Multi Asset Boutique Flexible Allocation

Vontobel Fund II - Vescore Active Beta



Vontobel Fund II Vescore Active Beta invests in global equities and government bonds with a focus on tactical asset management. The structure of the portfolio is optimally adapted to the risks and opportunities offered by prevailing market conditions (economic cycles) through long-term tactical management of the equity ratio and bond maturities.


The fund is geared towards generating an absolute return rather than outperforming a benchmark. By focusing on a balanced long-term risk profile, the fund aims to achieve steady value growth as well as to participate in rising markets.


The assessments of the fundamental economic risk environment on which tactical allocation management is based and the potential returns derived from them are grounded in the models developed by Vescore (GLOCAP and FINCA). The decisions made by these models are unemotional and comprehensible, and attention to risk is systematically maintained at all times. Currently, the equity ratio is kept between 0% and 60%; while the duration in global government bonds is kept between 0 and 10 years. The equity market weighting is currently equally divided among North-America, Europe, and Asia-Pacific. The bond markets are weighted based on model signals. Liquid, exchange-traded derivatives can be used to efficiently implement the investment strategy and for hedging purposes.

Performance YTD
As at 14 Nov 2019

Why invest?

  • Perfectly simple: Focus on the main asset classes (global equities and government bonds) with highly diversified investment and flexible management of ratios
  • The best of both worlds: Human innovation & mechanical optimization allow vast information-processing capacity with full transparency and rational implementation. The machine is controlled by our portfolio managers.
  • Robust Stable fruits of our labor: Continuous return, controlled risk - the fund was created in 2002 and has proved to be a stable core investment over several market cycles

”The investment concept is based on academically recognized principles and is the result of decades of research...Overall, the fund receives a top rating of A ("very good").”

Scope, independent rating agency, 2019


Application in the portfolio

  • Core investment (basis of the investment)
  • Blending to improve opportunities & risks (diversification)

Investment team

Vescore is Vontobel’s systematic investment team with offices in Zurich and Munich and a long tradition of innovation in quantitative investments. Vescore is particularly well known for providing investment solutions underpinned by a solid scientific grounding. Our portfolio managers invest their own money in the funds they manage, so their interests are aligned with those of our customers. We invest so that we can achieve success together.


According to the EU’s Markets in Financial Instruments Directive (MiFID) and its implementation in national law, performance information may only be shown to clients if it covers a period of at least 12 months.

All data is as at 14 Nov 2019 unless otherwise indicated.

Fund data
Portfolio Manager Stephan Schneider
Fund Domicile Luxembourg
Fund Currency EUR
Share Class Currency EUR
End of fiscal year 31 March
Launch date 21 Jan 2019
Distribution type Accum
Swinging single pricing Yes
Nav Information
Highest since launch 112.61
Lowest since launch 99.91
Fund volume in mln. 417.08
Share class volume in mln. 27.59
Fees And Expenses
Management fee 0.45%
TER* 0.66% (31 Mar 2019)
ISIN LU1936094652
Valor 45838263
Bloomberg VOVABTI LX
Swiss Paying Agent RBC Investor Services Bank S.A.
Swiss Representative Vontobel Fonds Services AG
Depository RBC Investor Services Bank S.A.
Management Company Vontobel Asset Management S.A.

Available Share Classes

Share class Currency ISIN Distrib. Type Launch date Management fee TER* TER Date
AI EUR LU1617166936 Dist Institutional 11 Nov 2002 0.45% 0.70% 31 Mar 2019
B EUR LU1936094579 Accum Retail 21 Jan 2019 0.90% 1.15% 31 Mar 2019
I EUR LU1936094652 Accum Institutional 21 Jan 2019 0.45% 0.66% 31 Mar 2019
N EUR LU1936095030 Accum Retail 21 Jan 2019 0.45% 0.70% 31 Mar 2019
S EUR LU1998912353 Accum Institutional 12 Jun 2019 0.00%
Click here to see an overview of our shareclass naming convention.

* TER includes performance fee where applicable

All data is as at 31 Oct 2019 unless otherwise indicated.

Current exposure

Document Date DE EN FR
Factsheets & Commentaries
Factsheet Oct 2019
Product Flyer Oct 2019
KIID Oct 2019
Legal Documents
Articles of Association Jul 2019
Notification to Investors Sep 2019
Sales Prospectus Sep 2019
Financial Reports
Annual Report Mar 2019
Dividend Payout Jan 2019
Semi-Annual Report Sep 2018
Dealing Information
Holiday Calendar Jan 2019
Shareclass Naming Convention Nov 2019


  • Broad diversification across numerous securities

  • Possible extra returns through single security analysis and active management

  • Gains on invested capital possible

  • Use of derivatives for hedging purposes may increase subfund's performance and enhance returns


  • Limited participation in the potential of single securities

  • Success of single security analysis and active management cannot be guaranteed

  • It cannot be guaranteed that the investor will recover the capital invested

  • Derivatives entail risks relating to liquidity, leverage and credit fluctuations, illiquidity and volatility