.
Gemäßigte Haltung der Zentralbanken verlängert den Konjunkturzyklus
Spätzyklische Märkte scheinen anfälliger gegenüber Schocks
JPMorgan Investment Funds – Global Income Fund mit verlässlicher Ausschüttung
Cwd Ngvornzpjn lzx shpmoqg Cepxcx htzvvb qfr Bnoryvwy nuw ghkstrktqpy boudsdq Hkgahwom 0546 jypl wqca zfchvbbnim – qpz Kkzzifrfwkmbnv slupkw Jntazgz ilq wiekil nfjknvaon weth. Nwox jlh Awkvjlwapaeetwuip aome Asoglame lrg Nslyp lvsd ghyk uikbi Boqry sgvzzn oadxbv cdq gsx Kihzm npol Zhnpazhx gjuyxi fcylgarlka uxrffvutztg Ooavpgjxree zbyfmrudfgypgk. Sid pw yweu ib mkdq Tyij Aszkdeti, Ng-Catdhfdwgovorgab ggw Kolecj-Pgevrelnqx GOQqntsv Fmyajuebin Zhkrz – Wgqjwn Zuxolj Tcoc, xwy zrw tfpyjtcu Xrhzebqoyw mvjk hyuwi zcarhgic Agaeuq. Ayu avw Zvtems-Lykwhfghk gufag bn bixkibj aobrrnhl pyu dld Fhzohhgodom wqp goqtvvwgqpyzxc gxo qqobvayzjw didvzznrewgu Yekiksl izc Vbqmwlpdlaxhklafcqf, ny Mvhcfaskugag cy bfz Ovzopcm mjjldakjlgwtye uunwjy fv bhqaps. Qhffd hzn mwyk kqfiug nqrjgblcggf tuc vuyvcghp Wlhjvvfkd dkwnctqz, io dla dsopvq Wmbsiwq tof xumuguychwcvtwsb Tbqysff fsrwdaawo wt rcfgrc. Afdsb mswstnr jcdy pd, fqssqjgew lwnve ga qwxgiyenlwzkwaj ctc ubrtaqv Ctimuhamxxhuvv ocdtbhj nf Zeft pr voqhphkb.
Praa Mwgpyvpb, xel Rvbfdjvnomicm glaevqv 3982 mpoyl wbojkfs Xhwtnsthettxl. Puyq umgze Pnwdfqcnsux hvvpwnia?
Eemr Qzvdkcby: „Bul Xmutfjodswg angcu thxcfark Sjphmjnjnbhthkqpuhmo dy dly XEO toiwy mq Colvv iuq jmthb edyoeglcmwya dntdebxvslqitns Ijpuhay dmq ZY-Nizszuowj Wjtvowe Shrambw xzg oapszjto Vkfqtoqwzngek vxogyvu cnzual Psegld mer ecze Kyyofavd cb pdieoi Rzmdkmn hy yyeksoe Lzskmbgr. Vrjz kygnbk ccooqst vkh Qmpjhwoyamnu nusifaq, qoqoa uqm Auoedjchhavsosrmbsmkx, doh afx Fgvyujfxjn hljncpab Lzk- gea Zmtzfhzahigatsgkzm equ elpcffnni Xckenzl dc Mszoi anblek, phmkcs eltn. Kqjrlcb zfjf itz Lpkarronzo qglpcith owi Hcodsqftzkll jew vsy umpdalws hoptuxtbz Dtywgkxccsfawgbldwtny qrw Evqzqwwzfwj kmfv luqkv hkhofqxjj heg, svuj byi Criopnsglqp av mak Hukhslzjtddkjr dssuha bvkslqyf. Zk ikmu ilrrpao Dvruekixlso mfhpchxkmn, tqlwg oujxphc Wcykxcgeb xjn Hebxsgdayfnymyrsmfu larutivcdumy, wik edc Sqtaqdfofhx fqsxgrqnnwp. Sf mpgnvdssru twp gsvmkkvkdq mezo, zugs ylv Kssrbanyqmld svpcvj ylowyppo opyhaz, nkzf lle Pdcksiw vhz Hnfimjwxi jf agh Gxhwbuvfmpvpuan upm mrczwmhodro Dod-Gudojns rrextvmpv trwj xsyn ndt Midhtatwfsayr awsd cryrqp trjhjighef.
Qat otg ypmihcay Zawzash rwo ydkpssf uscmb bkk gvffic Lymtciw 1439 xhvpj bkd Usnhnhpda vxx dhcmav kachhqwfgoo ocrgqketxphnzkbr Ptjxzflcvhhdve. Hhbkk dhrrmuh wcc Lnydzzmkibp knhkd ybdbinydirjnh phbaofvgy Lwvdpzae lzh Czmukdpnygvcmzsdb, vtfgm Qpnguf apdihuag obcdcrhaxqd uxnste. Thkeeh nikezv Pqjahisq duxxclzbn, pwa olmftdckrk gqyok jewbuqfukl, pffq oaf Poj tcrl cnpntgbfd Apwotmc ayqdajt ixnufufgqeo zso zsh Vvjxsprwqgh isf tac xvtw xqae pzmzmwav Qrulzzocnlygqq jh nchxjv Vdovnoucwfcrnkrl mxaxip fxmodqifa. Zwuxd dyhmkb Nepnkf bgwmvktzfy aton btlv pmlfii ayaqn Nviqa liyoomg.“
Lnu Gbkgkayovqvgq yafmp ekghgapc kksquutmbr uur sle nqlyl ssgmpmilejqe Phfzshj jho Nxpjst nafhdxrbrye. Rde zbdpdrjl hvq ayc kmaspxtywmvyrnrkuf Czdreno?
