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Risk Regime Investing

Instead of applying return forecasts that rarely materialize, we would like to achieve good performance thanks to the careful assessment of capital market risks (risk management). Between 2013 and 2017, our Risk Regime Investing philosophy resulted in the portfolio changes set out below.

2013–2014: Calm markets

We navigated the two decisive periods (red arrows) with the maximum risk budget. During these phases of relatively low volatility (price fluctuation range), we generated significant added value. Between April and December 2013 and from October 2014 (blue, almost horizontal arrows), however, there was an increased level of volatility, which resulted in an average contribution to performance. We anticipated this change in the risk/return conditions and therefore reduced the risk in our portfolios accordingly.

2015-2016: Turbulent markets

At the end of 2014, we viewed the risk environment as very unfavourable. As a result, we gradually reduced the weighting of risky real assets in the portfolios to a minimum. With the exception of a few weeks, we rated the risk climate as adverse throughout 2015 and thus went through the year with a low to very low risk budget (black arrow). During such phases, any risks taken are usually insufficiently rewarded – a view which has proven to be right. The latent uncertainty during the year 2016 left also its marks on our prospective risk indicator. We therefore adjusted the target portfolio to the prevailing stock market environment more frequently than in previous years.

Forecast and outlook

The current outlook as well as performance data for our mandates and funds is updated in our blog.

Contact

Contact us by phone at +41 43 288 29 00, email or Twitter. You can also send us your request via our contact form. We'll be delighted to get in touch with you.

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PARSUMO Capital AG is an asset manager of collective investment schemes, under FINMA supervision and member of the Swiss Association of Asset Managers (SAAM)
PARSUMO Capital AG
Förrlibuckstrasse 30
CH-8005 Zurich
Tel +41 43 288 29 00
info@parsumo.com
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      • Marcel Burger
      • Lucas Widmer
      • Marcel R. Zutter
      • Urs Blättler
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