Past performance is not indicative of future results. The comparison with the German DAX Performance Index (Source: S&P CapitalIQ) stretches from 17 May 2006 to 31 December 2017. The results until 31 December 2012 include all investments conducted by Phillip and Fritz Hauser for their previous, private partnership. It has been prepared by the accounting firm Hecht & Partner GmbH (part of HBM Hecht Bingel Müller & Partner), Freiburg im Breisgau (Germany) and the rate of return represents the changes in market price of all portfolio holdings by year-end in comparison to the previous year, including dividends, after costs and withholding tax, before profit tax.
From 1 January 2013 the performance solely reflects the results of Hauser & Friends AG, and are thus after all costs and taxes according to IFRS. The returns have been calculated as part of the financial statements by the accounting firm HBM Hecht Bingel Müller & Partner, Freiburg im Breisgau (Germany). In addition, starting in 2015, the yearly annual report is audited by the audit firm BANSBACH GmbH, branch Baden-Baden (Germany). To improve comparability, the returns until 31 December 2012 have been retroactively reduced by the performance fee of Hauser & Friends AG. In doing so, losses had to be made up in the years thereafter before a reduction was made (high-water mark).