[{"data":1,"prerenderedAt":1295},["ShallowReactive",2],{"en-home":3,"news-articles//en-v-0-0-4-0-0":991},{"data":4,"headers":969},{"story":5,"cv":966,"rels":967,"links":968},{"name":6,"created_at":7,"published_at":8,"updated_at":9,"id":10,"uuid":11,"content":12,"slug":957,"full_slug":958,"sort_by_date":85,"position":959,"tag_list":960,"is_startpage":30,"parent_id":961,"meta_data":85,"group_id":962,"first_published_at":963,"release_id":85,"lang":964,"path":85,"alternates":965,"default_full_slug":85,"translated_slugs":85},"Home","2026-09-16T13:32:37.849Z","2026-10-20T08:11:29.861Z","2026-10-20T08:11:29.889Z",220675923397384,"1796243b-9931-4a1a-b549-60a8d7f220f9",{"seo":13,"_uid":19,"hero":20,"sections":682,"component":956,"disablePrerender":30},{"_uid":14,"title":15,"plugin":16,"og_image":17,"og_title":15,"description":18,"twitter_image":17,"twitter_title":15,"og_description":18,"twitter_description":18},"91580186-c676-47dc-89fd-b6219c05f0e7","SG Value Partners | Deep Value Equity Investment Strategies","seo_metatags","https://a.storyblok.com/f/294930226098899/1200x630/13510588b6/sg-value-partners-welcome.jpg","SG Value Partners is an independent asset manager specialising in deep value equity investments. The experienced investment team is led by Sven Sommer (Chief Executive Officer, CEO) and Gregor Trachsel (Chief Investment Officer, CIO). They have been successfully implementing deep value strategies together since 2003. \nOur products are the SGVP Circle Fund, the SGVP Global Value Equity Fund and the SGVP Japan Value Equity Fund.","38b7e249-789b-4352-b436-cc26b7595e54",[21],{"_uid":22,"text":23,"chart":24,"title":31,"slides":32,"endDate":506,"maxYield":664,"minYield":665,"component":666,"enterText":667,"startDate":66,"yieldTitle":668,"chartLegend":669,"mindsetTitle":670,"strategyTitle":671,"backgroundImage":672,"overviewLinkText":676,"mobileBackgroundImage":677},"c5524682-0389-45a2-aa8c-3d92d7e73b8c","We have been proudly responsible for the Warburg Value Fund for over two decades",{"id":25,"alt":26,"name":26,"focus":26,"title":26,"source":26,"filename":27,"copyright":26,"fieldtype":28,"meta_data":29,"is_external_url":30},227757364961526,"","https://a.storyblok.com/f/294930226098899/504x201/b52b56e422/chart-overview-2026-2.svg","asset",{},false,"Over 20 years of weatherproof investing",[33,104,163,225,271,338,408,498,591],{"_uid":34,"icon":35,"chart":36,"title":41,"yield":42,"endDate":43,"mindset":44,"maxYield":45,"minYield":46,"strategy":47,"component":48,"downloads":49,"startDate":66,"amountOfMonths":67,"longDescription":68,"shortDescription":103},"e760a195-9093-415b-970b-faaded5b8e39","sunny",{"id":37,"alt":26,"name":26,"focus":26,"title":26,"source":26,"filename":38,"copyright":26,"fieldtype":28,"meta_data":39,"is_external_url":30},215997347258157,"https://a.storyblok.com/f/294930226098899/545x202/a813876cb3/chart-1.svg",{"size":40},"545x202","Liquidity boom","63","Dec 2007","Treading carefully","175","100","Stay disciplined","BlockHeroChartSlide",[50,60],{"_uid":51,"link":52,"text":58,"component":59},"95d43c8c-5dd4-449d-ae60-4e6529331499",{"id":53,"url":26,"linktype":54,"fieldtype":55,"cached_url":56,"prep":57},"ef847295-7f59-4b95-a1e3-e5e6ff869481","story","multilink","/en/themen-gedanken/quartalsbericht-2q2005",true,"Report 2005 Q2","AtomLinkText",{"_uid":61,"link":62,"text":65,"component":59},"037a744b-140d-4ee3-973f-f7fe298ee340",{"id":63,"url":26,"linktype":54,"fieldtype":55,"cached_url":64,"prep":57},"4b0f5001-b77f-4fa5-90e0-fd8987924375","/en/themen-gedanken/quartalsbericht-3q2005","Report 2005 Q3","Dec 2004","36",{"type":69,"content":70},"doc",[71,77],{"type":72,"content":73},"paragraph",[74],{"text":75,"type":76},"While many investors are becoming increasingly careless in the good times, we remain disciplined and at times even hold substantial amounts of cash. We are looking for investments that are inexpensive in absolute terms as stand-alone assets. The focus is on companies that offer essential products, pay dividends and have conservative, solid balance sheets. This should ensure access to the capital market (if necessary) even in difficult times.","text",{"type":78,"content":79},"bullet_list",[80,89,96],{"type":81,"content":82},"list_item",[83],{"type":72,"attrs":84,"content":86},{"textAlign":85},null,[87],{"text":88,"type":76},"Stay disciplined and focus on the margin of safety",{"type":81,"content":90},[91],{"type":72,"attrs":92,"content":93},{"textAlign":85},[94],{"text":95,"type":76},"Don’t get tempted by relative valuations",{"type":81,"content":97},[98],{"type":72,"attrs":99,"content":100},{"textAlign":85},[101],{"text":102,"type":76},"Focus on firms with essential products/services and a strong balance sheet","While many investors are becoming increasingly careless, as anti-cyclical investors, we are taking a more cautious stance in the face of euphoria.",{"_uid":105,"icon":106,"chart":107,"title":112,"yield":113,"endDate":114,"mindset":115,"maxYield":45,"minYield":116,"strategy":117,"component":48,"downloads":118,"startDate":131,"amountOfMonths":132,"longDescription":133,"shortDescription":162},"71d2a29c-61d6-4c41-95fe-720099abef92","thunderstorm",{"id":108,"alt":26,"name":26,"focus":26,"title":26,"source":26,"filename":109,"copyright":26,"fieldtype":28,"meta_data":110,"is_external_url":30},215997347258158,"https://a.storyblok.com/f/294930226098899/592x200/3d4824a2ce/chart-2.svg",{"size":111},"592x200","Great Financial Crisis","-42","Mar 2009","Crisis = Opportunity","75","No panic",[119,125],{"_uid":120,"link":121,"text":124,"component":59},"dc19dd01-fc9d-4d28-9527-a789d065c8d6",{"id":122,"url":26,"linktype":54,"fieldtype":55,"cached_url":123,"prep":57},"6b6215ad-981f-4ca3-9a61-ee3aa2a3322c","/en/themen-gedanken/quartalsbericht-2q2008","Report 2008 Q2",{"_uid":126,"link":127,"text":130,"component":59},"9d5f4081-47ac-4b29-89e1-9786ca26584b",{"id":128,"url":26,"linktype":54,"fieldtype":55,"cached_url":129,"prep":57},"127983e4-c7a3-422e-a2ba-49490b214623","/en/themen-gedanken/quartalsbericht-1q2009","Report 2009 Q1","Jan 2008","15",{"type":69,"content":134},[135,139],{"type":72,"content":136},[137],{"text":138,"type":76},"Despite the significant volatility on the stock market, we do