The decisions that determine the composition of our portfolios are always taken democratically on both a top-down (macroanalysis) and bottom-up (securities selection) basis.
With our models, we assess the economic environment on an ongoing basis and derive the relevant criteria for our investment tactics. In our Macro Committee, the discussion of fundamental issues such as the stock exposure, choice of duration as well as the definition of our currency allocation and other investment categories (gold and real estate) are key. These various aspects are evaluated and discussed on the basis of macroeconomic data.
We continuously review our investment universe and sector weightings and adapt them to new circumstances. Responsibility for the new addition and removal of securities from our investment universe lies with the respective sector specialists. They draw up thorough recommendations based on intensive analyses and in-house valuation models.
Our investment decisions are subject to rigorous sustainability analysis. A dedicated ESG committee – made up of specialists and members of the Executive Board – examines potential sustainability risks in depth and has the final authority to decide whether or not we should invest in a company or issuer. This process is supported by our industry analysts, ensuring sound decision-making on an interdisciplinary level.