Investment expertise

Investment philosophy

Our active investment philosophy has developed over the years and is based on the following fundamental convictions:

• We believe that market opportunities do not remain stable over time and that risks must therefore be continuously adapted to the opportunities.
• Our active investment strategies are based on a consistent and disciplined analysis of fundamentals on the one hand and market values on the other:

  • We focus on our own analysis of the relevant fundamentals. This analysis must be as consistent and comparable as possible over time and between different countries/markets.
  • We are convinced that the market value is decisive, as the attractiveness of an investment also depends on its price. Therefore, the development of useful proprietary valuation systems is important.
  • Credit markets in particular process information less efficiently than equity markets. A quantitative model can benefit from this information gap.
• Generating added value means deliberately diversifying, not by taking more risk, but by diversifying the risk, i.e. by spreading and combining different risks and opportunities while ensuring that the overall risk is always balanced. Diversification is key!
• Risk management is an indispensable part of the investment process, but it is pragmatic, not dogmatic. Therefore, stress testing, common sense and experience are important.