The multi-stage investment process begins with a differentiated economic analysis based on models that have been tested over many years. After a fundamental analysis of the government finances and current account balances of the respective countries, various valuation criteria are used to select bonds. Economic growth and inflation rate, creditworthiness, vulnerability as well as valuation of the bond and currency play an important role. In the bond market, strong market movements often lead to the formation of risk premiums that overstate the actual risk. Various analytical tools are used to analyse the extent of possible risk premiums and a possible excess return. These include real interest rates, currency valuation, credit margin distortions and implied forward rates. Ongoing monitoring of currency valuation, currency risk and structure as well as creditor structure and debt dynamics complete the process.