Ethenea: the flagship fund, the Ethna-AKTIV, turns 20

Press release

Munsbach, 15. February 2022. The Ethna-AKTIV is celebrating its 20th anniversary. Luca Pesarini and Arnoldo Valsangiacomo, the founders of Ethenea, launched their first fund in 2002. Prior to that, they had worked for various well-known companies in the finance sector. With its multi-asset approach, the fund they launched, the Ethna-AKTIV, was revolutionary in Germany at the time and it became a pioneer in the field. Originally conceived as a “friends and family” fund, the successful performance of the Ethna-AKTIV resulted in the fund also attracting the interest of other investors. Pesarini and Valsangiacomo then opened up the Ethna-AKTIV and also successively launched two other multi-asset funds - the bond-focused Ethna-DEFENSIV in 2007 and the equity-focused Ethna-DYNAMISCH in 2009.

Flagship fund without a benchmark

Unlike most other funds, the Ethna-AKTIV does not follow any benchmark. “This gives us the freedom to invest exclusively in the securities we believe in the most,” explains Luca Pesarini. “The fund's approach, which combines a focus on capital preservation with a high degree of flexibility, has proven its worth many times over. As a result, we have successfully weathered a range of crises, including the Global Financial Crisis in 2008, the euro crisis of 2012 and, most recently, the impact of the Covid-19 pandemic in 2020.”

Diversification across different asset classes, sectors, and regions is a central component of the Ethna-AKTIV’s investment strategy. “When making allocation decisions, we take both the current macroeconomic scenario and the relative attractiveness of the individual investment opportunities into account,” says Arnoldo Valsangiacomo. “This enables us to react flexibly to different market situations and take advantage of return opportunities, without neglecting risk management. Equities and bonds remain the core components of the fund’s portfolio. Investments in commodities and, above all, currencies round off the allocation.” Thanks to this combination of a long-term strategy and flexible tactical adjustments, the Ethna-AKTIV (T Class) was able to deliver a strong performance of 5.14% in 2021.

An experienced team with a focus on ESG-compliant investments

The experienced Portfolio Management team consists of founders Luca Pesarini and Arnoldo Valsangiacomo, as well as multi-asset expert Michael Blümke. “The fund has always weathered challenging market phases, because we have an in-depth knowledge of the macroeconomic environment and a clear view of the constantly changing financial markets,” says Blümke. “We don't follow every trend that arises, but we also understand the importance of adapting to the circumstances on the financial markets in a constantly changing world.” Currently. one of the key areas of focus for the Portfolio Managers is ESG-compliant investments. Here, the Portfolio Managers are working towards a more sustainable future, while continuing to deliver a strong performance. Thanks to these efforts, in 2021, the Ethna-AKTIV (e.g. T Class) was recognised with four ESG Globes from Morningstar and an AA ESG rating from MSCI.

Press contact

Wim Heirbaut

Senior PR Consultant, Befirm

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About Ethenea

ETHENEA offers a wide range of attractive investment opportunities for different investor profiles: risk-minimised, balanced and equity-focused.

Capital preservation and the achievement of stable long-term returns are key components of the investment philosophy of the Ethna Funds. The fund management consistently realises this objective through active management and flexible asset allocation across various sectors and asset classes.

ETHENEA wants to make a contribution and offer responsible and sustainable investment solutions. Therefore, ESG criteria are an important part of the investment processes of all Ethna Funds (Article 8 SFDR).

Further information and legal information can be found at


PRESS RELEASE – not an official document

We would like to point out that all data and information made available to you has been thoroughly researched by ETHENEA. However, with regard to its correctness and completeness, we cannot assume any liability or warranty for damages incurred either by the recipient of this information or by third parties, either directly or indirectly. In the event that this text is published in any form and to any extent, the publishing entity (editorial office of the newspaper or associated or commissioned third parties, website, podcast, etc.) is obliged to include the necessary disclaimers and legal notices. In addition, in this context, we refer to our legal information: The information contained in the attached document does not constitute a solicitation, offer or recommendation to buy or sell units in the fund or to engage in any other transaction.  It is intended solely to provide the reader with an understanding of the key features of the fund, such as the investment process, and is not deemed, either in whole or in part, to be an investment recommendation. The information provided is not a substitute for the reader's own deliberations or for any other legal, tax or financial information and advice. Neither the investment company nor its employees or Directors can be held liable for losses incurred directly or indirectly through the use of the contents of this document or in any other connection with this document. The currently valid sales documents in German (sales prospectus, key information documents (PRIIPs-KIDs) and, in addition, the semi-annual and annual reports), which provide detailed information about the purchase of units in the fund and the associated opportunities and risks, form the sole legal basis for the purchase of units. The aforementioned sales documents in German (as well as in unofficial translations in other languages) can be found at and are available free of charge from the investment company ETHENEA Independent Investors S.A. and the custodian bank, as well as from the respective national paying or information agents and from the representative in Switzerland. The paying or information agents for the funds Ethna-AKTIV, Ethna-DEFENSIV and Ethna-DYNAMISCH are the following: Austria, Belgium, Germany, Liechtenstein, Luxembourg: DZ PRIVATBANK S.A., 4, rue Thomas Edison, L-1445 Strassen, Luxembourg; France: CACEIS Bank France, 1-3 place Valhubert, F-75013 Paris; Italy: State Street Bank International – Succursale Italia, Via Ferrante Aporti, 10, IT-20125 Milano; Société Génerale Securities Services, Via Benigno Crespi, 19/A - MAC 2, IT-20123 Milano; Banca Sella Holding S.p.A., Piazza Gaudenzio Sella 1, IT-13900 Biella; Allfunds Bank S.A.U – Succursale di Milano, Via Bocchetto 6, IT-20123 Milano; Spain: ALLFUNDS BANK, S.A., C/ Estafeta, 6 (la Moraleja), Edificio 3 – Complejo Plaza de la Fuente, ES-28109 Alcobendas (Madrid); Switzerland: Representative: IPConcept (Schweiz) AG, Münsterhof 12, Postfach, CH-8022 Zürich; Paying Agent: DZ PRIVATBANK (Schweiz) AG, Münsterhof 12, CH-8022 Zürich. The paying or information agents for HESPER FUND, SICAV - Global Solutions are the following: Austria, Belgium, France, Germany, Luxembourg: DZ PRIVATBANK S.A., 4, rue Thomas Edison, L-1445 Strassen, Luxembourg; Italy: Allfunds Bank S.A.U – Succursale di Milano, Via Bocchetto 6, IT-20123 Milano; Switzerland: Representative: IPConcept (Schweiz) AG, Münsterhof 12, Postfach, CH-8022 Zürich; Paying Agent: DZ PRIVATBANK (Schweiz) AG, Münsterhof 12, CH-8022 Zürich. The investment company may terminate existing distribution agreements with third parties or withdraw distribution licences for strategic or statutory reasons, subject to compliance with any deadlines.