Investment Philosophy


Investment philosophy


  • We meet our clients’ expectations through disciplined, active management

We offer our investment solutions to a wide range of client groups and are thus confronted with different expectations. These range from outperforming a market benchmark and absolute return targets to complying with risk guidelines.

Our active management approach is intended to meet these expectations as best as possible or exceed them. This is achieved by defining the strategic portfolio orientation, the tactical positioning, the investment picks, and while pursuing active risk management.

Meeting our clients’ expectations is our top priority. We manage our investors’ capital with responsibility and discipline, i.e. in accordance with our internal rules and the investment process in particular.


  • An in-depth understanding of our clients’ needs is the basis for appropriate investment solutions

Our investors will only be satisfied if their investments provide the benefits they desire. Consequently, the investment solutions we offer must comprehensively meet or exceed clients’ expectations.

Therefore – in addition to the quality of our investment performance – the quality of our relationships with our clients is an important aspect. To ensure this quality, the investment process begins with an assessment of the entire range of client needs and goals, as well as their risk tolerance and risk-bearing capacity. The investment advisor plays a key role in this regard.


  • Sustained investment success is our stated goal

Investments need to be successful over the long run, not just achieve short lived peak performance. A sufficiently long observation period is necessary to ensure a solid assessment of performance and to be able to distinguish between short-term coincidences and long-term ability.

In addition to pre-defined, absolute indicators, we also believe it is important to compare ourselves with competitors. Our goal is to achieve performance in the upper end of the comparable group.

The benchmarks for measuring performance must be comprehensible for our clients and consistent with the goals which are set.


  • Experienced employees with wide-ranging professional expertise form the basis for good investment decisions

We place strong emphasis on ensuring that our fund managers are well educated and trained in their fields of work. A relevant academic degree or comparable professional training is a prerequisite. On average, our decision-makers have 20 years of professional experience, ensuring that they have personally experienced various economic and market cycles and are not unduly irritated by short-term developments.


  • Our team-based approach is a success key factor behind the quality and continuity of our performance

Our long-standing team approach involves employees working together in a coordinated and cooperative manner to achieve common objectives. These objectives are measured and rewarded.

Our team approach guarantees that

  • there is no dependence on single individuals (e.g. no problems if an employee is replaced or temporarily unavailable),
  • employees are deployed in accordance with their abilities and expertise,
  • new, innovative ideas are promoted, and
  • better decisions are made following thorough analysis.

Nevertheless, the team approach is not governed by grassroots democratic principle: Each team member is individually responsible for taking on a prudent amount of risk.


  • Well-structured investment processes are a pre-requisite for our analysis and decision-making procedures

Fund management is a creative process. Only managers who do not follow the crowd can produce results which are above market average. Recently the influence of political developments on the capital markets has increased significantly. Upcoming events such as elections and the like are taken into consideration in the decision-making process.

The written investment processes form the framework within which every fund manager operates, ensuring that creativity does not lead to an arbitrary approach. These processes cover the following topics:

  • Description of the strategy
  • Basic assumptions for the strategy
  • Decision-making process
  • Portfolio construction and risk management


  • Investment decisions are founded on careful assessment of fundamental (qualitative) and quantitative factors, as well as on sustainability considerations

In our analysis and decision-making process, we take a holistic view of the financial markets. Relevant factors in the decision-making process range from macroeconomic indicators and corporate financial ratios to market data. This information is analysed using both discretionary and quantitative models. The aspect of sustainability is also taken into account in investment decisions, over and above the designated SRI funds.


  • Risk is steered by fund management, and independently measured and analysed by risk management

There is no risk-free return. One of the fundamental responsibilities of fund managers is to make decisions and thus take risks and manage them. Independent controlling and data analysis of the risks and the return contributions is the responsibility of the Risk Management department, which is independent of fund management in terms of its organisation and tasks. This department reports its findings to the fund management, who thus receive a valuable plausibility check and validation of their assumptions, or, as needs be, information to make corrections.


  • Documentation of the investment decisions enables good ex-post review and targeted refinement

Every investment decision is documented and includes a description of the investment case, i.e. the assumptions and expectations leading to the decision and the information used in the analysis process. This allows for an ex-post analysis of the quality of the decision. Subsequent reports on good (and wrong) decisions by the fund managers allow them to improve their abilities and increase their accuracy going forward.


  • Continual development of the investment process, products, and decision-makers is the basis for sustained success

In order to prevail, willingness to adjust and develop is mandatory amidst the constantly changing conditions on the capital markets. First and foremost, this involves further development of the investment process to take into account any changes in the overall framework. New investment ideas are actively sought and tested for viability. Development of a concept is followed by the detailed design of the new product. Solution-oriented fund concepts are becoming more important compared to traditional asset class portfolios.

The personal development of decision-makers is promoted and supported. This is based on the motivation of each individual involved, with the company providing the necessary support.