Valex Capital AG

Valex Capital AG is an independent, owner-run asset management company. The company is owned by the Board of Directors and the managing partners.

Valex is prudentially supervised by the Swiss Financial Market Supervisory Authority FINMA and licensed as an asset manager of collective investment schemes and as a representative of foreign collective investment schemes.

Business philosophy

The heart of our work is quality, the security of the mandates entrusted to us, reliability, care and circumspection, responsiveness to and the welfare of our customers, and an orientation towards the long term. As owners and businesspeople, what we value most is being able to act independently and with freedom from any conflicts of interests. These demands apply to internal and external relationships and are the binding foundation of our day-to-day activity.

Ethics and professionalism

We meet the highest ethical and professional standards, which we have defined in our Code of Ethics. We do not execute transactions on our own account and do not engage in proprietary trading. We only use our own products after consultation with and approval by our customers.

Conflicts of interests

We are free of conflicts of interests of any kind and entirely independent in our selection of counterparties and financial products. Our only source of income is management and performance fees. We finance all our own expenses without exception. We do not sign commission sharing agreements with our counterparties, do not accept retrocessions, and do not accept contributions of any other kind. 

Transparency

For us, full transparency inwards and outwards goes without question. It contributes to shared further development and fosters community spirit not only within our company, but also in relation to our customers and external partners. Transparency cements reliability and stabilises partnerships.

Performance

Everything we do is subordinated to achieving the best possible performance. We make Investment decisions based on our investment process that has been tried and tested over many years and rests exclusively on a foundation of cooperation with independent providers of academic studies and reports. The result is some very convincing credentials - measured both relatively and absolutely. The majority of the portfolios we manage exceed their reference index.

Our customers

We are entrusted with the asset management of pension funds and foundations, assets belonging to family offices and to domestic and foreign collective investment schemes (investment funds). We always seek bespoke and customer-oriented solutions for our clients. For us, careful and circumspect handling of the customer funds entrusted to us goes hand in hand with the highest possible quality of service and nurturing of a strong service culture.

Shareholders

The owners of the company are certain members of the Board of Directors and the managing partners. The owners guarantee a maximum of continuity and identification of their own interests with those of our customers.

BoD and EB

The members of the Board of Directors and Executive Board collectively possess decades of experience in asset management, compliance, risk control and risk management, financial market legislation, and auditing.

About Us

Capital requirements

We meet the strict legal capital requirements. The compliance with these rules is monitored regularly by the Swiss Financial Market Supervisory Authority FINMA. Permanent monitoring of the capital resources is ensured as part of our internal control system. The Board of Directors is also informed of business performance on a monthly basis. Our capital exceeds statutory requirements by 55%. Capital to fulfil the legal requirements is deposited in Swiss francs at different cantonal banks to ensure maximum protection of deposits.

Employees

At our heart is a team of highly qualified and talented employees. They are our foundation for executing tasks with high quality requirements. Our team is composed of complementary specialists, bringing together profound expertise in research, quantitative analysis, asset management, and risk management. The common denominator of everything we do is team spirit, values, mutual respect, and enthusiasm for our work.

Team

Stefan Briner

Stefan Briner

Portfolio Manager

stefan.briner@valex.ch

Dr. Stefan Briner verfügt über langjährige Erfahrung im Finanz- und Versicherungswesen. Er war in verschiedenen leitenden Funktionen für ein Schweizer Industrieunternehmen tätig, zuletzt als Mitglied der Geschäftsleitung und Verantwortlicher für das Asset Management der Pensionskasse. Seine Ausbildung umfasst einen Studienabschluss und eine Dissertation in Betriebs- und Volkswirtschaftslehre an der Universität St. Gallen. Dr. Stefan Briner ist Mitglied des Stiftungsrates der Anlagestiftung Swiss Life.

Kurt G. Fehr

Kurt G. Fehr

Deputy CEO

kurt.fehr@valex.ch

Kurt G. Fehr studied at the University of Applied Sciences in Business Administration in Zurich. He concluded the 10th Swiss Banking School course in 1998 with the publication of an award-winning thesis in the field of collective investments.

