Concentration is a hidden risk
Traditional cap-weighted index investing quietly concentrates your money in a handful of the largest, most expensive companies. "Buying the market" is far less diversified than it sounds.
Portfolio Management
A portfolio we run for you,
by rules.
First, the suitability questionnaire sets how much risk is right for you. Then we build your portfolio and run it by written rules, so you don't have to manage it yourself. You choose between two strategies: Smart Beta and Alpha.
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.
Our philosophy
We don't forecast markets. We follow rules.
We build globally diversified portfolios and, by rules, give more weight to stocks with characteristics (factors) that academic research links to higher long-run returns for the risk taken. When the mix drifts from its target ranges, we bring it back by the same rules.
We name the research we rely on. Eugene Fama and Kenneth French described the value and size effects (1992, 1993), Narasimhan Jegadeesh and Sheridan Titman described momentum (1993), and Robert Novy-Marx described profitability (2013). The research also shows a limit: effects that academics publish tend to weaken after publication (McLean and Pontiff, 2016). So we don't bet on a single factor, and we don't expect any factor to work every year. Read more in our article on value, momentum and quality.
What you pay shapes what you earn
Long-run returns are linked to the price you pay today. We give more weight to cheaper parts of the market, which research links to higher long-run returns. That has not held in every period, and it can take years to show.
Discipline beats prediction
Systematically capturing well-researched return drivers, and removing emotional decision-making, is more reliable than forecasting.
Who decides about your portfolio. Luka Gubo, our director, is responsible for the investment process. The management board approves the investment policy and every rule change. Martin Miklič, who heads risk management, makes no investment decisions and does not trade; he checks and reports on whether the risk limits are kept, as the law requires. Risk management, compliance and internal audit report to the management board, and once a year directly to the supervisory board.
Step one
Your risk profile, 1 to 7.
Before we invest a single euro, we set your risk profile with the suitability questionnaire that MiFID II requires. Your profile sets the permitted ranges for growth assets (equities), defensive assets (bonds), and alternatives.
| Profile | Equities | Bonds | Alternatives | Character |
|---|---|---|---|---|
| 1 | 10 to 20% | 75 to 85% | 0 to 10% | Lowest risk / Conservative |
| 2 | 20 to 30% | 65 to 75% | 0 to 10% | Cautious |
| 3 | 35 to 45% | 50 to 60% | 0 to 10% | Balanced, more cautious |
| 4 | 50 to 60% | 35 to 45% | 0 to 10% | Balanced |
| 5 | 65 to 75% | 20 to 30% | 0 to 10% | Growth-oriented |
| 6 | 75 to 85% | 10 to 20% | 0 to 10% | High growth |
| 7 | 80 to 100% | 0 to 10% | 0 to 10% | Aggressive |
Equities include equity ETFs; bonds include bond ETFs and money-market instruments. The figures are the permitted ranges under the investment policy; the actual portfolio moves within them.
You then choose your management approach: Smart Beta or Alpha.
Who it's for
A good fit, honestly assessed.
- Long-term investorsPeople investing for goals that are years away, who want a disciplined process instead of a second job.
- Business ownersOwners with company or personal reserves that have outgrown a bank account, often starting with Company Cash.
- People who value their timeYou follow everything in the app; we do the watching, rebalancing, and reporting.
And who it's not for: money you will need within a couple of years, or an emergency reserve. Markets can fall at exactly the wrong moment for a short horizon. In that case we'll suggest something more suitable, even if that means you don't become a client.
What we don't do. We don't forecast where markets will go, and we don't change your portfolio because of headlines. We don't run our own funds. We don't charge trading costs. We don't use leverage in client portfolios, and we don't lend out your securities. We don't pay staff according to sales volume. We don't promise returns.
Strategy 1: Smart Beta
The efficient path.
Smart Beta is a globally diversified, low-cost ETF portfolio that we run by rules. The ETFs come from the world's largest providers, which keeps liquidity high and holdings transparent. We give more weight to factors that research links to higher long-run returns.
The factors we tilt toward
- ValueCompanies priced below their fundamental worth.
- SizeSmaller companies, often under-researched and under-owned.
- MomentumSustained, established price trends.
- QualityHighly profitable companies with strong balance sheets.
- Low volatilitySteadier stocks that cushion the depth of market falls.
- Equal weightRemoving the dominance of a few mega-caps to diversify properly.
No single factor wins every year. Value lagged for stretches, momentum reverses, small caps wobble. These factors move fairly independently of each other, so the combination has historically swung less than any single factor. That is not guaranteed.
