Investment process

Erste Asset Management manages assets of about EUR 97.25bn, invested in more than 378 funds. Furthermore Erste AM offers asset management solutions. Retail investors account for 47 percent of assets invested, and institutional investors account for the other 53 percent. The share of sustainable assets is EUR 32.20bn (July 2025).

All investment processes are based on the following principles:

Team Approach: The specialist teams work closely together. The investment departments also collaborate closely. This provides a key competitive advantage.
Flexibility: The lines of communication between teams and the investment department’s leadership are short. This allows for a quick response to external events, such as market shocks.
Consistency: Erste AM remains committed to its chosen investment approach. However, it continuously works on its further development.
Transparency: The decisions made by fund managers must be transparent. This is the only way to ensure and improve quality.

The different asset classes, like equities, bonds, commodities, etc. require different methods and models of assessment.

The main approaches at Erste Asset Management are:

Bottom-Up (Qualitative): This approach involves selecting individual securities. These selections influence the portfolio. An example would be Eastern European equities.
Top-Down: In this approach, macroeconomic analyses influence the portfolio. The focus is on countries or sectors. An example would be mixed funds.
Fundamental-Quantitative: This method analyzes asset classes using historical fundamental indicators. An example would be global equity funds, where the weighting of countries or sectors is important.
Technical Models: These models identify short-, medium-, or long-term trends. They generate buy and sell signals. These signals help determine when to buy or sell.

Here you can find the list of countries where the target funds for fund-of-funds may be domiciled:

Download: Information regarding the possible domicile of the target funds

Best Execution

Erste Asset Management follows the EU Directive on markets in financial instruments (MiFID) with regard to best execution practices. Our goal in doing so is to achieve the optimum result for our clients when executing their orders. Best execution is an integral part of our quality standards.

Three quality standards of Erste Asset Management:

Group-wide trading desk
Erste Asset Management fund managers directly execute transactions
Only selected, licensed traders are authorised to execute transactions

Download: Best Execution

Sub-Depositaries

The custodian bank for the investment funds managed by Erste Asset Management GmbH is Erste Group Bank AG, located at Am Belvedere 1, A-1100 Vienna, Austria. The custodian or depositary uses sub-custodians. The list of sub-custodians can be found here:

Download: List of sub-custodians

Indication of the investment funds managed by Erste Asset Management GmbH

A complete list of the investment funds currently managed by Erste Asset Management GmbH (including investment funds under Czech law) can be found here:

Download: List of the investment funds currently managed by Erste Asset Management GmbH

Conflicts of Interest

Erste Asset Management GmbH and its Austrian subsidiaries manage investment funds. They are licensed under the Austrian Investment Fund Act. Collectively, they are referred to as “Erste AM.” Erste AM is required to act in the best interest of its investment funds and clients. The area of “conflicts of interest” is particularly important to Erste AM.

Download: Erste AM Guidelines for Handling Conflicts of Interest

Remuneration policy

Erste Asset Management GmbH has established rules for remuneration. These rules are intended to prevent conflicts of interest and ensure compliance with conduct of business principles in remuneration practices. The details of the current remuneration policy can be accessed here:

The Supervisory Board of the management company has set up a Remuneration Committee, which consists of the following members:

Mag. Rudolf Sagmeister
Mag. Harald Gasser (Remuneration Expert)
Ing. Heinrich Hubert Reiner

Download: Erste AM Remuneration policy

Risikomanagement

Important asset in the daily business

To Erste Asset Management, successful risk management is an important asset and a core competence, as it also crucially affects our daily business. In it, we focus on financial risk but also take into account operating and legal risks.

Financial risk: our focus is on the precise management of risks on the capital market. Among them are market risks such as volatility as well as credit and liquidity risks.
Operating risk: the operating risk can be influenced by internal factors such as employees, structures, processes, and systems as well as by external ones.
Legal risk: changes in the regulatory framework and legal requirement set the scope of action for asset managers.

The process – this is how risk management works

In order to take effective measures against risks, you have to identify them first. We create a risk profile for every single fund and check every security in the fund for risks on a daily basis. To this end, we apply state-of-the-art software. Our risk management team then checks and evaluates the results and takes further steps, if necessary. If the risk exceeds defined boundaries, the experts will immediately inform both Management and the affected departments. This way, we can take measures to contain possible negative consequences within a turnaround time of 24 hours.

Process overview:

Risk identification
Risk assessment
Risk management
Risk controlling
Communication (reporting)

Everything under control – safety first

In order to ensure the high quality of risk management we have our system tested regularly, both internally and externally. Internal auditing is handled by our Auditing Department, while Ernst & Young are our external auditors.

Thus, our comprehensive risk management fulfills strict standards: daily risk assessments, an extensive reporting system, and internal as well as external auditing of our risk management ensure the safety of the capital entrusted to us.

Disclaimer

This document is an advertisement. Please refer to the prospectus of the UCITS or to the Information for Investors pursuant to Art 21 AIFMG of the alternative investment fund and the Key Information Document before making any final investment decisions. Unless indicated otherwise, source: Erste Asset Management GmbH. Our languages of communication are German and English.

The prospectus for UCITS (including any amendments) is published in accordance with the provisions of the InvFG 2011 in the currently amended version. Information for Investors pursuant to Art 21 AIFMG is prepared for the alternative investment funds (AIF) administered by Erste Asset Management GmbH pursuant to the provisions of the AIFMG in connection with the InvFG 2011. The fund prospectus, Information for Investors pursuant to Art 21 AIFMG, and the Key Information Document can be viewed in their latest versions at the website www.erste-am.com within the section mandatory publications or obtained in their latest versions free of charge from the domicile of the management company and the domicile of the custodian bank. The exact date of the most recent publication of the fund prospectus, the languages in which the Key Information Document is available, and any additional locations where the documents can be obtained can be viewed on the website www.erste-am.com. A summary of investor rights is available in German and English on the website www.erste-am.com/investor-rights as well as at the domicile of the management company.

The management company can decide to revoke the arrangements it has made for the distribution of unit certificates abroad, taking into account the regulatory requirements.

Detailed information on the risks potentially associated with the investment can be found in the fund prospectus or Information for investors pursuant to Art 21 AIFMG of the respective fund. If the fund currency is a currency other than the investor's home currency, changes in the corresponding exchange rate may have a positive or negative impact on the value of his investment and the amount of the costs incurred in the fund - converted into his home currency.

Our analyses and conclusions are general in nature and do not take into account the individual needs of our investors in terms of earnings, taxation, and risk appetite. Past performance is not a reliable indicator of the future performance of a fund.