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 Legal noticeACATIS is a mandatory member of the Entschädigungseinrichtung der Wertpapierunternehmen. ACATIS is a voluntary member of the Verband unabhängiger Vermögensverwalter Deutschland e.V. Asset managers must submit to state supervision by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin). On the BaFin Web site, you can obtain an idea of which institutions are registered under "Registered financial service institutions" (www.bafin.de). |
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| Disclaimer
Past performance does not guarantee future results. ACATIS Investment GmbH (regulated by the German Federal Financial Supervisory Authority, BAFIN). The opinions are those of the fund managers at the time of publication and may not agree with an opinion at a later time. The opinions promote understanding of the investment process and are not intended as a recommendation to invest. Holdings and allocations may change. Our analysis and investment decisions are not reconciled with the management of the respective company. A guarantee cannot be provided that the market forecasts will be achieved. The information is for use only by the person for which it is intended and may not be reproduced or distributed to other persons. The information is based on carefully selected sources which ACATIS deems to be reliable, but ACATIS makes no guarantee as to its correctness, completeness or accuracy. The information does not represent an offer nor an invitation to subscription for shares and is intended solely for informational purposes. Products and services may vary by country. Sales prospectuses, interim reports and annual reports are available free of charge from ACATIS Investment GmbH. Investors should not buy the funds directly. Please contact your financial analyst for additional information on ACATIS products. |
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| Public statement on securities and the associated potential conflicts of interest (§34b WPHG - Securities Trade Act)
The management of the company ACATIS sometimes comments publicly about certain securities. In many cases where we express a positive opinion of the latter, we have invested either directly or indirectly, as a company, as private individuals, for our clients or as consultants or managers of funds we look after in the securities in question. Therefore a positive price performance following one of our comments can lead to an increase in the value of our employees` or clients` assets. As a rule, the management of the company ACATIS is invested in its own funds. The amount of stocks being held directly privately is very small. Generally, the management of ACATIS holds these stocks in public companies or funds on a long-term basis, i.e. for a least one year, often substantially longer. On our website in our reports and accounts and mid-year reviews, you are able to find an unbroken account of what securities were held by our funds at specific due dates. As a rule, current data for all funds for the largest fund positions can be found on our website. In individual cases, you can also call us and ask. It is our opinion that every private security purchase should be accompanied by a study of publicly available information, particularly selling prospectuses and annual reports. To make a purchase based solely on a "tip" from the television or any sort of print media is, in our view, acting negligently. We advise against such practice. We would like to point out that we rarely make public sales recommendations. If you would like to profit from our expertise, both as regards purchases as well as sales, we would recommend our funds to you. With regard to the program, Investmentcheck (on N-TV) on 24.10.2006: ACATIS holds in mutual fund positions, the stocks of Sino Forest, Linde and Toyota Industries mentioned in the Investmentcheck program (N-TV) on 24.10.2006. Regarding the program Investmentcheck (on N-TV) on 05.12.2006 : the stock Crucell which was mentioned during the program is held in several ACATIS mutual funds. During the program Investmentcheck (on N-TV) on 06.03.2007 Dr. Hendrik Leber recommended the stocks Areva and Altria. Altria is held in several ACATIS mutual funds and in several individual accounts which are managed by ACATIS; ACATIS, however, does not hold a position in Areva. ACATIS plans on increasing its stake in Altria. Furthermore, ACATIS holds mutual fund positions in Allianz, Altana, Linde, TUI and Münchener Rück which have all been mentioned by our fund management on TV station N-TV. During the program Investmentcheck (on N-TV) on 18.04.2007 Dr. Hendrik Leber spoke about the stock Premiere. Premiere is held in several ACATIS mutual funds and in several individual accounts which are managed by ACATIS. During the program Investmentcheck (on N-TV) on 22.05.2007 Dr. Hendrik Leber spoke about the stock TomTom. This stock is held in several ACATIS mutual funds and in several individual accounts which are managed by ACATIS. ACATIS is invested in Berkshire Hathaway and Johnson & Johnson. Both stocks have been mentioned by Dr. Leber during his TV presentation on Telebörse (N-TV, 05/30/2007). With regard to the program, Investmentcheck (on N-TV) on 04.09.2007: ACATIS holds in mutual fund positions, the stock of EcoSecurities mentioned in the Investmentcheck program (N-TV) on 04.09.2007. During the program "Investment recommendations for investors" (Bloomberg TV, 10.09.2007) our fund manager Dr. Hendrik Leber mentioned the stocks Berkshire Hathaway, Altria and TomTom. These stocks are held in several ACATIS mutual funds and in several individual accounts which are managed by ACATIS. Dr. Leber also mentioned the stock Redwood Trust. Redwood Trust, however, is not held in any of our funds nor in any of our individual accounts which are managed by ACATIS. | ||||||||||||||||||||||||||||
