Our investment process is based on a continuous analysis of fundamentals on the one hand and on valuations on the other. At the heart of any active investment decision is the ongoing comparison of investment quality and investment price.
Active investment decisions revolve around the two main elements “interest rates” and “credit” and the definition of active interest rate and credit strategies. Interest rate and credit strategies are deliberately considered as separate investment decisions independent of each other. From an analytical point of view, interest rates are further subdivided into two components, the real interest rate and inflation, in order to be able to take appropriate investment decisions and formulate suitable interest rate strategies.
We focus on the long-term strategic direction of the portfolio, while short-term timing usually only plays a minor role.