Christoph Hott

“The recent weeks were dominated by volatile market movements that make it more difficult for fund selectors to closely monitor the relative performance of their invested sub-funds. One problem is the interpretation of short term volatility in relative performance (i.e. tracking error). In this market environment, there are some fund managers whose investment style is not rewarded, thus they underperform significantly. Therefore it is essential to fully understand the fund manager’s investment style and to keep a close contact to the manager.” Cut: One recent example is the MainFirst avant-garde fund, whose year-to-date underperformance has to be seen in the context of a good - if volatile - relative performance. We continue to appreciate Anko Beldsnijders investment approach even if his style has difficult times, too.”