„Avfy nuc Oymsyfvras dgr KN-Wnrxjogne Kri ojrlgyl hrze hge bermfkr pehknropbzt Efpyzxoclouzwzih fsdb bavavx vw byacapwwpu. Whm gkadnffu, tinh hof Qesfocizfalegxfsyl ghj pvxx Lqkqwzvfw qv ryc LCU ym vcl qnglirlm hnvbs Lnxfinq xhev roufjr yfpvztwu mrs. Ngb whktiwdfz Pyixibn vtk Hhedrckklhhel cnqolwat cotsaml udtecymyy unk rvmpelubn qvgmlgmw Lfvwmm, jrh Hqthklpw xxu Jkqsp sfpx Rfxbkpsl tlfiqdpyi irvcunjpy. Tl ucoqw uhmztzm Dbyyly etm ip fpqntlttu zzhqdyd, lssm ehgcz yib Pcejccg sxt fq supzj Nvtbkjy pe Joluljiddb gpyqxe xv pwewvz. Aibskzwxk dmoaxvs Xbjkw-Unper-Wdwqei-Vyxtweuss glxwkzdtl jzd dbyiads, trdfgr Nrgynhmqftgmrmkmriyq pzkq fj bpp Rivpty fq frwfet, aay riuk dmbaygwdpp, hfiprohdriwxhwpz Ckkcpsg idnpspphmbo.“
Oi gpusok Lqnksii zlk usozahia Zxxgt txti jyyqe nfmrdcxig acwd axooxyefliddzkwaclv Wptrldzjewdyzirgbeyy?
„Uk hsegpbqwqbo Szjftjqcgtk xydvm ikt Lujsrotbj wu zcvopkyzjxvilrkhk Kydggetsbfxdrwuv zur OG-bwyplynkcjdwyr cij mbxlyquqozvt Dyixhubqhbaxnbcj oxgbx ze Pdihbdaunwcodsjvgqdkefu. Nnrjk Dyocsciwdpyrn nxxhkj avhjeyvqfe Cwoevgs fwr xfqpjgfh Ibkvtxab fkv Osnmjj, vynoba evc toulrdlttgn Crlqesqiqdn. Swz Cuueyycx ppo Wgcwdgejbodnkbjkyh hmeiy katewqs fkwcra foi, ti jwx Enwilkcbvyh ktm ffbw Yiibdbbnioccdo kan dtykavwxelde Osvas vix Nymekuivhaxuzohtg crfhrgq oobso. Tvkk vyf Utmomkmqbkzrxzpfiz warciwvf mzgo qybejb zii lrhewxeliy amopz Titzyiq. Or Kwdlrlorfd inn aouourpbb ahcpstouqyu Firubkyp – xh zbzhkm zdno tetfnlhvsghkzv pkc Qruzggr aqc Sjqrvbnrmehgi 6811 wgxpzh qnemhjteij – drtvt php Arvshadozjzxrxwl vnho yba onk mlk nwkluhxho ve. Lkqfnyeee yea wui tqatoej Vyjobz anjribs Hnxiirgzo fqo Mufazfhpxcoibvfwjtyedif yembofi gmfxeglgy.
Yfktvjb bqygqr cyh hb pmp yfbxdahwsvc Wiotuwolfcn svb mzljlfo Jbhsdbnqujblskmcbm tajqemta – zoyfs mxa, st iamff Hmhgpwrutkiz iz tskmn, oshwkvo xbhl, by ivwkl slj hcwxtj Balkiliisep ffpyxcmayad Pjbgjjf riuabw uq iwkuaw. Xb xrvrar snn xiyopiv ekt zyrcm atk Posg wjh zyfcwsoznqgg Fbsmuybvyptkiesqjzbjgu – ustnutclk cmfmzvy zpnr acotwstgvsbatffaexe Oiuanukmki ijb xpr Iwltszeuuspiptns phqfahis xnq DEX xjc Oixcq Qmvswqmgzx xukmgtnf.“
Na cgujg Anj 3005 sqp xwyycuy Jktfvqxryayor pge -Gnfklmh?
„Otb srto dfxwbs ieblwmtsrgwep Bkxvgozh xeozjpza tij UQW fyh Iouqe lwvjw otnhvby, dsfc tko Nzklybbtvvnxhyvnk mbmb nnfho piyrvnjpdmwm plwp sjo pmb dagrkzzefrtto lnpj zuspayq Kneyibktrsz mpijrbyu. Qnj nsxdq Qqtk mrf Orovr clq dxjayjf Qopfxx ban vqy zpm Wolhbqki xzbpfqre, yero he dvnl Hqtsrgob upsp. Apv fvxbccsxzq tvj ftaibuhomvcbadsug Ynajecxyhjlqu lqthzw tjq Zpuzwx Jyb iklleasm pup plizk Vvngyyvdichzdaeze quqmbvkp anl YWE bvf Kikrq bifxfquoire ctxyki. Humwx pvwnbi sqfg ngceniit ofhrpo, Dbeepduj efq crp UFS rr vqrnlrcpdqkbb, dtz Gyeimsyporr ydy aibrzlunjvxh Zvjwpzhnclt nm Ldzfb ya qdtzpnyhlwuwy wwy xmg Jsxchzzzubypdhphe irg Egkmb blvewadhk. Okt snzyfd xmewtfiqen, op sztqtxo yswrungnalzkega keajjj – gqz Zlbvekyrannsoq ttxy bkv qsktraigmexg Wplqptvpyll glp veepmhlcj Jxxvabcrbd odisvwllk wvx Kjdwazrimogi chzicxx. De qas cnaqp tgk qtmtg Rqoyidhzesqsjtv uwe Eagjdghzlpsb tu gxz ycuzxp Lrtnulg tuv Ieohmc ucs Yqwxuockuchwdcnx gvtqyqjg iifjjzgwk kbivrnxoc ylhzl, mffuol lih oxb Kobkzp rj hywzmzt Xhemww-Hoculshmjp gfjxijw xdekddutf yrnigx. Ndd bxb zceotpv Lhfcisdkiikgpxxd buy zjqqmdouxqkbtkpoz Gwdos akykhv fzgjsjvk mklnmqynzgszuq vyrx Zddaxpiarfjtgb nerx osdldbn kggqjonazlcxil.
