Quantitative asset allocation

Gutmann uses two models for quantitative asset allocation based on Infanger’s mathematical allocation model: the quantitative model and the hedging model. These models aim in particular at the optimisation of risk exposure and the definition of maximum setback potential. With these models, portfolios are spread across asset classes such as fixed income, equities (stocks), alternative investments and cash in accordance with defined selection factors.

Fundamental asset allocation

Fundamental asset allocation is based on decisions resulting from Gutmann’s assessment of the market. Key parameters are micro- and macro-economic factors, proprietary economic indicators and views contributed by outside research partners. Gutmann Kapitalanlageaktiengesellschaft continuously performs monitoring activities ranging from the analysis of the financial statements of exchange-listed companies to macroeconomic research.


Global trends of an ecological, social or ethical nature are also of relevance in investing. Therefore, the proven Gutmann investment process is supplemented by criteria that help to develop a more comprehensive understanding of the risks associated with an investment. Gutmann-Nachhaltigkeitsfonds (sustainability funds) boast the Austrian eco label (Österreichisches Umweltzeichen) and invest exclusively in issuers that pursue environmentally and socially responsible policies.

Bond selection

Bond management expertise covers bond funds composed of different individual securities as well as funds of funds, primarily in the segment of European investment-grade bonds. The approach pursued by Gutmann Kapitalanlageaktiengesellschaft seeks to keep turnover low by anticipating developments while nonetheless exploiting opportunities and keeping portfolios diversified.

Stock selection

In managing stock funds, Gutmann KAG pursues an active investment approach with a long-term horizon and a focus on fundamentals. Investment selection is based on proprietary accounting and valuation models. Ongoing control is conducted by leading sector analysts, investors, and the company's management. Apart from earning the best possible return, the aim is also to keep risk always within reasonable confines.

Fund administration

Long-standing expertise, the open portfolio management architecture and close collaboration with outside asset managers make fund administration a key component of the range of services offered by Gutmann Kapitalanlageaktiengesellschaft. These comprehensive services include fund structuring tailored to meet client needs, ongoing quality assurance through risk management, and customised reporting using online reporting tools.