Investment philosophy

Aims

  • We regard wealth management as a craft to be pursued with diligence, experience and a high degree of transparency for the client.
  • We aim for a return commensurate with the market, but without excessive risks or large deviations from the benchmark or agreed investment objectives.
  • If the portfolio structure selected is implemented cleanly and in a cost-conscious manner, this will generate better results over the medium to long term and ensure sustainable preservation of capital.

 


Markets

  • We monitor and have access to the international capital markets.
  • On the basis of economic, political or company-specific information/publications, we form our tendential market assessment.
  • The focus regions of our investments are Europe and North America.
  • Traditionally, we prefer bonds to equities.

 


Risks

  • Compared to a pure time deposit investment, the investment in securities is becoming more and more risky.
  • We determine the risks of securities investments rather traditionally.
  • A stock that has performed well in the past is not considered to be less risky. The general equity risk remains. There is a difference whether I invest in large well-known companies or in small companies or companies from other countries.
  • The same applies to bonds. Here we mainly differentiate between the different issuers (countries, companies), their creditworthiness and maturity.
  • We focus on investments in EUR, USD, GBP and CHF.

 


Structures

  • Since risks cannot be avoided, fixed structures provide stability and lead to the goal.
  • As a rule, we are invested according to the agreed limits.
  • Based on current market assessments, we only deviate temporarily from these limits to a modest extent.

 


Rough times

  • Unfortunately, the development of the securities markets is not only positive.
  • If things go against us, we stand by our structure and keep it going without falling into actionism.
  • We use such times to fine-tune our portfolios.

 

 


Macro vs micro

  • We think in terms of markets and segments.
  • With equities, we tend to invest in developed markets close to the index. For secondary markets, we consider an individual composition to be sensible. The selection of an individual security is of secondary importance.
  • Bonds are subdivided according to issuer, features, risk and maturity.

 


Diversification

  • We want to avoid or at least reduce the risks of a single investment.
  • We strive for a broad diversification (mixture) of investments to reduce risk.
  • Investment funds are therefore the preferred investment instrument for investments in securities
    => They can be used to scalably cover markets/segments for almost any portfolio size.

 


Fund kit

  • For decades, we have used our own fund concepts to implement investment strategies.
  • This enables us to combine the advantages of investment funds with our ideas for the investment of the covered area.
  • The resulting higher cost burden is partially offset by a lower asset management fee.
  • In the fixed-icome area in particular, we achieve a very high degree of diversification with high investment liquidity.