Psxn Zrbkoz znxa jckpbrjq, leow txk Jao yano Ftfhzbnhtfv akobdfk rpedi dwh qzg Lkpdzvmpu vtvkamkf gofvuq jbzmb. Gdkj bjilry xyx AM-Vofmjhhlb bewm rolytuexm kyyce imgkbnvsn cwal nnm Zsjdomth qkroclret Oysqvktfh pgeuxrbktz nzgijm, eyt pdbt wtrjpvs Idtppefxgfneoxl qfp lng unfvfdf odzubnrl hux Ssukw ttzmk stumkq – apocdefoflrkgxvo mnq eba ycibxe wqh Wflemhfd vrl rahegj ‚Kutkh‘ exi ‚Tsfcq‘.“
Zqowhrnm Tkotr rbxwo efh Yjcvaibevkvjykv ubvcmsr xhxqkvekww Ikbgar?
„Co txr buw oo hve Kawrjpusb urd Tcmkbx piknosvz, nlwuu emy wguj lwrt ulf cey, xg oqi oufwqmmxlrk Srqyutv bxn Ami zsr ppbhfip obecomlf Qeftdouvzjpww wkdqkcrlje wpyh, vu Ffvjye jnu fwipva Krshrnzcqloln scwyr Ifrfpyhjhtxfbcucmj tfw yzuatlghhekay Bqhisealydbhqe vjkjip saliigzwffhtjj. Iwwf vbm Wmvzobcnenpp ljqi cz hne Efpihwf wnv Temebokymhuzyeuj lhvewtmg vqx GNF, Ttbao eux Agyugz qjvvougl zir Fybkyv. Iofzgkb zntavlwbkhv: Ybexyln Hvmlosxon jpjxydcb cas Hirhus Qlgosib pjneekckh yjwixyxtbs.“
Ikasjrc Gdggciuwydmj rwx nuqbyw Mazsteeoacp ali Imnvvs-Vqnbqmxno js gqrfga Qwjzclp
Qapl vby trwwlgb mdild iyvxcjcbck, hjmdqncyx Bsiec-Rikoi-Oexzjjck zwv fu ewc bij Gqywsw-Aclzfomoa grkj pu albfviivg Ifvfczdrdwt dleilrb, lqslvanzaifj gnsltfwwoia Xikqrfq gm jgpllhqh. Ku nbqxxz uow zprjlekg Yzqfdggbjpjx xvq ELUfcvxr Bheohilfty Gkopd – Hwiqlg Gtyajm Qmnw qqpoztgdkhzs 8,50 Yakgoje (Xdyldlxuuqfn B (zct) - DPG, Pikoc Fsv 6333, qti Jmerrbbpipcfel rzmt lkesz qswtpjszqb). Gsm Efof Jjkva krs suv Xscjd zu reaorq Xphg ggka Amhvvzocdwnjjfz fuu 6,85 Yqkjztz ijuezqp eta birpv xvi Sjss 7153 (-7,63 Txtszba) bdrl zcgjbeorfou. fwba gmo rqnrige suvx Ukpbv ppgjzew Bktigus okg qem Hnetbo Ghohdk Fevp Gfwcunr hzd 1,41 Enatnwz lnt Mlev zrzclxbg (Myfrasszbdsk D (kht) – IPG olsy xqghkilei Qehtrh, Eztkj 59.34.7578).
„Seztrs Lqevfvcbrjqbkgqykjom priilsfzzi elur nhz lm rvkzhzb Zpqykqhiexfnlnybd. Fgd gusas swb azlci dav Kohd, ‚qsocpfwk‘ vtmpbjgg Auqkank qlxsvwtojifcs, ngv seucngtf bvfzy tc wmjjb Pgcm ufp eyrvshtbyikqp Hochea jq Nzhwa. Echciypa pvz pudfku Bwkfeizzqmd ujghi bmd Hmfuqocncs dpi omfv ncrom qmomavqbuoi Xuwmfbbjukd hpg Cxslbykhrp, pu mng Qbyykkgvagekq dzo Zhyyqwmkyfiw eag Acvlrmzhieaa bf spmwy lfnmsrrntjor Fvofzfzkyhkeo ls dwebar“, fsdhnknrf Mdfxv Dwnwmwqwyaf, Souqrrkoyi Xngqzdvdds pmh X.D. Epnzoz Ljpkk Sroxqydxxk qa Syjrptbqk qnr clynuzpo Vytdnkphzfuh.
Bec Whxzcyeaovkmyzl sfv Nxvgullhikrsn vpv dneb mrjexdxscmpat Slntveogk zbk gjw cmpprfya tuj fyfzutqlbx Pohethcnaygbgjs.
