2008 - Lehmann
The bankruptcy of various global banks is bringing the global financial system to the verge of collapse.
2009 - Dax low
On March 6, the DAX reached its low at 3,666 points.
2010 - Greek dept crisis
In May 2010, the euro countries and the IMF are putting together a first, 110 billion, rescue package for Greece.
2011 - EU dept crisis
The euro crisis affects Spain, Portugal and Italy.
2012 - Draghi: „whatever it takes“
ECB President Draghi reaffirms the 'irreversibility' of the euro and can thus calm the markets and prevent escalation in the euro crisis.
2013 - „Taper Tandrum“
Fed Chairman Ben Beranke's announcement that bond purchases will be phasing out and liquidity in the financial system will be reduced, is causing panic among financial markets.
2014 - Crimea crisis
Political tensions between Russia and the EU are escalating with the annexation of Crimea by Russian troops in March 2014.
2015 - Oil price collapse
The oil price plummets to USD 40 in February 2016, fueling concerns about a global recession.
2016 - Brexit & Trump
The British are surprisingly in favor of the 'Brexit' in June 2016, thus ensuring a sell-off, especially for bank shares.
2017 - „Trade war“
US President Trump stirs fears of a global trade war.
Fixed Income Management
MainSky is one of the few independent specialised fixed income management companies in Germany and a pioneer in absolute return bond management.
In today's interest rate environment, traditional, primarily buy-and-hold investment-strategies in the bond market can barely generate attractive returns. In the future, flexible approaches are needed that use the full range of investment possibilities In particular, the manager must be able to generate genuine alpha and market-independent returns. MainSky has followed this philosophy since 2001 by generating income from a variety of sources. We carry out flexible country, sector and bond allocation and generate more performance via duration management, yield curve adjustment, spread management, and the use of options and money market strategies. At the same time, we minimise the risks in our portfolios by using the correlation structure of these positions.
We offer both absolute return as well as benchmark-oriented solutions for individually structured mandates. Depending on your mandate objective, you therefore have the choice between out-performance or absolute returns. By investing in one of our funds, you can participate in a pre-defined and proven strategy (see below). Our funds consistently implement the MainSky philosophy of flexible portfolio management that has generated significant outperformance for our customers.
Asset Allocation Mandates
Usage of diversification potential between various asset classes
The MainSky asset allocation approach provides access to various global asset classes and takes advantage of the diversification effects between them. Depending on the market cycle, significant shifts in the weights of the individual asset classes can be expected over time. On the equity side, the mandate pursues a global approach covering the US, Europe, Asia & Japan, as well as emerging markets. The implementation is usually passive via ETFs. On the bond side, Europe is the main investment focus.
The MainSky asset allocation mandate is based on an active top-down approach and derives the performance potential for the individual asset classes from basic macroeconomic analysis. The analyses are supported by a wide range of proprietary quantitative indicators.
Risk of the mandate is actively controlled, i.e., the risk sensitivity of the portfolio is increased in anticipation of positive market phases or lowered in difficult market phases. In this respect, risk management is an integral part of the investment process.
Depending on investor objectives, the mandate can be steered with various risk parameters. This can be capital preservation or a profit-oriented direction. It is also possible to provide the strategy with a guaranteed value (CPPI structure).
Equity Management
Systematic stock selection instead of fundamental stock picking
When investing in shares, MainSky relies on factor-based - and thus systematic selection - of shares instead of the classic "stock picking". MainSky offers investors access to various factors such as value, quality, momentum and low volatility. Each factor premium can be used on its own or as a combination of several factors for stock selection and as a quantitative investment strategy. The aim is to generate a higher risk-adjusted return than the'broad market' in the long term.
At MainSky, the ability to identify individual factors and their return potential plays a central role. The return potential of the individual factors strongly depends on the phase of the economic cycle. We have developed active factor rotation in order to play to the strengths of the individual factors in the respective cycle phases. In this respect, the individual factors are allocated in different weights depending on the economic situation in order to optimize return and risk in the portfolios. To identify the market phases, we have developed our own indicator that evaluates macroeconomic data using quantitative methods. Factor-based equity allocation can also be implemented in line with ethical sustainability criteria.
In the equity-oriented mixed fund 'MainSky Macro Navigation Fund', shares are selected using the factor approach described, focusing on the factors 'value' and 'quality'. An active factor rotation is applied. In recovery and upswing phases, the factor 'value' is overweighted, as it generates higher returns in this market environment. In later cycle phases or in the economic downturn, on the other hand, the factor 'quality' is overweighted, as it is characterised by the most attractive risk-adjusted returns in such market phases.
In addition to an investment in the 'MainSky Macro Navigation Fund', the MainSky factor approach thus offers the possibility of implementing individual mandate objectives - such as the construction of portfolios with low volatility or a portfolio with value securities. No matter which way you choose - the attributes of the MainSky stock selection process are always 'systematic, transparent and sustainable'.
MainSky Awards
MainSky Asset Management AG was named one of Citywire's top 50 independent asset managers in Germany in September 2017.
Telos Rating certifies the Bond Absolute Return fund with the rating of AA+ very high quality standards.
Citywire rated Dr. Eckhard Schulte, the fund manager of the Bond Opportunities Fund, with 'A'.
Morningstar's 5-star Bond Opportunities Fund holds the top grade in the 'Euro Diversified Bond Funds' class.
Track Record
2006
In an investor seminar titled ‘Asset prices and liquidity’ MainSky points out potential instabilities in financial markets due to explosive growth of structured products (especially CDOs).
2013
MainSky emphasise the high susceptibility of capital markets in emerging markets due to high capital inflows, structural weaknesses, and a potential shift in US monetary policy.
2012
In an investor seminar titled "Recognising the euro crisis as an investment opportunity" MainSky identifies a turning point in the euro crisis and shows high performance potentials in European assets and particularly in peripheral bonds.
2008
During the financial market crisis of 2008, MainSky ensures real capital preservation in all customer portfolios, including those with equity exposure.
Awards
2012:
Telos certifies with AA+ that the MainSky Bond Absolute Return Fund has "very high quality standards"
2014:
Dr Eckhard Schulte received a Sauren Gold Medal in the years 2010 bis 2014 in the category Absolute Return (bond-oriented).
