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In managing a client portfolio we base our activities on a benchmark that is right for the mandate in question. Within the framework of the current investment policy we control
the following parameters:
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Overall portfolio duration
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Positioning within the interest rate structure
Bond selection plays a subordinate role in this process. However, we do attempt to exploit the inefficiencies of the Swiss market to improve overall portfolio performance. Part of
our investment philosophy is to keep borrower-specific risks to a minimum. As a rule we do not go below a rating of Aa3 (Moody's).
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Juerg Bretscher
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| Portfolio Manager Swiss Bonds, Vontobel Asset Management |
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