Erste Asset Management - Blog

Harald Egger

Harald Egger is Chief Analyst and has worked at Erste Asset Management since 2001. Previously he worked for four years as a fund manager and analyst for AXA Investment Management in London. He heads the equity segment within Erste Asset Management. He was CIO until April 2013. He has been employed in the finance industry since 1992.

Egger completed his studies in economics at Vienna University. He also holds diplomas as a CEFA (Certified European Financial Analyst) and CFA (Chartered Financial Analyst).

Harald Eggers Posts
Harald Egger am 26th July 2017

Style management in practice: part 2

(c) iStock

Having defined and explained various management styles in equity management in part 1, we will now have a look at the specific styles and their return/risk ratio over time.

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Harald Egger am 20th July 2017

Style management in practice: part 1

(c) iStock

A clear sense of style is not only important in fashion, but more and more so in equity management as well. But what does “style” mean in equity management? Do stylistic preferences change over time, like in fashion? If so, what triggers those changes? Questions upon questions, but before we go into detail in part 2 of this series, let us first clarify what we mean by style(s):

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Harald Egger am 03rd May 2017

Stock exchange rules – myth or reality

(c) iStock


Who has not heard of the old stock exchange rule “Sell in May and go away” – sometimes complemented by “but remember to come back in September”. We had a closer look at this adage and have analysed the performance on the global stock exchanges over the past 48 years. To this end, we looked at an index that measures exactly that: the company MSCI launched its MSCI World index on 1 January 1970, This is also the start date of our analysis.

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Harald Egger am 16th February 2017

5 facts that favour dividends

(c) Fotolia

Many investors focus on capital gains while disregarding the significance of dividends. And are wrong in doing so, from my point of view. The total return of a share is after all the sum of capital gains (i.e. rising prices) and dividend income. Income from dividends is of particular relevance for investors with a long-term investment horizon.

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Harald Egger am 05th January 2017

The year 2016 was full of broken trends on the stock exchanges


Another year has passed, and it is time to look back. The year on the stock exchanges started out worse than in a long time. After only a few trading days, losses averaged 10%. The fear of economic turbulences originating in China dominated the markets. Meanwhile the currency of choice during a crisis, gold, was picking up speed, gaining 20% within a short period of time.

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Harald Egger am 19th September 2016

The equity bull market that no-one trusts


Equities got off to a terrible start into 2016. At the end of February, a short but intense sell-off was triggered by the emergence of concerns over a slump of the global economy in connection with China. However, since mid-February the international indices have been on the rise without any significant breaks. Not even the much-feared Brexit vote managed to dent the upswing. Although share prices were down in the immediate wake of the decision of the UK to leave the EU, they rebounded very swiftly. Read more
Harald Egger am 05th September 2016

Growing significance of real estate shares on the stock


Real estate has been in high demand from investors for a while. The keen interest in “concrete gold” has also moved the shares of real estate companies into the limelight of investors.

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Harald Egger am 19th July 2016

Japanese stock exchanges rally after Prime Minister wins elections

The Japanese equity market has been among the weakest ones in the year to date. At -15% (as of 12 July 2016; source: Bloomberg), the Nikkei index is one of the worst performers. For euro investors, the bottom line is not as abysmal: adjusting the loss for the development of the Japanese yen vis-à-vis the euro, the performance improves to -4% (Bloomberg). In spite of the negative sign, the net result still outperforms European equities.

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Harald Egger am 31st May 2016

How stock ratios can help build a sector-strategy portfolio (part 2)


In the first part of our sector analysis we explained and examined numerous stock ratios. In this part, we want to have a look at how these ratios can inform strategic considerations and what insights can be gained for the composition of an attractive sector-strategy portfolio.

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Harald Egger am 20th May 2016

What ratios are relevant in the selection of equity sectors?

Photo: Fotolia

Shares (equities) are classified, among other criteria, according to sectors, e.g. healthcare, consumer goods, energy etc. Shareholders pursue different approaches when it comes to the classification process. In this report we follow the methodology of MSCI, a US financial service provider that offers international equity indices and risk analyses.
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