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Portfolio Institutionell May 2013:

Liquide und günstige Beteiligungen

The interest in infrastructure is on the rise. However interesting investment projects are rare.

"In a first comparison the UBS World Infrastructure & Utilities Index lost 8.2 % between end of 2006 until March 31st 2013, whereas the MSCI World only lost 0.7%."

» complete article as PDF-File (Quelle:, German)


VentureCapital Magazin May 2013:
Höhere Schwankungen, größere Chancen - Ein Überblick über Listed Private Equity

Private equity fonds have been showing a very pleasing development during the past quarters. Some listed private equity companies benefited therefrom. Hence the topic listed private equity gains interest from institutional investors.

"Listed private equity companies do not significantly differ from traditional private equity companies regarding their core business."

» complete article as PDF-File (Quelle:, German)


Börse Express 2013-01-18:
Viele Werttreiber mit finanziellen Auswirkungen sind Extra-Financials

The Value Group (TVG) presents their most recent study regarding extra financials and their effect on the performance of ATX shares. In this interview Claus Dürndorfer and his staff member Manuel Wittmann give details about the study.

"Extra financials have been consideres by analysts before - but rather on a subjective nonsystematic scale. The systematic approach was lacking."

» complete article as PDF-File (Source:, German)


Börse Express 2013-01-07:
Outperformance mit EFI-exzellenten ATXlern

Extra financials are also verified in the Austrian market.

When considering extra financials in investment-related decision-making one can achieve a distinct outperformance. Especially, the top performers regarding extra-financial performance set themselves apart the losers.

» complete article als PDF-File (Source:, German)


Finanz und Wirtschaft 2012-12-07:
Adecco und Novartis sind spitze

The Value Group developed an extra financials rating for the SMI jointly with the Swiss bluechip financial communications AG.

In particular, Adecco and Novartis led the way.

» complete article as PDF-File (Source:, German)


Business Kurier 2011-09-29:
Nackte Zahlen reichen nicht aus

Helmut Urban, CEO of the Austrian bank Semper Constantia Privatbank, explains why his new fund does not only invest depending on accounting ratios.

If factors in the domain of human capital or innovation power are considered, a significant surplus can be generated.

» complete article as PDF-File (Source:, German)


Wirtschaftsblatt 2011-09-21:
Verborgene Wachstums-Potenziale im Fokus

Semper Constantia Privatbank buys shares of the extra financial research company TVG.

Potential for growth within smaller companies can be found via alternative evaluation criteria. This potential is frequently overlooked by most analysts.

» complete article as PDF-File (Source: Wirtschaftsblatt, German)

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