Investor Type: Professional investor
Region: Switzerland
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Legal provisions for qualified investors/distribution partners

By clicking “Confirm selection” you agree to the legal provisions below and Terms of Use of Fisch Asset Management AG (hereinafter “Fisch”) and confirm that you have read and understood the following important information. Otherwise, click “Back to Homepage” to leave the site.

User access and the use of the website, the terms of use and these legal provisions are subject to Swiss law. The exclusive place of jurisdiction is Zurich.

No recommendation and no offer to subscribe

The financial products mentioned on this website are not suitable for all investors. The information published on this website constitutes neither a financial, legal, tax and/or any other kind of recommendation nor an offer to purchase, hold or sell financial products. Investment or other decisions should not be made solely on the basis of this website. In particular, you should not invest until you have read and understood the key investor information document (hereinafter “KIID”), the corresponding prospectus, the management regulations, the annual and semi-annual reports as well as all other materials. Independently, each person must consult their own financial, tax and legal advisor in order to clarify the legal and tax consequences of an investment and to check how well the products match their risk profile and their specific needs.

Website target audience

The Fisch website is targeted solely at qualified investors whose registered office or place of residence is in countries in which the investment fund and/or sub-fund and/or specific unit classes are authorized for distribution. Prospective investors whose registered office or place of residence is in other countries are asked to clarify with their legal advisor whether they are permitted to invest under the legislation applicable to them.

THE INFORMATION AND SERVICES PROVIDED ON THIS WEBSITE ARE NOT INTENDED FOR DISTRIBUTION TO OR USE BY NATURAL OR LEGAL PERSONS IN JURISDICTIONS OR COUNTRIES IN WHICH SUCH DISTRIBUTION OR USE INFRINGES LOCAL LAWS OR REGULATIONS OR IN WHICH FISCH WOULD BE SUBJECT TO REGISTRATION REQUIREMENTS IN THAT JURISDICTION OR COUNTRY. NATURAL OR LEGAL PERSONS TO WHOM THESE PROHIBITIONS APPLY MAY NOT ACCESS OR USE THIS WEBSITE.

In particular, the financial products are NOT authorized for distribution, offer or any form of sale in the United States pursuant to the US Investment Company Act of 1940 or the US Securities Act of 1933. For this reason, strong emphasis is placed on the fact that this website is not targeted at legal or natural persons whose registered office or place of residence is in the United States, its territories or dependencies or who are subject to US law based on their citizenship or on other grounds. If Fisch, the investment manager of these products, discovers that an investor is classifiable or has been classified as a US person, it will instruct the product teams to redeem the invested units/shares.

If Fisch Asset Management, as investment manager for these products, learns that an investor is considered a US person it will instruct the administrators to arrange for redemption of the corresponding units/shares.

Fisch Trend Navigator Fund

The Fund is not subject to any regulatory supervision. The Fund has appointed First Independent Fund Services Ltd as representative in Switzerland and Bank Julius Baer &Co. Ltd. as paying agent in Switzerland. The Fund is for distribution and sale to qualified investors only.

Regardless of this, based on their personal circumstances, each qualified investor must determine the legal and tax consequences of such an investment and the extent to which it corresponds to his risk profile. Fisch recommends that qualified investors contact an independent adviser who is familiar with their individual situation and the fund for financial, legal and/or tax advice.

No liability

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, FISCH, INCLUDING ITS DIRECTORS, AGENTS, EMPLOYEES, CONTRACTORS AND CONTRACTING PARTIES, ACCEPT NO LIABILITY FOR LOSSES AND/OR DAMAGES OF ANY KIND RESULTING DIRECTLY OR INDIRECTLY FROM THE FOLLOWING: (1) THE CONTENT OF THE WEBSITE, ESPECIALLY IN TERMS OF HOW UP TO DATE, ACCURATE AND COMPLETE THE INFORMATION IS AS WELL AS ANY THIRD-PARTY LINKS OR CONTENT; (2) ERRORS AND/OR OMISSIONS ON THE WEBSITE; (3) THE USE OF OR ACCESS TO THE WEBSITE; (4) FAILURE TO ACCESS OR USE THE WEBSITE FOR ANY REASON; (5) OTHER ONE-OFF AND/OR RECURRING DAMAGES ARISING OUT OF THE USE OF (OR OUT OF THE INABILITY TO USE OR ACCESS) THE WEBSITE AND THE CONTENT OF THE WEBSITE.