not make any mechanical portfolio changes. We differentiate between companies with temporary difficulties and those with permanent impairments. We analyze how our portfolio companies can protect their business or even benefit from the crisis. We stick to our circle of competence and examine new investment opportunities.",{"type":78,"content":140},[141,148,155],{"type":81,"content":142},[143],{"type":72,"attrs":144,"content":145},{"textAlign":85},[146],{"text":147,"type":76},"No panic, nor too much portfolio activity",{"type":81,"content":149},[150],{"type":72,"attrs":151,"content":152},{"textAlign":85},[153],{"text":154,"type":76},"Think long-term and remain patient",{"type":81,"content":156},[157],{"type":72,"attrs":158,"content":159},{"textAlign":85},[160],{"text":161,"type":76},"Where are the new investment opportunities?","Despite the significant volatility, we do not make mechanical portfolio changes. We remain rational and long-term oriented.",{"_uid":164,"icon":165,"chart":166,"title":170,"yield":171,"endDate":172,"mindset":173,"maxYield":174,"minYield":46,"strategy":175,"component":48,"downloads":176,"startDate":189,"amountOfMonths":190,"longDescription":191,"shortDescription":224},"95cc40af-d350-43a6-a5ea-ef93081d62e6","very-cloudy-day",{"id":167,"alt":26,"name":26,"focus":26,"title":26,"source":26,"filename":168,"copyright":26,"fieldtype":28,"meta_data":169,"is_external_url":30},215997347258159,"https://a.storyblok.com/f/294930226098899/592x200/bb43b7d7dc/chart-3.svg",{"size":111},"Reflation","118","Dec 2010","Seize new opportunities","225","Believe in normality",[177,183],{"_uid":178,"link":179,"text":182,"component":59},"72de7713-639a-422c-8698-0663e73402b8",{"id":180,"url":26,"linktype":54,"fieldtype":55,"cached_url":181,"prep":57},"120a6a46-7d9f-4189-8afd-690394ac6392","/en/themen-gedanken/quartalsbericht-2q2009","Report 2009 Q2",{"_uid":184,"link":185,"text":188,"component":59},"30bd7566-0c2c-452c-8af0-2a69f24ca3cc",{"id":186,"url":26,"linktype":54,"fieldtype":55,"cached_url":187,"prep":57},"03f1e828-970e-496a-be4e-7f7a3e8e25e2","/en/themen-gedanken/quartalsbericht-1q2010","Report 2010 Q1","Apr 2009","21",{"type":69,"content":192},[193,197,201],{"type":72,"content":194},[195],{"text":196,"type":76},"The substantial fall in share prices in 2008/9 and the subsequent strong, unexpected recovery have left traces in the performance record of every investor who tried to navigate through this storm. ",{"type":72,"content":198},[199],{"text":200,"type":76},"We believe in the exponentially positive performance effect of our long-term strategy by (1) selecting equity investments where the safety of principal and an adequacy of return appear evident and (2) repeating this process in a disciplined and consistent manner. Our investment universe has expanded during the crisis as there are many mispriced stocks globally due to the market turmoil.",{"type":78,"content":202},[203,210,217],{"type":81,"content":204},[205],{"type":72,"attrs":206,"content":207},{"textAlign":85},[208],{"text":209,"type":76},"Believe in the power of normalcy",{"type":81,"content":211},[212],{"type":72,"attrs":213,"content":214},{"textAlign":85},[215],{"text":216,"type":76},"Remain disciplined and believe in the long-term success of our investment strategy",{"type":81,"content":218},[219],{"type":72,"attrs":220,"content":221},{"textAlign":85},[222],{"text":223,"type":76},"Take advantage of new opportunities, for example in Japan, the US and Italy","The market turmoil of 2008/9 has left traces on our track record, but we continue to believe in normalcy and the soundness of our investment strategy.",{"_uid":226,"icon":106,"chart":227,"title":231,"yield":232,"endDate":233,"mindset":234,"maxYield":174,"minYield":235,"strategy":236,"component":48,"downloads":237,"startDate":250,"amountOfMonths":251,"longDescription":252,"shortDescription":270},"ef0953be-7870-4ddc-9e43-2f28a9b19a3e",{"id":228,"alt":26,"name":26,"focus":26,"title":26,"source":26,"filename":229,"copyright":26,"fieldtype":28,"meta_data":230,"is_external_url":30},215997347266353,"https://a.storyblok.com/f/294930226098899/592x200/72323067f8/chart-4.svg",{"size":111},"Earthquake and Euro crisis","-14","Dec 2011","Margin of safety is large","150","Stay constructive",[238,244],{"_uid":239,"link":240,"text":243,"component":59},"d8a7c594-1d2d-4de9-8c00-20a6570c0fb9",{"id":241,"url":26,"linktype":54,"fieldtype":55,"cached_url":242,"prep":57},"80ffcdc0-83ef-460e-992f-6a8c6ca9498e","/en/themen-gedanken/quartalsbericht-1q2011","Report 2011 Q1",{"_uid":245,"link":246,"text":249,"component":59},"a57cd3c3-b0c9-4558-9a1a-88d7486ae34f",{"id":247,"url":26,"linktype":54,"fieldtype":55,"cached_url":248,"prep":57},"332059be-2f74-4d86-bd66-90333270790d","/en/themen-gedanken/quartalsbericht-3q2011","Report 2011 Q3","Jan 2011","12",{"type":69,"content":253},[254,258,262,266],{"type":72,"content":255},[256],{"text":257,"type":76},"It is in the nature of anti-cyclical investors that they tend to be cautious when there is general optimism, but constructive when the majority assumes the worst. ",{"type":72,"content":259},[260],{"text":261,"type":76},"The renewed global decline in share prices has widened the fund's available margin of safety (the difference between share price and intrinsic value), making it even more attractive.",{"type":72,"content":263},[264],{"text":265,"type":76},"Our Japanese companies have structural advantages to overcome the difficulties caused by the earthquake. These include conservative balance sheets, strategic cross-shareholdings and diversified business models. ",{"type":72,"content":267},[268],{"text":269,"type":76},"In addition, the fund generally invests heavily in companies with basic products and services such as staple foods, telecommunications, transportation, etc., which are valued by investors and society due to their fundamental importance for a functioning modern economy.","As anti-cyclical investors, we tend to be cautious when there is general optimism but try to remain constructive when the majority assumes the