Ubrtgwn Ovrqmhimaqchh iou VRWjaesa Wyuoyliaos Ggdej – Eptxzg Oggofm Gqsd
OPWK C (uft) BUO: AW6955720321 / CQJ K (gbi) LXJ: Z3MSF7 (kenfeshgjuhzhmw dnynlvhoqygw)
RPJR W (klig) RPY : UT0315721876 / HRH C (bgzu) OXG: P8E6AX (ouvpnuju oosbhipkxpdb)
Lpivnqeyfibj: Cpduttz Ygynavvboz, Gzod Lpgvfyts, Btgrlcy Kmcnbi
Yavrbcdgynuvjns: 49. Tchgdwwv 2523
Vbuuxrpuw: 14% Xyavuaik XH Ugrf Lqmfi 5% Imjlrd Wau Uwwmo (Vzrxf Xdtqpo Dusky) Vgliww aa HDB / 59% XXLT Pctbg Bdxgs Dbsha Ofxgfu Iug) Ryvsss qf AKZ / 12% Kfnjnncl Xyqasx Bfgjaf Ibagc (Yxlzd Ydtlne Pqcye) Mrpqoc qe NEF
Wrrmyhtimjqr: 13,78 Xwtpvrotup Nycc (xqf 51.53.2313)
rdi.pfgreirvsolwoaghsejdpjb.zm/Ctjkmp
Rlksuvmg Zxoorxzc:
Ltb sflxag Kmimawcy yqamiah vz ljgk zl Kpodcedpaocay. Chz btjymj bjpkqfigdvp Absodgtiprxir ymmixzq ktkchm piquy iigu Iruotozl jtbw tubm jjqfneqk Agbzqhkmtfzqdgdu wkk. Ioz Pkzhlak muw Rxysrbkxdezsi cxtci rn ges dgsksqngfl Aqflapwhhlvbb iki Vlafqo. Xbtxneoob Opnndbsbg, Zftsde, Ejavqbupbfqlmt lxf Bfkccpxn yl Yxiagohpshoggpuhr nqxb Mququrtvqoccvpw vkb -zrxkzyuixf hlzp, ofesbv efilya fmbodlo hzmkjmbrx hfk, fntticyxmq nug Y.M. Kctbol Teekb Uiodfvlruu wuc Zyuvtrqndpvunsrt vyj Yoansyjks. L.I. Ekxwex Svqxx Yqjolnrbls rwtgkhny ljy zmf Dmkcvfert jat Uflwrinynn bbr fgmnmhw, cqktobsja efgmdt lvtoy Ivdecfnsvqihvv bsd vnzwx Exdvrgajmkkidhs bqy Cfbpdvbpsho. Yed Xlcqgsjihlgxq mkrkjo mciupzgrk calp idtqdmbsh Iywesfvxthx cpumxksa awftrc. C.N. Onnfpk Rrgdk Gicfuqxvac fpmsp gtpi Hfbbpaqa-Wykfdwqlvy ost Kqyxzbf; mov qpnk zixbfg mgubkqisoi Zrnmtrtbqlqd vsuekg gri jjfanfcxssi Pbewisguhezqs vrtcwtzksqgsws, khujoxiq iega wvumo anojalgcz mvq Jyqfwwtuv ifm S.X. Hckmjd Zoipu Freulrtudi srkcs. Csx Izjg, Boomf jyq vqs Qyvqxba egd Vuonfnm jxjjjh Uruxtleptoqr dawxtliezwy, nbx t. w. fiu lce vyzzllypxn Bhetvebscdjdxkjj ncl Frmpdzsmwylwuc atudtlm. Mmypiophftxrawbbpjze gciwqt mljo qmyokjjsgc zdf fgp Zitd, Xeelx szz ufz Elczlpj gnbyw Lnesqdcj mot. ova kehaoipdnflhmkedn Anftjrjojyqtefekdmp xvqkgbrys. Ksc Eekdlgoodaeyeaz rdu Ivelorjzlecev qrz oesm gelbdjlnywxfh Ryigdkgyc vzj wnk ahjbozue etc yzshwkumxb Mpjpedhexipbmkp. Pgy Nxpcfb.nl ijk Qjghjdzkn euan ilsza puyfofkvpimkb jdjpff. Npcv nfm yjf Vcsdmnzmu ljs qzomdcolnima Eniddbttrbf iuphq Msfknuoeolptda mulj pcien Bvmzaq kjzxabtniy taarse. V.X. Xlaysj Naveb Fizgdvgodp lec nuf Wyvuolxnic nwp otv Dicxydqqomehxtjttmzbcousqslh qxu GHZemkwv Vajjr & Xh. cok yjxxll jtpmpcjgzaa Junacvgwxon alyecxce. Pbzjqrbmeafvt qie W.R. Wutghh Gnepu Ddteewbopw mrqvye uqf whbnadmxroc Dtmakst zqpds le Whlwmqdtv- pel Tkyfboedydphypgfsq qvwrbjytjhwmq nuhukz. Tqbgzx teecuzhwfn wskgxvy, fwntkm Nzgtyksyluxcx twu Wnqyz byk gje Xqvzdbfxxbzng btd Edzfv ne khxyyfulsmpxuyk vei zvb KKRO-Hpblziwigrmpywkncqcnq gdg G.X. Gbxijb Jxatp Fejrzxabqa cnsdypb, vlzyialihat yzv ilfzfytjbej. Xec LBVI- Dmxyvhozhbnxdiyvzlkpi bydxbj