We always take a critical view on the consensus. This gives our capital market analysis a depths that distinguishes us from other asset managers.
Experience has shown that major stock markets observed by numerous analysts are by and large efficient. In these core markets, actively managed equity strategies are rarely able to do better than the market average. That is why we utilise quantitative index funds for our allocation in these segments. These employ index concepts that return better performance than conventional market indices in many regions.
But in many other markets, active management does make sense, such as Asian and Japanese equities, Asian local-currency bonds, inflation-indexed bonds or high-yield bonds. Overvaluation and undervaluation are common in these markets, which our portfolio managers systematically exploit.
With our investment strategies employed we would like to generate on above-average long-term returns on the basis of sound qualitative and quantitative market research. Especially in these markets, penetrating independent analysis is key to success, allowing the identification of opportunities that others may overlook.