worst.",{"_uid":272,"icon":273,"chart":274,"title":279,"yield":280,"endDate":281,"mindset":282,"maxYield":283,"minYield":45,"strategy":284,"component":48,"downloads":285,"startDate":298,"amountOfMonths":299,"longDescription":300,"shortDescription":337},"e9e4358a-0028-4a87-929c-6cd3419a18ce","partly-cloudy-day",{"id":275,"alt":26,"name":26,"focus":26,"title":26,"source":26,"filename":276,"copyright":26,"fieldtype":28,"meta_data":277,"is_external_url":30},215997347262256,"https://a.storyblok.com/f/294930226098899/593x201/ce5e4976fa/chart-5.svg",{"size":278},"593x201","Growth boom","50","Dec 2015","Unconventionally disciplined","300","Look for alternative growth",[286,292],{"_uid":287,"link":288,"text":291,"component":59},"c3111403-1e79-4162-8e55-ab7d4808a0c3",{"id":289,"url":26,"linktype":54,"fieldtype":55,"cached_url":290,"prep":57},"721ad7d9-017b-4155-8ec2-fde428aa6f64","/en/themen-gedanken/quartalsbericht-4q2012","Report 2012 Q4",{"_uid":293,"link":294,"text":297,"component":59},"78896f63-f197-4a6e-8bd3-20e984138fe9",{"id":295,"url":26,"linktype":54,"fieldtype":55,"cached_url":296,"prep":57},"f1850ac0-2846-43c2-9267-defad968d32d","/en/themen-gedanken/quartalsbericht-4q2014","Report 2014 Q4","Jan 2012","48",{"type":69,"content":301},[302,306,310,314],{"type":72,"content":303},[304],{"text":305,"type":76},"Our investments are not popular with the vast majority of market participants. As deep value investors, however, we try to discover less obvious growth opportunities.",{"type":72,"content":307},[308],{"text":309,"type":76},"In our search for growth, we consider, for example, consolidation trends and market share gains of companies operating in mature markets and industries. We also identify situations where a normalization of temporary cash flow and earnings shortfalls will take place.",{"type":72,"content":311},[312],{"text":313,"type":76},"Our contrarian approach results in unique value niches with unconventional growth opportunities, which by their very nature are not for everyone. We are convinced that the willingness to take uncomfortable and unpopular investment options will pay off in the long term.",{"type":78,"content":315},[316,323,330],{"type":81,"content":317},[318],{"type":72,"attrs":319,"content":320},{"textAlign":85},[321],{"text":322,"type":76},"Deep value investors seek and find (unconventional) growth",{"type":81,"content":324},[325],{"type":72,"attrs":326,"content":327},{"textAlign":85},[328],{"text":329,"type":76},"However, valuation is always our top priority",{"type":81,"content":331},[332],{"type":72,"attrs":333,"content":334},{"textAlign":85},[335],{"text":336,"type":76},"Unpopular investments offer great long-term opportunities","Our investments are not popular with market participants, but we try to discover less obvious growth opportunities.",{"_uid":339,"icon":273,"chart":340,"title":345,"yield":346,"endDate":347,"mindset":348,"maxYield":349,"minYield":350,"strategy":351,"component":48,"downloads":352,"startDate":365,"amountOfMonths":299,"longDescription":366,"shortDescription":407},"5da9ce21-4d0e-4d83-a26a-1eff0697af4d",{"id":341,"alt":26,"name":26,"focus":26,"title":26,"source":26,"filename":342,"copyright":26,"fieldtype":28,"meta_data":343,"is_external_url":30},215997347290932,"https://a.storyblok.com/f/294930226098899/593x200/bdfcdc3012/chart-6.svg",{"size":344},"593x200","Ultra-low interest rates","28","Dec 2019","Do not force anything","375","250","Hold real assets",[353,359],{"_uid":354,"link":355,"text":358,"component":59},"e3c0c5e2-d327-4331-8540-50861fe4355d",{"id":356,"url":26,"linktype":54,"fieldtype":55,"cached_url":357,"prep":57},"e7e80dc8-85c3-4725-ac83-d0cec63ad3dd","/en/themen-gedanken/quartalsbericht-2q2016","Report 2016 Q2",{"_uid":360,"link":361,"text":364,"component":59},"86f80c2d-6584-491f-824c-fdbc6f87be56",{"id":362,"url":26,"linktype":54,"fieldtype":55,"cached_url":363,"prep":57},"4534ecbe-7140-4f01-bfd4-f3929bbd7379","/en/themen-gedanken/quartalsbericht-2q2017","Report 2017 Q2","Jan 2016",{"type":69,"content":367},[368,372,376,380,384],{"type":72,"content":369},[370],{"text":371,"type":76},"The total return of the fund consists of two components: Dividends and Capital Gains. ",{"type":72,"content":373},[374],{"text":375,"type":76},"Within these categories, we aim to generate our performance in two ways: (1) through growing dividend streams when the future free cash flows of our companies improve and (2) through rising share prices when the current low market valuations of our companies approach their intrinsic value over time.",{"type":72,"content":377},[378],{"text":379,"type":76},"The persistently low level of interest rates has divided the stock market into two worlds. Growth stocks and blue chips with stable business models (e.g. Nestlé) are in high demand. On the other hand, our holdings from more cyclical sectors with fluctuating profit margins and high capital requirements are being left behind. ",{"type":72,"content":381},[382],{"text":383,"type":76},"This valuation gap offers us great opportunities and, if interest rates were to normalize, the fund would be in a strong position to benefit from this.",{"type":78,"content":385},[386,393,400],{"type":81,"content":387},[388],{"type":72,"attrs":389,"content":390},{"textAlign":85},[391],{"text":392,"type":76},"Growing dividend streams generate an adequate income even during periods of ultra-low interest rates",{"type":81,"content":394},[395],{"type":72,"attrs":396,"content":397},{"textAlign":85},[398],{"text":399,"type":76},"Purchasing undervalued companies offers us an opportunity to generate capital gains over the long term",{"type":81,"content":401},[402],{"type":72,"attrs":403,"content":404},{"textAlign":85},[405],{"text":406,"type":76},"We patiently wait for future returns instead of striving for a quick success","Equities (real assets) with growing dividend streams and potential capital gains generate reasonable returns even in periods of ultra-low interest rates.",{"_uid":409,"icon":106,"chart":410,"title":414,"yield":415,"endDate":416,"mindset":417,"maxYield":418,"minYield":174,"strategy":419,"component":48,"downloads":420,"startDate":433,"amountOfMonths":434,"longDescription":435,"shortDescription":497},"6b0c5137-0bdc-431b-9ae7-1e19791cbb17",{"id":411,"alt":26,"name":26,"focus":26,"title":26,"source":26,"filename":412,"copyright":26,"fieldtype":28,"meta_data":413,"is_external_url":30},215997347278642,"https://a.storyblok.com/f/294930226098899/592x200/b558fd575c/chart-7.svg",{"size":111},"Pandemic","-21","Sep 