lgt capital management

Citywire Montreux, 9‐11 May 2012

How to generate alpha through active

management in the commodity sector

Sander Bressers

Senior Portfolio Manager Commodities

2

Commodities: a relatively recent and convincing asset class

Commodity exposure: active management to extract alpha

Expertise applied: LGT Commodity Active Fund

Legal information

Table of contents

3


4How to generate alpha through active management in the commodity

sector


Source: LGT / IstockphotoInvestments open up new opportunities, but they also involve risks.

Please consider the legal information at the end of this presentation.

Agriculture‐Wheat‐ Corn‐ Soybeans‐ Cotton‐ Sugar‐ Coffee

Livestock

farming‐ Cattle‐ Pigs‐ Poultry‐Milk

Energy‐ Crude/heating oil‐ Natural gas‐ Coal

Precious

metals‐ Gold‐ Silver‐ Platinum‐ Palladium

Industrial metals‐ Aluminium ‐ Copper‐ Zinc‐ Lead

«Hard Commodities»(depletable

commodities)«Soft Commodities»

(renewable

commodities)

With more than 5 categories and over 20 sub‐asset classes,

commodities represent a broad investable universe

© LGT Capital Management


sector

Inflation protection

Real assets

Commodities preserve purchasing power

Diversification Potential to improve portfolio returns

Source: LGTInvestments open up new opportunities, but they also involve risks.Please consult the legal information at the end of this presentation.

Physical underlying in a virtual world


Diversification, inflation

protection

and “real assets“

investing

represent

the

main

reasons

for

a strategic

allocation

to commodities



sector

Rising demand

Supply constraints

Geopolitical risk

Increasing production costs

Growth in world population

Wealth‐effect in emerging economies



An investable

universe

likely

to benefit

from

longer‐term

rising

demand

and supply

constraints



sector


Source: UN, Worldbank, IEA, LGT

Population growth

Mainly

driven

by

developing

and

emerging

markets

countries

UN expectations

Evolution of world

population(in billion)

0

2

4

6

8

10

12

1950 1970 1990 2010 2030 2050 2070 2090

Prosperity

Increasing

consumption

of commodity goods

due

to increasing

income

Evolution of income

and energy

consumption(1970‐2010)

0

2'000

4'000

6'000

8'000

10'000

12'000

14'000

0 10'000 20'000 30'000 40'000 50'000Income (GDP/person), in USD

Energy con

sumption (kWh/pe

rson

)

JapanGermany

SwitzerlandBrazilChinaIndia

United StatesGreat Britain

Developing and emerging markets countriesDeveloped countries

Rising

demand: population

growth and prosperity

are

main

drivers

of world

demand

for

commodities...



sector


Source: Bloomberg

Boost in costs

for

crude

oil

exploitation

Mainly

driven

by

higher

costs, e.g. for

exploration, technology and licences

Increasing

prices

for

farm products

Due

to rising

costs

for

seeds/fertilizer/energy

resources

and scarcity

of arable

land

Evolution of total costs

of selectedcrude

oil

companies

(in USD billion)Rise

in production

costs

of agriculturecommodities

(in USD per acre)

WheatSoybeansCorn

0

50

100

150

200

250

300

350

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

0

100

200

300

400

500

600

1975

1977

1979

1981

1983

1985

1987

1989

1991

1993

1995

1997

1999

2001

2003

2005

2007

2009

Supply

contraints: bottlenecks

lead

to increasing

costs

for

exploration

and production...



sector


Source: BP Energy Bulletin

The map shows thelocations of crude oilreserves using theterritorial size...

Most of the crude oilreserves are located in areas with geopoliticalturbulences...

...and are thereforesubject to delivery suspensions and increase in prices

...and geopolitical

risk

plays

a key

role

in world

energy

supply


10



sector

Strategic

and

tacticalasset

allocation

Liquidity: easy

market

access

Exploiting

curve‐positioning:achieving

roll returns



Active management seeks to achieve excess returns by curve‐

positioning and relative value trades


Real asset:underlyingphysicalmarket

Exploiting

decorrelation: relative value

trades

in

seasonality

and substitution


sector

Backwardation

Contango

Passive Active

Reduce

negativeroll‐returns

Exploit

positiveroll‐returns

Activemanager

‐

a

‐

b

a

b

‐b

> ‐

a

a

> b

Curve‐positioning

is

paramount

Contract

maturity



Alpha source

no. 1 – curve‐positioning:

optimization

of roll returns



sector

Source: LGT / BloombergInvestments open up new opportunities, but they also involve risks.Please consult the legal information at the end of this presentation.


