Erste Asset Management - Blog

Gerold Permoser

Gerold Permoser has been Chief Investment Officer at Erste Asset Management since early April 2013. He is responsible for all asset management activities and investment strategies for all investment funds held by the Erste Asset Management Group in Austria, Germany, Croatia, Romania, Slovakia, the Czech Republic, and Hungary. Before joining the company, he served this function at Macquarie Investment Management Austria KAG. Permoser has gathered experience in investments since 1997.

He began his career as a fixed-income analyst at the Creditanstalt in Vienna. He moved to asset management at Innovest KAG in 2000. He made significant contributions in the investment field there and advanced to CIO (director of asset allocation and research). Gerold Permoser studied at the University of Innsbruck and is a CFA charter holder. He offers training at the University of Vienna and at various post-graduate institutions for analysts and portfolio managers (i.e., at VÖIG, the Association of Austrian Investment Fund Companies).

Gerold Permosers Posts
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Gerold Permoser am 10th April 2018

Financial Markets Monitor April: upside-down scenario

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On 3 April, we held our monthly Investment Committee meeting. Only three weeks after the previous one – three weeks that were tightly packed with issues, as we can see in the performance data of the most important asset classes. Equities and high-yield bonds have lost value, whereas Eurozone government bonds and emerging markets bonds have recorded gains. An upside-down scenario, compared to previous months.

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Gerold Permoser am 19th March 2018

Financial Markets Monitor: we have stepped up the risk of our asset allocation by a notch

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On 14 March our Investment Committee met, and as always, we started out on a discussion of our risk stance, i.e. our risk assessment. From my point of view, four findings of the discussion are worth bringing up here:

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Gerold Permoser am 22nd February 2018

Market Monitor: After the market correction, confidence outweighs

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„If you’re going through hell, keep going!”
Sir Winston Spencer Churchill

 

The year 2018 had started on such a promising note – is what we all were thinking. But at the beginning of February, the market taught us a lesson. As a result, the discussions at our first Investment Committee of the year at the beginning of February were interesting ones.

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Gerold Permoser am 19th February 2018

How does inflation work? – Part 2: Inflation drivers

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There are many factors that may affect inflation. Also, the weights of certain factors may vary across countries. Take the development of the exchange rate, for example.

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Gerold Permoser am 02nd February 2018

Inflation: a general overview – Part 1

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Why is the inlfation outlook for 2018 important? In our three part series we explain how inflation works.

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Gerold Permoser am 14th December 2017

Market Monitor: risky markets have come far

(c) Fotolia

Earlier this week, we convened the last Investment Committee of 2017. The general risk appetite of the team has not changed vis-à-vis the previous month (from 78.85 percent to 79 percent on our 0 – 100 percent scale). The team continues to see the future optimistically, with a resulting “risk on” stance.

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Gerold Permoser am 07th December 2017

Capital markets outlook for 2018: Will the party hold on?

(c) Erste Asset Management

2017 is drawing to an end, and the bottom line is positive. The outcome is significantly better than we had expected. Since the financial crisis in 2008, the global economy has never expanded more quickly and especially concertedly than in 2017. Also, inflation has surprised on the downside, falling short yet again of the expectations held by central banks and analysts.

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Gerold Permoser am 09th November 2017

Market Monitor: Optimism on the rise

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This week we held our monthly Investment Committee meeting. Although only little has changed with regard to the overall economic picture, we were having a few interesting discussions that we would now like to share with you.

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Gerold Permoser am 02nd October 2017

Market Monitor: positive for risky asset classes

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Once a month the Investment Committee of Erste Asset Management convenes in order to discuss the medium-term market outlook. We are going to start a new blog, where we will report on what drives our investment professionals and what risks they see.

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Gerold Permoser am 12th September 2017

Sustainability? Possibly more important than you might think!

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I have recently read an interesting research report by one of our independent research partners, Gavekal Research. Gavekal Research is based in Hong Kong, and one of its strengths is its deep knowledge of the Asian market. The piece titled “Good Governance, Poor Performance” discusses good corporate governance. This is a central pillar of traditional as well as sustainable investment.

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