He worked for the Authorisation (Banks)/Investment Fund Department of the EBK (now Swiss Financial Market Supervisory Authority FINMA) from 1990 to 2007, where he managed a team of specialists and played a decisive role in the development of the investment fund and collective investment legislation.

In 2007 he founded pfi partners for financial intermediaries AG with his partners, a company now domiciled in Pfäffikon SZ.

Subsequently he headed the Legal & Compliance Divisions and assumed the function of risk control at two banks operating in the private client segment.

Kurt G. Fehr has a great amount of experience in all sectors of the financial industry and heads the Compliance and Risk Management Division at Valex Capital AG.

Thomas Haberthür

Thomas Haberthür

Portfolio Manager

thomas.haberthuer@valex.ch

Thomas Haberthür is a Portfolio Manager at Valex Capital AG and responsible for the management of the Valex Marystone Equity Fund. He completed basic bank training with Credit Suisse in Zurich and Coop Bank. Thereafter, he advised investment clients of UBS‘ Wealth Management sector for 26 years, and last 10 of them clients in the HNWI segment Baden. He founded his own company, Marystone T Haberthür, 3 years ago.

Marcel Hess

Marcel Hess

CEO

marcel.hess@valex.ch

Marcel Hess (founder, Vice President of the Board of Directors, business manager) has over 25 years' experience in banking and finance. He completed his training at Credit Suisse in trading and at an English brokerage company in the area of institutional client support. Between 1995 and 2007 he held various posts at Fisch Asset Management AG, ultimately as the person responsible for Marketing & Sales as well as business manager and delegate of the Board of Directors. In 2009 he founded Valex Capital AG, which has been approved by the Swiss Financial Market Supervisory Authority FINMA.

Daniel Hug

Daniel Hug

Board of Directors

daniel.hug@valex.ch

Daniel Hug (Deputy Managing Director) has over 20 years' experience in banking and finance. He was a member of the management board at VP Bank Schweiz, a Director at HSBC Private Bank and a member of the management board at Amtsersparniskasse Schwarzenburg. Previously, he worked as an accountant in charge at Ernst & Young. His education includes graduation in business administration at the University of Berne (lic.rer.pol.), an MBA at the University of Geneva, an Executive MBA at Carnegie Mellon University Pittsburgh (USA) as well as other final exams constituting professional qualifications such as the Trust and Estate Practitioner TEP and the Certified Financial Planner CFP.

Nicole Schilter

Nicole Schilter

Operations

nicole.schilter@valex.ch

Nicole Schilter has over 20 years experience in the area of back- and middle-office as well as accounting. After her commercial apprenticeship she used to work for several national and international banks and financial institutions in the french- and german-speaking Switzerland.

Marcel Schwitter

Marcel Schwitter

Operations

marcel.schwitter@valex.ch

Marcel Schwitter studierte u.a. Rechtswissenschaft an der Universität Zürich. Während mehr als 20 Jahren arbeitete er für verschiedene Unternehmen in den Bereichen Logistik und Umwelt mit Schwerpunkt Finanzen. Im Bereich Operations ist er für die Valex Capital AG seit Mai 2013 tätig.

Dieter C. Söhner

Dieter C. Söhner

President

dieter.soehner@valex.ch

Dieter C. Söhner (Chairman of the Board of Directors), studied at the Universities of Berne, Geneva and Pittsburgh (USA). As a lawyer, he specialises both in civil law and financial markets law. Between 2001 and 2006 he worked as an economic assistant at the Federal Banking Commission (now the Swiss Financial Market Supervisory Authority FINMA) in the department dealing with approvals for (banks)/investment funds. During this period, he continued his training in the field of international assets management and completed studies both with an MBA International Wealth (University of Geneva) and an Executive MBA International Wealth (Carnegie Mellon University, Pittsburgh). Until 2007 he was responsible for the department Legal & Regulatory Financial Services Switzerland at a large audit company. Since August 2007 he has been a member of the management board and partner at pfi partners for financial intermediaries AG in Pfäffikon SZ.

