Total return: distributions reinvested. In EUR, the currency of the share class shown. Fund history to 29.09.2026. Benchmark history to 29.09.2026. Past performance is not a reliable indicator of future results, and the value of investments can fall as well as rise.
Performance against the benchmark
1M
3M
6M
YTD
2025
2024
2023
1Y
3Y
5Y
Volatility
Sharpe R.
Max DD
FundISIN LU1525525306, currency EUR, retail share class
1.85
0.56
0.72
4.38
6.33
7.87
3.13
6.49
7.21
3.45
3.72
1.15
-3.11
BenchmarkEUR 3-month deposit + 4%
0.53
1.56
3.09
4.08
6.38
7.96
7.47
6.16
7.06
6.22
–
–
–
Differencefund minus benchmark, in percentage points
1.33
-1.00
-2.37
0.30
-0.05
-0.10
-4.35
0.33
0.15
-2.77
–
–
–
Within the list: OpenList — Alternatives
Compared with the alternative funds on OpenList — Alternatives (25 funds), each in the share class and currency its list shows. Returns are in each share class's own currency and are not converted.
This fund
Group median
Position
Return 1Y
6.49
9.40
20 of 25
Return 3Y p.a.
7.21
11.35
22 of 25
3Y p.a. over its own benchmark
0.15
2.46
20 of 25
Volatility 3Y
3.72
5.42
5 of 25
Sharpe ratio 3Y
1.15
1.34
17 of 25
Max drawdown 3Y
-3.11
-3.40
9 of 25
Management fee
1.01%
1.01%
12 of 23 (2 without a value)
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.
Return against risk, 3 years
WSP commentary
Draft commentary, machine-generated from the fund's monthly factsheet dated 30.06.2026; monthly factsheet; key information document (PRIIPs), not yet reviewed by WSP.
Investment rationale
The fund is a discretionary multi-asset fund-of-funds with a moderate return/risk profile and is positioned for investors shortly before retirement or already in retirement. It aims to generate an appropriate return in euro while preserving invested capital as far as possible, but without any capital guarantee. The PRIIP document assigns it risk class 2 and states a recommended holding period of at least five years. Given its broad allocation across bond funds, equity funds, event driven, convertible arbitrage, global macro and absolute-return strategies, it can serve as a diversified core portfolio building block for medium- to long-term investors who can bear losses up to the amount invested.
Investment strategy
Sauren Ruhestandsfonds is an actively managed, benchmark-independent fund-of-funds that invests predominantly in other funds, including absolute-return funds, bond funds, equity funds and multi-strategy funds. Its objective is to achieve an appropriate value development in the share-class currency while preserving capital as far as possible; under the tax-related investment restrictions, at least 25% of net assets are continuously invested in equity participations. The underlying funds focus mainly on equities, mixed equity-and-bond strategies, bonds, convertible bonds and capital-preservation-oriented approaches such as absolute return, while direct investments outside target funds are permitted only to a subordinate extent. As of 31 July 2026, the portfolio included flexible bond funds, corporate bond funds, Europe, US, Japan and emerging-market equity funds, gold mining/resource equities, event driven, equity long/short, equity absolute return, bond absolute return, convertible arbitrage, global macro, a gold certificate and cash. The A share class is accumulating, the fund may use derivatives indirectly through target funds and at fund level as reflected in the net equity exposure description, and the recommended investment horizon is at least five years.
Investment philosophy
• The fund invests mainly through target funds and follows Sauren’s stated person-based investment philosophy, focusing on the capabilities of individual fund managers rather than investing directly in themes or markets.
• Target fund selection gives particular weight to a detailed assessment of each manager, because the documents state that the manager has decisive influence on a target fund’s performance; Sauren also considers fund size so that the manager can implement the investment philosophy without negative impact from excessive assets.
• The investment universe includes target funds focused on equities, mixed funds, bonds, convertible bonds and capital-preservation or absolute-return approaches, with the fund actively managed and not run against an index reference.
• Current positioning at 31 July 2026 was diversified across event driven funds, equity absolute-return funds, flexible and corporate bond funds, Europe and US equities, convertible arbitrage, global macro, Japan and emerging markets, with cash and a gold certificate also present; the largest disclosed exposures were Event Driven Funds, Flossbach von Storch - Bond High Conviction, Man Global Credit Value, Helium Invest and FS Colibri Event Driven Bond.
• Portfolio construction is subject to stated limits including a continuous minimum of 25% of net assets in equity participations for tax purposes, while the indicative net equity exposure stood at 29.1% as of 30 June 2026 and is described as including indirect equity exposure via derivatives and underlying funds.
Management team
The named fund manager is Eckhard Sauren. The July 2026 fund documentation lists Sauren Finanzdienstleistungen GmbH & Co. KG, Eckhard Sauren, under fund management, and the manager commentary is also signed by Eckhard Sauren. They describe his role within Sauren's manager-selection-led investment approach rather than assigning him to a specific desk.
