Bank Gutmann Aktiengesellschaft

We have a special approach to portfolio management – the Gutmann Portfolio Management Trialogue. In order to achieve the best possible return on investment for our customers, we work in close cooperation with independent research partners and WU Gutmann Center for Portfolio Management, as well as with the world’s best-of-breed securities experts. This approach ensures optimal investment performance at balanced risk.

The Gutmann asset allocation methodology outlines the way in which individual client portfolios are constructed. Gutmann uses its overall assessment of the market and incorporates client-specific demands in order to create a bespoke portfolio for its client (Gutmann’s taking-the-measure process).

Our portfolio management decisions are guided by the forecasts of a range of independent research experts. One of these is American trends researcher Horace “Woody” Brock who, among other clients, also gives advice to the White House. Further support is provided by Capital Economics, BCA Research and GaveKal Research, independent research and analysis firms that supply us with macroeconomic analysis and estimates. The theoretical basis for our investment decisions comes from the WU Gutmann Center for Portfolio Management at the Vienna University of Economics and Business. The Center was established and is being supported financially by Bank Gutmann.

We manage bond maturities based on our assessment of interest rates. Depending on the outlook, we give the heavier weighting to either the money market – i.e., short-term instruments – or to medium to long-term bonds. Gutmann Liquiditätsfonds is used for money market investments and, like Gutmann Europa Anleihefonds, is managed by Gutmann KAG. Depending on the market outlook, investment funds from other asset management companies may also be used.

Equities are managed actively, aiming to strike a balance between value – stocks with enduring value, security and stability – and growth – stocks with exciting potential – with the weighting adjusted according to the economic outlook. However, even in the most favourable economic climate the focus of our investment is always on value; equities in the growth category are only used as a complementary element.

Our largest equity funds, Gutmann US Portfolio and Gutmann Europe Portfolio, invest exclusively in US and European blue chips. The selection process is based on a statistical model developed with the support of Gerd Infanger of Stanford University. The model is used to create an index-tracking, value-oriented portfolio.

Our core funds include the Asian Portfolio for South East Asia and the Nippon Portfolio. They are complemented by different equity funds managed by handpicked external specialists with many years’ experience in the respective sectors.

The critical factors when selecting our partners are whether their philosophy, size and investment approach match our own asset management style. The result is a disciplined and transparent procedure: the Gutmann Portfolio Management Trialogue.