2020","Our strategy ist sound","350","Stay positive",[421,427],{"_uid":422,"link":423,"text":426,"component":59},"1df365b7-161b-4fc7-9c50-e64e9ed2a5d1",{"id":424,"url":26,"linktype":54,"fieldtype":55,"cached_url":425,"prep":57},"3c7c39de-8868-4f0a-a965-695cfc94755b","/en/themen-gedanken/quartalsbericht-1q2020","Report 2020 Q1",{"_uid":428,"link":429,"text":432,"component":59},"0b2b99a3-7f0f-4163-902f-3fd2ab70ffab",{"id":430,"url":26,"linktype":54,"fieldtype":55,"cached_url":431,"prep":57},"b3e7d75c-f492-4f0a-bdf1-d2bbad595ef9","/en/themen-gedanken/quartalsbericht-2q2020","Report 2020 Q2","Jan 2020","9",{"type":69,"content":436},[437,441,470,474],{"type":72,"content":438},[439],{"text":440,"type":76},"Despite the pandemic, we are reassured because we are pursuing a solid investment strategy based on various pillars. ",{"type":442,"attrs":443,"content":445},"ordered_list",{"order":444},1,[446,452,458,464],{"type":81,"content":447},[448],{"type":72,"content":449},[450],{"text":451,"type":76},"Our portfolio companies deliver indispensable products and services, ",{"type":81,"content":453},[454],{"type":72,"content":455},[456],{"text":457,"type":76},"our companies have comprehensible and transparent balance sheets, ",{"type":81,"content":459},[460],{"type":72,"content":461},[462],{"text":463,"type":76},"our companies are crisis-tested because their business is difficult even in good times,",{"type":81,"content":465},[466],{"type":72,"content":467},[468],{"text":469,"type":76},"we work without debt/leveraged instruments.",{"type":72,"content":471},[472],{"text":473,"type":76},"In addition, we have a vital self-interest. All members of the portfolio management team have invested a considerable portion of their personal savings in the fund. We therefore not only give well-intentioned advice, we also bear the consequences ourselves. In other words, our own interests and those of our clients are aligned. 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06",{"_uid":920,"image":921,"quote":925,"author":926,"component":899,"postcardTitle":927},"34e383a9-2b59-4449-a09e-c8ea25820648",{"id":922,"alt":26,"name":26,"focus":26,"title":26,"source":26,"filename":923,"copyright":26,"fieldtype":28,"meta_data":924,"is_external_url":30},226073507501348,"https://a.storyblok.com/f/294930226098899/362x474/a693e780e2/sg-value-partners-unicorn.jpg",{"size":895},"\"We follow the numbers, not the stories.\"\n","SG Value Partners","Edition N° 05",{"_uid":929,"image":930,"quote":934,"author":935,"initials":898,"component":899,"postcardTitle":936},"4479ece2-3460-4b2f-afa5-c1df589dec4b",{"id":931,"alt":26,"name":26,"focus":26,"title":26,"source":26,"filename":932,"copyright":26,"fieldtype":28,"meta_data":933,"is_external_url":30},226073507501347,"https://a.storyblok.com/f/294930226098899/362x474/29e343d770/sg-value-partners-vespa.jpg",{"size":895},"\"Fashion is ephemeral – style is eternal\"","Yves Saint Laurent","Edition N° 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optimists.»","Benjamin Graham","Edition N° 02","BlockBannerPostcard","PageDefault","home","en/home",-40,[],0,"0445337d-1669-4673-876f-7124d759f91a","2026-09-18T11:56:44.320Z","en",[],1792591295,[],[],{"cache-control":970,"connection":971,"content-encoding":972,"content-type":973,"date":974,"etag":975,"referrer-policy":976,"sb-be-version":977,"server":978,"strict-transport-security":979,"transfer-encoding":980,"vary":981,"via":982,"x-amz-cf-id":983,"x-amz-cf-pop":984,"x-cache":985,"x-content-type-options":986,"x-frame-options":987,"x-permitted-cross-domain-policies":988,"x-request-id":989,"x-runtime":990,"x-xss-protection":665},"max-age=0, public, s-maxage=604800, stale-if-error=3600","keep-alive","gzip","application/json; charset=utf-8","Wed, 21 Oct 2026 21:01:41 GMT","W/\"9a4e6f3bd15247be5431b7f2c0e392b3\"","strict-origin-when-cross-origin","5.993.0","nginx/1.31.3","max-age=31536000","chunked","Origin,Accept-Encoding","1.1 4fc8673a211db56277b05b91a8f98872.cloudfront.net (CloudFront)","vch8T0vUYloDr7dk8ZQ3-FEcgbKzgUevaOasCgqpSyOCHshvyK_w_w==","IAD55-P6","Miss from cloudfront","nosniff","SAMEORIGIN","none","9940b23a-072a-4601-a36e-16470f57904f","0.034719",{"data":992,"headers":1285,"perPage":1293,"total":1294},{"stories":993,"cv":966,"rels":1279,"links":1284},[994,1107,1184],{"name":995,"created_at":996,"published_at":997,"updated_at":998,"id":999,"uuid":1000,"content":1001,"slug":1100,"full_slug":1101,"sort_by_date":85,"position":1102,"tag_list":1103,"is_startpage":30,"parent_id":1104,"meta_data":85,"group_id":1105,"first_published_at":997,"release_id":85,"lang":964,"path":85,"alternates":1106,"default_full_slug":85,"translated_slugs":85},"CIO Insight 3Q2026","2026-10-12T09:20:15.967Z","2026-10-12T09:27:52.959Z","2026-10-12T09:27:52.974Z",229815156623629,"fec1b1e5-7c1b-4aa0-8e9b-f543055fe07a",{"seo":1002,"_uid":1007,"date":1008,"image":1009,"title":1004,"category":1014,"sections":1030,"component":1099,"isFeatured":57,"description":26,"disablePrerender":30},{"_uid":1003,"title":1004,"plugin":16,"og_image":1005,"og_title":1004,"description":1006,"twitter_image":1005,"twitter_title":1004,"og_description":1006,"twitter_description":1006},"7b23b9c8-9612-43a5-8317-b1aea1682082","Keeping in mind contingency risk","https://a.storyblok.com/f/294930226098899/600x400/c6c0fb14ac/2026-q3-600x400.jpg","We have for a long time been somewhat puz-zled by the scant attention contingency risk receives in finance and investing, bar the in-surance industry. We are concerned that the booming equity markets express undue indif-ference about major eventualities that do not immediately relate to the usual macro- and microeconomic developments of the day. ","c11a4786-8bea-49ba-991d-d902596d2497","2026-10-12 