Germany’s growing dependence on exports to emerging markets and growing domestic consumption are providing fertile ground for Swiss & Global Asset Management’s Germany equity fund manager – but not necessarily where you might expect.
He thinks investors are aware that equities are tactically cheap at the moment and are bound to rally at some point. However, a survey released yesterday by rival Union Investment showed local fund buyers are more uncertain about the direction of equity markets than at any time since 2007.
This puts negative pressure on investor appetite, but Maslowski does not see this as any reason to change his investment approach.
He describes his fund's strategy as "not too aggressive", and it has worked out over the last couple of years, so there is no need to position the fund any more defensively. The 3-year performance of the fund to date is 10.4% against a benchmark of 9.53%.
"It's like cooking—everyone has the same ingredients but the final dishes taste a bit different, and I want to keep my unique flavour," he said.