Optinova Metals and Materials
Alternative · Global · Commodities
Figures refer to the share class ISIN DE000A1J3K94, currency EUR.
Recent performance
The EUR class returned +25.70% over one year to 2026-09-30. Over the final three months, the fund returned +4.00%.
Key facts
- Associated firm
- OPTINOVA Investmentaktieng. m.TGV
- Asset class
- Alternative
- Geography
- Global
- Strategy
- Commodities
- Share class currency
- EUR
- Share class inception
- 04.10.2012
- Fund size
- 93 million (as at 14.09.2026)
- Management fee
- 1.10%
- Performance fee
- No
- UCITS
- Yes
- Registered in Switzerland
- No (qualified investors only)
Performance in context
Growth from the same starting value
Fund
Exact chart values
| Month | Fund |
|---|---|
| 2023-09 | 100.00 |
| 2023-10 | 99.10 |
| 2023-11 | 100.33 |
| 2023-12 | 103.16 |
| 2024-01 | 102.41 |
| 2024-02 | 100.36 |
| 2024-03 | 104.71 |
| 2024-04 | 106.60 |
| 2024-05 | 107.46 |
| 2024-06 | 105.71 |
| 2024-07 | 106.16 |
| 2024-08 | 105.08 |
| 2024-09 | 108.60 |
| 2024-10 | 110.44 |
| 2024-11 | 110.67 |
| 2024-12 | 106.75 |
| 2025-01 | 113.10 |
| 2025-02 | 113.96 |
| 2025-03 | 115.20 |
| 2025-04 | 112.48 |
| 2025-05 | 113.77 |
| 2025-06 | 115.72 |
| 2025-07 | 118.99 |
| 2025-08 | 125.21 |
| 2025-09 | 134.75 |
| 2025-10 | 139.52 |
| 2025-11 | 147.84 |
| 2025-12 | 160.55 |
| 2026-01 | 175.97 |
| 2026-02 | 188.62 |
| 2026-03 | 166.05 |
| 2026-04 | 170.50 |
| 2026-05 | 177.97 |
| 2026-06 | 162.86 |
| 2026-07 | 164.36 |
| 2026-08 | 175.92 |
| 2026-09 | 169.37 |
Growth of 100 · EUR total returns. Monthly observations, income reinvested.
Fund valuations: 2023-09-29 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 DE000A1J3K94, currency EUR | -3.72 | 4.00 | 2.00 | 5.49 | 50.40 | 3.48 | 2.19 | 25.70 | 19.20 | 11.86 | 15.39 | 1.04 | -13.66 |
| 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 | -4.33 | -12.19 | -4.80 | -27.38 | 34.63 | -1.90 | 10.11 | -14.94 | 3.57 | 0.59 | – | – | – |
Reporting dates by figure
- DE000A1J3K94 — 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 |
|---|---|
| 2023-09 | 0.00 |
| 2023-10 | -0.90 |
| 2023-11 | 0.00 |
| 2023-12 | 0.00 |
| 2024-01 | -0.72 |
| 2024-02 | -2.71 |
| 2024-03 | 0.00 |
| 2024-04 | 0.00 |
| 2024-05 | 0.00 |
| 2024-06 | -1.63 |
| 2024-07 | -1.21 |
| 2024-08 | -2.22 |
| 2024-09 | 0.00 |
| 2024-10 | 0.00 |
| 2024-11 | 0.00 |
| 2024-12 | -3.54 |
| 2025-01 | 0.00 |
| 2025-02 | 0.00 |
| 2025-03 | 0.00 |
| 2025-04 | -2.37 |
| 2025-05 | -1.24 |
| 2025-06 | 0.00 |
| 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 | -11.96 |
| 2026-04 | -9.61 |
| 2026-05 | -5.65 |
| 2026-06 | -13.66 |
| 2026-07 | -12.86 |
| 2026-08 | -6.74 |
| 2026-09 | -10.21 |
Deepest month-end decline for this class: -13.66%.
2023-09-29 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 | — | — | — | — | — | — | — | — | — | -0.90 | +1.24 | +2.82 |
| 2024 | -0.72 | -2.00 | +4.34 | +1.80 | +0.81 | -1.63 | +0.42 | -1.02 | +3.35 | +1.69 | +0.21 | -3.54 |
| 2025 | +5.94 | +0.76 | +1.09 | -2.37 | +1.15 | +1.71 | +2.83 | +5.22 | +7.62 | +3.54 | +5.96 | +8.60 |
| 2026 | +9.60 | +7.19 | -11.96 | +2.68 | +4.38 | -8.49 | +0.92 | +7.03 | -3.72 | — | — | — |
Green: positive; red: negative. Grey cells are outside the displayed history. Month-end observations; no missing month is filled or interpolated.
Fund valuations: 2023-09-29 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 | 25.70 | 32.67 | 4 of 6 |
| Return 3Y p.a. | 19.20 | 16.88 | 1 of 6 |
| 3Y p.a. over its own benchmark | 3.57 | 1.25 | 2 of 6 |
| Volatility 3Y | 15.39 | 13.41 | 5 of 6 |
| Sharpe ratio 3Y | 1.04 | 0.91 | 1 of 6 |
| Max drawdown 3Y | -13.66 | -9.27 | 6 of 6 |
| Management fee | 1.10% | 0.78% | 6 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 and benchmark rebased to 100 at 29.10.2021.