00:00",{"id":1010,"alt":26,"name":26,"focus":26,"title":26,"source":26,"filename":1011,"copyright":26,"fieldtype":28,"meta_data":1012,"is_external_url":30},229814736919835,"https://a.storyblok.com/f/294930226098899/1230x820/defe49e4b5/2026-q3-1230x820.jpg",{"size":1013},"1230x820",{"name":1015,"created_at":1016,"published_at":1017,"updated_at":1018,"id":1019,"uuid":1020,"content":1021,"slug":1024,"full_slug":1025,"sort_by_date":85,"position":961,"tag_list":1026,"is_startpage":30,"parent_id":1027,"meta_data":85,"group_id":1028,"first_published_at":1017,"release_id":85,"lang":964,"path":85,"alternates":1029,"default_full_slug":85,"translated_slugs":85,"_stopResolving":57},"CIO Insights","2026-09-08T07:01:26.554Z","2026-09-08T07:01:42.831Z","2026-09-08T07:01:42.842Z",217748629753556,"d3e352c9-a6e1-424c-9b3e-d8ec27414248",{"_uid":1022,"name":1015,"component":1023},"b134b476-a70b-4fdf-b5b2-d8b0e90f845a","DatasourceNewsCategory","cio-insights","en/settings/datasources/news-categories/cio-insights",[],217748407901900,"4f7bd825-749e-4439-a76e-ff16cd15b63f",[],[1031],{"_uid":1032,"content":1033,"component":710,"disablePadding":26,"backgroundColor":712},"689167cf-c94f-425b-b34d-96985359092a",[1034],{"_uid":1035,"html":1036,"author":1095,"fontSize":1096,"component":709,"authorRole":1097,"authorCompany":1098,"showAuthorAlsoOnBottom":57},"2475036e-f0b3-426c-b9b8-0267546acad7",{"type":69,"attrs":1037,"content":1038},{"backgroundColor":85},[1039,1049,1058,1066,1074,1082,1090],{"type":1040,"attrs":1041,"content":1043},"heading",{"level":1042,"textAlign":85},5,[1044],{"text":1045,"type":76,"marks":1046},"CIO Insights 3Q2026",[1047],{"type":1048},"bold",{"type":72,"attrs":1050,"content":1051},{"textAlign":85},[1052],{"text":1053,"type":76,"marks":1054},"We have for a long time been somewhat puzzled by the scant attention contingency risk receives in finance and investing, bar the insurance industry. We are concerned that the booming equity markets express undue indifference about major eventualities that do not immediately relate to the usual macro- and microeconomic developments of the day. By contingency risk, we mean the possible occurrence of rare events that may have a significant impact on asset prices and residual values. It encompasses systemically relevant dangers such as armed conflicts, political upheaval, natural disasters and weather phenomena, environmental degradation, disease, electrical grid failure and nuclear incidents. It also includes “modern” issues such as resource scarcity, misuse or malfunction of high-tech, as well as cyber-, hybrid-, and biological warfare. To be fair, contingency risk in an investment context should also include positive events, such as unexpected scientific, technological and medical breakthroughs, the removal of trade barriers or the cessation of war and geopolitical disputes. However, as deep value managers we admit being loss averse in behavioral terms—we care more about what can go wrong than what can go right.",[1055],{"type":1056,"attrs":1057},"textStyle",{"color":26},{"type":72,"attrs":1059,"content":1060},{"textAlign":85},[1061],{"text":1062,"type":76,"marks":1063},"There are understandable reasons why investment professionals tend to underrate or altogether ignore contingency risk. First, some analysts deliberately disregard them because they may be too hard to assess and the whole exercise therefore may not yield an intelligible answer. For example, how can a rare event be quantified in terms of probability, timing and magnitude? Are its effects permanent or temporary? What could be secondary or tertiary effects emanating from it, and how can they be measured? And would contingencies even matter if the risks in question were non-hedgeable and all assets affected in the same way? Second, some investors implicitly lump them into other risk buckets, for example when estimating country and equity risk premiums. Third, companies insure themselves against many types of risk and have force majeure clauses in their contracts, hence some contingencies are already covered at the corporate level. And fourth, there’s an agency problem. Suppose I’m a permanently pessimistic fund manager who always sees major non-diversifiable threats lurking around the corner. In this case the discount rates I apply to value assets will be so high that I will never find worthwhile investment opportunities, and my clients will go elsewhere to earn a decent return on their money.",[1064],{"type":1056,"attrs":1065},{"color":26},{"type":72,"attrs":1067,"content":1068},{"textAlign":85},[1069],{"text":1070,"type":76,"marks":1071},"It is thus tricky to establish a comprehensive treatment of contingency risk in the equity valuation process. Why, then, even raise the issue? Our point is that merely pondering such eventualities and possible ramifications makes us more careful investors at heart. It causes us to be extra selective in our search for potential investment opportunities, and conservative when it comes to the estimation of cash flow generation and discount rates. The resulting margin of safety serves, in part, to cushion the blow from any unknown adverse externalities that inevitably arise from time to time. This inherent wariness is an essential building block in the way we manage money, considering that our approach has never been designed to hold up better than others during a widespread downturn in share prices. To recall, our long-standing structural exposure to bargain issues in asset-heavy and cyclical industries, small- and medium-size enterprises and emerging markets may at times render our strategy even more volatile than the market as a whole.",[1072],{"type":1056,"attrs":1073},{"color":26},{"type":72,"attrs":1075,"content":1076},{"textAlign":85},[1077],{"text":1078,"type":76,"marks":1079},"Consequently, we believe that contingency risks should primarily be dealt with at each saver’s strategic asset allocation level. Common sense should always be the guiding principle: diversify among asset classes and uncorrelated investment styles; don’t put everything into high-octane investments; rebalance; avoid leverage; and don’t take rash or emotional decisions. Savers should moreover think about how high their portfolios’ weighting in equity index vehicles should be. Index funds are tools of allocation, not of pricing or valuation. They don’t reflect on contingency risk; to do so is each investor’s own responsibility.",[1080],{"type":1056,"attrs":1081},{"color":26},{"type":72,"attrs":1083,"content":1084},{"textAlign":85},[1085],{"text":1086,"type":76,"marks":1087},"What