Among the investment categories available, there are bonds, equities, alternative products (absolute-return products), property funds and money market investments. Discrete management of individual investment constituents facilitates the alignment of portfolio constituents.
The bond portfolio is mainly made up of government bonds and prime company bonds. Among government bonds, our portfolio structure is focused on highly liquid bonds issued by the main euro-zone countries. Active sensitivity control (duration strategy) makes it possible to adapt promptly to interest rate changes and to minimise losses. With company bonds, we put our trust in external partners to safeguard that our portfolio is highly diversified at any given moment and adapted to the respective credit environment. To increase returns, emerging market and high yield bonds may be added to the mix. Currency investments are mainly in euro bonds, with foreign currency bonds occasionally added to the mix to enhance yield and portfolio diversification.
The equity portfolio pursues a global approach and focuses on large-cap, ethically sustainable enterprises. In addition to global diversification, there is broad securities diversification to reduce exposure to single corporate risks.
The absolute-return portfolio is a global equity portfolio designed to prevent losses through active hedging strategies. Achieving positive absolute returns takes precedence over compatibility with the prevailing market indices. This segment should make it possible to effectively counterbalance periods of loss.