Our primary objective is capital preservation after inflation. On this basis, the aim is value growth in real terms. We have a medium to long-term investment horizon, and we base our decisions on well-researched fundamental data. Our main investment style involves identification of investment themes that are highly likely to keep performing well in the future. Securities are selected mainly on a bottom-up basis, although macroeconomic and geopolitical developments in the respective sectors and economies are also taken into account. Adequate diversification is another important factor. We achieve this at security level and through distribution of the invested capital across various investment regions, asset classes and investment styles. We counter general short-term volatility with active management and tactical investments. Thus, we aim to optimise our performance targets and achieve them with minimum fluctuation.