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In managing a client portfolio we always base our activities on a benchmark that is right for the type of mandate in question. Within the framework of the current investment
policy we control the following parameters:
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Overall USD portfolio duration
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Relative over/underweighting of the investments to the USD interest rate structure
Credit risk management plays a subordinate role, because the investments are concentrated in segments with a first-class credit rating (Aaa and Aa3, Moody's). We ensure that
borrower cluster risks are avoided and that the bonds are tradable.
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Daniel Karnaus
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| Portfolio Manager European and Eastern European Bonds, Vontobel Asset Management |
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Adriana Keller
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| Portfolio Manager Bonds USA and Money Market Europe, Vontobel Asset Management |
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