Klaus Kaldemorgen and Christoph Schmidt: “We have increased Japan”

About your fund: When you launched your fund in 2011, did you expect it to be so successful?
Cold morning: Certainly not to this extent. At that time we saw great opportunities in the area of ​​mixed funds. There was almost a kind of market niche because many investors shied away from investing in equity funds. This can be explained by the situation at the time. We had a major crisis in 2008, another setback in 2011 and investors were looking for an investment with limited risk. At the same time, there were already funds that attracted considerable funds. We thought we could too. The name was also important because of course the trust factor also plays a role. Such a fund is not a sure-fire success in the beginning. First you have to provide proof of performance. But after about three years, we actually kept our risk promise and investors invested more in the fund.
Schmidt: We found the basic idea of ​​picking up the investor in the personal risk comfort zone as a very convincing approach, but at the time we could not have imagined that the fund would be 14 billion euros in size. But from today’s perspective, we can also imagine much more.
Cold morning: I think what was actually new was that we said from the outset that we would not be guided by a benchmark, not even by that classic 50:50 split between stocks and bonds that has usually characterized multi-asset funds. We didn’t want that because there are market phases in which, of course, investing in bonds is almost more risky than investing in shares. We saw that especially last year.