The asset manager
The documents name Sauren Finanzdienstleistungen GmbH & Co. KG as the fund manager, with Eckhard Sauren identified as fund manager, and Sauren Fonds-Service AG as the distribution entity providing the marketing materials. Sauren Finanzdienstleistungen was founded in 1991 and is based in Cologne. The firm specialises in qualitative analysis of fund managers as the central element of its investment process, assessing factors including investment philosophy, decision-making structures, risk management and consistency of implementation. On this basis, Sauren constructs actively managed fund portfolios and fund-of-funds and operates independently of product providers and banks.
Performance analysis
Source: manager factsheet dated 30 June 2026. The June commentary described a generally friendly market backdrop, with gains in government bonds, corporate bonds and high yield, rising equity markets overall, but marked divergences across sectors and market capitalisations. In that month, US equity funds were positive while European equity funds and the Japan fund declined; among alternatives, most equity-oriented absolute-return and long/short funds were positive, event driven funds were mixed in a narrow range, and convertible arbitrage funds posted gains. The July commentary highlighted renewed Iran conflict concerns, a sharp rise in oil as a crisis indicator, and a pronounced rotation in equity markets that reversed some previously strong themes and stocks, while bond markets declined across all major segments. Fund-specific drivers included weakness in several bond holdings, sharp declines in US small-cap and US-focused equity holdings such as Heptagon Driehaus US Micro Cap Equity Fund and VT De Lisle America Fund, offset in part by gains from selected European equity managers, the Japan fund, and moderate positive contributions from bond absolute return, most convertible arbitrage, event driven and global macro holdings.
Strengths
A distinguishing feature is its explicit focus on selecting fund managers rather than allocating directly to securities, with Sauren’s process centred on qualitative manager analysis and fund-capacity considerations. The portfolio combines traditional asset classes with alternative strategies such as event driven, convertible arbitrage, global macro, equity long/short and absolute-return funds, which is unusual for a retirement-oriented multi-asset offering. The fund is benchmark-independent and built as a diversified umbrella of specialist underlying managers across regions including Europe, the US, Japan and emerging markets. The A share class has no performance fee, and the portfolio also maintained disclosed liquidity and modest direct gold exposure alongside the underlying funds.
Risks
The PRIIP document assigns the fund to SRI risk class 2 on a 1 to 7 scale, while also stating that the product offers no protection against future market developments and investors could lose part or all of their capital. The marketing materials identify general market risks including price, currency and liquidity risks, plus risks arising from the selected underlying funds and their exposure to equities, bonds, currencies and derivatives. They also state that the fund may experience elevated share-price fluctuations because of its composition and possible use of derivatives, and they flag specific risks from absolute-return strategies. Additional risks named in the PRIIP are tax risk and operational risks; structurally, the fund’s diversified but multi-layered exposure through underlying funds, indirect derivatives exposure and allocations to alternatives such as long/short, global macro, convertible arbitrage and event driven strategies are explicit sources of these risks.
WSP report
Ask WSP which research is available for this fund and what it covers.
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. "Not available in this publication" means no value is shown here; it does not mean zero. Period figures as of 31.08.2026.
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
WSP commentary
Draft commentary, machine-generated from the fund's monthly factsheet dated 30.06.2026; monthly factsheet; key information document (PRIIPs), not yet reviewed by WSP.
Investment rationale
The fund is a discretionary multi-asset fund-of-funds with a moderate return/risk profile and is positioned for investors shortly before retirement or already in retirement. It aims to generate an appropriate return in euro while preserving invested capital as far as possible, but without any capital guarantee. The PRIIP document assigns it risk class 2 and states a recommended holding period of at least five years. Given its broad allocation across bond funds, equity funds, event driven, convertible arbitrage, global macro and absolute-return strategies, it can serve as a diversified core portfolio building block for medium- to long-term investors who can bear losses up to the amount invested.
Investment strategy
Sauren Ruhestandsfonds is an actively managed, benchmark-independent fund-of-funds that invests predominantly in other funds, including absolute-return funds, bond funds, equity funds and multi-strategy funds. Its objective is to achieve an appropriate value development in the share-class currency while preserving capital as far as possible; under the tax-related investment restrictions, at least 25% of net assets are continuously invested in equity participations. The underlying funds focus mainly on equities, mixed equity-and-bond strategies, bonds, convertible bonds and capital-preservation-oriented approaches such as absolute return, while direct investments outside target funds are permitted only to a subordinate extent. As of 31 July 2026, the portfolio included flexible bond funds, corporate bond funds, Europe, US, Japan and emerging-market equity funds, gold mining/resource equities, event driven, equity long/short, equity absolute return, bond absolute return, convertible arbitrage, global macro, a gold certificate and cash. The A share class is accumulating, the fund may use derivatives indirectly through target funds and at fund level as reflected in the net equity exposure description, and the recommended investment horizon is at least five years.
