Die Performance-Darstellung von Wertschriften-Portfolios

Zusammenfassung

Big asset management funds have an incentive to identify portfolio managers who show ex post investment results maximizing the fund utility. This analysis cannot be restricted on rate of returns as they do not take into account different levels of return volatility. Therefore performance is a much better measure than a return rate. Performance is a measure describing the relation between return and risk of an asset. Asset management reports in Germany and the Principality of Liechtenstein show that portfolio reporting gives information on rates of return, but no information on portfolio risk and performance ratios.

In the following we give an overview on traditional performance ratios and show the use of performance ratios in asset management. Using different ratios can lead to different rankings of portfolios. But which portfolio is the best from the investor’s viewpoint? We propose that this question can be answered looking at the portfolio situation of the investor. If a bank has a perfect overview on all assets of a client, the bank is in a position to identify the performance ratio leading to the optimal ranking decision of the client. In order to offer this valuable service the bank needs a very deep information of the clients personal wealth situation, which offers the bank an important competitive advantage in relation to other banks.