Momentum International 20

In principle, the investment strategy is designed to replicate a systematic, rule-based global momentum factor model that tracks highly liquid international equities from the investment universe. In my view, securities should generally be selected that demonstrate strong relative price performance over rolling periods of several months. As a rule, positions can be held on the basis of an equally weighted target matrix of approximately 5.0 per cent each, which is intended to mitigate concentration risks associated with individual shares. Technical trend indicators, such as a break through the 100-day moving average, should, in my view, be analysed regularly to identify potential trend reversals and make short-term portfolio reallocations. The average holding period for securities should generally be short-term (less than one year). All transactions are carried out manually.