Research

ACATIS actively fosters the value investing approach in Germany.

Every year ACATIS honours academic research on the subject of value investing with the ACATIS Value Prize.
We also organise a value conference and a value seminar for professional investors each year.

What we learn from research and theory and from our value events flows into our portfolio management. At the academic level, our portfolio management has discussed the subject of value investing in two studies.

ACATIS Value Study 1 "Simple value strategies beat the market": In a meta-study we analysed 48 mostly academic studies and 96 related sub-studies on this subject. The answer is clear: simple value strategies beat the market.
ACATIS Value Study 2 "The influence of market cycles and institutional investors on the performance of value strategies".

Downloads

Only available in German

Value Study I	Value Study II

Notice

The 9th ACATIS Value Conference will be held on 25 May 2012

The this year's title is Optimism

After a negative year for equities, after a sideward decade, it is not easy to be optimistic.

Optimism is a question of perspective. For every loser there is normally a winner, and what is an exit with heavy losses for the one is an attractive entry opportunity for the other. The one groans loudly, the other quietly rubs his hands.

Optimism is a question of sentiment and perception. A series of negative events causes the future expectation to turn negative. People overestimate what is possible short term and underestimate what will happen long term.

Optimism is a question of facts and probabilities. People are poorly equipped to form an objective picture of the future. They have difficulty predicting and even greater difficulty dealing with probabilities. In actuality, however, there are more facts to support an optimistic outlook than a pessimistic one. [more]