Performance DJ UBS Energy Index vs. DJ UBS Energy 3‐months Forward Index

0

100

200

300

400

500

600

700

800

900

1000

12/97 12/98 12/99 12/00 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12

Performance reb

ased

(USD

)

DJ UBS Energy Index TRDJ UBS Energy 3month Forward Index TR

Alpha source no. 1 – curve‐positioning:

example

–

passive front‐month

vs. 3 months

forward

strategy



sector

Source: LGT, Bloomberg, Commodities

(DJ UBS Indices), Equities

(MSCI Sectors), Correlations

for

the

Year

2009, weekly

dataInvestments open up new opportunities, but they also involve risks.Please consult the legal information at the end of this presentation.

Separate price‐patterns

and

independent

price‐drivers

Correlations

commodity sectors Correlations

equity

sectors

Similiar

price‐patterns

and

common

price‐

drivers

(e.g. GDP‐growth)

Risk

management

of great

importance

ENE MAT IND CST CDI HEA INF TEL UTIMSCI Energy 1.00 0.93 0.89 0.79 0.86 0.69 0.83 0.72 0.75MSCI Materials 1.00 0.93 0.79 0.91 0.71 0.86 0.75 0.74MSCI Industrials 1.00 0.85 0.96 0.75 0.88 0.76 0.74MSCI Cons. Stapl. 1.00 0.80 0.79 0.74 0.77 0.73MSCI Cons. Discr. 1.00 0.65 0.91 0.78 0.71MSCI Health Care 1.00 0.69 0.64 0.63MSCI Information 1.00 0.77 0.64MSCI Telecom 1.00 0.76MSCI Utilities 1.00

EN IM PM AG LSEnergy 1.00 0.65 0.12 0.61 0.24Industrial Metals 1.00 -0.11 0.58 0.16Precious Metals 1.00 0.06 -0.10Agricultures 1.00 0.08Live Stock 1.00


Alpha source

no. 2 –

decorrelation:

the

extent

of decorrelation

is

a prime source

of potential alpha



sector

Storage driven by crop cycle:

Seasonal

patterns

Storage

cycle Temperature

curve

Temperature

displays

yearly

seasonal

pattern

t

Harvest Winter

Storage/seasonal

patterns

impact

agricultural

pricesTemperature

impacts

demand

for

fuel: for

example, heating

oil

demand

increases

in winter

t



Alpha source

no. 2 –

decorrelation:

seasonality

trades

to exploit

seasonal

patterns



sector

Soybean/Corn spread

1.5

1.7

1.9

2.1

2.3

2.5

2.7

2.9

3.1

3.3

Jan

03

Jul 0

3

Jan

04

Jul 0

4

Jan

05

Jul 0

5

Jan

06

Jul 0

6

Jan

07

Jul 0

7

Jan

08

Jul 0

8

Jan

09

Jul 0

9

Jan

10

Jul 1

0

Jan

11

Jul 1

1

Jan

12

Soybeans are relatively cheap vs. corn

Therefore spring planting may favour corn

This may lead to a lower soybean production and boost soybean longer term

Corn

currently

expensive

vs

soybeans

LGTEstimate

+5% Soybeans

‐5% Corn

Marketexposure= 0

Corn

expensive

Soybeans

expensive



Alpha source

no. 2 –

decorrelation:

substitution

between

related

commodities


17



sector



Investors are

looking

for

expertise, experience

and professional

risk

management

Expertise: with over 20 sub‐asset classes, commodities represent a complex subject requiring in‐depth know‐how

Experience: active management requires hands‐on experience through various cycles in order develop the right strategy

Professional risk management: measuring exposure, risk and managing this risk is a specialist area which requires thesystems, people and processes

The

LGT Commodity Active

FundManaged by team of experienced professionals with hands‐on commodity futures trading experience

One lead‐manager 100% in charge of performance of the fund

Own investment: LGT has been lead‐investor into the strategy

Exploiting all key alpha drives: curve‐positioning and relative value trades

Integrated into LGT‘s award‐winning strategic and tactical asset allocation team – allows to test manager viewagainst team findings

UCITS‐conform structure via total return swap

AAA ‐ collateral not used to generate additional returns



sector



Example of recent seasonal relative value trade:

gasoline – heating oil spread


Gasoline - Heating Oil Ratio ( May 2012 contracts)

