Christoph Hott

“From time to time there are new investment opportunities emerging that are worth considering for a longer-term asset allocation. Unfortunately some of them are discovered by many investors at the same time, thus causing rapidly advancing asset prices. Often this results in a boom-and-bust cycle of the new asset class. Two of the recent examples are property and infrastructure equities. Usually their performance should be cash-flow oriented and thus value-style. In the case of property securities, huge inflows into the segment caused a significant over-valuation that had to be worked out in a sharp correction afterwards.”