risks arising from the use of derivatives; the product does not provide capital protection and investors could lose all or part of their investment.

2026-08-31

Asset manager

The management company is FundRock Management Company S.A., based in Senningerberg, Luxembourg. Konwave AG, Herisau, Switzerland, is associated with fund managers Erich Beat Meier and Walter Wehrli. The depositary is European Depositary Bank SA.

2026-08-31