0.86

0.88

0.9

0.92

0.94

0.96

0.98

1

1.02

Oct-11 Nov-11 Dec-11 Jan-12 Feb-12

Gasoline has outperformed distillates over the past 3 months, on refinery closures and stronger US macro data

Large managed money positions in gasoline have driven spread beyond fair value

We see gasoline as overbought on a relative basis and to mean‐revert, as refiners adjust their product mix

Spread above fair value

Spread below fair value

We consider gasolineexpensive vs

heat

Trade:3% Underweight Gasoline3% Overweight Heat

LGTestimate

20

Source: LGTInvestments open up new opportunities, but they also involve risks.

Please consider the legal information at the end of this presentation.

How to generate alpha through active management in the commodity

sector


Long Silver ‐

short Gold

Long Heating Oil ‐

short Crude

Long Soybeans ‐

short Wheat

Long Kansas Wheat ‐

short Chicago Wheat

Long Aluminium

‐

short Copper

Long Lean Hogs ‐

short Live Cattle

Spread trading at low end of recent range; appears attractively

valued compared to historical average

Relatively low crack spreads as crude bid up due to Iran tension.

Product prices to benefit from refinery closures

Soybeans expected to benefit from relatively tight balance sheet,

whilst wheat inventories at historically high levels

Seasonal trade: Kansas (higher protein/higher quality) wheat tends

to outperform Chicago (lower protein/lower quality) wheat during

Q1, ahead of planting season

Aluminium

vs

copper ratio (substitutes for construction and

automotive sector) at lower end of range historically; aluminium

to

benefit from capacity cuts now that prices below cash costs for

majority of producers

Although substitution is limited, spread shows mean reversion with

cattle currently trading at historically high level vs

hogs

Examples of currently implemented relative value trades (as of April 10, 2012)

+ 5 bps

break‐even

+ 35 bps

‐

5 bps

‐ 5 bps

+ 10 bps


Examples of other recent relative value trades:

generating non‐directional alpha


sector

The fund gives beta exposure to commodities, benchmarked against the Dow Jones‐UBS Commodity Index

The Strategic Asset Allocation is determined by Asset Allocation & Research experts

The Tactical Asset Allocation is done by the Commodity Products team

DJ‐UBS Comdy

IndexBenchmark

33% Energy

20% Base Metals

12% Prec. Metals

35% Agriculture

StrategicAsset

Allocation

40% Energy

25% Base Metals

15% Prec. Metals

20% Agriculture

LGTCommodityActive

Fund

TacticalAsset

Allocation

LGT AssetAllocation& Research experts

CommodityProductsteam



Final alpha source: strategic asset allocation, LGT’s

core

competence



sector


The positive performance in the past is no guarantee of positive

performance in the future. The risk of price and foreigncurrency losses and of fluctuations in return as a result of unfavorable exchange rate movements cannot be ruled out.

* LGT Commodity Active Fund (USD) was approved as an investment undertaking for securities under

Liechtenstein law on 5

September 2011. It

is based

on

the identical

investment policy as

the

LGT CF

Commodity Fund (USD),

which

previously has been exclusively part of the Princely Portfolio. This allows the fund's past performance to be transferred as well.

(USD; net of LGT management fees; 30 November 2009 through 31 March 2012)


+ 7.7%

Outperformance: 1/3 curve‐positioning1/3 relative value

trades1/3 strategic

asset

allocation

LGT Commodity Active Fund (USD) B vs. DJ UBS Commodity Index TR (USD) since inception

+ 11.9%

+ 4.2%

90

95

100

105

110

115

120

125

130

135

11/09 01/10 03/10 05/10 07/10 09/10 11/10 01/11 03/11 05/11 07/11 09/11 11/11 01/12 03/12

Performance (reb

ased

) USD

LGT Commodity Active Fund (USD) BDJ UBS Commodity Index TR (USD)

Comparison

to Benchmark

DJ UBS CI TR


23

(USD; net of LGT management fees; 30 November 2009 through 31 March 2012)

*

LGT Commodity Active Fund (USD) was approved as

an

investment

undertaking

for

securities

under

Liechtenstein

law

on

5

September

2011.

It

is

based

on

the

identical

investment

policy

as

the

LGT

CF

Commodity

Fund

(USD),

which

previously has been exclusively part of the Princely Portfolio. This allows the fund's past performance to be transferred as well.