Investment philosophy
• The fund invests mainly through target funds and follows Sauren’s stated person-based investment philosophy, focusing on the capabilities of individual fund managers rather than investing directly in themes or markets.
• Target fund selection gives particular weight to a detailed assessment of each manager, because the documents state that the manager has decisive influence on a target fund’s performance; Sauren also considers fund size so that the manager can implement the investment philosophy without negative impact from excessive assets.
• The investment universe includes target funds focused on equities, mixed funds, bonds, convertible bonds and capital-preservation or absolute-return approaches, with the fund actively managed and not run against an index reference.
• Current positioning at 31 July 2026 was diversified across event driven funds, equity absolute-return funds, flexible and corporate bond funds, Europe and US equities, convertible arbitrage, global macro, Japan and emerging markets, with cash and a gold certificate also present; the largest disclosed exposures were Event Driven Funds, Flossbach von Storch - Bond High Conviction, Man Global Credit Value, Helium Invest and FS Colibri Event Driven Bond.
• Portfolio construction is subject to stated limits including a continuous minimum of 25% of net assets in equity participations for tax purposes, while the indicative net equity exposure stood at 29.1% as of 30 June 2026 and is described as including indirect equity exposure via derivatives and underlying funds.
Management team
The named fund manager is Eckhard Sauren. The July 2026 fund documentation lists Sauren Finanzdienstleistungen GmbH & Co. KG, Eckhard Sauren, under fund management, and the manager commentary is also signed by Eckhard Sauren. They describe his role within Sauren's manager-selection-led investment approach rather than assigning him to a specific desk.
The asset manager
The documents name Sauren Finanzdienstleistungen GmbH & Co. KG as the fund manager, with Eckhard Sauren identified as fund manager, and Sauren Fonds-Service AG as the distribution entity providing the marketing materials. Sauren Finanzdienstleistungen was founded in 1991 and is based in Cologne. The firm specialises in qualitative analysis of fund managers as the central element of its investment process, assessing factors including investment philosophy, decision-making structures, risk management and consistency of implementation. On this basis, Sauren constructs actively managed fund portfolios and fund-of-funds and operates independently of product providers and banks.
Performance analysis
Source: manager factsheet dated 30 June 2026. The June commentary described a generally friendly market backdrop, with gains in government bonds, corporate bonds and high yield, rising equity markets overall, but marked divergences across sectors and market capitalisations. In that month, US equity funds were positive while European equity funds and the Japan fund declined; among alternatives, most equity-oriented absolute-return and long/short funds were positive, event driven funds were mixed in a narrow range, and convertible arbitrage funds posted gains. The July commentary highlighted renewed Iran conflict concerns, a sharp rise in oil as a crisis indicator, and a pronounced rotation in equity markets that reversed some previously strong themes and stocks, while bond markets declined across all major segments. Fund-specific drivers included weakness in several bond holdings, sharp declines in US small-cap and US-focused equity holdings such as Heptagon Driehaus US Micro Cap Equity Fund and VT De Lisle America Fund, offset in part by gains from selected European equity managers, the Japan fund, and moderate positive contributions from bond absolute return, most convertible arbitrage, event driven and global macro holdings.
Strengths
A distinguishing feature is its explicit focus on selecting fund managers rather than allocating directly to securities, with Sauren’s process centred on qualitative manager analysis and fund-capacity considerations. The portfolio combines traditional asset classes with alternative strategies such as event driven, convertible arbitrage, global macro, equity long/short and absolute-return funds, which is unusual for a retirement-oriented multi-asset offering. The fund is benchmark-independent and built as a diversified umbrella of specialist underlying managers across regions including Europe, the US, Japan and emerging markets. The A share class has no performance fee, and the portfolio also maintained disclosed liquidity and modest direct gold exposure alongside the underlying funds.
Risks
The PRIIP document assigns the fund to SRI risk class 2 on a 1 to 7 scale, while also stating that the product offers no protection against future market developments and investors could lose part or all of their capital. The marketing materials identify general market risks including price, currency and liquidity risks, plus risks arising from the selected underlying funds and their exposure to equities, bonds, currencies and derivatives. They also state that the fund may experience elevated share-price fluctuations because of its composition and possible use of derivatives, and they flag specific risks from absolute-return strategies. Additional risks named in the PRIIP are tax risk and operational risks; structurally, the fund’s diversified but multi-layered exposure through underlying funds, indirect derivatives exposure and allocations to alternatives such as long/short, global macro, convertible arbitrage and event driven strategies are explicit sources of these risks.