Small values ​​are the spice in the depot

Quality is the key when it comes to asset managers when it comes to securities. This leads them to lower values ​​more often. Good ideas in the bond sector, however, are rather scarce.

The pharmaceutical and laboratory supplier is one of the favorites of asset manager Rolf Kieckebusch,

GLarge values ​​determine what happens on the stock exchange. But it’s the small ones that can make all the difference in a portfolio. Because if you only rely on standard values, you will generally only receive the average return on the stock market in the long term. This is one of the reasons why many private asset managers rely on stocks from smaller companies.

Rolf Kieckebusch, CEO of Kassel-based asset management company Kirix, wants to know the companies in which he invests the money of his clients and the in-house fund “Kirix Dynamic Plus”. “I want to get a good feeling for running the company. To do this, I don’t just need easy access to board members. I also need to be able to tour the company and speak to a foreman to know how it’s going. So far we have rarely fallen on the nose. ”That is also the reason why the fund only invests in German-speaking countries in Europe.

Analysis instead of prognosis

Kieckebusch’s goal is to find undervalued stocks and companies that are in special situations before other investors. Sometimes it says: be patient. But then the low volume of the fund of currently around 25 million euros is beneficial.

Björn Heissenberger is also looking for undervalued companies. The Swiss use a quantitative model that is based on the intrinsic value of a company. He doesn’t think much of the usual forecast models. “In complex systems like the stock market, accurate forecasts are impossible. In the longer term, small errors lead to huge differences in the rating. However, because many people adhere to it, this leads to incorrect assessments that investors can take advantage of. “

Heissenberger’s model comprises a total of 15 factors: A high margin, which gives scope for price reductions in a downturn, or low debt as a “layer of fat” for bad times are part of it. “But other factors are also important, such as positive surprises or the analyst’s opinion. Positive surprises occur where analysts’ earnings revisions are increasing, prices react strongly to quarterly figures and analysts are mostly negative. Very positive analyst opinions are rather bad for a share because the expectations are too high. ”The results of his approach are most likely to be compared with the development of the S-Dax, said Heissenberger. However, the small shares he valued have often become too expensive since 2016.

The banker is not your friend

Both asset managers started out in a major bank. But while Kieckebusch was persuaded by clients to become self-employed 18 years ago, Heissenberger turned his back on UBS less than a year ago out of disappointment. “The banker often pretends to be the best friend of the investor, but he is only an employee of the bank and sometimes sells things that are not in the investor’s interest.” This also applies to the “wealth management” business. The treatment only gets better from a deposit of around 30 million euros. But even at Heissenberger, very small fortunes are not in demand. The minimum amount for a mandate is one million euros. Kirix offers mandates from around 300,000 euros.