Manfred Pronhagl

BCS-AM is a growth-oriented investment manager and focuses on the active management of portfolios invested primarily in European equity and fixed-income. The firm's investment process begins with the assessment of each client's profile, including investment goals, investment horizon and risk tolerance in order to establish investment strategies tailored to meet their individual requirements. BCS-AM's investment strategy combines top-down and bottom-up approaches. The firm bases the selection of countries and regions in which to invest on macroeconomic research. This process is completed by stockpicking of securities with growth potential. BCS-AM takes a long-term approach to investing and does not consider investments as financial operations but as participation in the long-term success of investees. The firm does not perform research in-house but relies on external analysts and a close business relationship with the fund managers of their sister company, Carl Spängler KAG.