Positive performance in the past is no guarantee of positive performance in the future. The risk of price and foreigncurrency losses and of fluctuations in return as a result of unfavorable exchange rate movements cannot be ruled out.

How to generate alpha through active management in the commodity

sector


LGT Commodity Active Fund (USD) –

performance vs. selected peers


Actively managed Commodity Funds Management company Since inception(30.11.2009)*

‐1 year(%)

Year‐to‐date(%)

LGT Commodity Active Fund (USD) B LGT Capital Management 11.9 ‐11.3 3.0

UBS (Lux) SS RICI (USD) P Acc UBS 10.8 ‐12.9 4.6

BNPP L1 World Commodities C C BNP Paribas 7.7 ‐15.0 2.0

PIMCO GIS Commodities

Plus Strat

E Acc PIMCO 7.1 ‐16.8 2.3

DJ‐UBS TR Enh

Strat

E56 UCITS‐III A USD Goldman Sachs 7.1 ‐15.1 2.2

Vontobel

Belvista

Commodity B USD Vontobel 6.3 ‐15.5 1.3

CSF (Lux) Commodity Index+ USD B Credit Suisse 4.3 ‐16.5 0.8

DJ UBS Commodity Index 4.2 ‐16.3 0.9

CS SICAV 1 (Lux) Commodity Alloc

B Credit Suisse 3.8 ‐16.7 0.7

Pioneer Fds

Commodity Alpha A USD ND Pioneer ‐1.2 ‐13.8 6.3

Threadneedle(Lux) Enh

Cmdty

Port AU Threadneedle ‐‐‐ ‐6.6 5.6

Fulcrum UcitsIII

Commodity I USD Fulcrum ‐‐‐ ‐1.3 0.5


sector


Portfolio management –

Commodity Products


Name

Peter Sigg

Sander Bressers

Bayram

Dincer

Alexander Froschauer

Investment experience

11 years

15 years

10 years

21 years

Function

Head Commodity Products

Senior Portfolio Manager Commodities

Investment Analyst Commodities

Senior Product Specialist

With

LGT since

July

2007

July

2011

July

2008

November 2008


sector


Responsible investment team


Senior Product Specialist‐

Senior Product Specialist Fixed Income, Client Services, LGT Capital Management, Pfäffikon‐

Head Fixed Income & FX (business area MACS), Credit Suisse Asset Management, Zurich ‐

Chief Investment Officer Fixed Income, BAWAG PSK Invest, Vienna‐

Senior Portfolio Consultant, Asset Management AG, Vienna‐

Certified European Financial AnalystAlexander Froschauer

Peter Sigg

Sander Bressers

Deputy Portfolio Manager ‐

Head Commodity Products, LGT Capital Management, Pfäffikon‐

Portfolio Manager Quantitative Strategies, IM Quant, LGT Capital Management, Pfäffikon‐

Portfolio Manager, AXA Winterthur Asset Management, Zurich‐

Quantitative Investment Analyst, Kraus Partner Investment Solutions AG, Zurich‐

MSc

in Business Administration, University of St. Gallen

(HSG)

Portfolio Manager ‐

Senior Portfolio Manager Commodities, Commodity Products, LGT Capital Management, Pfäffikon‐

Senior Portfolio Manager, Diapason Commodities Management, Lausanne‐

Hedge Fund Manager, Societe

Generale

Asset Management, Paris‐

Commodity Index Trader, ABN AMRO, London‐

MSc

in Economics, Erasmus University Rotterdam


sector


Fund description LGT Commodity Active Fund is an actively managed portfolio, which invests broadly diversified in money market instruments, bonds and swaps, which are linked to the price development of commodities. Investments are made in several currencies and are hedged back into USD. The investment process includes quantitative and fundamental factors. The aim of the active management of the different commodities quotas is to create an attractive risk/return profile.

Inception/conversion date CHF: 30.11.2011 • EUR: 30.11.2011 • USD: 30.11.2009/30.11.2011*

Fund domicile Principality of Liechtenstein

Management company LGT Capital Management Ltd.

Investment manager LGT Capital Management Ltd.

