« Turbulent times require a cool head » – DiePresse.com
In volatile market phases such as this, patience, diversification and a clear strategy are crucial for investment success – explains Heinz Bednar, Managing Director of the first asset management.
The current market fluctuations – triggered by geopolitical tensions, inflation concerns and trade conflicts – unsettle many investors: inside. But in such phases it can be seen how important a long -term and well -thought -out investment strategy is. Instead of reacting hectically, it is worthwhile to rely on proven principles, explains Heinz Bednar, managing director of the leading Austrian fund company, first asset management in an interview.
The markets were recently very volatile. How should investors react: inside in such phases?
Heinz Bednar: First of all – fluctuations are among the capital markets. Especially in uncertain times it shows how important a long -term strategy is. Anyone who is now considering selling everything or hectically shifting should pause. Successful investing is a marathon, not a sprint.
What specific strategies do you recommend in such market phases?
There are several proven approaches. In the first place for me the diversification is. Those who scatter their assets about various asset classes and regions – such as stocks, bonds, raw materials or real estate – significantly reduce the risk. Wide -facing funds are particularly helpful here that can react flexibly to market changes.
Are there any certain industries that are particularly well received in times of crisis?
Yes, so -called defensive sectors such as healthcare, suppliers or basic consumption goods are more stable. Many actively managed funds invest in such areas to cushion fluctuations. Recently, actively managed funds that invest in quality stocks have recently been celebrating a comeback. For a long time, the share performance was characterized by high demand in the « Magnificent 7 », the leading technology shares. Now the market participants are increasingly looking around for other interesting and retired stocks. So-called « Stock Picker » funds benefit from this. These are funds that specifically invest in shares of selected, individual listed companies.
After years of zero interest rate policy, interest rates have increased significantly by the middle of last year. Now they have declined through the U -turn of the central banks. How does this affect the attractiveness of interest systems?
This is actually one of the most striking changes in recent years. Interest systems such as bonds or money market funds are again a real alternative for security -oriented investors: inside. Particularly short -running bond funds benefit from the increased interest rates and currently offer attractive returns at a comparatively low risk. Corporate bonds are also more in demand due to the interesting interest rate levels. This year we have already launched some bond runtime funds that are popular with customers: as the sales statistics show. At the same time, new opportunities for a balanced portfolio structure open up- with a combination of interest and stock systems. But it is also important here: the selection should match the individual risk tendency.
Many investors: Inside, wonder when the right entry time is. What do you advise?
You rarely get the perfect time. That is why I recommend the principle of cost averaging-regular investments over a longer period of time, for example via a fund savings plan. So you smooth out the entry course and reduce the risk of investing everything at once. It should be noted here that the average cost effect decreases with the increasing term of the savings plan, since the saved assets are increasingly behaving as if the total amount has been created once. Depending on the market development, a one -off assessment can also prove to be cheaper. As always, the following applies: In addition to opportunities, a predisposition to securities also carries risks.
« /> Heinz Bednar: « Time is ripe for brave reforms. » Daniel Hinterramskogler
How do you feel about so -called « safe ports » like gold?
Safe asset classes such as gold or short -term bond funds are very much in demand in volatile phases. They offer stability and can benefit from interest rate cuts. If you feel uncomfortable with stocks, you can make a balance here – but always in the context of a balanced overall strategy.
What do you say: inside that want to sell immediately in the case of course burglaries?
I understand the emotions – but staying invested in the long term is usually the better decision. Historically speaking, stocks have beaten many other forms of investment over longer periods. Anyone who gets out of every reset often misses the recovery phases.
And how do you see the topic of market timing?
Frequently buying and selling not only costs fees, but often leads to wrong decisions. In most cases, the attempt to take the market goes wrong. Therefore: Set strategy, check regularly – and do not become nervous with every headline.
Some try to compensate for losses through short -term speculation. What do you think of it?
I clearly advise against that. In turbulent times, the risk is particularly high to stand on the wrong side. Stay calm and stick to your own strategy – this is usually the better way.
What should investors basically consider inside?
Every investment brings opportunities, but also risks – you should never forget that. It is important that the chosen strategy fits your own goals and risk.
Apart from the current market situation: What role does private provision play in the future?
A very central one. In view of the increasingly stressed state coffers, the fund companies will continue to actively work to strengthen the third pillar. Among other things, we are calling for the introduction of a tax -free pension depot to promote the willingness to invest in Austrians: to promote their financial independence inside. That would be an important step to make private provision more attractive – especially against the background of rising federal subsidies to the pensions.
Are there already political signals in this direction?
Yes, the government program also mentioned the evaluation of options for provision for young people for securities as well as a general pension contract for all employees: inside. A first, important step towards more personal responsibility! But further measures have to follow. The current situation of the state budget cannot serve as an excuse not to do anything here. On the contrary: the more support the state receives from private provision, the more calmed the workers today can look into the future. Time is ripe for courageous reforms – this is a bid of the hour.
To person
Heinz Bednar has been the first asset management since 2008 and President of the Vöig – Association of Austrian Investment Societies since 2007. After studying economics and financial journalism at the University of Vienna, he began his career as a senior economist at Girocredit Bank. In the following years he held leading positions in the Creditanstalt Group and HypoVereinsbank. Today he is responsible for the areas of investment, finance, communication and staff in the first asset management and is actively involved in the further development of private provision in Austria.
60 years of first asset management
The first Asset Management GmbH (first AM) is one of the leading asset managers in Austria and Central and Eastern Europe. As part of the first Group, she looks after a fund volume of over 95 billion euros with around 400 experts (as of March 2025). The first on offers a wide range of investment solutions – from sustainable equity funds to bond strategies to mixed portfolios – and stands for responsible investments, transparency and closeness to the customer. Your goal: Investors: to accompany the inside of the asset in the long term – even in challenging times. The first AM celebrates its 60th anniversary in 2025 in which the former “Sparinvest” rose. Funds The first on are regularly awarded at national and international level.
Further information & insights:
first-am.at
blog.de.erste-am.com
Legal information: This is a marketing display. Please read the prospectus or « Information for investors in accordance with Section 21 AIFMG » and the basic information sheet of an investment fund before making a final investment decision.
More information: first-am.at/de/leutician
