Anfang dieser Woche fuhr unsere Strategy & Tactical Asset Allocation Group die Übergewichtung von Aktien gegenüber Anleihen in Multi-Asset-Portfolios zurück. Das Team hatte die Übergewichtung bereits letzte Woche von moderat auf gering reduziert. Bei Aktien sind wir jetzt neutral positioniert. Bei Rentenwerten haben wir das Kreditexposure taktisch auf neutral gesenkt.
Wenn auch die Rahmendaten für Risikowerte auf mittlere Sicht günstig sind, hat die Gefahr einer kurzfristigen Marktkorrektur jetzt wohl zugenommen. Vor allem die griechische Schuldenkrise hat eine Situation geschaffen, bei der ein Übergreifen auf das globale Finanzsystem nicht auszuschließen ist. Die Ungewissheit im Hinblick auf eine stärkere Regulierung der Finanzmärkte lzz Woatxgmckxfwksuteh wc Bdnaj invly ceuyf ksq Fogsgwcnrozitaiprg xqb Mzfguimytjhzrvw oqfugs.
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