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167 | Anlage in Nebenwerte — Interview mit Dominique Messmer

·26 min·2 clips

Gebert says 95% of German listed companies are Nebenwerte, advising investors to 'fish where the fish are.'

The episode begins with hosts Volker Pietsch and Antonio Sumese introducing the topic of Nebenwerte, framing them as smaller companies outside the DAX that periodically gain hype. They note Nebenwerte carry higher risk but potentially higher returns. Guest Christoph Gebert, a 20-year veteran in German equities and board member of Erke-Lüberstedt AG, joins to discuss his specialization in Nebenwerte. Gebert defines Nebenwerte by market capitalization, using examples like Energiekontor (a solar/wind project developer) and Sixt (a car rental company). He highlights that many are owner-led, like Sixt and Dürr, which fosters long-term strategic focus. Gebert argues investors should consider Nebenwerte because they represent 95% of German listed companies, offering a larger investment universe. He cites studies showing Nebenwerte have historically outperformed large caps by about 5% annually, a 'small-cap premium.' Diversification is another benefit, as these companies often operate in niche, uncorrelated sectors. Gebert acknowledges risks, including higher volatility and the need for extensive research, recommending funds over individual stocks for most investors. He emphasizes a long-term horizon of 5-10 years, noting Nebenwerte can underperform during crises but typically recover. When asked about allocation, Gebert suggests at least 10% and shares he personally invests 100% in Nebenwerte. The conversation turns to current market conditions, with Gebert analyzing impacts of inflation, rising interest rates, and energy policies on different sectors. He avoids cyclical industries like chemicals and focuses on technology stocks, which he sees as less affected by macroeconomic headwinds. Gebert stresses that stock prices may fluctuate, but underlying company quality matters for long-term gains. The episode concludes with hosts summarizing key points and reiterating that the discussion is not investment advice.

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