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A robust equities portfolio, combining innovation and market dominance

Similar to 2013, we are placing another sub-fund within the Phaidros Funds Umbrella. At that time - with the Phaidros Funds Fallen Angels - we carved out part of our bond strategy; Now our equity strategy, which you already know for example from the Phaidros Funds Balanced, is also shown separately in a new mutual fund - the Phaidros Funds Schumpeter Aktien. The initial subscription period begins on 19 November and ends on 20 December 2018, with the first price expected to be on 21 December 2018.

Joseph Alois Schumpeter was an Austrian economist and politician

In his early work Theory of Economic Development (1911) he undertakes an attempt to explain the economic development of capitalism. In his late Opus Capitalism, Socialism and Democracy (1942), he also addresses socio-political implications. He is considered one of the outstanding economists of the 20th century.

Schumpeter describes in his latest books a late form of capitalism characterized by stagnation, a lack of fundamental innovation, a high density of regulation and the abdication of "entrepreneurs" in favor of the "managers".

In this situation, the following happens:

  • The economy is increasingly characterized by monopolies or oligopolies. These are promoted and preferred by the state.
  • Companies such as Coca-Cola, Nestlé, Mastercard, MTU, Linde or LVMH generate monopoly returns because barriers to entry are too high to compete. This type of company actually exists, although the innovation has not stopped. That's why you need a fund manager to monitor if business models are intact and, if necessary, adjust the strategy.
  • Small businesses are finding it increasingly difficult to prevail against the business models of the big ones. However, some of these small business turn however into "creative disruptors", establishing completely new markets and endangering in this way the old oligopolies. Some even succeed in replacing themselves with the old oligopolists. Current examples include Alphabet, Amazon, PayPal or Facebook, which have reinvented whole industries (retail, media, financial services). These companies will soon become oligopolists or even monopolists.


  • Equities are the best asset class over the long term in terms of yield and offer inflation protection.
  • Broad diversification through flexible investment in different regions, countries, sectors and currencies.
  • Focus on capital preservation without tracking conventional stock market indices.
  • Moderate balance between risk and return.


  • The value of fund shares as well as the resulting income may increase or decrease in particular by changes in the capital markets. This, in turn can cause that the share value falls below the initial investment amount and/or the fund does not reach its investment objectives.
  • The fund may, for hedging purposes, invest in financial derivative instruments, which are considered as risky and volatile. This can occur strong changes (positive or negative) in the value.
  • Invested funds are subject to a risk of loss. Foreign currency investments are subject to exchange rate fluctuations. Investments in emerging markets are at increased risk.