CarduusWealthAdvisors TIME is the most valuable
thing a man can spend. THEOPHRASTUS

ABOUT US

WHO WE ARE

CARDUUS provides first-class Independent Asset Management services to private & institutional clients, entrepreneurs, their businesses and families. Our team offers over 100 years combined professional experience and know-how in financial markets, investments, wealth & asset management, corporate finance and debt raising.

We are passionate about preserving, protecting and appreciating wealth of our clients, focusing on absolute return on their assets. CARDUUS is independent of any financial institution. Our one and only responsibility stands towards our clients and their satisfaction. CARDUUS collaborates solely with top-notch custodian banks. It is our client who decides on the destination for their assets. CARDUUS is licensed by FINMA and is audited by an independent audit company.

Our Beliefs

ETHICS

We are determined to act purely for the benefit of our client and we strictly avoid conflicts of interest with third parties making our services neutral.

INDIVIDUAL APPROACH

We believe that a true understanding of a client’s financial and life situation is key to achieving long lasting benefits. We do not believe in one-size-fits-all or model approaches. Each client is unique to us, with individual needs and an exclusive portfolio construction strategy.

RETROACTION

The world is a continuously changing environment. It is an absolute must to constantly evaluate new facts, their impact on financial markets and respond to them accordingly. What works today may not be good for tomorrow.

TRANSPARENCY

We believe that openness and transparency is crucial to achieve goals for our clients in the complexity of today’s financial ecosystem. We provide our clients with independent reporting, non-biased advice and 24/7 on-line access to their own portfolios.

OUR CLIENT & MODEL

Our Clientele consists of successful entrepreneurs. They appreciate responsibility towards their generated wealth, its protection and/or its appreciation. Our Clients seek professional and independent advice, an individual approach, absolute return and unconditional transparency. We stand here for our Clients as their alternative to traditional finance services providers, who are often disconnected from Clients’ interests.

CLIENT

  • Client gains access to Institutional part of leading world banks on more economical fee terms than in Private Banking
  • Client is the only and final account holder

BANK selection based on parameters:

  • financial health & capacity
  • superlative platform
  • price and service quality
  • market access
  • reliability & own experience

CARDUUS

  • investment strategy & execution
  • fee negotation with custodian banks
  • professional reporting for clients
  • transparent and upfront known fee scheme

Our Client Model stands on a triangular relationship:
1. CLIENT chooses custodian destination for assets
2. CARDUUS performs investment activities on client accounts (without payment authorization and with other limitations defined by CLIENT)
3. CARDUUS and Custodian BANK provide CLIENT with independent reports

Our Team

  • Pavel Bodlák

    Founding Partner

    Chairman of the Board

    Pavel started to gain his 30 years financial markets experience in Credit Lyonnais and later on in Komerční banka in Prague. He further gained his expertise in AIG and PPF Asset Management. Since 2002, he acted as Chief Investment Officer (CIO) of Amcico AIG Life/ AIG Group. In this capacity, he was responsible for steering overall institutional asset management division and management of unit trusts within AIG Funds Central Europe. Since 2005, he worked as Senior Portfolio Manager in PPF Asset Management (leading Central & Eastern European financial and investment group). His main responsibilities included managing FX and interest rates operations on global markets and creation of individual client care section. In 2009, he founded Iluvatar Consulting and Carduus Wealth Advisors AG, later in 2011.

  • Radovan Studník

    CEO

    Radovan has extensive portfolio management experience, which he gained at Swiss investment boutiques and family offices. From 2014 to 2019, he covered UHNW clients and managed an emerging markets fixed-income fund. Additionally, he co-managed a commodity risk-premia fund. From 2012 to 2013, he worked in Investment Management of UBS Wealth Management in Zurich. Radovan holds Master of Science degree in Financial Management from the University of Liechtenstein and Master’s degree in Finance from Masaryk University in Brno, Czech Republic. Radovan is a CFA charter holder and Swiss resident.

  • Petra Viesnerová

    Portfolio Manager

    Petra acquired her first experience in the financial markets in 1991 at MMB (Money Market Brokers), where she worked as interbank broker and participated in the construction of the first brokerage company in the Czech Republic. She spent 8 years in bank Credit Lyonnais as Corporate Dealer for medium and large corporations. Petra gained further trading experience in Česká Spořitelna, a.s. In 2008, she moved to Private Banking & Wealth Management with Raiffeisenbank to lead the Private Bank segment. Since 2013, she has worked as Portfolio Manager in Carduus.

  • Pavel Scholz

    CFO

    Pavel’s professional experience dates back to 1991, when he joined Financial Directory. He made a remarkeble career and gathered a great experience in a regulated fund business. Since 2014, he has been working as CFO in Carduus Wealth Advisors.

OUR SERVICES AND OFFERING

INVESTMENT PHILOSOPHY

Investment philosophy is customized to the unique needs of each client, his/her life stage, asset situation, return expectation and most importantly to a client’s risk appetite.

We are commited to following
key principles:

STRATEGIC ASSET ALLOCATION (SAA)

SAA is the key principle in delivering Medium to Long Term target return on a consistent basis. Numerous studies1 evidence that over 82% of total portfolio return is generated by diligent following of SAA guidelines in a disciplined manner.

1 (eg. Brinson, Hood & Beebower 1986, Brinson, Singer & Beebower 1991, Ibbotson & Kaplan 2000)

CAPITAL PRESERVATION

Preservation of capital (including its appreciation) is directly linked to the selection of conservative instruments with an appropriate risk-reward, in addition to the parallel elimination of high volatility ensuring stability and predictability of future returns.

