Stefan M. Kremeth

Incrementum AG is an owner-managed and fully licensed asset manager based in Liechtenstein offering first-class wealth management services for private clients, a range of investment funds and custom-tailored specialised mandate investment solutions as well as specialised research products, including the “In Gold We Trust” report.

Incrementum only offers cash flow generation and capital preservation strategies. Participations in listed companies, in other words, the factors of production, i.e. labour, land and capital, are tangible to us and equities, therefore, belong to our core investments. We are building truly customised client portfolios according to our clients’ requirements, needs and their willingness to accept risk. We are long-term investors and solely invest in equities of listed companies with a proven track record of producing net free cash flows over the years, willing to share those at least partially with investors in the form of dividends and capital reductions. Besides equities, we invest in real estate, natural resources and precious metals.

Large scale monetary policies are difficult to judge. While we are not necessarily convinced that the increase in global debt will be sustainable, we are humble enough to recognise that so far, the leading central banks seem to have mastered the 2007/2008 financial crisis and the COVID-19 pandemic induced global economic crisis in 2020 rather well. Either way at Incrementum we see money only as a means for facilitating global trade, stimulating consumption, maybe storing value short term and thus money for us is a lubricant for the global economy.

At Incrementum, we believe in active portfolio management. We cut back positions that have reached our price targets, and we love to buy into companies that have sound underlying business models but maybe missed their targets for a quarter or two. We are patient, long-term investors and do not believe in short-term performance maximisation, and we are creating additional cash flows by actively harvesting volatility through option strategies.

Incrementum is a sophisticated and classy investment boutique, and the partners of Incrementum do everything it stays that way.