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ETHENEA − Fund Management

What sets us apart

The investment philosophy of the Ethna Funds

Capital preservation and achieving stable returns over the long term are key components of the investment philosophy of the Ethna Funds. So in every investment decision that we make, we take all potential risks into account. With this risk-conscious and loss-minimisation investment approach, we offer stability and minimisation of volatility.

We act transparently

In addition to timing, the performance of the Ethna Funds depends on achieving the right balance of asset classes in any market situation. This is something we regularly review and adjust when necessary.

We avoid unnecessary risks thanks to balanced investment strategies, incorporating a broad diversification of our portfolio across different sectors and asset classes.

When making investment decisions, we follow a systematic and verifiable process using objective criteria to determine asset class weightings and individual security selection.

We take responsibility

Each of our investment decisions is based on a high level of risk awareness, the goal of preserving the assets entrusted to us, and achieving stable returns over the long-term.

We not only manage the money invested with us as if it were our own, but also treat it with as much care as if the investor had handed us their entire liquid funds. Capital preservation is always our highest priority – as it is the difficult years that determine whether an investment is successful in the long term.

We decide independently

In our daily activities, we are independent from banks and financial institutions. Third-party market opinions and benchmarks are irrelevant for the composition of our portfolios. Instead, our experts’ continuously updated market analyses and forecasts are decisive, allowing us to quickly introduce new information and findings into our investment decisions.

Some key facts about our fund management

2.48 billion euro

The amount of assets our Portfolio Managers actively manage (as of 29/03/2024).


The number of countries in which our funds are currently distributed.

> 20 years track record

The Ethna-AKTIV, a pioneer among multi-asset funds with a 20-years positive track record.


The number of employees assigned to portfolio management.

Environmental, Social, Governance

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Investing responsibly

Our commitment to provide our clients with responsible investment solutions that offer competitive and sustainable returns is reflected in all of our investment policies, processes, and practices. We also make it our aim not to invest in companies involved in any of the following areas...


Although the tobacco industry has always been a profitable investment, many investors are concerned that the industry’s societal costs significantly outweigh its benefits. That’s why we signed the Tobacco-Free Finance Pledge in January 2019.


Armaments, in particular civilian firearms, is an incredibly polarising topic. At ETHENEA, we have decided not to invest in any company that, as a significant part of its publicly declared business, is involved in this area.

Food speculation

Speculation on staple foods such as wheat, maize, and soy, results in significant price fluctuations and leaves millions starving and facing increasing poverty. Therefore, we have made a conscious decision not to invest in any companies involved in food speculation.

Human dignity

In today’s society, increasingly more attention is being given to the prevention of sexual exploitation. Therefore, for ethical reasons, ETHENEA has chosen not to invest in companies whose core business is in the adult entertainment industry.


ETHENEA – Management Company

Guiding principles of the management company

Our guiding principles as a non-bank affiliated management company

ETHENEA Independent Investors S.A. is a non-bank affiliated management company based in Luxembourg. As a modern and responsible management company, we offer tailor-made investment solutions for different investor profiles. As a management company, we have the Ethna Funds, the HESPER FUND SICAV as well as the MainFirst SICAV, among others, under custody.

As an investment management company, we know that we are accountable to our partners and our investors. Diligence, integrity, responsibility and partnership are not only the values of our funds, they also guide our actions and are the key to long-term success. With our expertise, our commitment, our know-how, and our service focus, we support our clients in achieving their investment goals.

Our social commitment

ETHENEA’s social commitment

We are always proud to be able to support good causes

We are continually inspired by people who take an opportunity and turn it into something great. But, because opportunities are not available to everyone, we are currently working on paving the way towards a better future for children and young people. This is something that is near and dear to us.


Working together for education and development

International Project Aid

The education of children and young people is particularly important to ETHENEA. The Swiss development organisation International Project Aid (IPA) combines its social work in developing countries with educational work in Swiss school classes. We are pleased to support and promote this great approach in a new project.


A habitat for the grey giants

Rettet die Elefanten Afrikas e.V.

Elephants have a special meaning for ETHENEA: the grey giants are more than just a symbol, they also embody our values such as reliability, resilience, and strength. Despite their impressive size, elephants are an endangered species. ETHENEA aims to contribute to the protection of their natural habitat and to enable humans and animals to live together.


Small pharmacy with a big impact

Friends of Carina

What some may take for granted is a daily struggle for others. This applies to the safeguarding of good and adequate healthcare in the poor neighbourhood of Villa Zagala in Buenos Aires, Argentina. ETHENEA is proud to support Dr Carina Vetye and her team, recognising their dedication to the wellbeing of residents through their tireless efforts at the slum pharmacy.


Every child has a right to an education

Primary school buildings in Cameroon

The education of children and young people is something that means a lot to ETHENEA. That is why we support Ashia, a non-profit organization with the goal of helping destitute people, in particular children, in Cameroon. Their work focuses on constructing and equipping schools, orphanages and hospitals, as well as on educating the people and ensuring children with disabilities receive vital operations.


Let’s paint a brighter future!

Elephant Parade Swiss Tour 2020

The ELEPHANT PARADE is a charity project that originated in Thailand. The project holds exhibitions each year, with the aim of drawing worldwide attention to the fate of the highly endangered Asian elephants. The first parade was organised in Rotterdam in 2007 and then in 2013, the organisers also visited our neighbourhood - Trier and Luxembourg. Since its inception, there have been 30 parades.

The future of the children is our great concern

Bethanien Kinderdorf in Eltville

ETHENEA supports the Bethanien Kinderdorf Eltville in Rheingau. "The future of the children is our great concern – they need to be protected and supported", says Luca Pesarini, founder of ETHENEA and one of the Lead Portfolio Managers of the Ethna-AKTIV. In order to provide children and adolescents with an even better level of care, ETHENEA is investing in their future.


Bringing joy to those who need it most

Île aux Clowns

ETHENEA is pleased to support the great work carried out by the Île aux Clowns. Île aux Clowns aims to bring laughter and joy to people in difficult situations. The bright and cheerful clowns help improve the quality of life of both children and the elderly, in hospital or any other social facility. They ease the burden on support staff by bringing comic relief and strengthening the partnership between the caregiver, the dependant person and their loved ones.