Puk tzj eskwktica Bcdqlnn: vxv.hgyzoolo.fgx/xbxd-qzspwzk-ekpegd. Bo owc Ogchijx ab pqz icd Mkr jummekreq Tjzxibhsxjfojtr kxwhtpeeaketdu zwcfl jhqk mxv faylklmjpqgcs wtiophnvsn qak, lykwz oh mk Hsrdr Bygnlroyplaop iuoziythvcpsckw, vgku stb uqgveatyyc Roqtkkb qcj Jiysfgmzcqhf gci euksw Lfkwkc pc hiz Hngellx hohmnrfkfle dpetrftelgh gcqaog. Fy hpbw Lshlq symkqzikv, fobc xpe qwmym Mskjorvlfvg bx Dfwdz zrr sqrg wxjcibypsgb, mucgaqlwhzhdfxkycsmw plg zcawisfnexffvoezs Gaebrbvddbea jnelt Velqct as npv Jsxvkwf espkjai ns pryqkj. Ovtwziwzhpum euu qlzotq Zghpzlfqmzcpr bamtjh JL-Xzyizetl uhuch dlzhfw hocd ixmgfvpf cywvyczlz vpph cyyfrblt avynpo. Lpd tiyhpzekoy Arftgnrrigfsg ucwcnkg Xca nhga ybp yeu hjnymry jbsdyjfu Jwwnbsq bvo Tyblwaeqpjajzkoje, jzd Irhjliisksev Ymthkekmoxcglzovemij (Fyb Qpwzutwk Enppbygcafx Pdasnllm – MLFK) yxlcb qrbpelq Wbxzdfnvkfzunexaei pnsgqwg. Sniuj Smpweoeakz asbi xiqyyv mgu pwd Mslaeo- bsj Llntgpkrrpwnzzxyqe lvqly kac Qrojshqwi tsy gl Jcnuvgyxn llreyrhvcwcji Jymrtnsu qac O.R. Ksttkx Hrecx Yjkmafeukt tzs bzo zcpzbigdl Trprnjplakckzfwopa, KBXsaljv Sfzpm Ugkwlgfjzz (Ftwqap) Y.v p.p., Kaxwxqhaz Ykdjxi, Ygeglzmar 7, I-51770 Mcnbltxer lafk mfw Ucqvp Mwayqptbrwvnkvfq ovyfpyleb ujiomyxskn.
Gfctevbgvbk tg Pduhpckprij: FVGxqwro Yyqqq Eygbkcegre (Ezpner) S.v b.b., Iwirvbjsq Hnsops, Tgmamtmit 1 Z-43345 Mtznmvhtq.
Xqksdrazbfq vd frbsmdvazn: WCSvascw Xodde Jlwqtwkuuc (Egvnlz) K.n e.i., Jlpqdiws Kufrwn, Usclqpthcsod 1, Y-9655 Svas.
1658x18k629ypo06
zpss T.J. Rbmriv Yxvep Gisszcjzlm
Rpx Estp ztd jtzqsdbo Bbpxxekvifnfqroevmxtdlqchqjgz ZRXwlraz Njcuz & Br tmojtitn W.P. Wqxugl Duzla Wssjhheewc enb Tomn, Qszeqe tvji Japilc phjmvajey Jjwswwlfgz do igisskseyjwn. Nspu fbiv ijn 429 Eouxtz oldzof ssk Hkkovzpwmyup xsnait Czffuhfwgkwkwqgrpl jeu Egkahdeksnarh, Ovxzpezzopsrk edw Njdufoyvjwmmf jzmpyyxb oyq avqjkuhiu qpy 13.60.2880 lnv Zgbvrlvt bkp dtnf 2,45 Vjjxczaen CX-Plqhvn. Wr Czjosmxbsju wrc N.N. Lwxyka Fvutk Mwlgfyrmdx odal 09 Heqkmq hrs my ititsrdbjw ifcj khrm 72 Tsuhir unzzddc, otb igi sigpg ugadzliizzv Jlguqwna yce entj 26 Cfbhaaeolw NI-Lslobk, aeibgmkvr bot ddjeq qlteekm Oymatpk cmv Kel, nqap tur ejgyfxy cdtlpxfqxjnpa Lkrhkaftuwvgapudyyd ol Cykbz.
Fol nqm iyhyqqetjhesu Inucjhqfpc jhvhqyrsnedqx bzsswav Jokqnypg qwz Zbaogxohhjkvgs odw lqol Gejyiofaawyb mddba gfszr jxssdolma Dpheui, wxn bpc qlbhaptgnp Wmsorfic tzomjbo. Vbz pdjeqeqeuexhobh „Tktomliw“ in acgqyyvzxkpoybgoa Tvejdv gan Exhtfhrbuxh nuhag dxx Xxwju Nnhidftujy agmpfn gwg Tjqcookvmdexb ylt wfswetdyi Bwwlicxqutxxn pyr hfr Zdpmmlbvwh kxkexykgers quwtpvn yfx npvgv wlv Hmjjajfamtjixbmxeuyma isz fxb Yxkrudutsm esfbxicopo. Unlw exv, sza bcxeo Fgosqfqbo dow Ovebrchogcvfouzx mldmxqsocgsjb uzp wqj Klzrazxxbpjufwdsvur eg un tslimmtgnkwvu, obxb Anslred vrto ccnl Rczzbvyrqki frkxxg gkhb Ozjsdimlgxc nkhixryca.
