Our investment success is based on timeless principles as well as disciplined and independent financial analysis in the areas of stocks, bonds, interest rates and currencies. Standard market analysis and discount models are not enough for us.
Stock analysis model
For more than 20 years, advancements in our analysis model have supported our stock selection process. Meticulous evaluation of company performance and earnings quality (consistency of business results) relative to the market average. We conduct active primary research with a clearly defined objective: we want to select world-class companies with a market-leading position, sound financing, a secure income stream and a business model that is as predictable as possible.
Interest forecast model
Our trend forecast model is based on our own criteria. Changes in interest rates are generally viewed as a driving force on the bond market. Reliable forecasts for future interest rate developments are therefore a relevant success factor. We have identified the relevant economic indicators for producing such forecasts. We invest exclusively in the bonds of issuers deemed to be investment grade according to our in-house rating system (“BBB-” or better). Here, we put our faith in our objective, standardised and continual credit assessments – in addition to the interest forecast.