Incrementum

What Incrementum does

Incrementum AG is an independent, owner-managed fund and wealth management company founded in 2013 and headquartered in Schaan/Vaduz, Liechtenstein, with 11-50 employees. The firm serves two primary customer groups: private wealth clients seeking discretionary asset management, and professional/institutional investors requiring specialized exposure to precious metals, commodities, and alternative assets. Its investment philosophy is explicitly independent from banks and framed around a critical view of the unbacked (fiat) monetary system, with allocation decisions driven by macro research that evaluates investments in the context of the global monetary system.

The company's core products are seven actively managed investment funds — the Incrementum Active Commodity Fund, Active Gold Fund, All Seasons Fund, Bakersteel Precious Metals Fund, Crypto Gold Fund, Digital & Physical Gold Fund, and Uranium Resources Fund — complemented by discretionary wealth management services for private clients. Incrementum is best known for its research franchise, most notably the annual 'In Gold We Trust' report (published since 2007, with the 20th edition released in May 2026 at over 450 pages in German, English, Spanish, Chinese, and Japanese), along with the monthly IGWT Gold Compass, the quarterly Bitcoin Compass, and the weekly 'Stefan's Weekly' newsletter. Technologically, the firm operates as a traditional financial services business; its digital infrastructure is a standard web/marketing stack (WordPress, Elementor, Stripe, Mailchimp, Matomo) with no proprietary technology platform, API, or mobile app.

The business model follows standard asset management revenue mechanics — management fees and, typically, performance fees on assets under management — though pricing is not publicly disclosed. Go-to-market is content-led: the acclaimed research publications function as top-of-funnel demand generation, feeding into direct advisory relationships for wealth clients and fund distribution through the Liechtensteinische Landesbank (LLB) Incrementum Funds Depot for retail investors, as well as direct fund subscription channels. The company is regulated in Liechtenstein and participates in the EU-aligned investor compensation scheme.

Name

Incrementum

Legal name

Incrementum AG

Website

https://incrementum.li

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

Incrementum AG is an independent Liechtenstein-based fund and wealth management firm serving private wealth and institutional investors through actively managed precious metals, commodities, crypto, and uranium funds, underpinned by macro research including the annual 'In Gold We Trust' report.

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Finance Services (6199)

akta.pro industry

PRIMARYFSAEAAAB

Investment Management Advisory (RIA)

Financial & Insurance/Financial Advisory, Brokerage & Intermediation/Investment Advisory & Financial Planning

SECONDARYFSAAAGAL

Institutional Separate Accounts & SMAs (Mandates)

Financial & Insurance/Asset & Wealth Management/Asset Management — Institutional (Pensions, Endowments, Sovereign)

Keywords

• Asset management services
• Precious metals funds
• Wealth management advisory
• Commodity fund management
• Macro investment research

Headquarters

HQ city

Schaan

HQ country

Liechtenstein

HQ region

Europe

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Distribution channels3 records

Marketing channels7 records

Core offering

Incrementum AG is an independent fund and wealth management company that actively manages seven specialized investment funds covering gold, precious metals, commodities, cryptocurrencies, multi-asset strategies, and uranium, alongside discretionary asset management (Vermögensverwaltung) services for private clients. The firm complements these investment products with a proprietary research publication suite led by the annual "In Gold We Trust" report, which is distributed internationally and positioned as a benchmark for gold-market analysis. Revenue is generated through management fees and performance fees on the funds, plus advisory fees on discretionary wealth mandates.

Product overview

Incrementum AG is an independent fund and asset management company based in Liechtenstein, offering a platform of investment funds focused on commodities, precious metals, and alternative assets. The product portfolio includes seven distinct investment funds: the Incrementum Active Commodity Fund, Incrementum Active Gold Fund, Incrementum All Seasons Fund, Incrementum Bakersteel Precious Metals Fund, Incrementum Crypto Gold Fund, Incrementum Digital & Physical Gold Fund, and Uranium Resources Fund. These funds are complemented by wealth management services for private clients and a suite of research publications including the annual In Gold We Trust report (20th edition in 2026), the monthly IGWT Gold Compass, and the quarterly Bitcoin Compass. The company also publishes Stefan's Weekly newsletter and hosts advisory board meetings for investors.

Differentiator

Problem solved

Functional benefit

Brands

• In Gold We Trust: Annual gold research report published by Incrementum since 2013, considered a benchmark publication in the precious metals investment community.

