FS GOLD and SILVER Reserve Fund

• Very high share of white metals
(above all silver; ca. 70 %)

• High share of silver primary producers
(ca. 50 %)

• Open investment policy + active management

• Fund currency = CHF, mines mostly in CAD

• Hedging by options

Selection Process

• Investment Committee: Asset Manager + Advisor / 1 x per week

• Pre-selection over NI 43-101/JORC Statusreport – www.sedar.com

• Preferences are given to:

- Political stability / commodities - currencies

- Primary producers with high proven reserves / resources

- Mines already in production or close to production

- Low debt / high cash rate / strong balance sheet

- Holding cross comparisons: Sprott or China factor on board?

Key Facts

• ISIN: LI0112163931
• UCITS III - Investment Fund under Liechtenstein Law
• Asset Manger: Everest Wealth Management AG, Vaduz
• Custodian: NEUE Bank AG, Vaduz
• Fund Management: IFM AG, Vaduz
• Advisor, Distributor: FAIRsicherung Vermittlungs AG, Vaduz
• Issue Date: 22. June 2010
• Weekly evaluation, every Tuesday with Monday's closing prices
• Benchmark: Amex Gold Bugs Index
• Portfolio Manager: Adrian Morger
• Costs: Management Fee p.a.: 2.00%
• Performance Fee: 15% (High Watermark)

Example for our mine selection – Silver Wheaton

• Largest royalty company with a focus on silver / 1.7 billion oz
• 94% of revenue from silver sales
• Purchasing from base metal producers - at about $ 3.90 per oz fix
• Owns 3 from top 5 silver deposits in the world
• High untapped credit facility of $ 400 million
• Silver sales in 2010 - about 30 million ounces
• 344 million shares - price 24.89 CAD - Market CAP 6.38 billion EUR
• Share price Nov. 2008: 4 CAD – currently: 24,89 CAD
• Stakeholder in: Bear Creek, Mines Management, Revett, Sabina Gold




Download a fund presentation (GER) HERE


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