Clear criteria for top quality

Which investments make it into your portfolio? The answer lies in our tried-and-tested quality approach. Every investment is evaluated in a rigorous selection process. The rule is simple: the better the investment, the more quality points it receives.

We put equities, bonds and funds – we put them all through their paces and then give them a quality rating. We take a holistic view of investments and are not blinded by good individual results. Our rating system enables you to immediately see how we currently assess the quality of an investment based on the quality points awarded.

Mandatory equity selection criteria include defensible competitive advantages and a solid balance sheet. For bonds, we invest exclusively in investment-grade issues. These are credit ratings ranging from ‘AAA’ to ‘BBB’ according to the S&P metodology or “Aaa” to ‘Baa3’ according to the Moody's methodology. In addition, we examine the features of each issue very closely.

Equity rating

Equities are examined in detail on the basis of the following six quality criteria:

  • Long-term defensible competitive advantages (mandatory)
  • Solid balance sheet (mandatory)
  • Low dependence on economic cycles
  • Proven management
  • Long-term growth prospects
  • Sustainable earnings per share

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Bond rating

Six quality criteria are applied when selecting bonds:

  • External rating
  • Internal credit assessment
  • Currency
  • Features
  • (Remaining) term
  • Relative value

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Fund rating

The following quality characteristics have proven to be particularly important:

  • First-class fund company
  • Experienced fund management and research team
  • Clear and transparent investment strategy, including a structured investment process
  • Distribution licence in Austria and tax transparency in Austria
  • Good risk/return profile compared to its peer group (comparison group)