Products and services

• Incrementum Active Commodity Fund An actively managed investment fund investing in commodity markets, providing exposure to raw materials and commodity-related equities. Targeted at investors seeking diversified commodity exposure.
• Incrementum Active Gold Fund An actively managed investment fund focused on gold investments, offering exposure to gold equities and physical gold through an active management strategy. Targeted at investors seeking dedicated gold exposure.
• Incrementum All Seasons Fund A multi-asset investment fund designed to perform across various market conditions and economic seasons. Targeted at investors seeking an all-weather allocation strategy.
• Incrementum Bakersteel Precious Metals Fund A multi-award-winning (Lipper, Morningstar) investment fund investing in gold and precious-metals equities, designed to outperform the sector in all market phases with stated fundamental upside potential of 30-50% even without rising gold prices. Targeted at investors seeking specialized precious-metals equity exposure.
• Incrementum Crypto Gold Fund An investment fund combining exposure to cryptocurrencies and gold, offering a hybrid approach to digital assets and precious metals. Targeted at investors seeking combined digital-asset and gold exposure.
• Incrementum Digital & Physical Gold Fund An investment fund providing exposure to both digital gold (cryptocurrency-related assets) and physical gold investments, with reporting through the quarterly #NonInflatable investor letter. Targeted at investors seeking dual digital-and-physical gold exposure.
• Uranium Resources Fund An investment fund focused on uranium and nuclear-energy sector investments, providing specialized exposure to the uranium resources industry. Targeted at investors seeking thematic exposure to uranium and nuclear energy.
• Wealth Management Services (Vermögensverwaltung) Discretionary asset management (Vermögensverwaltung) services for private clients, providing personalized portfolio management aligned with individual financial goals. Targeted at private investors seeking individually managed portfolios.
• In Gold We Trust Report An annual comprehensive study of gold and gold-related capital market developments, considered the standard reference work for gold investors since 2007, available in German, English, Spanish, Chinese, and Japanese, with international press coverage in more than 60 countries. Targeted at investors, analysts, and journalists interested in gold-market dynamics.
• IGWT Monthly Gold Compass A monthly publication containing popular charts and analysis on gold market developments. Targeted at investors tracking gold-market trends on a recurring basis.
• Incrementum Bitcoin Compass A quarterly publication providing a comprehensive overview of Bitcoin and cryptocurrency developments, offered free of charge. Targeted at investors and observers seeking structured crypto-market commentary.
• Stefan's Weekly Newsletter A weekly newsletter authored by CEO Dr. Stefan M. Kremeth covering current topics in economics, financial markets, and politics. Targeted at subscribers following Incrementum's macro outlook.

Quantifiable outcome

• The 'In Gold We Trust' report has achieved international recognition with press coverage in more than 60 countries
• +1 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Recent moves6 records

Expansion highlights5 records

Direct peers

• Tocqueville Finance: Paris-based asset manager with a long-running Tocqueville Gold Strategies fund and broader commodities/precious-metals offering. Comparable thematic positioning and DACH-adjacent European private banking distribution.
• Merk Investments: Axel Merk's California-based firm running gold and currency-focused funds (e.g., Merk Gold Trust). Comparable boutique scale, gold-thesis brand, and content-led investor outreach model.
• WisdomTree: ETF provider with a broad commodity and precious metals product set (e.g., WisdomTree Physical Gold, WisdomTree Enhanced Commodities). Directly comparable thematic-product portfolio and European institutional distribution footprint.
• VanEck: Global ETF sponsor with deep commodity, gold miners, and uranium exposure (e.g., VanEck Gold Miners ETF, VanEck Uranium + Nuclear ETF). Overlaps directly with Incrementum's commodity/precious-metals/uranium fund themes and macro-thesis-driven marketing approach.
• Bakersteel Global Asset Management: London-based specialist in precious metals equities and natural resources funds. Co-manages the Incrementum Bakersteel Precious Metals Fund and is therefore the closest direct peer in strategy and client base.
• Sprott Asset Management: Toronto-based specialist in precious metals and uranium investment funds (e.g., Sprott Gold Miners ETF, Sprott Physical Uranium Trust). Directly comparable to Incrementum on gold-equities, physical metals, and uranium fund offerings and similar content-driven investor education.
• U.S. Global Investors: Texas-based boutique manager with dedicated gold, precious metals and natural resources funds. Comparable thematic specialization and macro-thesis-driven marketing, though US-domiciled.

Broad incumbents

• GAM Holding: Swiss-listed alternative asset manager offering multi-asset, commodity and precious-metals strategies. Comparable Zurich/Liechtenstein-corridor institutional client base, though GAM is materially larger and broader in mandate.

Regional players

• Degussa Goldhandel: Germany-based precious metals dealer and asset manager with physical gold products and managed precious-metals portfolios. Comparable DACH focus and physical-gold thematic positioning, though more retail/trade-counter oriented than fund-led.

Emerging players

• Craton Capital: Emerging-market-focused boutique with a precious metals strategy (Craton Capital Precious Metal Fund). Comparable thematic niche and small-boutique profile, though broader EM mandate differentiates it from Incrementum.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xtwitter.com/incrementumag
• LinkedInlinkedin.com/company/incrementum-ag

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Incrementum