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, FISCH ACCEPTS NO LIABILITY FOR THE FOLLOWING: (1) LOSS OF PROFITS, INCOME, SAVINGS AND/OR OTHER ASSETS; (2) LOSS OF BUSINESS AND/OR OTHER LOSSES RELATING TO BUSINESS OPERATIONS OR GOODWILL; (3) LOSS OF AND/OR DAMAGE TO DATA; (4) CONSEQUENTIAL AND/OR SPECIAL DAMAGES; (5) WASTED OR LOST MANAGEMENT TIME; AND/OR (6) INDIRECT OR CONSEQUENTIAL DAMAGES ARISING OUT OF THE USE OF OR ACCESS TO THE WEBSITE, EVEN IF THE POSSIBILITY OF SUCH LOSS AND/OR DAMAGE WAS POINTED OUT AND/OR IF SUCH LOSS AND/OR DAMAGE WAS FORESEEABLE.

Performance

Past performance is no indication or guarantee of future performance of the invested capital. The value of investments fluctuates and investors may not get back the full amount invested. Exchange rate fluctuations can also increase or reduce the value of an investment.

The performance data does not take account of the commissions and costs incurred on the issue or redemption of units.

Risks of investment

Investors must be aware that financial products carry investment risks, including the potential loss of the invested capital. Past performance or earnings are no guarantee or indication of future performance or earnings. The price and return of financial products fluctuates. As a result, the price of units upon sale or redemption may be higher or lower than the original purchase price. A large volume of redemption requests carries the risk that the redemption will not be settled until the corresponding fund assets have been sold (liquidity risk). The performance of the financial products may undergo sudden dramatic changes due to fluctuations in the market. In addition, financial products investing primarily in emerging markets and/or in high yield bonds carry higher risks in general. The investment funds may invest in complex financial instruments, e.g. convertible bonds, subordinated bonds, perpetual bonds and floating rate bonds. Please read the investment policy in the prospectus and/or in the management regulations in conjunction with the key investor information document (“KIID”) to find out about the specific risks associated with a certain investment fund. The financial products may also invest in other currencies (as opposed to a financial product’s reference currency). This carries the additional risk of exchange rate fluctuations. In contrast to investment funds, certificates carry the additional risk of the issuer becoming insolvent.

Fisch Trend Navigator Fund invests in futures. The value of futures fluctuates. The commodities markets are also very volatile and are subject to, among other factors, fluctuation on both the demand and supply side, weather risks, political, fiscal, macro-economical and trading risks. Futures are traded on the basis of margins which reflect only about 5% to 15% of the exposure. Thus leverage exists, which can lead to a significant loss for the fund.

Fund documentation

You should only invest once you have carefully read and understood the key investor information document (“KIID”), the latest prospectus and/or management regulations, the most recent annual and semi-annual reports as well as all other materials required by local legislation and regulations in the jurisdictions in which the relevant investment fund and/or sub-fund and/or specific unit classes are authorized and/or permitted for public distribution, offer or sale.

All of these documents are available free of charge in English and German for the Fisch Umbrella Fund at:

the representative and paying agent in Switzerland

RBC Investor Services Bank S.A.

Esch-sur-Alzette

Zurich Branch

Bleicherweg 7

8027 Zurich

the FISCH Trend Navigator Fund at the representative:

First Independent Fund Services Ltd.

Klausstrasse 33

CH-8008 Zurich

Paying agent is Bank Julius Bär & Co. Ltd.

Bahnhofstrasse 36

Postfach

CH-8010 Zurich

or at www.fundinfo.com in German.

Confirmation

By clicking “Confirm selection” you agree to the legal provisions above and the Terms of Use. Otherwise, click “Back to Homepage” to leave the site.

Legal provisions for professional investors/distribution partners

By clicking “Confirm selection” you agree to the legal provisions below and the Terms of Use of Fisch Asset Management AG (hereinafter “Fisch”) and confirm that you have read and understood the following important information. Otherwise, click “Back to Homepage” to leave the site.

