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generating
ideas,
managing
risks

Equity and bond investments for over 25 years — made in Germany

This

Is

TBF

Corporate analysis is our passion, understanding complex supply chains is our expertise.

TBF stands for active asset management with the aim of generating long-term added value for its investors and sees itself as a supplier to the financial industry. The cornerstones of our value-oriented day-to-day activities are our in-house company database and risk model, on-site company meetings and a strict investment process with a clear buy and sell discipline.
Are you looking for an individual solution? All of our strategies can also be customized for institutional investors as part of special or label funds - please contact us!
About us
Das Bild zeigt hellgrauen Hintergrund, oben angeschrägt

TBF SMART POWER – Eine neue Energiewelt entsteht

September 24, 2026
Die Energiewelt verändert sich - JETZT. Sie wird vernetzter, technologischer und dynamischer. Dieser...
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Interview mit Roman Kostal

September 3, 2026
"Das höhere Zinsniveau macht Anleihen wieder zu einer attraktiven Ertragsquelle. Unser Anspruch geht...
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Das Bild zeigt TBF Senior Fondsmanager Roman Kostal seitlich stehend vor einer Ziegelwand in Bad Homburg

Saisonauftakt im neuen Trikot

August 13, 2026
Pünktlich zum Saisonauftakt trägt die Mannschaft des 1. FC Rielasingen-Arlen die neuen Trikots mit a...
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Das Foto zeigt die Mannschaft des 1. FC Rielasingen-Arlen im Jahr 2026

Beste Aktienfonds

July 28, 2026
Citywire stellt vor, welche Fonds deutscher Vermögensverwalter im zweiten Quartal am besten abgeschn...
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Das Bild zeigt einen Berg umgeben von Pfeilen nach oben, bestehend aus den typischen TBF Polygonen. Die Farben sind in verschiedenen Blautönen gehalten.

TBF JAPAN erhält Auszeichnung

July 20, 2026
Die Freude ist groß! Gemeinsam mit dem Greiff Research Institut GmbH hat das Capital Magazin, Deutsc...
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Konsumgüter-Konferenz in Paris

June 24, 2026
Als eines der weltweit größten Events der Branche bringt die Konsumgüter-Konferenz in Paris regelmäß...
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Das Bild zeigt TBF Fondsmanager Michael Zanker in Portraitaufnahme

Roman Kostal über den TBF FIXED INCOME

June 16, 2026
"Wichtig ist ein langfristiger Anlagehorizont und ein Verständnis für globale Makrotrends.", so Roma...
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Das Bild zeigt TBF Senior Fondsmanager Roman Kostal seitlich stehend vor einer Ziegelwand in Bad Homburg

Herzlich willkommen Kira Dreide

June 1, 2026
Als Manager of Operations unterstützt Kira Dreide seit dem 01. Juni den Standort Singen. Herzlich...
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Das Bild zeigt Kira Dreide in Portraitaufnahme

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In our media library you can find out everything about current market trends, our investment strategies and the TBF fund´s universe. Be inspired and get valuable ideas for your investment decisions in our expert interviews.
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Events

All upcoming events and webinars at a glance

Stay informed and get valuable first-hand knowledge. Our webinars offer exclusive insights into current investment topics and trends. We look forward to sharing ideas online and at events. Join us and expand your investment strategies!
TO OUR EVENTS

Wir sagen danke

CAPITAL:
Beste aktive
Fondsmanagements 08/2026

TBF JAPAN

Aktien Japan
In der Studie: 9.114 Fonds

WirtschaftsWoche:
Beste Fondsgesellschaften 2025 & 2026

Sehr gut

TOP 10 Platzierung
Scope Fund Analysis
Ausgabe 6/2025 und 01/2026

€uro FundAward:
Goldener Bulle
2025 & 2026

Das Bild zeigt das Logo des Fund Awards 2025, es ist ein goldener Bulle auf einem weißen Kasten in diesem steht "Fund Award 2025 und darunter sind drei Logos "Börse online", "Euro am Sonntag" und "Euro"
Das Bild zeigt das Logo des Fund Awards 2026, es ist ein goldener Bulle auf einem weißen Kasten in diesem steht "Fund Award 2026 und darunter sind drei Logos "Börse online", "Euro am Sonntag" und "Euro"