LIQUID FORMS

Selection of liquid instruments on capital markets offers financial resource flexibility for cases of ever new appearing market opportunities as well as for unexpected life situations. We are determined to avoid offering bank products whenever possible and we always search for ways to express our ideas directly (ie. exchange-traded solutions with transparent pricing).

DIVERSIFICATION

Diversification is a vital part of any investment strategy from a solutions or geographic point of view. This principle proves extremely valid in the volatile world of today and even more tomorrow.

FOREIGN EXCHANGE (FX)

We believe that FX market and long-term views represent integral part of strategic considerations within a portfolio construction.

SELECTION OF RELIABLE PARTNERS

The due care selection of providers of financial solutions is essential with respect to product offering and pricing but also its credibility, financial strength, know-how or regional focus.

Client Process

CLIENT CONTROL

Clients retain total control of funds flow on their investment and cash accounts inlcuding awareness of each transaction. Client receives double control (Carduus Reports + Custodian Bank’s reports)

GET TO KNOW / RISK BUDGET DEFINITION

Discussion on goals, expectations and risk budget takes place during initital stage of client contact. Personal meeting and contact of each client with investment manager and investment team is key principle

INVESTMENT STRATEGY DEFINITION

Developed based on client’s investment goals. This can be revised based on change in client’s preferences or adjusted due to changing market conditions or new opportunities. This framework document is revised annually.

STRATEGY IMPLEMENTATION

Gradual implementation. We believe in market timing and do not rush with getting invested fast.

ALLOCATION PROPOSAL

Investment manager proposes optimal solutions mix respecting client’s Risk Profile, Investment Goals and market dynamics.

MEETINGS AND REPORTING

Client meetings occur on regular basis. We discuss portfolio performance, possible adjustments to tactical allocation and new investment opportunities. Almost 24/7 availability of your Portfolio Manager is integral part of our service.

1 Understanding
Your Situation

2 Investment
Strategy
Definition

3 Allocation
Proposal

4 Strategy
Implementation

5 Strategy
Controls &
Review

INVESTMENT PROCESS

THE PROCESS FOR GENERATION AND
IMPLEMENTATION OF IDEAS.

  1. PREPARATION

    STRATEGIC VIEWS

    Asset class risk & return expectations

    RISK BUDGET

    RISK ANALYSIS

    • Holdings & Returns based analysis
    • Tail risk analysis

  2. IDEA GENERATION

    TACTICAL VIEWS

    Economics, Politics, Corporate earnings, Rates & FX, Global themes

    ANALYSIS

    SECTOR FUNDAMENTALS

    • Bonds: (Govt, Corporate, EM, etc.)
    • Equity: (Industry Sectors, Company)
    • Currency & Commodities Focus – Define the fundamental catalysts for returnand and risk

  3. STRATEGY

    PORTFOLIO POSITIONING

    Asset Class Relative Value Conviction, Scaling, Factor Exposures

    STRATEGY

    SECTOR VALUATIONS & TECHNICALS

    • Sector relative ValueFocus – ensure we implement efficiently
    • TechnicalsFocus – appropriately scaled and timed trades

  4. DECISIONS

    REVIEW

    Performance & Risk Review

    EXECUTION

    IMPLEMENTATION

    • Security Selection
    • Trading

THE ANALYTICAL FRAMEWORK TO
EVALUATING OPPORTUNITIES

Our approach relies on three pillars: Quantitative
Screening, Company Analysis and Risk Analysis

  1. QUANTITATIVE SCREENING

    Investment universe Governments, Corporates, Equities, etc.

    ’Structure’ filter e.g. liquidity, governing law, domicile

    Eligible universe

    ‘Company’ filter e.g. leverage, CDS / equity pricing, ratings actions, Candidate universe

  2. COMPANY ANALYSIS

    Fundamentals

    • Country, Industry, Regulation
    • Business risk e.g sector
    • Financial risk e.g. liquidity

    Relative Value

    • Peer comparison
    • Capital structure positioning
    • Sector valuations

    Technicals

    • Demand versus supply
    • Investor fund flows
    • Derivatives positioning

  3. RISK ANALYSIS

    Absolute & Marginal Contribution to Risk

    • Top down – Risk factor exposures
    • Bottom up – VaR, cVaR
    • Index betas

    Fundamentals

    • Expected default frequency
    • Scenario Analysis
    • Pricing & Liquidity
    • Credit event / ratings monitoring

Our Services

A) WEALTH MANAGEMENT

Our team features the widest range of capital and financial market solutions with the goal to protect and appreciate our clients‘ wealth

  1. Discretionary Solutions
  2. Investment Advisory
  3. Wealth and Succession Planning
  4. FX Advisory
  5. Investment Strategy reviews
  6. Independent Reporting

 

B) INDEPENDENT REVIEW & ADVISE

We are happy to review and opine existing set-up and model

  • Assessment of current investment policy and strategy
  • Proposal of overall strategic allocation and its realization
  • Adoption of relevant benchmarks
  • Detailed reporting
  • Complex monitoring and risk management, portfolio performance measurement
  • Overview of existing asset managers & their mandates
  • Proposal on changes of asset managers, changes in mandates
  • Founding of specialized funds
  • Proposal and creation of special strategies
 

REGULATORY

Carduus Wealth Advisors AG is a FINMA-licensed Portfolio Manager according to the Swiss Financial Institutions Act (FinIA) Article 17 paragraph 1. Further information on Carduus Wealth Advisors AG’s license is available on the corresponding FINMA’s webpage here.

The full list of licensed entities is available here.

OTG is our strategic partner in accounts controlling and bookkeeping.

We’ve joined Ombudsman FINOS (Officially recognized ombudsman service for financial service providers assording to FinSA)

  • Mandatory information for clients