Generali First Selection and Generali Bond with a maximum Overall Rating 5 Morningstar stars



Generali Investments is maintaining professionalism and excellence in managing the assets of its investors. Three of our funds received a maximum of 5 or 4 stars, which means they rank among the top 10% of funds in each category (in the case of 5 Morningstar stars) or the next 22.5% of funds (in the case of 4 Morningstar stars). On 31 December 2019, the holders of 5 or 4 Morningstar stars are:


Generali First Selection, 5 stars in the Flexible Allocation – Global category
Generali Bond, 5 stars in the EUR Diversified Bond category
Generali Vitality, 4 stars in the Global Large-Cap Blend Equity category


Morningstar, an independent and highly acclaimed rating agency based in the US, has been rating funds across the world since 1985. Morningstar rates funds from one to five stars based on how well they have performed (after adjusting for risk) in comparison to similar funds. Within each Morningstar Category, the top 10% of funds receive five stars, the next 22.5% four stars, the middle 35% three stars, the next 22.5% two stars, and the bottom 10% receive one star. Funds are rated for up to three time periods –three-, five-, and 10 years –and these ratings are combined to produce an overall rating. Funds with less than three years of history are not rated. Ratings are objective, based entirely on a mathematical evaluation of past performance. They are a useful tool for identifying funds worthy of further research, but should not be considered buy or sell recommendations.



© 2018 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Generali Growth Equity Fund completes its first transaction by acquiring a 75% interest in Eko Papir d.o.o.


Generali Growth Equity Fund is a special investment fund managed by Generali Investments. The Fund invests primarily in ambitious small and medium-sized companies, offering support in growth financing, capacity expansion, sales network building, new product development as well as acquisition of competitors and management of succession matters.

Founded in 1994, Generali Investments is one of the largest and oldest asset managers in South-East Europe. Together with its subsidiaries, it manages assets of over EUR 900 million.

The Generali Growth Equity Fund investment in Eko Papir is co-financed by the European Investment Fund and the SID Bank.

KD Funds Skopje proud to become Generali Investments Skopje


Generali Investments AD Skopje, remains a company that best understands the needs of investors, has great team of experts and long tradition of asset management in the market. All the advantages of our value-increasing asset management services remain unchanged, whilst at the same time the door is opening to gain access to all the global sources and markets offered by the international Generali Group, which according to Forbs is the best insurance company in the world.

The celebration was opened by Chief Executive Officer Laze Kamcev, who stated: “By integrating knowledge from General Investments’ Centers in the region, we will be able to offer our clients the best financial products and services. Today we are already a modern asset management company that has identified customer needs over the years. In this regard, we become a financial supermarket for all combined products linked to investment funds. Investing in investment funds, life assurance combined products and investment funds linked to bank deposits are all in order to have a complete offer in terms of client assets. ”

Luka Podlogar – President of the Board of Directors of Generali Investments AD Skopje and President of the Management Board of Generali Investments d.o.o Ljubljana noted on this occasion: “The presence of Generali in North Macedonia is a strategic change. Our group wants to grow the business on the healthy foundations laid by our brilliant team from Skopje. I’m looking forward to the development of financial services in North Macedonia and have high confidence in the development of the Macedonian economy. ”

The celebration was also attended by the Italian Ambassador H.E. Carlo Romeo who addressed the guests, introducing them to the beginnings of Generali in Italy and its development through the history in Europe and the world.



Generali is one of the largest global insurance and asset management providers. Established in 1831, it is present in 50 countries in the world, with a total premium income of more than € 66 billion in 2018. With nearly 71,000 employees serving 61 million customers, the Group has a leading position in Europe and a growing presence in Asia and Latin America. Generali’s ambition is to be the lifetime partner to its customers, offering innovative and personalized solutions thanks to an unmatched distribution network. In Austria, Central and Eastern Europe and Russia the Group operates through its Austria, CEE & Russia Regional Office (Prague) in 13 countries.

Generali Investments has EUR 488 billion in assets under management globally, and EUR 20 billion in assets under management in the CEE countries, which makes it one of the largest asset management companies in the CEE region.


Even stronger from now on

How would you present Generali Investments, an asset management company and a subsidiary of Generali?