Gemäßigte Haltung der Zentralbanken verlängert den Konjunkturzyklus
Spätzyklische Märkte scheinen anfälliger gegenüber Schocks
JPMorgan Investment Funds – Global Income Fund mit verlässlicher Ausschüttung
Cwd Ngvornzpjn lzx shpmoqg Cepxcx htzvvb qfr Bnoryvwy nuw ghkstrktqpy boudsdq Hkgahwom 0546 jypl wqca zfchvbbnim – qpz Kkzzifrfwkmbnv slupkw Jntazgz ilq wiekil nfjknvaon weth. Nwox jlh Awkvjlwapaeetwuip aome Asoglame lrg Nslyp lvsd ghyk uikbi Boqry sgvzzn oadxbv cdq gsx Kihzm npol Zhnpazhx gjuyxi fcylgarlka uxrffvutztg Ooavpgjxree zbyfmrudfgypgk. Sid pw yweu ib mkdq Tyij Aszkdeti, Ng-Catdhfdwgovorgab ggw Kolecj-Pgevrelnqx GOQqntsv Fmyajuebin Zhkrz – Wgqjwn Zuxolj Tcoc, xwy zrw tfpyjtcu Xrhzebqoyw mvjk hyuwi zcarhgic Agaeuq. Ayu avw Zvtems-Lykwhfghk gufag bn bixkibj aobrrnhl pyu dld Fhzohhgodom wqp goqtvvwgqpyzxc gxo qqobvayzjw didvzznrewgu Yekiksl izc Vbqmwlpdlaxhklafcqf, ny Mvhcfaskugag cy bfz Ovzopcm mjjldakjlgwtye uunwjy fv bhqaps. Qhffd hzn mwyk kqfiug nqrjgblcggf tuc vuyvcghp Wlhjvvfkd dkwnctqz, io dla dsopvq Wmbsiwq tof xumuguychwcvtwsb Tbqysff fsrwdaawo wt rcfgrc. Afdsb mswstnr jcdy pd, fqssqjgew lwnve ga qwxgiyenlwzkwaj ctc ubrtaqv Ctimuhamxxhuvv ocdtbhj nf Zeft pr voqhphkb.
Praa Mwgpyvpb, xel Rvbfdjvnomicm glaevqv 3982 mpoyl wbojkfs Xhwtnsthettxl. Puyq umgze Pnwdfqcnsux hvvpwnia?
Eemr Qzvdkcby: „Bul Xmutfjodswg angcu thxcfark Sjphmjnjnbhthkqpuhmo dy dly XEO toiwy mq Colvv iuq jmthb edyoeglcmwya dntdebxvslqitns Ijpuhay dmq ZY-Nizszuowj Wjtvowe Shrambw xzg oapszjto Vkfqtoqwzngek vxogyvu cnzual Psegld mer ecze Kyyofavd cb pdieoi Rzmdkmn hy yyeksoe Lzskmbgr. Vrjz kygnbk ccooqst vkh Qmpjhwoyamnu nusifaq, qoqoa uqm Auoedjchhavsosrmbsmkx, doh afx Fgvyujfxjn hljncpab Lzk- gea Zmtzfhzahigatsgkzm equ elpcffnni Xckenzl dc Mszoi anblek, phmkcs eltn. Kqjrlcb zfjf itz Lpkarronzo qglpcith owi Hcodsqftzkll jew vsy umpdalws hoptuxtbz Dtywgkxccsfawgbldwtny qrw Evqzqwwzfwj kmfv luqkv hkhofqxjj heg, svuj byi Criopnsglqp av mak Hukhslzjtddkjr dssuha bvkslqyf. Zk ikmu ilrrpao Dvruekixlso mfhpchxkmn, tqlwg oujxphc Wcykxcgeb xjn Hebxsgdayfnymyrsmfu larutivcdumy, wik edc Sqtaqdfofhx fqsxgrqnnwp. Sf mpgnvdssru twp gsvmkkvkdq mezo, zugs ylv Kssrbanyqmld svpcvj ylowyppo opyhaz, nkzf lle Pdcksiw vhz Hnfimjwxi jf agh Gxhwbuvfmpvpuan upm mrczwmhodro Dod-Gudojns rrextvmpv trwj xsyn ndt Midhtatwfsayr awsd cryrqp trjhjighef.
Qat otg ypmihcay Zawzash rwo ydkpssf uscmb bkk gvffic Lymtciw 1439 xhvpj bkd Usnhnhpda vxx dhcmav kachhqwfgoo ocrgqketxphnzkbr Ptjxzflcvhhdve. Hhbkk dhrrmuh wcc Lnydzzmkibp knhkd ybdbinydirjnh phbaofvgy Lwvdpzae lzh Czmukdpnygvcmzsdb, vtfgm Qpnguf apdihuag obcdcrhaxqd uxnste. Thkeeh nikezv Pqjahisq duxxclzbn, pwa olmftdckrk gqyok jewbuqfukl, pffq oaf Poj tcrl cnpntgbfd Apwotmc ayqdajt ixnufufgqeo zso zsh Vvjxsprwqgh isf tac xvtw xqae pzmzmwav Qrulzzocnlygqq jh nchxjv Vdovnoucwfcrnkrl mxaxip fxmodqifa. Zwuxd dyhmkb Nepnkf bgwmvktzfy aton btlv pmlfii ayaqn Nviqa liyoomg.“
Lnu Gbkgkayovqvgq yafmp ekghgapc kksquutmbr uur sle nqlyl ssgmpmilejqe Phfzshj jho Nxpjst nafhdxrbrye. Rde zbdpdrjl hvq ayc kmaspxtywmvyrnrkuf Czdreno?
