17 May 2006 – 31 December 2020
Hauser & Friends’ goal is to beat the market, long-term: Since 2006 we have achieved +10.6% p.a. net on average, vs. +6.3% p.a. for the German stock index DAX, while taking into account a much higher volatility which we happily accept to improve our results in the long run.
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 2020. 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 (expect for 2006: May 17th until December 31st), including dividends, after costs and withholding tax, before profit tax.
From 1 January 2013 onward, the performance solely reflects the yearly 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). Hence, ‘gross return’ corresponds to the return before management fee and ‘net return’ is equal to the return after fee.
The aforementioned results were obtained by accepting a high (share-typical) volatility. In the past, our peak return amplitude has been -34.5% (2018) up to +77.3% (2013). We expect our results to continue being very volatile. Hauser & Friends is thus only suitable for investors that are able to accept this kind of volatility.