User access and the use of the website, the terms of use and these legal provisions are subject to Swiss law. The exclusive place of jurisdiction is Zurich.

No recommendation and no offer to subscribe

The financial products mentioned on this website are not suitable for all investors. The information published on this website constitutes neither a financial, legal, tax and/or any other kind of recommendation nor an offer to purchase, hold or sell financial products. Investment or other decisions should not be made solely on the basis of this website. In particular, you should not invest until you have read and understood the key investor information document (hereinafter “KIID”), the corresponding prospectus, the management regulations, the annual and semi-annual reports as well as all other materials. Independently, each person must consult their own financial, tax and legal advisor in order to clarify the legal and tax consequences of an investment and to check how well the products match their risk profile and their specific needs.

Website target audience

The Fisch website is targeted solely at professional investors whose registered office or place of residence is in countries in which the investment fund and/or sub-fund and/or specific unit classes are authorized for distribution. Prospective investors whose registered office or place of residence is in other countries are asked to clarify with their legal advisor whether they are permitted to invest under the legislation applicable to them.

THE INFORMATION AND SERVICES PROVIDED ON THIS WEBSITE ARE NOT INTENDED FOR DISTRIBUTION TO OR USE BY NATURAL OR LEGAL PERSONS IN JURISDICTIONS OR COUNTRIES IN WHICH SUCH DISTRIBUTION OR USE INFRINGES LOCAL LAWS OR REGULATIONS OR IN WHICH FISCH WOULD BE SUBJECT TO REGISTRATION REQUIREMENTS IN THAT JURISDICTION OR COUNTRY. NATURAL OR LEGAL PERSONS TO WHOM THESE PROHIBITIONS APPLY MAY NOT ACCESS OR USE THIS WEBSITE.

In particular, the financial products are NOT authorized for distribution, offer or any form of sale in the United States pursuant to the US Investment Company Act of 1940 or the US Securities Act of 1933. For this reason, strong emphasis is placed on the fact that this website is not targeted at legal or natural persons whose registered office or place of residence is in the United States, its territories or dependencies or who are subject to US law based on their citizenship or on other grounds. If Fisch, the investment manager of these products, discovers that an investor is classifiable or has been classified as a US person, it will instruct the product teams to redeem the invested units/shares.

No liability

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, FISCH, INCLUDING ITS DIRECTORS, AGENTS, EMPLOYEES, CONTRACTORS AND CONTRACTING PARTIES, ACCEPT NO LIABILITY FOR LOSSES AND/OR DAMAGES OF ANY KIND RESULTING DIRECTLY OR INDIRECTLY FROM THE FOLLOWING: (1) THE CONTENT OF THE WEBSITE, ESPECIALLY IN TERMS OF HOW UP TO DATE, ACCURATE AND COMPLETE THE INFORMATION IS AS WELL AS ANY THIRD-PARTY LINKS OR CONTENT; (2) ERRORS AND/OR OMISSIONS ON THE WEBSITE; (3) THE USE OF OR ACCESS TO THE WEBSITE; (4) FAILURE TO ACCESS OR USE THE WEBSITE FOR ANY REASON; (5) OTHER ONE-OFF AND/OR RECURRING DAMAGES ARISING OUT OF THE USE OF (OR OUT OF THE INABILITY TO USE OR ACCESS) THE WEBSITE AND THE CONTENT OF THE WEBSITE.

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, FISCH ACCEPTS NO LIABILITY FOR THE FOLLOWING: (1) LOSS OF PROFITS, INCOME, SAVINGS AND/OR OTHER ASSETS; (2) LOSS OF BUSINESS AND/OR OTHER LOSSES RELATING TO BUSINESS OPERATIONS OR GOODWILL; (3) LOSS OF AND/OR DAMAGE TO DATA; (4) CONSEQUENTIAL AND/OR SPECIAL DAMAGES; (5) WASTED OR LOST MANAGEMENT TIME; AND/OR (6) INDIRECT OR CONSEQUENTIAL DAMAGES ARISING OUT OF THE USE OF OR ACCESS TO THE WEBSITE, EVEN IF THE POSSIBILITY OF SUCH LOSS AND/OR DAMAGE WAS POINTED OUT AND/OR IF SUCH LOSS AND/OR DAMAGE WAS FORESEEABLE.

