Company

ansa capital management is an independent, owner-managed investment boutique. We focus exclusively on total return strategies and the active management of global asset classes. For us, total return means taking total responsibility for a portfolio’s performance and risk, independent of a benchmark. Our investment decisions are based on our analysis of the interplay between macroeconomic factors and the capital markets. We employ quantitative methods throughout the entire investment process.

Our business is based on solid foundations: 20 years of knowledge and experience using quantitative methods, in addition to building and managing a successful global investment boutique.

press release April 28th, 2014
Support and leadership from senior investment professionals with diverse skills and experience

Heinz Hilgert – chairman

Heinz Hilgert is Principal of TransVise GmbH. TransVise was founded by him in 2009 and acts as an international Business Consultat and Senior Advisor and supports clients in designing and executing marketing strategies in the German financial industry covering a broad range of topics. He previously held positions as Deputy CEO of DZ Bank AG and as CEO of WestLB AG. During this time he fulfilled a variety of supervisory board mandates, inter alia, in the Union Asset Management Holding AG, the R + V Insurance AG and the Team Bank. He currently accompanies the Data Group AG in this function and is Chairman of GFKL Lowell group.

Norbert-Otto Mayer

Since joining the BMW Group Norbert-Otto Mayer has held a number of senior  positions and has managed a wide range of business activities in financial market risk management, including cash management and currency risk. In 2010 Mr. Mayer was appointed Senior Vice President Finance and Group Treasurer, overseeing Corporate Finance, Asset Management, Pensions, Investor Relations and Treasury Centres in Asia Pacific, the US and Europe. In total his asset management responsibility amounts to approx. € 20 Bn. Before joinging the BMW Group in 1984 he worked for Bayerische Vereinsbank and Dresdner Bank.

Jürgen Olbermann

Jürgen Olbermann was for 20 years responsible as managing director in various FERI companies for the institutional client business of the asset management group. Since 2010 he has been a member of the Supervisory Board of the Inter Insurance Group in Mannheim. Prior to joining FERI, he worked for 10 years as Managing Director and Supervisory Board member (EI Euroinvest) at LGT Germany Group.
company portrait

Capital Management

We firmly believe that investors’ expectations of real and monetary conditions in the future determine their investment behavior today and therefore impact the performance of different asset classes. As a result, we believe it is possible to identify the cause and effect relationships between economic realities and capital markets.

We start our investment process by studying this relationship in different economic regions and across many asset classes in a historical context. We identify periods of time in which comparable economic conditions prevailed and when asset classes exhibited comparable performance and risk characteristics. Within these “regimes” we select what we believe to be the best choices among different asset classes for each point in time.

We take these findings and, using quantitative methods, create an optimally diversified portfolio.

Our strategy ensures diversification across all key global asset classes and explicitly takes into account the risk contribution of each asset class during portfolio construction. Of course, we also know that any effective total return strategy brings volatility, which is why we manage risk within a clearly defined framework.

The advantages of using quantitative methods are obvious: they guarantee the essential objectivity and discipline required throughout the investment process, along with transparent causality in decision-making and a superior approach to risk management.

Everything focuses on a single objective: to achieve positive performance in every macroeconomic environment while keeping risk under control. This is what we call “macro-sensitive-investing”.

The Fund: ansa – global Q opportunities

The fund employs a total return strategy with the objective to generate a long-term high appreciation in Euro taking into account the investment risk. Its global macro strategy uses quantitative methods to diversify across all key global equities, bond and commodities markets, while taking their individual risk contributions into account. The active management of the strategy is based only on the investment objectives and is not constrained by a benchmark.

The Fund aims for a performance of 7% – 9% p.a. with an annualized volatility in the same range.

General Information

Category	Global Macro/Multi-Asset
Fund Administrator	Hauck & Aufhäuser Investment Gesellschaft S.A.
Portfolio Manager	ansa capital management GmbH
Custodian Bank	Hauck & Aufhäuser Privatbankiers KGaA, Niederlassung Luxembourg
Fiscal Year	31.12.
Fund Currency	EUR
Fund Administratior Fee	up to 0.18%
Custodian Bank Fee	0,06% p.a.
Performance Fee	20% rel. to Euribor + 300 bps p.a.
Public Distribution	Lux, Ge

Share Class P

ISIN/WKN	LU0995674651 / A1W86R
Bloomberg ticker	ANGQOPP LX
Inception Date	31.03.2014
Distribution Policy	distributing
Portfolio Management Fee	1,35% p.a
Front-end Load	up to 5%
Minimum Investment	25.000 EUR