Table view
| Period | From | Fund (100 at start) | Benchmark from | Benchmark (100 at start) |
|---|---|---|---|---|
| 1Y | 31.10.2025 | 118.1 | 31.10.2025 | 137.7 |
| 3Y | 31.10.2023 | 166.2 | 31.10.2023 | 155.3 |
| 5Y | 29.10.2021 | 167.9 | 29.10.2021 | 167.5 |
| Since 2017 | 31.07.2017 | 204.6 | 31.07.2017 | 201.9 |
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.
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
The fund is not authorised for public distribution in Switzerland. Optinova Metals & Materials I-EUR is a specialized global commodities-related equity fund designed to deliver medium- to long-term capital growth through exposure to companies active in the extraction and processing of raw materials, complemented by exchange-traded commodity instruments. With a UCITS structure, daily availability, a recommended holding period of 7 years, and a PRIIPs summary risk indicator of 4, it is positioned for investors with a medium-term horizon and advanced financial market experience who can tolerate significant fluctuations and losses. Investors should not require capital protection and may face substantial losses, including total loss of invested capital. Given its concentrated exposure to metals, materials, and commodity-linked instruments rather than broad multi-asset diversification, it fits more naturally as a distinct satellite allocation than as a general core holding.
2026-08-31
How the strategy works
The objective is to achieve medium- to long-term capital appreciation. The fund is actively managed and invests globally, predominantly in equities of companies involved in the extraction and processing of raw materials, and may additionally invest in exchange-traded commodity instruments, especially precious metal and industrial metal ETCs; as of 31.08.2026, the portfolio included equities, precious metals ETCs, other ETCs, cash, money market instruments, and money market ETFs. It is not managed with reference to a benchmark, although a comparison index is shown for illustration only: 45% MSCI World Materials / 55% Bloomberg Commodity in EUR. The fund is EUR-denominated, accumulating, available daily, has an unlimited term, and has a recommended holding period of 7 years.
2026-08-31
Investment philosophy
• The fund invests globally and systematically in undervalued equities of companies active in the extraction and processing of raw materials, with additional exposure through precious metal and industrial metal ETCs.
• Security selection is carried out by the fund management using a structured investment process, and the selection of individual investments lies with the managers in the active management approach.
• Sustainability factors are systematically integrated into the investment process for this Article 8 SFDR fund, including the use of ESG ratings from LSEG Data & Analytics to assess issuers.
• Exclusion criteria are applied, notably for controversial business areas and serious violations of international norms; exclusions cover material activities in armaments, tobacco, or pornography, serious UN Global Compact breaches, and sovereign issuers classified as “not free” by Freedom House.
• As of 31.08.2026, the portfolio was positioned mainly in Materials (72.60%), with fund structure of 49.77% equities, 16.99% precious metals ETCs, 15.69% ETCs, 9.16% cash, 7.21% money market, and 1.18% money market ETFs; the largest country weights were Ireland 23.01%, Japan 12.92%, and Germany 10.72%, and top holdings included Nippon Yakin Kogyo, Aichi Steel, Sumitomo Metal Mining, ArcelorMittal, and Oji Paper.
2026-08-31
Management team
The fund managers are Norbert A. Völler and Armin Sabeur. The fund manager start date is 04.10.2012.
2026-08-31
Distinctive features
The fund is distinguished by its focused global exposure to metals, materials, and commodity-linked instruments rather than a generalist equity mandate. It combines direct equity selection in raw-material extraction and processing companies with ETC exposure to precious and industrial metals, which gives it a broader toolkit within its specialist segment. The mandate also incorporates Article 8 SFDR environmental and social characteristics, with ESG ratings from LSEG Data & Analytics and explicit exclusion criteria embedded in the process. Daily dealing, UCITS compliance, and an accumulating share class are paired with a portfolio that still remains clearly specialized in the materials complex.
2026-08-31
Risks
The fund has a risk indicator of 4 on a scale of 1 to 7, and the share class is subject to medium fluctuations with moderate opportunity and loss risk. Liquidity risk is also identified in operational terms: redemptions are generally possible on valuation days, but the management company may suspend or restrict redemptions in extraordinary circumstances, or apply a dilution levy, which could prevent or limit withdrawals or create additional costs. Portfolio structure and positioning also imply concentration risk through its heavy exposure to the Materials sector and commodity-related instruments, while sustainability implementation is based on ESG integration and exclusions rather than an Article 9 sustainable investment strategy.
2026-08-31
Asset manager
The fund is managed by Optinova Investmentaktiengesellschaft mit TGV, and is the product manufacturer. The company was founded in July 2012 and is based at Falkensteiner Str. 1, 61462 Königstein, Germany. The firm aims to launch funds with a value-oriented character, and its responsible persons bring long-standing securities market experience gained in work for family offices, now applied in active portfolio management. State Street Bank GmbH is the depositary and Universal Investment GmbH is the administrator.
2026-08-31