PORTFOLIO CONSTRUCTION

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We build every portfolio in the same way: a core that carries the risk profile agreed in your investment policy, and satellites that complete it. The weight of each block follows your risk capacity and risk appetite; the construction itself does not change.

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The core: bonds. Depending on the risk profile, bonds form the larger or the smaller part of the core. We build this part from individual bonds selected one by one, or from defined-maturity bond ETFs, known as iBonds. An iBonds ETF holds a diversified basket of bonds that all mature in the same year: it pays regular income like a bond, matures and pays out like a bond, and is diversified and tradable like an ETF. It gives broader diversification than a handful of single bonds without the inconveniences of a classic bond fund, which never matures, renews its duration indefinitely and has no defined payout date. In both cases we ladder the maturities, one rung per year, in the currencies of the client, so that capital comes back at known dates and the reinvestment risk is spread over time.

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The core: equities. The equity portion is selected in one of two ways, agreed in your investment policy. Either by our in-house research within the MAM portfolio: a discretionary selection of individual companies, validated by the Investment Committee. Or through MERIT, our rules-based equity approach without any discretionary component: thirty large companies from developed markets, selected by fixed rules on quality, value, payout, growth and trend, held in equal weight and reviewed quarterly. No forecasts, no market timing, no exceptions.

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The satellites. Satellites complete the portfolio and give it its character. In our approach this was traditionally gold. Today the satellite portion can also hold dedicated sub-strategies through the actively managed certificates for which we act as asset manager, or AUGUR, our new beta-neutral strategy: it combines US Treasury and gold futures under quantitative rules, reads the regime from prices rather than forecasting it, and is uncorrelated with equities by construction. MERIT and AUGUR are described in detail on our Research page.

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Stay invested: returns come from being in the market, not from waiting for it. Markets are monitored constantly; the full portfolio is reviewed monthly or quarterly, satellites and overlays are managed actively in between. The partners and the company itself are invested in the same way as our clients.

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ACTIVELY MANAGED CERTIFICATES

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Maiestas Asset Management AG acts as asset manager of actively managed certificates (AMCs): securitised strategies issued by a bank or an issuing vehicle. The issuer holds the underlying positions; we manage the strategy under a documented rule set or investment guideline.

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We use AMCs for dedicated strategies that complement a portfolio rather than replace its core. In a satellite approach, a client holds one line per strategy instead of a book of individual positions, and the strategy is implemented identically for every holder. The certificates are placed through our partner banks; whether a certificate is available to you depends on your investor status and country of residence.

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Custody, execution and settlement remain with the issuer and the custodian bank. Maiestas never holds or transmits client funds.

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CUSTODIAN BANKS

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We work with established custodian banks in Liechtenstein, Switzerland and Germany. You choose the bank; we are happy to advise on the choice. Your assets are held in your name. We act only within the scope of the power of attorney and never hold or transmit client funds.

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With our partner banks we have generally agreed all-in fees for custody, transactions and account maintenance, which we pass on to you. Several banks, one consolidated report.

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FEES

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Our fee is tiered by the size of the mandate and depends on its type, discretionary or execution only. It can be agreed with a performance component and a lower base fee, or as a fixed fee without one.

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We earn from the mandate only. There are no retrocessions to us and no hidden costs per transaction. The bank fee remains separate from ours; you see both in the reporting.