Josef Beneš: Generali is the name under which companies operate comprehensively in Europe with a global reach in US, Latin American and Asian markets. In Central and Eastern Europe (the CEE region), where its operations are incorporated under the umbrella company Generali CEE Holding, based in Prague, Generali is present in the markets of 13 countries. So far, it has been active in four countries in this geographical area with Generali Investments companies in the field of asset management, each with a local asset management centre and a team of investment experts.

Luka Podlogar: It is true that, until now, the Slovenian public has known Generali primarily as an insurance company with good products, an international presence and a long history, and ultimately, as a company based in Trieste. But due to its enormous balance sheet, the Generali Group is also a large asset manager. The Generali Investments brand includes a number of asset management activities, ranging from investment management of insurance companies, various mutual funds, to private equity and real estate investment strategies, as well as very niche investment strategies implemented within individual investment boutiques. Looking at individual investment classes, Generali Investments covers most areas: from classic cash, bond, mixed and equity strategies, to more niche strategies within private equity, real estate and infrastructure, and so on, as well as hedge-fund strategies. Through its investment boutiques, Generali Investments also covers more specialised niches, such as investing in accordance with environmental, social, corporate (ESG) criteria.


Can you summarise key information about the size of Generali Investments for our readers?

Josef Beneš: In total, globally speaking, Generali Investments has €443 billion in assets under management. In the CEE countries, we manage €20 billion in assets, making Generali Investments one of the largest management companies in the region. Financial experts with excellent knowledge of the specifics of individual markets operate in centres in Prague, Warsaw, Budapest and, of course, also in Ljubljana. Together, there are more than 250 employees in these centres alone, including more than 40 top portfolio managers.

Luka Podlogar: With the acquisition of KD Funds, Generali Investments has added three new countries within the Central and Eastern European region, namely Slovenia, Croatia and North Macedonia, to the existing four, the Czech Republic, Poland, Slovakia and Hungary. For example, the volume of assets under management in Slovenia is, globally, of course small, compared to the aforementioned €443 billion, but we must bear in mind that Slovenia is not a large country. However, the local presence is of paramount importance for Generali Investments as the company wants to be close to its clients, that is, the investors.


With the acquisition of KD Funds, Generali Investments continues its more than 25 years of operations of the first management company in Slovenia and one of the leading companies in this region. Where do you see the main benefits of this story?

Josef Beneš: Trust and experience are key to investments. These are the values most prized by investors according to financial research. They are not easy to acquire, they cannot be borrowed and they are difficult to conquer. KD Funds built them. Generali Investments does not want to repeat mistakes, such as some American institutions did in the CEE region in the 90’s, when their management companies or banks tried to approach different markets in identical, uniform steps. Savings and investments in the CEE region have evolved very differently – according to the situation and experience of the financial markets, their history, structure and ownership of the capital markets. The great advantage of a quarter century of KD Funds is that with this heritage, that is, with the position and reputation in the market and knowledge, we maintain a local approach and proximity to our clients.

Luka Podlogar: It is important that the DNA of KD Funds remains the same after the takeover and name change. People are the most important in our business. The team that has successfully managed our funds for many years remains the same. In addition, KD Funds and Generali Investments share the same values: excellence in management, long-term vision and a winning, team spirit.


Mr Beneš, how would you assess the current situation on the Slovenian market? Do you expect Slovenes to invest more in mutual funds and similar products in the future compared to, for example, bank deposits?

Josef Beneš: I have to praise the Slovenian market. Looking at the numbers, it appears that Slovenian investors are behaving quite maturely. The share of dynamic products, including equity funds, is higher than in other CEE countries, for example. Contrary to say Poland, Slovenia and the Czech Republic are relatively small countries, but regardless of this, we also expect investment growth in the long run. The economy is healthy, wages and other income will grow. We are confident that the demand for asset management and investment in funds will continue to grow significantly.


Mr Podlogar, what is said is a positive outlook, and it appears that Slovenes are increasingly recognising opportunities to increase the value of their money. On the other hand, sometimes we still get the feeling that many people are still holding back on their investments. Why?

Luka Podlogar: Slovenians currently have a lot of assets in bank accounts, where nothing is earned, or tied into real estate. We are still a little too reserved about financial investments, which is mainly due to relatively poor financial literacy. We are unfortunately at the tail end of Europe in this area. But I am convinced that financial literacy will increase in the coming years and that more and more Slovenes will decide to invest their savings in capital markets. Of course, the most effective instrument are investment funds. At Generali Investments, we will ensure that our products are always well managed and attractive to our investors in terms of investment strategies, as well as competitive in terms of overall management costs.