Performance

Past performance is no indication or guarantee of future performance of the invested capital. The value of investments fluctuates and investors may not get back the full amount invested. Exchange rate fluctuations can also increase or reduce the value of an investment.

The performance data does not take account of the commissions and costs incurred on the issue or redemption of units.

Risks of investment

Investors must be aware that financial products carry investment risks, including the potential loss of the invested capital. Past performance or earnings are no guarantee or indication of future performance or earnings. The price and return of financial products fluctuates. As a result, the price of units upon sale or redemption may be higher or lower than the original purchase price. A large volume of redemption requests carries the risk that the redemption will not be settled until the corresponding fund assets have been sold (liquidity risk). The performance of the financial products may undergo sudden dramatic changes due to fluctuations in the market. In addition, financial products investing primarily in emerging markets and/or in high yield bonds carry higher risks in general. The investment funds may invest in complex financial instruments, e.g. convertible bonds, subordinated bonds, perpetual bonds and floating rate bonds. Please read the investment policy in the prospectus and/or in the management regulations in conjunction with the key investor information document (“KIID”) to find out about the specific risks associated with a certain investment fund. The financial products may also invest in other currencies (as opposed to a financial product’s reference currency). This carries the additional risk of exchange rate fluctuations. In contrast to investment funds, certificates carry the additional risk of the issuer becoming insolvent.

Fund documentation

You should only invest once you have carefully read and understood the key investor information document (“KIID”), the latest prospectus and/or management regulations, the most recent annual and semi-annual reports as well as all other materials required by local legislation and regulations in the jurisdictions in which the relevant investment fund and/or sub-fund and/or specific unit classes are authorized and/or permitted for public distribution, offer or sale.

All of these documents are available free of charge in English and German from the information agent and paying agent in Germany for:

the Fisch Umbrella Fund:

Marcard, Stein & Co AG

Ballindamm 36

D-20095 Hamburg

or online at www.fundinfo.com.

Confirmation

By clicking “Confirm selection” you agree to the legal provisions above and the Terms of Use. Otherwise, click “Back to Homepage” to leave the site.

Legal provisions for professional investors/distribution partners

Owing to legal restrictions Fisch Asset Management AG (“Fisch”) is not permitted to provide information concerning its products.

As the asset manager of the Fisch Umbrella Fund, Fisch must forward professional investors whose registered office or place of residence is in a member state of the European Union (excl. Germany) or the European Economic Area to the website of the Management Company of the Fisch Umbrella Fund in Luxembourg. The website of the Management Company is intended for professional investors whose registered office or place of residence is in countries in which the investment fund and/or sub-fund and/or specific unit classes are authorized for distribution. We request you to observe the relevant legal provisions.

By clicking “Confirm selection” you agree to the following:

To have read, understood and agree to the Terms of use and legal provisions therein.
To consent to be automatically forwarded to the website of the Management Company of the Fisch Umbrella Fund in Luxembourg (fischumbrellafund.com).
To agree to leave the website of Fisch Asset Management AG due to the automatic forwarding and to adhere to the legal information and the terms of use as published on the website of the Management Company of the Fisch Umbrella Fund.

Otherwise, click “Back to Homepage” to leave the site. For further information please contact your bank or legal advisor.

Market insights

High-yield market: Predictable cash flow beats lofty earnings expectations

Axel Potthof, 09.06.2026

High-yield bonds are proving resilient despite geopolitical uncertainty. The reason: companies are generating the cash flows they need to service their bonds. For investors, this is the decisive criterion rather than earnings expectations.

Read more High-yield market: Predictable cash flow beats lofty earnings expectations

FischView: Government bonds under pressure

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FischView: Markets are ignoring risks

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FischView: Headwinds in financial markets

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Middle East crisis reinforces commodity supercycle – emerging market bonds poised to benefit

Thomas Fischli Rutz, 18.03.2026

Emerging markets are at the cusp of a new era. Persistently strong demand for bonds in the asset class, solid fundamentals and a weaker US dollar are creating attractive opportunities. At the same time, security selection and timing remain key.

Read more Middle East crisis reinforces commodity supercycle – emerging market bonds poised to benefit