A portfolio of 35 to 40 hand-picked companies. We buy them when their price is below what we estimate the business is worth – and hold them as long as that assessment remains valid.
35–40
Companies in the Portfolio
€100,000
Minimum investment with LLB custody account
Five
Variations from 20 to 100% equity allocation
LLB
Held in custody with the long-established Liechtensteinische Landesbank
When you buy a stock, you are buying a share in a business. So we ask the same questions a buyer of the entire company would ask: How does it make its money? Will it still be doing so in ten years? What is it worth – and what does it cost today?
The difference between value and price creates the margin of safety. It is not a protection against price drops, but it ensures that we do not pay for expectations that have yet to materialize.
“Modern” stands for the second part of the answer. Today, the value of a company is often no longer found in factories and land, but in brands, networks, patents, and customer relationships. We include this intrinsic value in our assessment instead of ignoring it just because it doesn't appear on any balance sheet.
01
We must be able to explain in two sentences how the company makes money and why customers stay with it. If we can't, the audit ends here.
02
Brand, network, patents, switching costs: We look for advantages that a competitor cannot easily replicate – and check whether they have grown or shrunk over the years.
03
Debt, return on capital, free cash flow over a full cycle. A company must be able to operate soundly even when interest rates rise.
04
Only at the very end do we look at the price. If it is not significantly below our valuation, the company remains on the watchlist.
What enters the portfolio stays there as long as the four answers apply. Sales occur when the price significantly exceeds the value or when the business or the environment fundamentally changes.
Modern Value 60 means: a maximum of 60 percent equities; the rest is invested in bond funds. All five variants follow the same principles – they differ only in their equity allocation and thus in how much fluctuation you are willing to bear.
Modern Value 20
For assets that should primarily remain stable.
Modern Value 40
Bonds provide support, equities supplement.
Modern Value 60
Balanced, with a focus on companies.
Modern Value 80
Growth in focus, with a buffer remaining.
Modern Value 100
Fully invested in companies, over long periods.
We will clarify which variation suits you best in a consultation – or you can open your account directly online – a short questionnaire will suggest a suitable variation for you.
We think in fiscal years, not in trading days.
Your account and custody account are in your name, managed by Liechtensteinische Landesbank or Baader Bank. Estably manages, the bank safeguards. You have full oversight at all times.
At Estably, you have personal contacts who are familiar with your investment strategy and will assist you with any questions. You can reach us Monday to Friday via a direct phone number.
Via the Estably Dashboard, you can at any time track the composition and performance of your portfolio and view your investments. Additionally, you will annually receive your tax documents.
Dividends and interest are credited to your clearing account and reinvested during the next allocation. Additional payments are invested on a weekly basis.
There is no minimum term and no notice period.
Modern Value offers five variations with different equity allocations. The stock selection follows the same investment principles in each case. Depending on the chosen variation, the return opportunities and the possible price fluctuations differ.
Return per Calendar Year
VARIATION
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
avg. p.a.
since inception
Modern Value 20
8,12 %
8,30 %
−4.27%
14,74 %
4,59 %
8,36 %
−17.13%
12,31 %
9,89 %
0,15 %
3,93 %
4,17 %
55,18 %
Modern Value 40
7,35 %
10,40 %
−4.41%
19,76 %
9,30 %
10,49 %
−22.00%
18,02 %
10,68 %
−0.33%
3,79 %
5,21 %
72,69 %
Modern Value 60
6,58 %
12,54 %
−4.55%
24,66 %
15,96 %
14,99 %
−28.04%
23,80 %
11,48 %
−0.42%
3,59 %
6,41 %
94,97 %
Modern Value 80
5,81 %
14,70 %
−4.68%
29,47 %
16,56 %
17,78 %
−32.92%
29,73 %
12,29 %
−0.66%
3,38 %
6,97 %
106,34 %
Modern Value 100
5,04 %
16,90 %
−4.81%
34,18 %
17,04 %
20,53 %
−36.74%
35,70 %
12,94 %
−0.88%
3,14 %
7,58 %
119,28 %
Year-end values of the Estably Modern Value 20 to 100 model portfolios, starting from €100,000 in January 2016, as of September 30, 2026. Values before 2020 are based on backtesting, values from 2020 onwards on the performance of the model portfolios. “ø p. a.” is the annualized return over the entire period, not the average of the annual values. 2026 covers January to September. Figures before costs and taxes. Past performance is not a reliable indicator of future results.
The management fee is based on the invested amount. We do not receive any commissions or rebates from product providers.
Management fee p.a.
In addition
0.30% custody fees. This covers account and custody account management, transaction costs, cross-border fees, and the annual tax report for private clients.
Performance-based
10% on profits, but only when your portfolio reaches a new high. According to the high-water mark principle, it only applies again when this high is surpassed – not just when the portfolio has recovered from a decline.
Modern Value is an equity strategy, which means: The value of your portfolio fluctuates. It can remain below what you paid in for months or even years without anything being wrong with the underlying companies.
Concentration. 35 to 40 companies are less diversified than an index fund. This is intentional – but it means that the performance of individual companies is more noticeable in the portfolio.
Patience as a prerequisite. Undervaluation can persist for a long time. A strategy that relies on the gap between price and value requires timeframes of years, not quarters.
Valuation is not a calculation with fixed variables. Every valuation is based on assumptions about the future. That is why we only buy with a margin of safety: a gap between the price and the estimated value that leaves room for maneuver if things turn out differently.
Currency and taxes. Some of the companies are listed outside the Eurozone; exchange rates affect the result. You pay tax on earnings in your country of residence.
Modern Value
Best of Funds
What you own
Modern Value
35 to 40 individual companies, supplemented by bond funds
Best of Funds
Actively managed equity and bond funds, supplemented by individual stocks
Diversification
Modern Value
Concentrated – every position is visible
Best of Funds
Broadly across regions, sectors, and managers
Fluctuation
Modern Value
Higher, because individual securities have a greater impact
Best of Funds
Smoothed by broader diversification
Suits you if
Modern Value
you want to invest in companies for the long term
Best of Funds
quieter performance is more important to you than individual traceability
Both paths are available in all five variants, both are also open to companies and can be managed as a joint custody account. A combination is possible. Modern Value can also be invested within a tax-advantaged framework, in a so-called insurance wrapper.
How much influence do I have over my portfolio?
You choose the variant and can change it at any time. We select the individual titles – that is the core of the mandate. We consider individual requirements starting from Estably Premium.
How do you proceed in turbulent markets?
We stick with companies whose business we consider viable. Those who wish for additional security can add precious metals with the Asset Protect Strategy. However, price declines can never be ruled out.
Can I transfer an existing custody account?
It is possible, but we usually advise against it: existing securities would have to be sold so that we can invest according to our strategy. Usually, transferring the money is the simpler way.
When will my money be invested?
As soon as it has been received in your account, on a weekly basis. Costs are only incurred once the assets are invested.
How will I be informed about my portfolio?
Through your dashboard, you have everything in view at all times and can view daily information about your portfolio. We keep you up to date on the development of the individual companies in your portfolio. Once a year, you will also receive a full breakdown of costs and the tax report.
We would be happy to discuss this with you personally. Or you can open your portfolio directly online – a short questionnaire will suggest a suitable variant for you.
