Everything on Asset Exclusion

Non-productive assets like gold and cryptocurrency are excluded from core portfolios because they lack cash flow generation and cannot be valued through discounted cash flow models. Physical gold is reserved only for extreme tail-risk hedging.

Impact: Excluding non-productive assets focuses the portfolio on cash-generating investments, potentially improving long-term returns and reducing volatility.

— from Alternative Credit Strategies for Multi-Billion Euro Portfolios · OHNE AKTIEN WIRD SCHWER - Tägliche Börsen-News· Oct 31, 2026