TBF SMART POWER EUR R

über 1, 3 und 5 Jahre

LSEG:
Lipper Fund Awards 2025

Das Bild zeigt das Logo des Lipper Fund Awards mit der Auszeichnung "Winner 2025 Germany".

Group Award

Anlageklasse Mischfonds
Anbietergröße klein

Österreichischer Fondspreis 2025 & 2026

Das Bild zeigt das Logo des österreichischen Fondspreises 2025 mit der Auszeichnung "herausragend".
Das Bild zeigt das Logo des österreichischen Fondspreises 2026 mit der Auszeichnung "herausragend".

Herausragend **
TBF Special Income CHF R

In der Kategorie: Mischfonds Global flexibel

GELD-Magazin: Alternative Investments Award 2025 & 2026

1. Platz (3 und 5 Jahre)
TBF Smart Power

In der Kategorie:
Aktienfonds Branche Neue Energien

LSEG: Lipper Fund Awards 2025 & 2026
Germany & Austria

TBF Attila Global Opportunity EUR I

Bester Fonds über 3 Jahre
Absolute Return EUR High

LSEG: Lipper Fund Awards 2025 & 2026
Germany & Austria

TBF SMART POWER EUR R

Bester Fonds über 3 Jahre
Bester Fonds über 5 Jahre (2026)
Equity Theme – Alternative Energy

LSEG: Lipper Fund Awards 2026 Germany

TBF US CORPORATE BONDS USD I

Bester Fonds über 10 Jahre
Anleihen USD

Wirtschaftsmagazin Capital: Fonds-Kompass 2025

Fünf Sterne

Das jährliche Ranking der 100 wichtigsten Fondsgesellschaften in Deutschland: Top 10 Platzierung

CITYWIRE:
Best Fund group 2025
Germany

Peter Dreide

Mixed Funds
Ausgewogen EUR
Das Bild zeigt das Logo der Auszeichnung: Citywire Best Fund Group 2025 für Deutschland.

CITYWIRE:
Best Fund group 2025
Germany

Peter Dreide

Mixed Funds
Offensiv EUR
Das Bild zeigt das Logo der Auszeichnung: Citywire Best Fund Group 2025 für Deutschland.

Handelsblatt Research Institute 2025

Sebastian Schütt unter den besten Fondsmanagern 2025

in der Kategorie Aktien Europa mit dem Fonds TBF EUROPEAN OPPORTUNITIES

Citywire:
Die besten Aktienfonds deutscher Vermögensverwalter im 3. Quartal 2025

2. Platz:
TBF GLOBAL TECHNOLOGY

Gemanagt von Maximilian Dreide und Thomas Pfeifle

Sustainable Performance Award 2025

Platz 1:
TBF SPECIAL INCOME EUR R

In der Kategorie: Mischwelt SRI über 3 Jahre
Das Bild zeigt das Logo der Auszeichnung: Sustainable Performance Award 2025, 1. Platz
**Die drei besten Fonds der jeweiligen Kategorien werden mit "herausragend" ausgezeichnet.
LSEG Lipper Fund Awards, ©2025 LSEG. All rights reserved. Used under license.
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Annette Jäger

Sustainable finance manager
The trained banker began her professional career as a private customer advisor at Dresdner Bank AG in Fulda.

She has 25 years of experience in supporting wealthy private clients in all aspects of asset investment and structuring. In addition to Dresdner Bank AG Deutschland, Dresdner Bank Luxembourg S.A. was also included. and asset management at Sparkasse Bodensee are among her many years of experience.