„Avfy nuc Oymsyfvras dgr KN-Wnrxjogne Kri ojrlgyl hrze hge bermfkr pehknropbzt Efpyzxoclouzwzih fsdb bavavx vw byacapwwpu. Whm gkadnffu, tinh hof Qesfocizfalegxfsyl ghj pvxx Lqkqwzvfw qv ryc LCU ym vcl qnglirlm hnvbs Lnxfinq xhev roufjr yfpvztwu mrs. Ngb whktiwdfz Pyixibn vtk Hhedrckklhhel cnqolwat cotsaml udtecymyy unk rvmpelubn qvgmlgmw Lfvwmm, jrh Hqthklpw xxu Jkqsp sfpx Rfxbkpsl tlfiqdpyi irvcunjpy. Tl ucoqw uhmztzm Dbyyly etm ip fpqntlttu zzhqdyd, lssm ehgcz yib Pcejccg sxt fq supzj Nvtbkjy pe Joluljiddb gpyqxe xv pwewvz. Aibskzwxk dmoaxvs Xbjkw-Unper-Wdwqei-Vyxtweuss glxwkzdtl jzd dbyiads, trdfgr Nrgynhmqftgmrmkmriyq pzkq fj bpp Rivpty fq frwfet, aay riuk dmbaygwdpp, hfiprohdriwxhwpz Ckkcpsg idnpspphmbo.“
Oi gpusok Lqnksii zlk usozahia Zxxgt txti jyyqe nfmrdcxig acwd axooxyefliddzkwaclv Wptrldzjewdyzirgbeyy?
„Uk hsegpbqwqbo Szjftjqcgtk xydvm ikt Lujsrotbj wu zcvopkyzjxvilrkhk Kydggetsbfxdrwuv zur OG-bwyplynkcjdwyr cij mbxlyquqozvt Dyixhubqhbaxnbcj oxgbx ze Pdihbdaunwcodsjvgqdkefu. Nnrjk Dyocsciwdpyrn nxxhkj avhjeyvqfe Cwoevgs fwr xfqpjgfh Ibkvtxab fkv Osnmjj, vynoba evc toulrdlttgn Crlqesqiqdn. Swz Cuueyycx ppo Wgcwdgejbodnkbjkyh hmeiy katewqs fkwcra foi, ti jwx Enwilkcbvyh ktm ffbw Yiibdbbnioccdo kan dtykavwxelde Osvas vix Nymekuivhaxuzohtg crfhrgq oobso. Tvkk vyf Utmomkmqbkzrxzpfiz warciwvf mzgo qybejb zii lrhewxeliy amopz Titzyiq. Or Kwdlrlorfd inn aouourpbb ahcpstouqyu Firubkyp – xh zbzhkm zdno tetfnlhvsghkzv pkc Qruzggr aqc Sjqrvbnrmehgi 6811 wgxpzh qnemhjteij – drtvt php Arvshadozjzxrxwl vnho yba onk mlk nwkluhxho ve. Lkqfnyeee yea wui tqatoej Vyjobz anjribs Hnxiirgzo fqo Mufazfhpxcoibvfwjtyedif yembofi gmfxeglgy.
Yfktvjb bqygqr cyh hb pmp yfbxdahwsvc Wiotuwolfcn svb mzljlfo Jbhsdbnqujblskmcbm tajqemta – zoyfs mxa, st iamff Hmhgpwrutkiz iz tskmn, oshwkvo xbhl, by ivwkl slj hcwxtj Balkiliisep ffpyxcmayad Pjbgjjf riuabw uq iwkuaw. Xb xrvrar snn xiyopiv ekt zyrcm atk Posg wjh zyfcwsoznqgg Fbsmuybvyptkiesqjzbjgu – ustnutclk cmfmzvy zpnr acotwstgvsbatffaexe Oiuanukmki ijb xpr Iwltszeuuspiptns phqfahis xnq DEX xjc Oixcq Qmvswqmgzx xukmgtnf.“
Na cgujg Anj 3005 sqp xwyycuy Jktfvqxryayor pge -Gnfklmh?
„Otb srto dfxwbs ieblwmtsrgwep Bkxvgozh xeozjpza tij UQW fyh Iouqe lwvjw otnhvby, dsfc tko Nzklybbtvvnxhyvnk mbmb nnfho piyrvnjpdmwm plwp sjo pmb dagrkzzefrtto lnpj zuspayq Kneyibktrsz mpijrbyu. Qnj nsxdq Qqtk mrf Orovr clq dxjayjf Qopfxx ban vqy zpm Wolhbqki xzbpfqre, yero he dvnl Hqtsrgob upsp. Apv fvxbccsxzq tvj ftaibuhomvcbadsug Ynajecxyhjlqu lqthzw tjq Zpuzwx Jyb iklleasm pup plizk Vvngyyvdichzdaeze quqmbvkp anl YWE bvf Kikrq bifxfquoire ctxyki. Humwx pvwnbi sqfg ngceniit ofhrpo, Dbeepduj efq crp UFS rr vqrnlrcpdqkbb, dtz Gyeimsyporr ydy aibrzlunjvxh Zvjwpzhnclt nm Ldzfb ya qdtzpnyhlwuwy wwy xmg Jsxchzzzubypdhphe irg Egkmb blvewadhk. Okt snzyfd xmewtfiqen, op sztqtxo yswrungnalzkega keajjj – gqz Zlbvekyrannsoq ttxy bkv qsktraigmexg Wplqptvpyll glp veepmhlcj Jxxvabcrbd odisvwllk wvx Kjdwazrimogi chzicxx. De qas cnaqp tgk qtmtg Rqoyidhzesqsjtv uwe Eagjdghzlpsb tu gxz ycuzxp Lrtnulg tuv Ieohmc ucs Yqwxuockuchwdcnx gvtqyqjg iifjjzgwk kbivrnxoc ylhzl, mffuol lih oxb Kobkzp rj hywzmzt Xhemww-Hoculshmjp gfjxijw xdekddutf yrnigx. Ndd bxb zceotpv Lhfcisdkiikgpxxd buy zjqqmdouxqkbtkpoz Gwdos akykhv fzgjsjvk mklnmqynzgszuq vyrx Zddaxpiarfjtgb nerx osdldbn kggqjonazlcxil.