Urs von Arx

Urs von Arx

Portfolio Manager

urs.vonarx@valex.ch

Dr. Urs von Arx, Portfolio Manager at Valex Capital AG, worked as a research associate at the Swiss Federal Institute of Technology (ETH) Zurich and at the University of Zurich for many years, dealing with the recording of risk factors of shares and measuring the performance of sustainable investments. Prior to this time, Urs von Arx worked as an analyst and portfolio manager with various banks for almost twenty years. In 2001 and 2002, he was the co-manager of various funds and mandates of Swiss shares at Bank Pictet. In the previous years he managed the Swiss equity fund at ABN AMRO and was, inter alia, co-manager of the bank’s pension fund. Urs von Arx’s career in the banking sector began in 1986 when he joined Zürcher Kantonalbank. He initially headed the Quantitative Analysis and Bond Research groups before being entrusted with the management of the foreign currency fund. 

Markus Widmer

Markus Widmer

Board of Directors

markus.widmer@valex.ch

Markus Widmer (Member of the Board of Directors) is a holder of a Swiss federal diploma as a financial analyst and an asset manager. He formerly held managerial posts at Schweizerische Bankgesellschaft as it was known at the time (now UBS) in the areas of investment consulting and fund management on behalf of private and institutional clients and has built up long-standing customer relationships. He is the co-founder of Proventus AG, an asset management company based in Zurich and founded in 1998, which has specialised in individual client support and the acceptance of investment mandates within the framework of a family office concept.

Processes

We have clearly defined, robust processes for every area of operations. These processes can be monitored from inside as well as from outside and are fully transparent. We implement them with stringend discipline. We are assisted in this by powerful IT systems. These include, among others, fully automated real-time risk monitoring and seamless, continuous order processing through powerful interfaces (STP) with our business partners.

Technology

The use of the most modern technologies available is a core component of our workflow. This is true in asset management just as much as in risk monitoring or order processing. We work closely with software engineers who specialise in the development and implementation of powerful, scalable mathematical models. In order to keep and expand this competitive advantage, we invest more than 15% of our turnover in maintaining and developing our technological infrastructure.

We invest more than 10% of our turnover in independent research reports and analytical reports. 

Quality

Our investments are subject to strict quality criteria. If it isn't transparent and cost-effective for our customers, we don't use it. We don't make investments that we can't understand or evaluate and monitor with the required depth and transparency. For us, it's a given that we don't make investments that we wouldn't acquire for ourselves as well. Compliance is an integral and important part of our investment process.

Investment philosophy

We are convinced that good investment returns can only be attained through a transparent, clearly structured and disciplined investment process. In our opinion, a careful and thorough analysis of the global macroeconomic conditions on the one hand and a selection of securities based on quantitative criteria on the other hand are what characterise a high quality investment process.

A precondition for attaining the best possible performance is the independence of the persons making the decisions. This ensures that these persons always act in the best interests of the client.

In the long run, active portfolio management as opposed to a passive investment strategy is capable of generating more added value on a sustainable basis (alpha). Only simple, clear and cost-efficient investment building blocks should be used to achieve this. They are superior to complex and opaque products. A long-term strategy avoids the greatest and most expensive errors.

Investment principles

We focus on rational, measurable facts to avoid mistakes caused by emotion. Emotional, subjectively based decisions lead to misconduct (herd instinct) and, in the long term, serious impairment of performance. In the sea of data, we stick to a few powerful and stable evaluation criteria in order to reduce the risk of error in the input data to a minimum. Everything in this world undergoes development and change. That's why we review and scrutinise our investment process on a regular basis and adjust it if needed.

Feasibility

"What is realistic and doable?" We believe that asset management is largely about answering this question and therefore about controlling wishful thinking. This process by necessity leads to our consistent focus on reality and constant adaptation to new circumstances.

Research

We are convinced that careful basic research is the foundation of long-term successful asset management. Our business partners consist exclusively of independent providers who have been global leaders in their fields for many years.

Investment process

Our investment process is a combination of analysis of global macroeconomic conditions - the so-called global macro top-down approach -, resulting definition of the range of possible investments using criteria of inclusion and exclusion, and the filtering out of quantitatively relevant information.

Global Macro

Our focus on global macroeconomic conditions is crucial to strategically successful allocation of assets. Empirical studies show that long-term wealth creation rests to a significant extent on correct allocation of assets.