Share Class I

ISIN/WKN	LU1091585262 / A11830
Bloomberg ticker	ANGQIAE LX
Inception Date	30.09.2014
Distribution Policy	accumulating
Portfolio Management Fee	0,85% p.a
Front-end Load	0%
Minimum Investment	1.000.000 Mio. €

source: Fund Administrator

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Performance P-Share

	2014	2015	2016	2017	2018	2019	2020
Jan		+5.0%	-2.1%	-0.3%	-1.3%	+2.7%	+1.3%
Feb		+0.2%	+2.5%	+3.0%	-2.0%	+1.5%	-3.9%
Mar		+0.5%	+0.7%	+0.4%	-1.8%	+2.1%	-8.1%
Apr	+1.0%	-1.0%	+0.6%	+0.0%	+2.4%	+0.2%	+3.1%
May	+3.0%	+0.4%	+1.2%	+0.3%	+2.5%	-0.2%	+0.6%
Jun	+1.5%	-3.3%	+2.8%	-2.6%	-1.0%	+2.6%	+0.8%
Jul	+0.1%	+1.9%	+3.2%	+0.2%	-0.1%	+1.7%	+1.3%
Aug	+1.6%	-6.3%	+0.1%	+0.4%	-0.1%	+1.8%
Sep	-2.1%	-0.8%	-0.1%	+0.4%	-1.3%	-0.1%
Oct	+0.7%	+1.7%	-2.4%	+3.1%	-3.9%	-0.4%
Nov	+3.6%	-0.2%	-1.0%	+0.3%	+0.9%	+1.0%
Dec	+1.0%	-1.3%	+1.8%	+0.7%	+0.2%	+0.2%
Year	+10.7%	-3.4%	+7.2%	+5.9%	-5.5%	+13.7%	-5.2%

since inception
performance (p.a.)	+3.4%
volatility (daily returns)	6.5%
Sharpe Ratio (monthly returns)	0.5

aa
VaR 20 days / 99% confidence	4.4%
positive months	50/76

Data source: KVG. The gross value development (BVI method) takes into account all fund-level costs (for example, the management fee). Additional costs may be incurred individually at the customer level (e.g., custody fees, commissions and other fees). Model calculation (net): An investor would like to acquire shares for 1000, – EUR. At a max. issue surcharge of 5.00%, he must pay for it once when buying 50 euros. In addition, there may be custody costs that reduce performance. The depot costs result from the price and service list of your bank. Past performance is not a reliable indicator of future performance.

Share Class P
Share Class I

People

Dr. Andreas Sauer, CFA
Principal

For 25 years, he has dedicated himself to researching and developing quantitative asset management methods and putting them into practice for the benefit of institutional investors.

His doctoral thesis at Karlsruhe University (TU) addressed this topic early on. In 1999, he was one of the co-founders and partners of what is today Quoniam Asset Management, and as CEO and CIO he turned it into the most successful investment boutique in Germany in the space of 13 years. When he stepped down in December 2012, the company had approximately EUR 18 billion in funds under management for global institutional investors. All global equities, bonds and asset allocation mandates were managed exclusively using proprietary quantitative strategies.

With ansa capital management, Andreas is taking his experience, insights and knowledge – with all their related successes and challenges – into new territory.

It was the economic developments of the past few years that first drew his attention to the interaction between macroeconomic factors and the capital markets. Andreas is convinced that successful asset allocation in the future must start with an analysis of these interdependencies. The idea for a total return investment strategy was born of this realization, coupled with his knowledge of quantitative methods. This is exactly how he aims to approach asset management at ansa.

For him, ansa capital management is a business that reflects his convictions, where he can operate without constraints and in total alignment with clients’ interests.

He teaches “Asset Management” at University of Mannheim.
Dr. Daniel Linzmeier
Managing Partner

For more than a decade Daniel has dedicated his work to quantitative research of equities as well as several approaches for portfolio construction.

Besides his business mathematics studies at the University of Trier he worked at the Private Banking department of the DZ Privatbank S.A. in Luxembourg. There he applied his knowledge as Portfoliomanager after his graduation. He did his PhD studies at the WHU – Otto Beisheim School of Management in Vallendar on “Alpha, Downside Risk and Portfolio Construction – Efficient Implementation in Quantitative Strategies”. In February 2008 he started as Portfoliomanager Equites at today’s Quoniam Asset Management. Daniel was in charge of several institutional clients’ accounts (approx. EUR 2bn AuM) within the Equities & Asset Allocation department.

For Daniel ansa capital management represents the challenge to bring in his quantitative skills in line with his conviction that an intelligent approach for Total Return Investing is more than ever worth the while.
Dr. Nils Unger
Partner

For more than 10 years Nils has dedicated his work to analyzing risk and return profiles of quantitative trading strategies in international capital markets.