The bond portion is there to soften equity falls. It holds globally diversified bonds, government bonds, longer-dated government bonds, inflation-linked bonds, and a short-dated liquidity reserve. Longer-dated government bonds have often risen when equities fell, but not always: in 2022 they fell together.
Tax-aware by design. We use accumulating ETFs (dividends reinvested inside the fund), which defers dividend tax and maximises compounding.
The trade-offs. A diversified, factor-based portfolio still fluctuates. In bad periods the value of your investment can fall and you may get back less than you invested; the aim is a smoother path over time, not the absence of falls.
| At a glance | Smart Beta |
|---|---|
| Goal | Efficient long-term growth with factor tilts |
| Implementation | About 100% ETFs |
| Approach | Rules-based, systematic |
| Rebalancing | Quarterly (or sooner if a position drifts materially) |
| Risk profiles | 1 to 7 |
| Minimum investment | €20,000 |
You shouldn't need €500,000 to have your portfolio managed by a professional. With us, portfolio management starts at €20,000.
Strategy 2: Alpha
The active path.
Active, quantitative stock selection, for experienced investors with a higher risk appetite who want to try to outperform the market. Instead of ETFs, we actively select a concentrated portfolio of individual global stocks using our own quantitative models and machine learning.
How selection works
Our models score companies across more than 250 parameters in six dimensions: relative and absolute value; earnings quality and financial integrity; growth and fundamental acceleration; price and volume momentum; sentiment and institutional behaviour; and low volatility / risk control. The highest-ranked, tradable names make the portfolio.
Machine learning
Alpha also uses a machine-learning layer, and people set the rules and risk limits. The Alpha page explains how.
Where it invests
A concentrated, roughly equal-weighted portfolio focused on global small- and mid-cap companies (with selective micro-cap exposure), segments less picked-over by large institutions, where disciplined selection has more room to add value.
The risks of Alpha
Concentration and smaller companies mean higher volatility and the potential for deeper drawdowns than a broadly diversified portfolio, plus liquidity constraints in the smallest names. Alpha is offered only to higher risk profiles, and only where it suits you.
| 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 |
Want the detail? 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, honest explanation of the process.
Fees: in the open
See exactly what you pay.
We charge no trading costs and no entry or exit fees.
| Smart Beta | Alpha | |
|---|---|---|
| Management fee | 0.7% + VAT / year | 1.3% + VAT / year |
| Custody fee | 0.2% / year | 0.2% / year |
| Performance fee | 10% + VAT of gains above the high-water mark | 20% + VAT of gains above the high-water mark |
| Trading / execution | €0, we cover them | €0, we cover them |
| Underlying fund costs | 0.05% to 0.45% a year, depending on the fund | ETF costs on the bond part of the portfolio only (0.05% to 0.45% a year, depending on the fund); individual stocks carry no fund costs |
The ETFs in the portfolio have their own costs, on average less than 0.20% a year (individual funds from 0.05% to 0.45%). The fund deducts them from its value; they are not our income.
A high-water mark means a performance fee is charged only on new gains, above the highest value your portfolio has previously reached. We calculate it on the gain after management and custody fees.
- Professional management.No need to follow the news or place trades. We watch the markets and keep your portfolio on course.
- No trading costs.We cover the cost of buying and selling within your portfolio.
- Tax-aware management.We manage with tax in mind and prepare the reports you need for your tax return (eDavki).
- Supervised by the ATVP.We are licensed and supervised by the ATVP. Client cash is held in fiduciary accounts at a bank, and securities are held by regulated custodians, separate from the firm's own assets.
- Clear reporting.You receive a report on your portfolio, costs and returns every month, and you can see your position in the app at any time.
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.
Built on trust
Safeguards before slogans.
- ATVP-licensedLicensed by the ATVP, decision no. 40210-2/2022-13 of 7 April 2022. You can check our entry in the ATVP register.
- Segregated custodyYour assets are not on the firm's balance sheet. Client cash is held in fiduciary accounts at a bank, and securities are held by regulated custodians in a pooled client account, separate from the firm's assets; our records show what belongs to whom. The firm's creditors cannot reach these assets.
- Investor protectionStatutory investor-compensation cover up to €22,000 per investor. It protects against the firm failing to return your assets, not against investment losses.
- No trading costsWe cover the execution costs within your portfolio.
- IndependentWe don't run our own funds and have no in-house product shelf.
Not ready for a full portfolio?
Other ways to start with us.
Invest tax-smart, from €500
The Slovenian tax-advantaged Individual Investment Account, professionally managed by us.
Put idle business cash to work
We invest your company's surplus cash in money-market ETFs that stay liquid. Low-risk, not no-risk.