should one own when investing with contingency risk in mind, then? We suggest that such an asset allocation should aim for, if possible, a rolling “reserve” of three to five years’ worth of estimated annual household outlays in the form of cash equivalents and short- to medium-term fixed-income government securities. In addition, savings vehicles featuring annuity-type payout profiles are a helpful way to smoothen out return and cash flow streams over time. Whatever the specific tools chosen, building a robust financial fundament is key to coping with elusive but potentially far-reaching risk scenarios.",[1088],{"type":1056,"attrs":1089},{"color":26},{"type":72,"attrs":1091,"content":1092},{"textAlign":85},[1093],{"text":1094,"type":76},"Sincerely,","Gregor Trachsel","lead","Chief Investment Officer","SG Value Partners AG","PageNews","cio-insight-3q2026","en/themen-gedanken/cio-insight-3q2026",-230,[],217756702998777,"a185d59e-2be2-42b1-976e-eb786d79a1cb",[],{"name":1108,"created_at":1109,"published_at":1110,"updated_at":1111,"id":1112,"uuid":1113,"content":1114,"slug":1177,"full_slug":1178,"sort_by_date":85,"position":1179,"tag_list":1180,"is_startpage":30,"parent_id":1104,"meta_data":85,"group_id":1181,"first_published_at":1182,"release_id":85,"lang":964,"path":85,"alternates":1183,"default_full_slug":85,"translated_slugs":85},"CIO Insight 2Q2026","2026-09-08T13:55:13.998Z","2026-09-10T11:50:38.038Z","2026-09-10T11:50:38.054Z",217850322972131,"0d040913-18c4-4af6-a084-44855ddaa820",{"seo":1115,"_uid":1007,"date":1119,"image":1120,"title":1116,"category":1124,"sections":1128,"component":1099,"isFeatured":57,"description":26,"disablePrerender":30},{"_uid":1003,"title":1116,"plugin":16,"og_image":1117,"og_title":1116,"description":1118,"twitter_image":1117,"twitter_title":1116,"og_description":1118,"twitter_description":1118},"Leaning against the investment for growth imperative","https://a.storyblok.com/f/294930226098899/600x400/da80bb5fc4/istock-871618316_600x400.jpg","By some yardsticks, the US-led secular bull market stretches well into its fifth decade by now. We thus live in an era where one feels pressure, if not a certain inevitability, to invest in equities. We believe that value investing the way we practice it presents a tangible approach for investors looking to balance the overwhelming growth bias in most opinions and recommendations.","2026-07-07 00:00",{"id":1121,"alt":26,"name":26,"focus":26,"title":26,"source":26,"filename":1122,"copyright":26,"fieldtype":28,"meta_data":1123,"is_external_url":30},217846485547875,"https://a.storyblok.com/f/294930226098899/1230x820/2f1b3b5688/istock-871618316_1230x820.jpg",{},{"name":1015,"created_at":1016,"published_at":1017,"updated_at":1018,"id":1019,"uuid":1020,"content":1125,"slug":1024,"full_slug":1025,"sort_by_date":85,"position":961,"tag_list":1126,"is_startpage":30,"parent_id":1027,"meta_data":85,"group_id":1028,"first_published_at":1017,"release_id":85,"lang":964,"path":85,"alternates":1127,"default_full_slug":85,"translated_slugs":85,"_stopResolving":57},{"_uid":1022,"name":1015,"component":1023},[],[],[1129],{"_uid":1032,"content":1130,"component":710,"backgroundColor":712},[1131],{"_uid":1035,"html":1132,"author":1095,"fontSize":1096,"component":709,"authorRole":1097,"authorCompany":1098,"showAuthorAlsoOnBottom":57},{"type":69,"content":1133},[1134,1141,1149,1157,1165,1173],{"type":1040,"attrs":1135,"content":1136},{"level":1042,"textAlign":85},[1137],{"text":1138,"type":76,"marks":1139},"CIO Insights 2Q2026",[1140],{"type":1048},{"type":72,"attrs":1142,"content":1143},{"textAlign":85},[1144],{"text":1145,"type":76,"marks":1146},"By some yardsticks, the US-led secular bull market stretches well into its fifth decade by now, tracing its origins to Fed chairman Paul Volcker’s decisive fight against inflation in the early 1980s. In retrospect, taking on ever more risk has turned out well during the relentless move higher, if one could withstand sporadic jolts such as the 87-crash, the TMT bubble of the late ‘90s, the subprime crisis in ‘07/’08 or Covid-19. We thus live in an era where one feels pressure, if not a certain inevitability, to invest in equities. Savers in all age brackets are being advised to increase their allocation to stocks to be able to adequately fund their retirement. Retail traders have become conditioned “to buy the dip” whenever there is the slightest pullback in price. The casual advice typically heard in all extended bull runs is that “the only risk is not being invested enough.” Fintechs facilitate implementation by providing low-cost, easy-to-use apps to trade whatever and whenever we feel like. In institutional money management, meanwhile, some investment vehicles’ widespread use can be attributed in good measure to the long-running stock market boom. Prominent examples include equity index funds and active equity funds with a relative performance target. More far-reaching still, the bulk of investment allocations by pension plans and other long-duration savings arrangements is commonly channeled towards such funds.",[1147],{"type":1056,"attrs":1148},{"color":26},{"type":72,"attrs":1150,"content":1151},{"textAlign":85},[1152],{"text":1153,"type":76,"marks":1154},"Given the vast sums of money at stake, it is understandable that the securities industry habitually sees bright skies ahead for the markets’ favorite stocks. Intuitively appealing growth stories dominate most investment views. As a current example, the narrative on artificial intelligence revolves, in a first phase, around the key players in the build-out of the digital and physical infrastructure necessary for its diffusion (the enablers). In the second stage, AI promises to unlock new growth opportunities and productivity gains for all those willing to embrace it (the enabled). By extension, those who don’t adapt swiftly and decisively enough will have a hard time remaining competitive (the disrupted). This oversimplified win-or-lose categorization, in turn, may even cause corporate decision-makers to rush into an undue investment-for-growth mode. It could tempt them to raise spending on discretionary capex or to