Art. 376k PGR

Valeria Capital AG

Disclosure in accordance with Article 367k PGR
Financial year: 2024

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Pursuant to Article 367k paragraph 1 PGR, Valeria Capital AG, as an asset manager, discloses annually to its institutional investors the extent to which the investment strategy and its implementation are consistent with the agreement pursuant to Article 367i paragraph 2 PGR, and how they contribute to the medium- to long-term performance of the managed assets. The following report refers to the 2024 financial year:

 

Material medium- to long-term risks of the investments
Within the scope of portfolio management, the following risk factors with potential medium- to long-term impact were identified in particular:

• Market risks (e.g. price, currency, and interest rate risks): risk of losses resulting from market price changes, exchange rate fluctuations, or interest rate movements.

• Geopolitical risks: impairments due to political instability, regulatory changes, or conflicts in relevant regions.

• Sustainability risks: risks associated with environmental, social, or governance factors – such as climate-related or reputational risks.

• Pandemic and health risks: effects of global health crises on markets and companies.

• Liquidity risks: limited tradability of individual investments, especially under market stress or in the event of redemptions.

 

These risks are continuously monitored and taken into account in the investment process. Diversification of investments, active risk management, and strategic adjustments to market developments aim to mitigate their impact.

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Portfolio composition, reallocations, and costs
The composition, turnover, and transaction costs of the portfolios are disclosed transparently to clients as part of periodic reporting. Details may be found in the annual asset report or the account and custody statements provided by the custodian bank.

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Use of proxy advisors
In the 2024 financial year, no proxy advisors were engaged. Voting rights were neither exercised by external advisors nor actively exercised by Valeria Capital AG. Active exercise of voting rights is not part of the current investment strategy (see engagement policy pursuant to Article 367h PGR).

 

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Securities lending policy
In the 2024 financial year, no securities lending activities were conducted. The company does not engage in securities lending. Accordingly, no disclosure is required in the context of engagement activities. In the event of future utilisation, corresponding disclosure will be made, including the effects on voting rights.

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Consideration of long-term developments in investment decisions
The investment decisions of Valeria Capital AG are based on long-term oriented fundamental analysis, complemented by technical evaluation and external research. Consideration is given to:

• The business model, financial indicators, and competitive situation

• The sustainability of the corporate strategy, capital structure, and creditworthiness

• Qualitative aspects such as management quality and capacity for innovation

 

Short-term market fluctuations are subordinated in favour of long-term value growth.

 

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Conflicts of interest in connection with engagement activities
In the 2024 financial year, no conflicts of interest arose in connection with shareholder rights or engagement activities. As no active exercise of voting rights took place, there was no requirement for reporting. Should this change in future, any potential conflicts of interest will be disclosed transparently and handled in accordance with regulatory and internal requirements.

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Triesen, 31 December 2024