What benefits will the operation under a new, significantly larger umbrella company or group bring to individual and institutional investors in Slovenia? What impact can the power and size of Generali Investments have on the market and on the investments of investors?

Josef Beneš: Together we are stronger. By integrating the knowledge of four Generali Investments centres in the region, we will be able to offer our clients and partners the best financial products and services. We will have even better market insight, which can bring even better results and risk management. Our contributions and analytics of CEE markets are already appreciated by colleagues in Western markets, and at the same time we have access to the analyses of investment teams of the entire Group, from Paris to Trieste.

Luka Podlogar: A strong financial background is undoubtedly very important. Moreover, we cannot emphasize enough the extraordinary importance of knowledge that has accumulated in the Generali Group throughout its nearly two centuries of history. Generali Investments employs more than 450 experts who today manage, as was said earlier, a total of €443 billion in a range of different investment classes. None of the Slovenian asset managers has access to such a large team with such management knowledge.


Will the range of products and services you offer to investors in Generali Investments continue to expand? What can they expect?

Josef Beneš: There will be many changes that may not be visible but are very important. These include upgraded investment management services, such as investments that fit the liability structure and risk models. We will also develop new products in our companies in the region and offer additional investment opportunities.

Luka Podlogar: There will definitely be innovations. I am pleased that we will soon be able to launch a new fund within the Generali Group that will meet the needs of Slovenian investors in an area where it has been difficult to invest so far. Working with the hinterland of a large merged Slovenian insurance company will also bring innovations in the field of investment risk insurance, where, in partnership with Adriatic Slovenica and Zavarovalnica Generali, we will offer a combination of the best products of both insurance companies.


What do you want to say to existing investors and all those potential investors who may choose to manage their assets at Generali Investments?

Josef Beneš: We are building a new, strong asset management group in Central and Eastern Europe, and Slovenia is part of this development that will bring investors the highest quality product and service offering. We want to maintain the trust of our existing customers with good results, an expanded offer and a strong local presence. Just as we want our current investors to remain an active part in our future journey, we will, of course, strive to persuade new ones. We can offer great advantages over the competition in Slovenia and in other markets of Central and Eastern Europe to them as well. All clients, old and new, will be able to take advantage of the long-term positive effects of increasing the value of their money.

Luka Podlogar: In the end, I will once again emphasize the importance of cooperation, trust and closeness. Business is people. The team that has been responsible for good management results and good financial consulting to Slovenian investors remains the same. This means that nothing will change for our clients in the short term and that they retain all the existing benefits. On the other hand, in the long run, we will strive to be even better and to offer investors innovative, well-managed products, backed by the knowledge, resources and power brought by the large Generali Group.


Flip through the new edition of Optimum (the magazine is in Slovenian).

KD Funds proud to become Generali Investments


The name of KD Funds has officially changed to Generali Investments LLC while its brand identity will now be linked to the iconic lion of St. Mark, the symbol of Venice and of the Generali Group.

The existing range of products and services will be maintained and in the future will undergo a process of rebranding and continuous improvement, incorporating the innovations and best practices acquired through the extensive international experience of the Generali Group. The rebranding process will not affect our clients or ongoing business agreements.

Josef Beneš, Chief Investment Officer of Generali CEE Holding B.V. and Chief Executive Officer of Generali Investments CEE, said: “KD funds, becoming Generali Investments, is home to the most renowned and awarded team of local experts and boasts the longest tradition of asset management on the SEE markets. All the current advantages of its value creation capabilities will be amplified by the access to the global know-how and opportunities provided by the Generali Group.”

Luka Podlogar, President of the Management Board of Generali Investments LLC commented: “We combine our excellent asset management performance and unmatched knowledge of our investors’ needs with a truly global platform. In the following period, our team’s purpose is to deliver even better results with the help of innovative, accessible and personalized services.”

The Generali Group has been operating in Slovenia since 1997. In line with its Generali 2021 strategy and its vision to develop in Slovenia and the entire Austria, CEE and Russia Region, Generali significantly increased its presence on the local market in 2018, after signing an agreement with KD Group to acquire the entire corporate capital of KD Funds and Adriatic Slovenica. The transactions were finalized after receiving the approval of the relevant supervisory authorities earlier this year.



