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The basis for the management of the client portfolio is the benchmark of the mandate as a risk/return reference. Within the framework of the current investment policy we control
the following parameters:
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Overall EUR portfolio duration
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Relative over/underweighting of the investments within the EUR interest rate structure
Credit risk management plays a secondary role, because the investments are concentrated in segments with a first-class credit rating (Aaa to Aa3, Moody's). We avoid borrower
cluster risks and place great emphasis on the tradability of the individual bonds.
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Daniel Karnaus
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| Portfolio Manager European and Eastern European Bonds, Vontobel Asset Management |
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