Investment Philosophy

The most suitable asset managers are selected on the basis of objective criteria and taking into consideration the particular requirements of the investment groups. One or more asset managers may be used depending on the structure of the investment group.

The independent investment controller monitors the investment activities of the selected asset managers regularly and systematically on the basis of qualitative and quantitative criteria.

The portfolios in the investment groups have a modern structure. The equity investment groups thus follow a core satellite approach. The following considerations are key for this investment group:
Important investment markets or specific market segments, such as large caps, are considered "efficient", so that a sustainable above-average performance through active management is almost impossible. That is why the Investment Foundation follows a passive investment strategy for these so-called core themes, with the aim of replicating the market indices in as cost-efficient a way as possible and with a low tracking error.
By contrast, the Investment Foundation applies active management in the case of small-caps and in emerging markets (so-called satellite themes). Any undervalued securities, sectors or markets can thus be found and exploited by means of clever timing. As a result, a positive Alpha can be achieved over the mid to long-term.