At Baumann & Cie, our investment process is based on a "top-down" approach. As well as analysing the real economy and the monetary situation, we also look closely at the interest rate environment, valuation data, technical analysis and market sentiment. This applies to each of our decision-making categories - liquidity, bonds, shares, commodities and precious metals, hedge funds and private equity - and each of the economic regions as well, namely Switzerland, Euroland, the UK, North America, Japan and the Emerging Markets. The analysis is carried out using a grid, in which each of the analysed values can have either a negative, neutral or positive impact on a particular investment segment.

This allows us to make a clear, consistent and undistorted assessment of the investment environment without giving the impression that the results are more accurate than they really are. What we arrive at, at the end of the process, is a series of indicative forecasts and tactical asset structures.

The investment policy is drawn up on a quarterly basis and reviewed monthly to check that it is still up to date. Ultimate responsibility for decision-making in this respect lies with the investment committee, which is chaired by one of our partners.