He graduated from the University of Cologne in business mathematics with the focus on statistics and computational finance. During his Phd. studies at the Karlsruher Institute of Technology he gained profound experience in fixed income markets, portfolio and risk management approaches and did research about identifying risk premia in various asset classes. After finishing his Phd. thesis he worked as a quantitative analyst in the security division of Goldman Sachs in London.

ansa capital management provides him the opportunity to apply his experience in quantitative methods and active portfolio management strategies in a small, highly professional environment with specific expert knowledge and short decision-making channels.
Sabine Riede-Sauer
Partner

Sabine worked at SAP AG in software development for the area of HR-Time Management and Personnel Administration after her business studies. In this environment, she later worked for many years as a freelance business consultant.

With the founding of ansa she took on duties and responsibilities in the areas of personnel, marketing and administration.
Dr. Florian Bardong
Senior Portfolio Manager

Florian has more than twelve years of experience in quantitative asset management.

He studied international business Studies in Maastricht, NL, and Berkeley, USA. After completing his PhD in Finance & Accounting at the University of Lancaster, UK, he joined the fixed-income team of Barclays Global Investors (BGI), London, in 2007, which was taken over by BlackRock in 2009. During this time, he and his team developed quantitative investment strategies for a variety of asset classes and markets, which were implemented in total return or hedge funds. He deepened his experience as a quantitative multi-asset investor at Citadel, London, and by founding his own hedge fund. He shared his experience with quantitative asset managers through his simultaneous work as a management consultant.

For him, being part of the ansa capital management team means finding systematic and empirically validated solutions for our clients’ investment problems in a professional environment with experienced colleagues.
David Grünmayer
Director Fund Sales

David Grünmayer has worked closely with portfolio management teams for more than 10 years. Before and after completing his MBA at the Frankfurt School of Finance and Management, he worked as Sales Director for a major German investment company, advising banks, private banking managers and institutional clients on active and quantitative fund models. In addition to communicating fund development and fund policy, his focus was on fund consulting, fund sales and customer communication.

For him, ansa capital management means the best possible environment and implementation of a multi-asset strategy with a full focus on one fund. Working closely with portfolio management gives him the opportunity to pass on fund developments to clients with maximum transparency and to develop the right images and words in communication.
Dr. Alexandr Pekelis
Portfolio Manager

Dr. Alexandr Pekelis completed his bachelor’s degree in economics at the University of Mannheim, where he studied the role of macroeconomic factors in empirical capital market models. As part of his master’s degree in Finance & Investments at the Rotterdam School of Management, he specialized in econometric models to describe dynamic dependencies in international capital markets. As part of his work as a research associate at the University of Mannheim, he recently dealt with quantitative methods for investment and risk management. In his dissertation, he theoretically examined different objective functions for the construction of dynamic value-preservation strategies and analyzed them on the basis of market data.

In addition to the objectivity and independence of the investment strategy, he particularly appreciates ansa’s professionalism and academic working environment within the investment boutique.
Anian Roppel
Portfolio Manager

Anian Roppel holds a Bachelor’s degree in Business Administration from the University of Münster and a Master’s degree in Financial Markets from EDHEC Business School in Nice. As part of his master’s thesis, he researched econometric models for identifying macroeconomic influences on interest rate markets.

Parallel to working at ansa, Anian is doing his doctorate at the Karlsruhe Institute of Technology.

For him, ansa capital management means the opportunity to combine academic research and applied portfolio management within a highly specialized and experienced team of experts.
Maximilian Sauer
Portfolio Manager

Maximilian received his Master’s degree in “Economics and Finance” from the University of Cambridge and previously studied at Boston University, Zeppelin University in Friedrichshafen and Columbia University in New York as part of his academic education. He is particularly interested in modern machine learning approaches to asset management. In his master thesis he combined machine learning, macro-nowcasting and stock sector rotation to a comprehensive active investment strategy. The thesis was awarded with “Distinction”.

In addition to his position at ansa, Maximilian Sauer is a student in the Ph.d program of EDHEC Business School, Nice and London.

To him, ansa capital management means state-of-the-art investment strategies build from thorough discussions and genuine entrepreneurial spirit.
Nicole Stigler
Office Manager

Nicole is a certified management assistant with focus on business administration. She has many years of experience in all administrative areas and in project management.

Nicole’s employers include Merrill Lynch, Credit Suisse Asset Management, and Allianz Global Investors. The last six years before joining ansa, she was assistant to the executive board of a medium-sized company in the pharmaceutical sector.

As Office Manager, Nicole is responsible for all administrative duties as well as compliance.

She likes about ansa capital management that she can use her broad experience to work on demanding tasks to the highest professional standards.