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HRK LUNIS INVESTMENT OFFICE

Our
Capital market experts

Consistent: It’s not enough to want it, you also have to do it.

We stand for active and consistent risk management, i.e. rapid and flexible adjustment of the portfolio to the respective market situation.

CAPITAL MARKET EXPERTS

Experienced and
highly qualified

Our highly qualified capital market experts have many years of expertise and offer you insights into the most important asset classes such as equities, bonds, ETFs, currencies and commodities. This is complemented by global economic and geopolitical analysis.

Our experts are responsible for our complete HRK LUNIS focus lists, which currently comprise around 150 individual stocks and 150 bonds.

The Investment Office of HRK LUNIS, headed by Friedrich Huber and Michael Reuss, meets regularly every two weeks in the Investment Committee to discuss current capital market issues and corresponding measures.

We are known for our active risk management, which ensures rapid and flexible adjustment of the portfolio to current market situations.

“Our success as an asset manager lies in focusing on what our clients really need.”

INVESTMENT PHILOSOPHY

Development of our
Capital market picture

HRK LUNIS capital market picture
ECONOMIC
ANALYSIS
AGGREGATES
COMPANY FIGURES
RISK ANALYSIS
ANALYSIS OF
RAW MILLS
RESPONSIBILITY
SENTIMENT
ANALYSIS

Investment Committee

Review every 14 days

INVESTMENT PHILOSOPHY

Investment with added value

Our investment philosophy
REALER
CAPITAL CONSERVATION
FUNDAMENTALS
ANALYSIS
DIVERSIFICATION
INDEPENDENCE
ACTIVE
RISK MANAGEMENT
SUSTAINABILITY
FLEXIBILITY
CHANCE RISK -
PROFILE
INVESTMENT PHILOSOPHY

Asset class - allocation

ALLOCATION

World & capital market picture

  • ✓ Stock markets
  • ✓ Interest & credit spreads
  • ✓ Commodity prices
  • ✓ Currencies

Tactical perspective

  • ✓ Technical market analysis
  • ✓ Sentiment indicators
  • ✓ Volatility analysis
INVESTMENT PHILOSOPHY
RISK MANAGEMENT

SELECTION

Idea generation

  • ✓ 42-strong, experienced portfolio management team
  • ✓ Attendance at leading European investment conferences
  • ✓ Access to leading global capital market research

Tactical perspective

  • ✓ 15-strong, experienced investment office team
  • ✓ Qualitative analysis process (including market entry barriers, management continuity and quality, sustainability of the strategy, profit and margin potential, relative valuation)
INVESTMENT PHILOSOPHY

Maximum protection

Risk management
Qualitative elements

Capital market picture

  • ✓ Allocation to asset classes, countries, currencies, sectors
  • ✓ Discretionary hedging of market and currency risks
  • ✓ Scenario analyses (macro level)

Selection

  • ✓ Fundamental analysis
  • ✓ Quality analysis
  • ✓ Sentiment analysis
  • ✓ SWOT analysis
Quantitative elements

Risk measurement

  • ✓ Market risk measurement for each position
  • ✓ VaR key figures & maximum drawdown
  • ✓ Monitoring of cluster risks
  • ✓ Stress test & scenario analyses

Risk management

  • ✓ Multi-level, active warning system with pulses via VaR & CVaR
  • ✓ Risk drivers and risk factor decomposition
  • ✓ On-demand risk feedback
  • ✓ Maximum position sizes
INVESTMENT PHILOSOPHY

Sustainability in the
Investment process

Michael Reuss
Member of the board of management
Sven Langenhan
General Manager and Head of Investment Office
Friedrich Huber
General Manager
Tobias Britsch
Director | Head of Equities
Dr. Thomas Umlauft
Director | Head of Fixed Income
Philipp Busler
Director | Head of Institutional Asset Management
Tilo Widmann
Vice President | Deputy Head of Equities
Julian Bösch
Authorized Officer | Equity Analyst
Tobias Kern
Equity Analyst
Joachim Spiering
Authorized Officer | Equity Analyst
Marvin Hofmann
Junior Fixed Income Analyst
Christian Cichon
Director | Senior Portfolio Manager
Michael Hackbarth
Vice President | Senior Portfolio Manager
Alexander Luz
Portfolio Manager & ESG Investment Officer
Raoul Romkopf
Director | Investment Consultant
Jürgen Selsam
Director | External Fund Analyst & Senior Portfolio Manager