Our internally managed equity portfolio is a concentrated portfolio. The investment decisions are not based on a predefined benchmark. Instead, the portfolio contains only 60 to 70 stocks. This number is sufficient for differentiation purposes, but small enough to be in full control. The aim of the portfolio is to earn an absolute return on the long term. To this end, stable and financially strong companies are selected. Before investing in a company, each company is analysed on both financial as well as ESG criteria.