An actively managed equity fund is always only as good as the expertise of its management team. Which is why fundamental research is just as important as sharing all relevant information and focusing resources on individual customer needs.

Benjardin Gärtner

Benjardin Gärtner

Head of Portfolio Management Equities

Union Investment has extensive equities capabilities offering a range of long-only strategies across global and regional markets. 

Equity Value

Equity Value: profiting from the new market environment

We are experiencing a regime change in the capital markets. Inflation has returned and interest rates have risen. Stefan Brugger, Senior Portfolio Manager Equities, explains why value stocks can benefit from the new capital market regime.

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Our Approach

We believe a long-term approach is crucial to maximise opportunities in the equity markets. A clear focus on individual stock selection is the main source of alpha. As an active equity portfolio manager we conduct comprehensive fundamental analysis of companies with the prime objective of selecting stocks that add value to portfolio returns on a risk-adjusted basis.

Our Team

Individual portfolio managers cover either global or regional sectors, ensuring coverage across the full equity universe. We put great emphasis on knowledge-sharing throughout the team to encourage idea generation, while avoiding the risk of knowledge concentration. Our portfolio managers’ responsibilities stretch from fundamental research to portfolio construction. The investment process contains a number of feedback loops designed to make the flow of information quick and efficient.

Our Expertise

We have expertise in global, European, German and sustainable equities.

Investing in "Fundamental Business" Momentum

Using Behavioural Finance to Ride the Momentum Wave

Despite the prolific rise of highly quantitatively driven investment strategies, algorithmic trading and passive buy and hold strategies, financial markets remain a field with heuristic investor behaviour that is not always rational. Sir Isaac Newton famously exclaimed in despair "I can calculate the motions of the heavenly bodies, but not the madness of the people", as he lost a fortune during the South Sea Bubble of the 18th Century. Given that human participation in financial markets is so embedded it is no surprise that they are subject to anomalies and behaviour that is driven by its participants. As a result, traditional theories of security pricing and markets have been rightly questioned as to their validity, particularly so has the "efficient markets hypothesis (EMH)" developed by the economist Eugene Fama in the 1960s. The EMH holds that a stock’s price at any moment reflects all of the relevant information about a company and other input factors and that the capital market as a whole acts completely rational. These characteristics would make it impossible to beat the market on a risk adjusted basis because share prices are always exactly what they "should" be, given what investors collectively know. Although research on the various anomalies that counter the EMH is varied and insightful, our goal with this brief paper is to touch on one, namely, the momentum factor which is probably one of the most documented phenomena (and thereby counter-EMH anomalies) in financial markets.

Your contact person

Your contact person

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Expert views

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