RESEARCH
Our research has two strands. Strategies are ideas developed for portfolios from current trends or from observations in the market, cast into rules and run live. The House View is our monthly reading of the markets. Both are led by Fabrice Tischhauser, CFA, Chairman of the Supervisory Board, responsible for Strategic Investment Research.
All analyses rest on fundamentals and on the methods of the CFA Institute curriculum. Ideas are tested on Bloomberg data, with the assistance of artificial intelligence, before they go live. From the day a strategy goes live, its record is published as it happens; nothing is back-filled and nothing is revised backwards.
Positioning is published after execution, never before. Research is information for all our readers, not a personal recommendation.
STRATEGIES
MERIT — MAIESTAS EQUITY, REAL-VALUE & INTRINSIC TREND
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MERIT is our rules-based equity approach: a global equity index of thirty large, established companies from developed markets with a market value above USD 10 billion, held in equal weight. It has no discretionary component.
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The idea. Two things drive long-term equity returns: the intrinsic quality of a business and the trend the market has recognised in it. MERIT combines both in one portfolio, in two sleeves. Foundation, twenty names: profitable companies at reasonable valuations that pay their owners — quality, value and payout, the ballast of the portfolio. Ascent, ten names: growing businesses in confirmed uptrends — growth and momentum, the sail.
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How names are selected. The universe of developed-market large caps is screened on Bloomberg: profitability, balance sheet, valuation, payout, growth and trend, from reported fundamentals and consensus data. Hard conditions come before soft scores; every candidate passes the same tests. The two sleeves are then ensembled into one coherent portfolio, with limits per name, sector and country, so that no single bet dominates.
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The rules decide. No forecasts, no market timing, no leverage, no derivatives, no exceptions.
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Quarterly reviews on the third Friday of March, June, September and December, the expiry days of the index futures. Each review is a full re-screen of the universe in which every name must earn its place again; a rank buffer keeps the turnover from ranking noise low. Between reviews the index is left in peace: names enter at 3.33 per cent and are allowed to run, with no position above 5 per cent. The first review took effect on 18 September 2026; the next follows on 18 December 2026.
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Live since 10 July 2026, deliberately without a backtest: only real, verifiable history, published from the start. The index is calculated daily, published monthly in a fact sheet and never restated; since September 2026 it is reported in euro against the MSCI World.
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Available as a managed account at the custodian bank of your choice, under a discretionary mandate in which you hold the thirty positions directly, on its own or as the equity core of a discretionary mandate.
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Current positioning, performance since inception and the investor presentation are available on request.
AUGUR — ADAPTIVE UNCORRELATED GOLD & US-RATES
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AUGUR is our beta-neutral strategy: a rules-based book in three futures, micro gold, the 10-year US Treasury note and the 2-year US Treasury note, combined under quantitative rules.
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The idea. Gold and long-dated government bonds compete for the same money: both are where investors go when they want safety, and which of the two wins depends on the regime — on real interest rates, on inflation, on trust in the currency. Rather than forecasting the regime, AUGUR reads it from prices and follows it. The 2-year note is read separately: it reflects the policy cycle and moves in long trends of its own.
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Two decisions, read once a week and executed at the next settlement: the direction of gold against the 10-year note, and the direction of the 2-year note. Each leg is sized to a fixed risk budget, so that a quiet market carries more contracts and a volatile one fewer, and the two legs contribute equally.
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Why it matters in a portfolio. The book earns in regimes in which equities often struggle; it carries no equity beta and is uncorrelated with equities by construction, which is what makes it a satellite rather than a substitute for the core. The rules were replayed over twenty-five years of data before the book went live.
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Implemented on partners' capital since 30 September 2026. Available on demand within a discretionary mandate.
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Current positioning: long gold against the 10-year note, with 10 micro gold futures long and 22 10-year note futures short; short the 2-year note, with 38 futures. Per USD 100,000 of annual risk per leg, December 2026 contracts. Updated after each executed change. Performance and the investor presentation are available on request.
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HOUSE VIEW
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The Maiestas House View appears in the first days of each month, in English and German, in three editions. Basis — our reading of the markets in plain language, for readers without a financial background; free of charge on this site. Kompakt — two pages for professional readers: markets, positioning and the current state of MERIT and AUGUR; free of charge on this site. Exclusive — ten to twelve pages of deeper analysis, written for clients and tailored to them on request: Maiestas Research on Demand.
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Current editions, available for download here: October 2026, “Five per cent is the new yardstick” — Basis edition in English and German; the Exclusive edition is reserved for professional investors and available on request. September 2026, “The rate is the story” — English edition and German Basis edition.
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Research is general information and a marketing communication; it is not a personal recommendation. See the disclaimer.
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RESEARCH ON DEMAND
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The Exclusive edition of the House View and our analyses are available on demand: the monthly Exclusive edition, tailored to your portfolio, your currencies or your themes; analyses of single bonds, issuers or portfolios; a second opinion on a strategy.
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Research on Demand is remunerated by time or as a subscription, agreed in writing. It is research, not advice: it does not take account of your personal situation and is not a recommendation to you personally. A sample of the Exclusive edition (October 2026) is available on request.
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PROFESSIONAL AREA
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The professional area is reserved for professional and institutional investors. Access is granted after registration and a declaration of your country of residence and investor status; we review each request. Contents: fact sheets, the MERIT institutional paper, full histories and analytics of MERIT and AUGUR, and the AUGUR strategy paper.
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REAL VALUE CREATOR
Maiestas Asset Management AG