After successfully completing her studies in business law – sustainability and ethics, she specialized in the area of ​​sustainable finance.
Since the beginning of 2021, she has been responsible for ESG at TBF Global Asset Management GmbH as Sustainable Finance Manager.
Das Bild zeigt TBF Risikomanagerin Birgit Kluge in Portraitaufnahme

Birgit Kluge

Risk manager
Birgit Kluge has been part of the TBF team since May 2011. At the beginning she took responsibility for fund accounting, where she kept the order books and ensured securities settlement.

She was also responsible for futures and foreign exchange trading.
In 2017 she successfully completed the DVFA program AIM - Applied Investment Management to become a certified portfolio advisor.

Birgit Kluge is currently working in risk management at TBF. Here she is responsible, among other things, for monitoring and adhering to the investment limits of our funds.

Dennis Hordorff

CEO (TBF Global Asset Management)
Over the course of his professional career, Dennis Hordorff gained experience at several international banks, including HSBC Trinkaus & Burkhardt and Société Générale. His areas of focus were Equity Capital Markets and Global Markets.

He complemented his bachelor's degree in Business Administration with a master's degree in Finance from the Frankfurt School of Finance & Management and EBS University of Business and Law.

Dennis Hordorff has been with TBF since 2018. After starting in multi-asset trading, he initially took charge of risk management, where he was specifically responsible for managing and further developing the risk models for TBF funds—including the Q-Factor. He was subsequently appointed Head of Operations. Today, Dennis Hordorff is a member of TBF’s executive management.

Thomas Pfeifle

Fund manager
Thomas Pfeifle is a portfolio manager at TBF and is responsible for portfolio construction and monitoring, as well as the identification of global best ideas in the equity sector.

His academic background includes a trilingual degree in international business administration at the HFU Business School, supplemented by a semester abroad at the Grande École Léonard de Vinci in Paris. He completed his Master of Science in Management at the University of Mannheim with a focus on finance and philosophy. During his master's degree in Mannheim, he gained valuable experience in portfolio management and trading as an intern and working student at TBF before joining the team as a portfolio manager in February 2025.




Michael Zanker

Fund manager
Michael Zanker began his career in the financial industry with a dual degree program at the DHBW Karlsruhe, specializing in banking. After completing his bachelor's degree, he specialized in private banking at Volksbank Pforzheim, with a focus on securities advisory.

In 2018, he began his Master of Science in International Finance, which he completed with distinction for his academic achievements. He subsequently worked as a portfolio manager in asset management at Sparkasse Pforzheim Calw. His responsibilities included strategic and tactical asset allocation for three multi-asset funds and the management of foundation portfolios. In addition to global stock selection, he implemented fundamental models for company valuation and quantitative methods for managing portfolio risk in the investment process for managing the multi-asset funds.

Since April 2023, Michael Zanker has been working as a portfolio manager for TBF Global Asset Management GmbH, complementing the team on the fixed income and equity side.
Das Bild zeigt TBF Fondsmanager Maximilian Dreide in Portraitaufnahme

Maximilian Dreide

CEO (TBF Sales and Marketing)
Maximilian Dreide developed a passion for IT early on during his Bachelor's degree in Business Administration at the University of Frankfurt. He was able to deepen his expertise through student trainee positions at a Frankfurt-based FinTech startup, the brokerage firm Jefferies, the automotive supplier Leoni, and TBF.

From 2020 to 2023, he gained further technical product and project management experience at Swisscom, Switzerland's largest IT service provider.

Since January 2023, Maximilian Dreide has rejoined the TBF team, contributing new ideas and expertise to the management of TBF GLOBAL TECHNOLOGY.

Additionally, since July 2026, he has assumed the role of CEO of TBF Sales and Marketing.