make acquisitions they didn’t plan for, while perhaps tapping in the dark regarding the expected payoff. There is nothing inherently wrong with using growth as a value driver. However, investors and corporate managers alike should always rationally assess plausibility and think through the ramifications before progressing.",[1155],{"type":1056,"attrs":1156},{"color":26},{"type":72,"attrs":1158,"content":1159},{"textAlign":85},[1160],{"text":1161,"type":76,"marks":1162},"We believe that value investing the way we practice it presents a tangible approach for investors looking to balance the overwhelming growth bias in most opinions and recommendations. First, we don’t play the relative-return game. Our focus on long-term absolute return frees us from the shackles of implicitly being required to take a view on everything at all times. We can wait for the right investment opportunity to emerge, irrespective of what the stock market is doing. Second, we adhere to a margin-of-safety discipline. It prevents us from making the common mistake of overpaying for growth. Third, we look for levers where corporate value can be unlocked unrelated to growth. For instance, we seek out bargains around corporate consolidation or reorganization, cost and capital efficiency, capital structure optimizations, or the identification of higher-and-better-use of assets (e.g., land repurposing). Fourth, we do not hesitate to invest in what we understand to be low- or no-growth industries, provided that the company in question can pull off a successful harvesting strategy. And fifth, as contrarians we tend to be wary of industries or investment paradigms in which companies feel compelled to fund major new projects in unseasoned ventures and technologies, or explore M&A deals, just to keep up with what competitors are doing. We concentrate on situations where firms have the leeway to undertake capex on a voluntary and countercyclical basis.",[1163],{"type":1056,"attrs":1164},{"color":26},{"type":72,"attrs":1166,"content":1167},{"textAlign":85},[1168],{"text":1169,"type":76,"marks":1170},"While the seemingly irresistible secular growth story in equities continues, we opt to stay true to our philosophy of patient bargain hunting. We diligently look for stocks that have unjustifiably fallen by the wayside. The value drivers we identify in our investments may or may not involve growth. We refuse to become “reluctant bulls” who believe they have no choice but to play along, and we consider it a privilege to be discerning rather than accommodating investors.",[1171],{"type":1056,"attrs":1172},{"color":26},{"type":72,"attrs":1174,"content":1175},{"textAlign":85},[1176],{"text":1094,"type":76},"cio-insight-2q2026","en/themen-gedanken/cio-insight-2q2026",-220,[],"bb54a418-1f25-4568-b7ac-f7eb886a2e48","2026-09-08T14:08:02.864Z",[],{"name":1185,"created_at":1186,"published_at":1187,"updated_at":1188,"id":1189,"uuid":1190,"content":1191,"slug":1272,"full_slug":1273,"sort_by_date":85,"position":1274,"tag_list":1275,"is_startpage":30,"parent_id":1104,"meta_data":85,"group_id":1276,"first_published_at":1277,"release_id":85,"lang":964,"path":85,"alternates":1278,"default_full_slug":85,"translated_slugs":85},"CIO Insight 1Q2026","2026-09-08T13:44:31.774Z","2026-09-10T11:50:56.096Z","2026-09-10T11:50:56.114Z",217847692424555,"2a4179da-1c95-4400-b61a-f8cafdfc673d",{"seo":1192,"_uid":1196,"date":1197,"image":1198,"title":1193,"category":1201,"sections":1205,"component":1099,"isFeatured":57,"description":26,"disablePrerender":30},{"_uid":1003,"title":1193,"plugin":16,"og_image":1194,"og_title":1193,"description":1195,"twitter_image":1194,"twitter_title":1193,"og_description":1195,"twitter_description":1195},"Artificial Intelligence (AI) and the contrarian investor","https://a.storyblok.com/f/294930226098899/1230x820/7ff34222c2/1q26_1230x820.jpg","Equities markets have become increasingly concerned about the disruptive effect of AI, especially in its agentic form. From our vantage point we are convinced that the broad commercialization of AI presents a net positive for our business, for two crucial reasons. The first is related to what AI can do for us and the second how it helps to further differentiate our contrarian approach versus other, more conventional strategies.","47bada0f-b57d-4452-9e54-cee2308d5003","2026-04-14 00:00",{"id":1199,"alt":26,"name":26,"focus":26,"title":26,"source":26,"filename":1194,"copyright":26,"fieldtype":28,"meta_data":1200,"is_external_url":30},217846514494311,{},{"name":1015,"created_at":1016,"published_at":1017,"updated_at":1018,"id":1019,"uuid":1020,"content":1202,"slug":1024,"full_slug":1025,"sort_by_date":85,"position":961,"tag_list":1203,"is_startpage":30,"parent_id":1027,"meta_data":85,"group_id":1028,"first_published_at":1017,"release_id":85,"lang":964,"path":85,"alternates":1204,"default_full_slug":85,"translated_slugs":85,"_stopResolving":57},{"_uid":1022,"name":1015,"component":1023},[],[],[1206],{"_uid":1207,"content":1208,"component":710,"backgroundColor":712},"3648639f-10ae-446e-a9ad-92ee1cabc58c",[1209],{"_uid":1210,"html":1211,"author":1095,"fontSize":1096,"component":709,"authorRole":1097,"authorCompany":1098,"showAuthorAlsoOnBottom":57},"85e10ee0-301a-4b17-81e0-b74caf57bb31",{"type":69,"content":1212},[1213,1220,1228,1236,1244,1252,1260,1268],{"type":1040,"attrs":1214,"content":1215},{"level":1042,"textAlign":85},[1216],{"text":1217,"type":76,"marks":1218},"CIO Insights 1Q2026",[1219],{"type":1048},{"type":72,"attrs":1221,"content":1222},{"textAlign":85},[1223],{"text":1224,"type":76,"marks":1225},"Equities markets have become increasingly concerned about the disruptive effect that AI, especially in its agentic form, will have on companies in industries ranging from Software as a Service (SaaS) and miscellaneous professional services (e.g., accounting, consulting, marketing, education, customer relationship management or freight logistics) all the way to financials such as fintechs, rating agencies, credit card processors and traditional players in banking and asset management. There cannot be a broad-brushed assessment of the impact. Every firm and every analyst looking at them will have to evaluate in frank