Value
Relative and absolute valuation: is the company priced attractively against its fundamentals, its peers, and its own history?
The Alpha strategy
The active path,
run by set rules.
A concentrated portfolio of individual global stocks, selected by our quantitative models and overseen by people, for experienced investors who want to try to beat the market. Risk profiles 6 and 7, from €70,000. Prices swing more than the broad market, and falls can be deeper.
Capital at risk. Investing involves risk: the value of investments can go down as well as up, and you may get back less than you invested. Past performance and any simulated/back-tested performance are not reliable indicators of future results. Tax treatment depends on individual circumstances and current law, both of which can change.
First things first
Alpha is meant for a narrower group of investors.
- Experienced investorsPeople who have lived through market falls and understand what a concentrated portfolio can do, in both directions.
- Higher risk profiles onlyAlpha is offered exclusively to risk profiles 6 and 7, and only where the suitability assessment shows it fits you.
- Long horizons and patienceAn active strategy can trail the market for years. It suits only money you won't need for a long time. The minimum is €70,000.
And who it's not for: a first portfolio, short-term money, or anyone uncomfortable with sharper swings in value. For most investors, our Smart Beta strategy is the more suitable path, and we'll tell you so.
How we select
We select stocks with more than 250 parameters in six groups.
Our models score companies on more than 250 parameters in six groups. The highest-ranked stocks that trade in enough volume make the portfolio. The portfolio holds around 30 stocks on average. Every stock has to earn its place on the evidence.
Earnings quality
Forensic accounting and financial integrity: do the reported profits turn into real cash, and are the books as healthy as they look?
Growth
Growth and fundamental acceleration: is the underlying business improving, and is that improvement speeding up?
Momentum
Price and volume momentum: is a trend backed by heavy trading, or by a few trades?
Sentiment
Sentiment and institutional behaviour: how are institutional investors and analysts actually changing their positions and estimates?
Risk control
Low volatility and risk control: parameters that temper the portfolio and keep any single bet from dominating the outcome.
People and models
People set the rules; the models work within them.
Luka Gubo, CEO, is responsible for the investment process. The management board approves the investment policy and every change to the rules. People set the rules, the limits and the risk framework, and the models work inside them.
Unlike simple linear models, our machine-learning layer picks up interactions and non-linear relationships between parameters. It ranks a large global universe by the same rules every time, which leaves less room for human bias. Because the strategy combines many parameters, one parameter going wrong has less effect. Models can also be wrong.
Martin Miklič, who leads risk management, makes no investment decisions and does not trade. He checks that the risk limits are respected and reports on them, as the law requires.
Where it invests
Where disciplined selection has room to work.
A concentrated, roughly equal-weighted portfolio focused on global small- and mid-cap companies, with selective micro-cap exposure, plus defensive bond ETFs.
- Small and mid capsSegments less picked-over by large institutions, where research effort can still uncover mispricing.
- Concentrated by intentA focused portfolio of the highest-ranked names, so conviction isn't diluted into an index in disguise.
- Roughly equal-weightedEach position carries similar weight, so no single position dominates the result.
- Rebalanced monthlyEvery month the model ranks the stocks again, and we replace those no longer near the top with higher-ranked ones.
- A report every monthYou receive a report on your portfolio, costs and returns every month, and you can see where you stand in the app at any time.
| At a glance | Alpha |
|---|---|
| Goal | Seeking to outperform the market |
| Implementation | Individual global stocks + defensive bond ETFs |
| Approach | Active, quantitative, with a machine-learning layer |
| Rebalancing | Monthly (model-driven) |
| Risk profiles | 6 and 7 only |
| Minimum investment | €70,000 |
The honest part
The risk, in plain language.
Trying to beat the market means deliberately being different from it. That difference is where any outperformance would come from, and it is also where the risk lives.
Higher volatility
A concentrated portfolio of smaller companies swings more than a broadly diversified one. Expect a bumpier ride, in both directions.
Deeper drawdowns are possible
In bad periods the value of the portfolio can fall further than the broad market, and you may get back less than you invested. If the value of your portfolio falls by 10% or more since the last report, we tell you, as the law requires, and explain in writing what we did and what we did not do.
Liquidity constraints
The smallest names trade less, which can make positions slower or costlier to adjust, especially in stressed markets.
No outperformance is promised
A disciplined process improves the odds of a good decision. It does not guarantee a good outcome. Periods of lagging the market are part of any active strategy.
This is why Alpha is available only to higher risk profiles. We offer it only to risk profiles 6 and 7, and only where the suitability assessment shows it fits you. If it doesn't, we'll recommend a different path.
Fees: in the open
See exactly what you pay.
We charge no trading costs. A high-water mark means the performance fee is only charged on new gains above the highest value your portfolio has previously reached.
| Alpha | |
|---|---|
| Management fee | 1.3% + VAT / year |
| Custody fee | 0.2% / year |
| Performance fee | 20% + VAT of positive return, high-water mark |
| Trading / execution | €0, we cover them |
| Underlying fund costs | Fund costs only on the bond part of the portfolio (0.05% to 0.45% a year, depending on the fund); individual stocks carry no fund costs. |
The bond ETFs in the portfolio have their own costs, from 0.05% to 0.45% a year depending on the fund. The fund deducts them from its value; they are not our income.
On request, as part of a consultation, we'll walk you through the full strategy: the methodology, the assumptions, and how we manage risk.
We don't put performance figures on our public pages, and we don't lead with back-tested numbers, because simulated results are not realised results. We'd rather earn your trust with a clear explanation of the process.
Capital at risk. Investing involves risk: the value of investments can go down as well as up, and you may get back less than you invested. Past performance and any simulated/back-tested performance are not reliable indicators of future results. Tax treatment depends on individual circumstances and current law, both of which can change. This website is a marketing communication. It is not investment advice, a personal recommendation, or an offer to enter into any contract. Detailed pre-contractual information is provided before any agreement is concluded.
Other paths
Prefer a broader, steadier route?
The efficient path
Globally diversified, low-cost, factor-based, through ETFs. Available across all risk profiles, from €20,000.
Portfolio Management
How the full service works: your risk profile, both strategies side by side, fees, and what you get as a client.