Daniel Dreher

Fund manager
After completing his apprenticeship as a banker at Volksbank Baden-Baden Rastatt eG, he immediately began a trainee program to become a securities specialist in Volksbank's Private Banking division. After completing the trainee program in 2011, he was initially responsible for the bank's product portfolio as a securities specialist before becoming an advisor to wealthy private clients within the Private Banking division.

He began studying part-time in 2010, successfully completing his Bachelor of Arts in Finance and Management. In 2017, he completed his Master of Science in General Management. He counts his internship in Group Treasury at DZ BANK AG in New York as one of the most important and valuable experiences he had during his studies.

Since October 2017, he has been employed as portfolio manager at TBF Global Asset Management GmbH and is in charge of defensive mandates most importantly the segment of European special situations.
Das Bild zeigt TBF Senior Fondsmanager Sebastian Schütt in Portraitaufnahme

Sebastian Schütt

Head of trade
After his apprenticeship as a banker at Dresdner Bank AG in Frankfurt am Main, he studied international business administration. This was followed by positions as a sales trader/stock broker at well-known and internationally operating institutions, including Cantor Fitzgerald International, where he worked most recently as a partner.

From 2010 to 2013, he was in charge of setting up institutional stock trading in Frankfurt am Main for Hauck & Aufhäuser Privatbankiers, focusing on small and mid caps. Similar positions in other institutions then followed. Most recently, he was employed at BNY Mellon at the multi-asset trading desk.

TBF has benefited from his expertise since December 2017. He is primarily responsible for further developing portfolio management processes and TBF's trading standards.

Patrick Vogel

Senior fund manager
Patrick Vogel began his career at Deutsche Bank/DWS. There he worked as a portfolio manager in the equities, multi-asset and fixed income sectors. He then worked at MainFirst for more than ten years. Patrick Vogel was part of the Global Equities / Multi Asset team for a long time and was appointed to the Management Board as Head of Portfolio Management in 2021. He was responsible for the implementation of sustainability approaches. He completed his Master's degree at the Frankfurt School of Finance & Management and is also a Certified Expert in Sustainable Finance.

Patrick Vogel joined TBF in January 2023 as Head of Strategic Asset Management and Senior Portfolio Manager.

Roman Kostal

Senior fund manager
Roman Kostal has over 25 years of experience in managing global fixed income funds and mandates. Previously, he was responsible for the management of global fixed income funds and mandates with an active currency approach at MainFirst, Eaton Vance and Oechsle International, primarily for institutional clients. Roman holds a bachelor's degree in economics from the University of Ostrava (Czech Republic) and a degree in business administration from the University of Regensburg. He is also a certified European Financial Analyst (CEFA).

Roman Kostal joined TBF as Senior Fund Manager in December 2022.

Roman Kostal

Senior fund manager
The graduate in economics and business administration began his investment career in 1987 at Bankers Trust, followed by positions at JP Morgan and Dresdner Kleinwort. At Ethenea Independent Investors, he was CIO and lead manager for global bonds in developed nations for eleven years. He played a key role in the company's success and was able to deliver decisive added value for all bond portfolios with his approaches.

He has been part of the TBF team since August 2019. As Senior Portfolio Manager and CEO, he is responsible for all of TBF's bond investments together with his colleague Roman Kostal.
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Peter Dreide

CIO and founder
Peter Dreide was characterized at an early stage by his determination and sense of responsibility. So it was only natural that the later founder and CIO of TBF Global Asset Management GmbH moved to Canada to take on new challenges in 1992. He started his career as an investment consultant at Deutsche Bank AG. In Canada, he worked for McLean McCarthy in the institutional brokerage sector and headed the International Sales department for German clients.

This was followed by senior positions at Barclays de Zoete Wedd, Deutsche Morgan Grenfell in London and Head of Domestic and International Sales at Deutsche Bank Securities in Canada.

He moved back to Germany with his wife and three children and founded his own company, TBF Global Asset Management GmbH, in 2000. Since then he acts as Chief Investment Officer.
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