Portfolio Construction

Our portfolio construction follows a strategic and structured approach that begins with defining the requirements and desires of the client along with identifying a suitable investment universe. In the next step, a strategic asset allocation is chosen based on a detailed quantitative and qualitative analysis of all the asset classes in the defined universe. The selection of managers and investments in liquid and illiquid asset classes, including making the decision between active and passive implementation, leads from the theoretical asset allocation to actual investments. Once invested, the investments are constantly tracked and adjusted in case of deviations from the desired result.


Beginning with their requirements and desires, we support our clients in determining a strategic asset allocation, in selecting managers and in continuously monitoring risk.

William of Occam

»Plurality is never to
be posited without

Risk premia

When investors take specific risks on capital markets they are rewarded with added returns. That is, the investor receives a risk premium. Along with traditional risk premia for investments in bonds, credit or equity risk, alternative risk premia, such as tail risk premia or illiquidity risk premia, are particularly relevant for investors.


We support our clients in (sub-) portfolio allocation with (alternative) risk premia, as well as in making direct investments in single risk premia products. The volatility risk premium is efficiently realised and accessible for our clients either in mutual fund or special fund format.

Risk Management

Capital investment and risk management are linked inseparably. The prerequisites to successful investment management are full consideration of all risks during the planning stage and a constant monitoring of risks and the risk budget after investment. The basis of effective risk management is also having a risk measurement that represents reality as closely as possible.

Such an approach enables substantial losses to be avoided. This is not only important so that risk budgets can be maintained, but also because the avoidance of high losses is essential to benefit from compound interest effects on the assets as avoided losses do not have to be compensated for by profits. This also means future returns are realised from a higher capital base.

Active risk management enables investors to act confidently and invest when other investors are forced to sell assets. This means upcoming opportunities can be seized in a much more effective manner. Dynamic risk management also delivers asymmetric return distributions. Along with the avoidance of losses, important criteria for risk management strategies are participation in positive market development phases, as well as identifying low opportunity costs when markets go sideways.


As defined by the situation and requirements of our clients, we develop and implement made-to-measure risk management strategies either as risk overlay or as an advisory solution. To realise such strategies, we use options, futures and forwards. The risk management strategy and its implementation are adjusted to the specific objective and constraints of the investor.