Distribution None, retains profits

ISIN/Valor CHF: LI0134229264/13422926 • EUR: LI0134229249/13422924 • USD: LI0134229223/13422922

Bloomberg ticker CHF: LGTCABC LE • EUR: LGTCABE LE • USD: LGTCABU LE

Issue/redemption Daily (business days), cut‐off time 2.00 p.m. CET

Reference currency CHF • EUR • USD

Minimum investment 1 unit

Benchmark CHF: Dow Jones‐UBS Commodity Index Swiss Franc Hedged (TR) •EUR: Dow Jones‐UBS

Commodity Index Euro Hedged

(TR) •USD: Dow Jones‐UBS

Commodity Index (USD) (TR)

Portfolio manager Alexander Bressers (co‐responsible: Peter Sigg)

Registration FL/CH/AT (DE planned)

Fees & commissions Management fee p. a. 1.50%Operations

fee

p.a. 0.30%

The detailed and binding terms and conditions can be found in

the full or simplified prospectus issued by LGT Capital Management Ltd. with information to the LGT Commodity Active Fund.

* LGT Commodity Active

Fund

(USD) was approved as an investment undertaking for securities under Liechtenstein law on 5 September 2011. It is based on the identical investment policy as the LGT CF Commodity Fund (USD), whichpreviously has been exclusively part of the Princely Portfolio. This allows the fund's past performance to be transferred as well.

LGT Commodity Active Fund –

terms & conditions



sector

This document is intended solely for the recipient and may not be duplicated, distributed or published either in electronic or any other form without the prior written

consent

of

LGT

Group

Foundation.

This

publication

is

for

your

information

only

and

is

not

intended

as

an

offer,

solicitation

of

an

offer,

public

advertisement

or

recommendation to buy or sell any investment or other specific product. Its content has been prepared by our staff and is based on sources of information we consider

to be reliable. However, we cannot provide any undertaking or guarantee as to it being correct, complete and up to date. The circumstances and principles to which the

information contained in this publication relates may change at any time. Once

published,

therefore,

information

shall

not

be

understood

as

implying

that

no

change

has taken place since its publication or that it is still up to date. The information in this publication does not constitute an

aid for decision‐making in relation to financial,

legal, tax or other consulting matters, nor should any investment or other decisions be made on the basis of this information alone. It is recommended that advice be

obtained

from

a

qualified

expert.

Investors

should

be

aware

that

the

value

of

investments

can

fall

as

well

as

rise.

Positive

performance

in

the

past

is

therefore

no

guarantee of positive performance in the future. Forecasts are not a reliable indicator of future value developments. The risk of price and foreign currency losses and of

fluctuations in return as a result of unfavorable exchange rate movements cannot be ruled out. There is a possibility that investors will not recover the full amount they

initially

invested.

We

disclaim

without

qualification

all

liability

for

any

loss

or

damage

of

any

kind,

whether

direct,

indirect

or

consequential,

which

may

be

incurred

through the use of this publication. This publication is not intended for persons subject to legislation that prohibits its distribution or makes its distribution contingent

upon an approval. Any person coming into possession of this publication shall therefore be obliged to find out about any restrictions that may apply and to comply with

them.

It is up to potential investors to obtain comprehensive information and appropriate advice in their home country, country of residence or country of domicile about the

applicable legal requirements and any tax consequences, foreign currency restrictions or foreign exchange controls and any other

aspects that are of relevance prior to

any decision to subscribe to, purchase, own, exchange or redeem such investments, or enter into any other transaction in relation to same.

The securities and rights mentioned in this document may not be purchased or held by investors or for investors domiciled in the

USA and/or with US citizenship, nor

may such securities and rights be transferred to them.

Legal information



sector

Selling restrictions for Hong KongWarning: The contents of this document have not been reviewed by

any regulatory authority in Hong Kong. Investors are advised to

exercise caution in relation to this document. If an

investor is in any doubt about any of the contents of this document, the investor should obtain independent professional advice.

This Product has not been offered or sold, and will not

be offered or sold in Hong Kong, by means of any document, other

than (i) to persons whose ordinary business is to buy or sell shares or debentures, whether as principal or agent, or (ii)

in circumstances which do not constitute an offer to the public as defined in the Companies Ordinance (Cap. 32) of Hong Kong (the "CO"), or (iii) to "professional investors" as defined in

the Securities and Futures Ordinance (Cap. 571) of

Hong

Kong

(the

"SFO")

and

rules

made

under

the

SFO,

or

(iv)

in

other

circumstances

which

do

not

result

in

the

document

being

a

"prospectus" as defined in the CO.

Selling restrictions for SingaporeThis

document

has

been

produced

for

existing

subscribers

and

investors

as

an

information

update

and

is

not

intended

for

solicitation

or

marketing

purposes.