Quantitative analysis

Quantitative analysis filters the information relevant to selection of securities out from a comprehensive, global database and sorts this data by certain criteria. We concentrate on a few powerful and stable evaluation criteria in order to reduce the risk of error in the input data to a minimum. Taking into account certain factors like performance potential and volatility risk, the best possible portfolio is then put together based on the selected securities.

Empirical vs. emotional

Empirical vs. Emotional
Research-based approach vs. Limited information
Rational decisions based on carefully analysed data vs. Emotionally driven decisions
Long-term-oriented wealth increase vs. Short-term-oriented fear of loss
Empirical plausibility check vs. Social plausibility check
Separation from the crowd vs. Herd instinct
Systematic, consistent approach to building and managing portfolios vs. Emotionally driven action without concept or structure

Asset Allocation

Please find our current and historical asset allocation to download:

Contact

Valex Capital AG
Schützenstrasse 18
CH-8808 Pfäffikon

T +41 44 888 99 00

Imprint

Imprint

Legal  Information

Owner of this website and overall responsibility
Valex Capital AG

Address
Schützenstrasse 18
CH-8808 Pfäffikon SZ
Switzerland

Telephone: +41 44 888 99 00
Email: contact form

Company headquarters
CH-8808 Pfäffikon SZ, Municipality of Freienbach, Canton of Schwyz

Legal status
Public limited company under Swiss law

Entered in the commercial register of the Canton of Schwyz
Company number: CH-130.3.014.537-3

Supervisory authority
Swiss Financial Market Supervisory Authority FINMA
Laupenstrasse 27
CH-3003 Bern
Switzerland
www.finma.ch

Auditor
Mazars SA
Mühlebachstrasse 20
CH-8008 Zürich
Switzerland
www.mazars.ch

Board of Directors
Dieter C. Söhner (Chair)
Daniel Hug
Markus Widmer

Management
Marcel Hess (Managing Director)
Kurt G. Fehr (Deputy Managing Director)

Legal notices and third-party copyright
© Valex Capital AG
All rights reserved

Web design and programming
Localmedia GmbH
Fischmarktstrasse 4
CH-8640 Rapperswil SG
www.localmedia.ch

Disclaimer
The content of these web pages was prepared with the greatest possible care. Nevertheless, we accept no liability for their content. Subject to misprints and errors. We reserve the right to make changes. The content is protected by copyright.
We accept no liability for the content of external links. The operators of linked pages are solely responsible for their content.
The sale of collective capital investments is subject to authorisation under the Federal Act on Collective Investment Schemes of 23 June 2006 (CISA), the Ordinance on Collective Investment Schemes of 22 November 2006 (CISO), the Ordinance of the Swiss Financial Market Supervisory Authority on Collective Investment Schemes (CISO-FINMA) of 27 August 2014 and the guidelines of the Swiss Funds & Asset Management Association SFAMA on the sale of collective investments of 22 May 2014 (incl.: the provisions for distributors).   

News

April 03, 2017

As of 3 April 2017, Valex Capital AG takes over the sole asset management of the subfund «Valex MultiFund (CH) – Value Global Bond».

As of 3 April 2017, Valex Capital AG takes over the sole asset management of the subfund «Valex MultiFund (CH) – Value Global Bond».

April 03, 2017

As of 3 April 2017, Valex Capital AG takes over the sole asset management of the subfund «Valex MultiFund (CH) – Value Global Bond». At the same time a fund management change took place from UBS Fund Management (Switzerland) AG, Basel, to LB (Swiss) Investment AG, Zurich. Custodian bank remains UBS Switzerland AG, Zurich.

Valex MultiFund (CH) is an umbrella fund under Swiss law of the category “Other funds for traditional investments". The fund is restricted to qualified investors and is divided into the sub-fund Value Global Bond. The sub-fund invests its assets worldwide in debt paper and rights of all kinds, denominated in freely convertible OECD currencies, as well as in other investments as permitted under the fund contract, denominated in freely convertible currencies, according to the principle of risk diversification based on a careful, extensive and long-term substance value analysis.