Incrementum
All Seasons
Fund

Financial market seasons have been increasingly influenced by the end of the secular debt cycle and are accompanied by financial repression and long-term negative real interest rates. We aim to tackle these changes with a global, benchmark independent, all-seasons investment strategy.

All Weather Approach

One portfolio, adapting to the prevailing market season and utilizing the whole universe of asset classes and currencies

Active
Management

Macro- and micro-economic analysis is married in our trend-, theme- and value-based investment approach

In Pursuit
of Real Returns

Our primary goal is to increase the purchasing power of funds invested over the market cycle

The right investment, no matter the market season

Our Incrementum All Seasons Fund (IASF) pursues a long-term, global investment strategy that encompasses all asset classes permitted within a UCITS umbrella. Based on our macro analysis, we do not invest index- and trend-, but theme- and value-orientated, as well as active and benchmark-independent. Our aim is to achieve real, i.e. inflation-adjusted growth of the funds invested.

Overall, IASF is particularly suitable for long-term, risk-conscious investors, to whom we offer a high degree of transparency about our investment process and positioning through our regular reporting via our Seasonal Reflections .

The investments underlying the fund do not take into account the EU criteria for environmentally sustainable economic activities.

Incrementum All Seasons Fund
NAVEUR 97.89
Performance YTD-0.04 %
Fund Volume311.1 m EUR
Launch Date20.04.2026
Performance
Incrementum All Seasons Fund -EUR-B-
Current NAV–
Perf. over period–
Perf. since inception–
Period –
Performance Overview and Risk Figures

Performance in %

1 month3 monthssince inception
Fund6.624.92-0.04

Monthly performance in %

AprMayJunJulAugSepYear
2026-1.39-3.39-7.706.626.62-2.07-2.11

Risk Figures

Annualised Volatility11.14%
Sharpe Ratio-0.65
% Positive50.00%¹
Worst Period-2.44%
Best Period1.98%
Maximum Drawdown-12.07%
Number of observations106

¹ daily

Fund Allocation (at month end)

Asset Allocation

Cash5.9 %
Other liquid assets17.3 %
Fixed Income8.1 %
FX Forward0.0 %
Equities68.8 %
Long Options0.0 %
Short Options-0.2 %
Total100.0 %

Currency Allocation

USD/HKD29.0 %
EUR27.7 %
AUD/CAD/NZD0.8 %
JPY18.7 %
XAU/XAG/XPT/XPD26.9 %
GBP-1.7 %
CHF/NOK/SEK-1.5 %
Total100.0 %

Thematic Equity Allocation

Top 10 Holdings

WisdomTree Fixed Gold LMBA8.1 %
Invesco Physical Silver2.8 %
Uranium Resources Fund2.3 %
Barings EM Local Debt Fund1.7 %
Emerging Markets LC Bond Fund1.7 %
Royal Gold1.7 %
Endeavour Mining1.5 %
CMB Tech1.4 %
Invesco Physical Platinum1.4 %
Glencore1.3 %
Fund Data and Costs

Fund Data as of 24.09.2026

NAVEUR 97.89
CurrencyEUR
ISINLI1548831349
WKNA42A8B
Bloomberg TickerIASEEUB LE
Investment approachDiversified, value driven, no benchmark
Launch date of fund28.01.2016
Launch date of unit class20.04.2026
Fund volume311.1 m EUR
Minimum investmentnone
Cut-off subscriptions and redemptionsDay prior to valuation day by no later than 12.00am (CET)
Liquiditydaily
Use of incomereinvested
Fund typeUCITS
Eligible as UCITS target fundyes
SFDR classificationArticle 6
SRI according to PRIIP KID3
Management companyIFM Independent Fund Management AG
FL-9494 Schaan
www.ifm.li
CustodianLiechtensteinische Landesbank AG
FL-9490 Vaduz
www.llb.li
Distribution to private investorsLI, DE, AT, CH, LU
Distribution to professional investorsLI, DE, AT, CH, LU
Savings plan eligibleYes
Taxable value Austriayes
Taxable value AustriaTaxable value Austria
Taxable value Switzerlandyes
Taxable value SwitzerlandTaxable value Switzerland
Information taxable value GermanyInformation taxable value Germany

Costs

Issue premiummax. 5%
Management feemax. 2%
Performance feenone
TER2.30%
Administration fee0.20% or min. CHF 40'000.-- p.a. plus CHF 5'000.-- p.a. per unit class from the 2nd unit class onwards
Depositary fee0.12% or min. CHF 10,000 p.a. plus Service-Fee of CHF 420 p.q.
Legal Documents and Reports
Marketing Documents

Seasonal Reflections

2026- Nr. 330.07.2026

In the press

Organisation and Distribution Partners

Organisation

Management companyIFM Independent Fund Management AG
FL-9494 Schaan
www.ifm.li
Asset ManagerIncrementum AG
FL-9494 Schaan
www.incrementum.li
DepositaryLiechtensteinische Landesbank AG
FL-9490 Vaduz
www.llb.li
AuditorErnst & Young AG
CH-3008 Bern
www.ey.com
Supervisory authorityFMA Finanzmarktaufsicht Liechtenstein
FL-9490 Vaduz
www.fma-li.li
Switzerland representativeLLB Swiss Investment AG
CH-8001 Zürich
www.llbswiss.ch
Switzerland paying agentHelvetische Bank AG
CH-8008 Zürich
www.helvetischebank.ch
Facility agent GermanyIFM Independent Fund Management AG
FL-9494 Schaan
www.ifm.li
Contact and information agent AustriaErste Bank der österreichischen Sparkassen AG
AT-1100 Wien
www.sparkasse.at
Facility agent LuxembourgIFM Independent Fund Management AG
FL-9494 Schaan
www.ifm.li

Distribution

Distribution to private investorsLI, DE, AT, CH, LU
Distribution to professional investorsLI, DE, AT, CH, LU
Sales restrictionsUSA
Questions and Answers
What is the fund’s reference number?

Each share class has its own International securities identification number (ISIN). Select the desired share class from the list above and then click on the ‘Fund Data and Costs’ accordion.

Contact us!

You have questions about our product or want to arrange a personal meeting?

+423 237 26 66