Please

note

that

the

investments

mentioned

are

intended

for

accredited

investors

only.

Any

subsequent

investment

decision

should

be

made

in

consultation

with

your

relationship

manager

(and

with

independent advice) so as to determine the appropriateness and suitability of investments with your needs, outlook and jurisdiction.

Note: A minimum investment of SGD 200,000 (or its equivalent in a foreign currency) per transaction is applicable to investors in Singapore.Any

discussion

of

the

Funds,

which

is

the

subject

of

this

document,

does

not

relate

to

collective

investment

schemes

which

are

authorized

under

section

286

of

the

Securities

and

Futures Act, Chapter 289 of Singapore (the SFA) or recognized under section 287 of the SFA. The Funds are not authorized or recognized by the

Monetary Authority of Singapore (the

MAS) and Shares are not allowed to be offered to the retail public. This document and any other document or material issued in connection with the offer or sale is not a prospectus as

defined

in

the

SFA.

Accordingly,

statutory

liability

under

the

SFA

in

relation

to

the

content

of

prospectuses

would

not

apply.

You

should

consider

carefully

whether

the

investment

is

suitable for you.

This document has not been registered as a prospectus with the MAS. Accordingly, this document and any other document or material in connection with the offer or sale, or invitation

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purchase,

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offered

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made

the

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invitation

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subscription

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purchase,

whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 304 of the SFA, (ii) to a relevant person pursuant to Section 305(1), or any

person pursuant to Section 305(2), and in accordance with the conditions specified in Section 305 of the SFA, or (iii) otherwise

pursuant to, and in accordance with the conditions of, any

other applicable provision of the SFA.

Where Shares are subscribed or purchased under Section 305 by a relevant person which is:

(a)

a

corporation

(which

is

not

an

accredited

investor

(as

defined

in

Section

4A

of

the

SFA))

the

sole

business

of

which

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entire

share

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which

is

owned by one or more individuals, each of whom is an accredited investor; or

(b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor,

securities

(as

defined

in

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239(1)

of

the

SFA)

of

that

corporation

or

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beneficiaries

rights

and

interest

(howsoever

described)

in

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trust

shall

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transferred

within

six

months after that corporation or that trust has acquired the Shares pursuant to an offer made under Section 305 except:

(1) to an institutional

investor or to a relevant person defined

in Section 305(5) of the SFA, or to any person pursuant

to

an

offer

referred

to

in

Section

275(1A)

of

the

SFA

or

Section

305A(3)(i)(B) of the SFA;(2) where no consideration is or will be given for the transfer;

(3) where the transfer is by operation of law; or

(4) as specified in Section 305A(5) of the SFA.

Legal information

–

Selling

restrictions

for

Hong

Kong

& Singapore



sector

ContactPhone

+41 55 415 9211 Fax

+41 55 415 9230

E‐Mail

[email protected]

Internet

www.lgt‐cm.com

LGT Capital Management Ltd. Herrengasse 12

FL‐9490 Vaduz

Principality of Liechtenstein

LGT Capital Management Ltd.Schützenstrasse 6

CH‐8808 Pfäffikon (SZ)

Switzerland

Further specialists in Singapore and Hong Kong

LGT Capital Management Ltd.

(Niederlassung

Deutschland)Schaumainkai

85

D‐60596 Frankfurt am Main

Germany

LGT Capital Management


30

Picture description"Equatorial Sundial", c. 1597/1600

ERASMUS HABERMEL

1540–1606

Erasmus Habermel was one of the 16th century's most renowned makers of

sundials and technical equipment. In October 1594 he was appointed by Emperor

Rudolf II to the position of astronomical and geometrical instrument maker in

Prague. However, equipment made by him bear inscriptions which indicate that he

must have been active in Prague prior to this in the years 1576 and 1580. The

instrument is unusual for this epoch, as they were usually designed to be

suspended, i.e. without a stand, although this had certain drawbacks in terms of

legibility. Erasmus Habermel solved this problem by connecting the sundial's

meridian ring to the stand and the compass. The stand is equipped with a compass,

enabling the device to be aligned with the magnetic north pole. It also has a plumb

line, for geocentric alignment. Once the instrument has been aligned with the

points of the compass, its readings are unequivocal. The main parts of the

instrument are the fixed vertical meridian ring, with the adjustable annular ring and

the horizontal global equator ring. The annular ring is attached

to the month slide. It

was possible to perform numerous functions with this multifunctional scientific

instrument.

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