We pursue a highly active investment approach

ETFs constitute a central building block in our portfolios, on both the equity and fixed-income sides. On the equity side, they enable us to replicate regional markets simply and cost-effectively, while simultaneously implementing tactical overweightings or underweightings. On the fixed-income side, we utilize ETFs tracking government bonds across various maturity bands to manage interest rate risks in a targeted and efficient manner. In this way, we establish a passively replicated investment core that facilitates highly active and flexible management of the overall portfolio.

This core is complemented by highly actively managed satellites: we specifically target proprietary, research-driven single-stock strategies with the aim of generating outperformance. In doing so, we focus on securities within the "Quality" segment – that is, financially sound, highly profitable, and well-managed companies – and "Momentum" – stocks exhibiting a clearly positive price trajectory and trend.

Another advantage of ETFs and ETCs is the simple and transparent access they provide to commodities. For instance, following the outbreak of the Iran conflict, we made a tactical investment in an oil-denominated ETF to partially hedge against potential oil price shocks. As market conditions stabilized, this position was gradually unwound.

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