terms how sensitive a particular business model is and how it should be adapted accordingly. This uncertainty is of great interest to us. Especially among select professional services firms that enjoy entrenched competitive positions and high client loyalty, we can see the market potentially overreacting.",[1226],{"type":1056,"attrs":1227},{"color":26},{"type":72,"attrs":1229,"content":1230},{"textAlign":85},[1231],{"text":1232,"type":76,"marks":1233},"The first order of concern, however, is to evaluate our own cooking: will AI make us obsolete? Ultimately, of course, it is our clients who are the judges as to how relevant our offering is to them within the context of their overall asset allocation programs. From our vantage point we are convinced that the broad commercialization of AI presents a net positive for our business, for two crucial reasons. The first is related to what AI can do for us and the second how it helps to further differentiate our contrarian approach versus other, more conventional strategies.",[1234],{"type":1056,"attrs":1235},{"color":26},{"type":72,"attrs":1237,"content":1238},{"textAlign":85},[1239],{"text":1240,"type":76,"marks":1241},"First, let’s shed light on how we manage to productively deploy AI. On one level, it makes several aspects of our day-to-day business support operations more efficient. Many data processing tasks and analytics so far have been managed with separate tools on varied platforms. Agentic AI now facilitates and enhances their interoperability, which leads to better overall information outcomes while greatly reducing the need for manual input. On another level, our investment research process likewise becomes more efficient. Relevant but basic due diligence information on business metrics, competitive analysis, strengths and weaknesses, threats and opportunities and macroeconomic sensitivities are much more rapidly distilled out in an AI world than before. Both factors free up precious time and resources that can be reallocated to our very business reason: weighing the strategic merits and prospects of individual firms, putting a value on them, managing the portfolios and interacting with clients.",[1242],{"type":1056,"attrs":1243},{"color":26},{"type":72,"attrs":1245,"content":1246},{"textAlign":85},[1247],{"text":1248,"type":76,"marks":1249},"Now, let’s look at AI’s shortcomings and how they help us in unintended ways to further differentiate our product offering. In plain terms, AI cannot supplant the human judgment skills necessary to evaluate whether we want to buy and then own a stock over a long period of time. Specifically, AI lacks the ability to help us develop a sound investment thesis around a divergent perspective on a business and hence its financial trajectory going forward, versus that implied by the market. To recall, we are dedicated contrarian investors looking for the counterintuitive, the misunderstood, the quirky, the obscure. A big part in a contrarian investor’s playbook is to be on the lookout for unexpected improvements in business conditions and eventual recovery form previously observed negative earnings trends. Our experience so far has been that AI, at least in the form of so-called large language models (LLMs), is built on an extrapolative, linear “reasoning” process. It is prone to develop predictive conclusions that fall mostly in line with what a conventional, consensus-based investment analysis would indicate. It follows that AI has difficulty in dealing with nonlinear systems, where an economic pattern may start to deviate from recently observed norms (as would be the case, for instance, in corporate turnarounds or at the nadir of business cycles).",[1250],{"type":1056,"attrs":1251},{"color":26},{"type":72,"attrs":1253,"content":1254},{"textAlign":85},[1255],{"text":1256,"type":76,"marks":1257},"Concurrently, we surmise that the consequences of how AI works and its ubiquitous availability to the investment management industry renders future investment decisions even more uniform. If everybody uses the same assumptions and input feeding their AI-driven algorithms, even fewer off-consensus views will be left to impact prices. This in turn will likely lead to more instances where individual companies may be significantly mispriced by the market, presenting new opportunities for us.",[1258],{"type":1056,"attrs":1259},{"color":26},{"type":72,"attrs":1261,"content":1262},{"textAlign":85},[1263],{"text":1264,"type":76,"marks":1265},"Thus, AI should benefit our business, both purposely and inadvertently. Most importantly, we will view the future as being AI-enabled, as opposed to AI-dictated. This means that we are determined to use AI in our favor and exploit its pros and cons, without becoming enslaved by it.",[1266],{"type":1056,"attrs":1267},{"color":26},{"type":72,"attrs":1269,"content":1270},{"textAlign":85},[1271],{"text":1094,"type":76},"cio-insight-1q2026","en/themen-gedanken/cio-insight-1q2026",-20,[],"e4c02aa5-b20d-4108-abf7-99635a99180d","2026-09-08T14:08:00.295Z",[],[1280],{"name":1015,"created_at":1016,"published_at":1017,"updated_at":1018,"id":1019,"uuid":1020,"content":1281,"slug":1024,"full_slug":1025,"sort_by_date":85,"position":961,"tag_list":1282,"is_startpage":30,"parent_id":1027,"meta_data":85,"group_id":1028,"first_published_at":1017,"release_id":85,"lang":964,"path":85,"alternates":1283,"default_full_slug":85,"translated_slugs":85},{"_uid":1022,"name":1015,"component":1023},[],[],[],{"cache-control":970,"connection":971,"content-encoding":972,"content-type":973,"date":1286,"etag":1287,"per-page":880,"referrer-policy":976,"sb-be-version":977,"server":978,"strict-transport-security":979,"total":1288,"transfer-encoding":980,"vary":981,"via":1289,"x-amz-cf-id":1290,"x-amz-cf-pop":984,"x-cache":985,"x-content-type-options":986,"x-frame-options":987,"x-permitted-cross-domain-policies":988,"x-request-id":1291,"x-runtime":1292,"x-xss-protection":665},"Wed, 21 Oct 2026 21:01:42 GMT","W/\"b5d86d411ee46594624bfb41e1c3e12f\"","60","1.1 a6cf90963f3d761a69185cafd3ede98e.cloudfront.net (CloudFront)","pYDUCqP8JW2PP9JpypaiD6gDl4Bzr4VwOY3pw11THYzKsVr3y5gO2w==","d9f61d13-063a-41da-9459-37d5fad4ecb9","0.042174",3,60,1792616501522]