Generali is one of the largest global insurance and asset management providers. Established in 1831, it is present in 50 countries in the world, with a total premium income of more than € 66 billion in 2018. With nearly 71,000 employees serving 61 million customers, the Group has a leading position in Europe and a growing presence in Asia and Latin America. Generali’s ambition is to be the lifetime partner to its customers, offering innovative and personalized solutions thanks to an unmatched distribution network. In Austria, Central and Eastern Europe and Russia the Group operates through its Austria, CEE & Russia Regional Office (Prague) in 13 countries.
Generali Investments has EUR 488 billion in assets under management globally, and EUR 20 billion in assets under management in the CEE countries, which makes it one of the largest asset management companies in the CEE region.

KD Funds selected as manager of SEGIP programme funds

SID Bank signed the agreement with the EIF in November 2017 to set-up the EUR 100 million SEGIP programme with the support of the European Fund for Strategic Investments (EFSI). It is intended for all small and medium-sized companies with up to 3.000 employees established in the Republic of Slovenia.

SEGIP supports the capacity building of private equity funds established in Slovenia and also regional and pan-European private equity funds active in Slovenia, through which equity and mezzanine financing will be provided to eligible SMEs and mid-cap companies in Slovenia. Such funds are required to be managed and investments made by fund managers that meet EIF eligibility standards of professional management. Under the EIF closed call procedure, KD Funds was selected for asset management of a private equity fund and will receive funding from SEGIP. The objective of SEGIP is to support companies in their growth and further development, added value creation, entering new markets, financing of investments and working capital and even acquisitions of other companies, export financing, and succession and reorganisation financing.

Luka Podlogar, President of the Management Board of KD Funds, says: “Small and medium-sized companies are the engine of the Slovenian economy, making a significant contribution to economic growth. However, due to a lack of equity financing many of these companies are unable to reach their full potential. Our private equity fund will invest in companies with high growth potential and ambitious teams requiring capital to finance their capacity expansion plans, sales network building, product development or for the acquisition of competitors. The fund will offer Slovenian investors a new, alternative investment opportunity to acquire an equity interest in fast growing small and medium-sized companies that would be otherwise difficult to invest in directly. We have been through a very intense period in which we successfully completed a legal, economic and market due diligence review of compliance with the EU equity financing standards. We are proud that KD Funds has been selected to participate in the Slovene Equity Growth Investment Programme. It is an opportunity for us to fulfil our mission of being a responsible financial intermediary that also contributes to the development and growth of the Slovenian economy.”

KD Funds again the best Slovenian asset management company with the best asset management team


In the nine years’ history of these awards, which are presented by the magazine Moje finance, a KD Funds manager has been selected as the top fund manager of the year for six times, and the fourth consecutive year. Four other members of the managers’ team of KD Funds, the best management company, were ranked among the top 10 asset managers in Slovenia: Primož Cencelj, the Best Fund Manager of 2018, was ranked second, Aleš Lokar, the Best Fund Manager of 2017 was ranked third, David Zorman, the Best Fund Manager of 2010, was ranked fifth and Sašo Šmigić, a KD Funds team members, was ranked ninth. KD Funds has again been recognised as the best management company for a five-year period. KD Funds was also awarded with 7 Zvezdonos statuettes – that is the highest rating of 5 stars, which testify to the supreme quality of fund management.

The awards and star-based ratings given to these funds for three- and five-year periods represent the highest recognition in the industry, and are proof of the supreme quality of management of the funds in their respective categories.


This year’s highest award – five stars – went to the following winning funds:

For a three-year period:

KD Bond, EUR

KD Rastko, Europe Equity

KD Eastern Europe, Equity

For a five-year period:

KD Galileo, Mixed Flexible Fund

KD Rastko, Europe Equity Fund

KD Eastern Europe, Equity

KD Bond, EUR


Photo: Jure Makovec


Luka Flere, CFA is Director of Asset Management at KD Funds and is in charge of managing regional fund, KD Eastern Europe. The Best Mutual Fund Manager award has been bestowed by a Slovenian financial magazine »Moje finance« and Mr. Andrej Bertoncelj, Minister of Finance. At this occasion Luka Flere said: »This award is a confirmation of our good work. Asset Management is a team effort. The Asset Management team of KD Funds always strives to work for the benefit of our investors. Our main advantage is the common potential of the entire team«.


