Blick auf den ersten Stock des D3 Gebäudes.

PMP Investment Strategies

In the portfolio management program, three different investment approaches are pursued. The focus of all three portfolios is on equity investments. Investments in other asset classes (cash, bond ETFs) are permitted to allow for deviations (e.g., during the buildup period and as “hedges” if the group judges the perspectives for equities as bad).


The objective is to create portfolios with optimal risk/return characteristics after transaction costs. To manage the portfolio, groups must form return expectations and forward-looking risk estimates. To evaluate the portfolio ex post, the portfolio owner (i.e., the Engelbert Dockner Foundation) will judge based on realized returns and standard deviations but also consider the consistency of the strategy and how the approach bridges theory and implementation.

World Equity Developed Markets

The investment focus lies on developed market equities using an asset allocation based on valuation metrics and time-varying risk-premia. The strategy systematically captures equity risk premia and also focuses on data-driven manager decisions to enhance long-term, risk-adjusted returns across market cycles. 

Benchmark: MSCI World Net Total Return EUR Index

World Equity Emerging Markets

The investment group focuses on World Equity Emerging Markets, incorporating a dynamic timing strategy that balances Emerging Market equities against Developed Market bonds. Within Emerging Market stocks, the portfolio employs a systematic tilting approach, optimizing allocation based on valuation metrics. This is achieved through quantitative models designed to capture relative value opportunities and enhance risk-adjusted returns. 

Benchmark: MSCI Emerging Markets Daily Net TR EUR

World Equity All Countries

The investment focus is on a value-based global macro equity approach with a top-down methodology. By combining quantitative valuation models and qualitative future analysis, market and price anomalies are identified and exploited to generate long-term excess returns.
Benchmark: 50% MSCI World Net Total Return EUR Index, 50% MSCI Emerging Markets Daily Net TR EUR

Examples of Group Reports (Strategies up to 2024)

AMF_Manager_Report_2021.pdf
AMF_Manager_Report_2021.pdf
Quant_Manager_Report_2021.pdf
Quant_Manager_Report_2021.pdf
ZZ_Manager_Report_2021.pdf
ZZ_Manager_Report_2021.pdf