Luka Podlogar, CEO of KD Funds said: »We are proud to be a part of a team where a winning mindset is one of our core values. We prove our winning mentality with great results. Our achievements are the result of the work and determination of our employees«.







KD Funds is becoming part of the Generali Group


After more than a quarter of a century in business, KD Funds is now joining the international Generali Group. Founded in 1831, Generali is an independent international financial group with a presence in over 50 countries across the world and employing more than 71,000 people. In 2017, Generali collected EUR 68 billion in insurance premiums and had EUR 487 billion of assets under management. According to the Fortune Global 500 report, Generali is ranked one of the world’s 60 largest companies, based on sales, profit, assets and market value. Generali Investments CEE, the largest asset management company in Central and Eastern Europe, managing EUR nearly 17 billion of assets, is also a member of the Group.

Luka Podlogar, President of the Management Board of KD Funds, comments on this significant milestone: »Apart from being one of the leading global insurers, Generali is also one of the largest European asset managers. Becoming part of the Generali Investments family will strengthen KD Funds’ ability to implement its growth strategy in South Eastern Europe. Furthermore, it will enable the company to broaden its products and investor base, as well as enable its employee’s additional development opportunities. We have an excellent team; we offer advanced and modern financial products that are constantly adapted to the financial needs of the market and our investors. Generali’s long term tradition and knowledge will help in further product upgrading. Our excellent and experienced team, in which we trust, remains the same. We are proud to become part of an international team with a winning mind-set. Exceptional opportunities are in front of us and I am convinced that we will use them for the benefit of our investors.”



Notice of change in ownership structure


As of 13 February 2019, Generali CEE Holding B.V., the Netherlands, holds a qualified holding in KD Skladi, d. o. o.,

Investors may request additional information by sending an e-mail to


KD Skladi, družba za upravljanje, d. o. o.
Management Board



KD Funds in partnership with Peakside Capital acquires Austria Trend Hotel in Slovenia

Located in the Slovenian capital of Ljubljana, Austria Trend Hotel offers 214 rooms and its amenities include a restaurant, spa and wellness centre, with sauna and gym, as well as 11 conference rooms. The hotel is conveniently positioned in the immediate vicinity of the Ljubljana ring road, with motorway access and excellent transport connectivity.

The investment objective of KD Adriatic Value Fund is to generate returns for investors from rental income and capital growth through investments in real estate in Slovenia, Croatia and Serbia, with a special focus on office and retail properties. The three target countries offer a relatively undeveloped real estate sector and attractive returns, whilst the long-term success of the fund is further supported by strong economic growth in the region.

Luka Podlogar of KD Funds said: “With the acquisition of the Austria Trend Hotel, KD Adriatic Value Fund is strengthening its core business and expanding its real estate investment portfolio to include the hospitality sector. This is in line with our strategy of offering SEE real estate as an attractive asset for institutional investors.”

Tomasz Niezgodzki, Peakside Capital, said: “The hotel is well recognised by tourists and business guests in Ljubljana. With its excellent location, visibility and building structure it has a great potential for further growth together with the whole Slovenian hospitality sector.”

“We are pleased with the four initial investments we have secured on behalf of the Fund, and the speed at which we have managed to deploy capital.”

Notes to editors:

KD Adriatic Value Fund is a special investment fund established by KD Funds, one of the largest and oldest asset managers in South-East Europe (SEE), in partnership with Peakside Capital, an independent real estate investment manager firm. This is the first regulated real estate alternative investment fund in Slovenia. To date, it has raised commitments from regional institutional investors, giving it a buying power of over EUR 50 million.

Founded in 1994, KD Funds is one of the largest and oldest asset managers in SEE. Together with its subsidiaries, it manages around EUR 700 million in 34 funds and 13 investment mandates across the SEE region, including the oldest mutual funds in Slovenia and Croatia.

Peakside Capital is a specialist European Investment Manager, owned by its management. It manages real estate assets currently totalling over EUR 1 billion in gross asset value with a focus on CEE and Germany. The company has offices in Frankfurt, Munich, Zug (CH), Warsaw, Prague and Luxembourg.

Peakside Capital provides fund management and investment advisory services for managed portfolios that include its four real estate funds and a significant number of separate account investments.

The investment strategies it pursues serve the individual requirements of its investors, and range from core to opportunistic across the office, residential, hotel and retail sectors. The investment spectrum comprises investments in single assets and portfolios through to distressed debt and investments in real estate operating companies.