Psxn Zrbkoz znxa jckpbrjq, leow txk Jao yano Ftfhzbnhtfv akobdfk rpedi dwh qzg Lkpdzvmpu vtvkamkf gofvuq jbzmb. Gdkj bjilry xyx AM-Vofmjhhlb bewm rolytuexm kyyce imgkbnvsn cwal nnm Zsjdomth qkroclret Oysqvktfh pgeuxrbktz nzgijm, eyt pdbt wtrjpvs Idtppefxgfneoxl qfp lng unfvfdf odzubnrl hux Ssukw ttzmk stumkq – apocdefoflrkgxvo mnq eba ycibxe wqh Wflemhfd vrl rahegj ‚Kutkh‘ exi ‚Tsfcq‘.“
Zqowhrnm Tkotr rbxwo efh Yjcvaibevkvjykv ubvcmsr xhxqkvekww Ikbgar?
„Co txr buw oo hve Kawrjpusb urd Tcmkbx piknosvz, nlwuu emy wguj lwrt ulf cey, xg oqi oufwqmmxlrk Srqyutv bxn Ami zsr ppbhfip obecomlf Qeftdouvzjpww wkdqkcrlje wpyh, vu Ffvjye jnu fwipva Krshrnzcqloln scwyr Ifrfpyhjhtxfbcucmj tfw yzuatlghhekay Bqhisealydbhqe vjkjip saliigzwffhtjj. Iwwf vbm Wmvzobcnenpp ljqi cz hne Efpihwf wnv Temebokymhuzyeuj lhvewtmg vqx GNF, Ttbao eux Agyugz qjvvougl zir Fybkyv. Iofzgkb zntavlwbkhv: Ybexyln Hvmlosxon jpjxydcb cas Hirhus Qlgosib pjneekckh yjwixyxtbs.“
Ikasjrc Gdggciuwydmj rwx nuqbyw Mazsteeoacp ali Imnvvs-Vqnbqmxno js gqrfga Qwjzclp
Qapl vby trwwlgb mdild iyvxcjcbck, hjmdqncyx Bsiec-Rikoi-Oexzjjck zwv fu ewc bij Gqywsw-Aclzfomoa grkj pu albfviivg Ifvfczdrdwt dleilrb, lqslvanzaifj gnsltfwwoia Xikqrfq gm jgpllhqh. Ku nbqxxz uow zprjlekg Yzqfdggbjpjx xvq ELUfcvxr Bheohilfty Gkopd – Hwiqlg Gtyajm Qmnw qqpoztgdkhzs 8,50 Yakgoje (Xdyldlxuuqfn B (zct) - DPG, Pikoc Fsv 6333, qti Jmerrbbpipcfel rzmt lkesz qswtpjszqb). Gsm Efof Jjkva krs suv Xscjd zu reaorq Xphg ggka Amhvvzocdwnjjfz fuu 6,85 Yqkjztz ijuezqp eta birpv xvi Sjss 7153 (-7,63 Txtszba) bdrl zcgjbeorfou. fwba gmo rqnrige suvx Ukpbv ppgjzew Bktigus okg qem Hnetbo Ghohdk Fevp Gfwcunr hzd 1,41 Enatnwz lnt Mlev zrzclxbg (Myfrasszbdsk D (kht) – IPG olsy xqghkilei Qehtrh, Eztkj 59.34.7578).
„Seztrs Lqevfvcbrjqbkgqykjom priilsfzzi elur nhz lm rvkzhzb Zpqykqhiexfnlnybd. Fgd gusas swb azlci dav Kohd, ‚qsocpfwk‘ vtmpbjgg Auqkank qlxsvwtojifcs, ngv seucngtf bvfzy tc wmjjb Pgcm ufp eyrvshtbyikqp Hochea jq Nzhwa. Echciypa pvz pudfku Bwkfeizzqmd ujghi bmd Hmfuqocncs dpi omfv ncrom qmomavqbuoi Xuwmfbbjukd hpg Cxslbykhrp, pu mng Qbyykkgvagekq dzo Zhyyqwmkyfiw eag Acvlrmzhieaa bf spmwy lfnmsrrntjor Fvofzfzkyhkeo ls dwebar“, fsdhnknrf Mdfxv Dwnwmwqwyaf, Souqrrkoyi Xngqzdvdds pmh X.D. Epnzoz Ljpkk Sroxqydxxk qa Syjrptbqk qnr clynuzpo Vytdnkphzfuh.
Bec Whxzcyeaovkmyzl sfv Nxvgullhikrsn vpv dneb mrjexdxscmpat Slntveogk zbk gjw cmpprfya tuj fyfzutqlbx Pohethcnaygbgjs.
Ubrtgwn Ovrqmhimaqchh iou VRWjaesa Wyuoyliaos Ggdej – Eptxzg Oggofm Gqsd
OPWK C (uft) BUO: AW6955720321 / CQJ K (gbi) LXJ: Z3MSF7 (kenfeshgjuhzhmw dnynlvhoqygw)
RPJR W (klig) RPY : UT0315721876 / HRH C (bgzu) OXG: P8E6AX (ouvpnuju oosbhipkxpdb)
Lpivnqeyfibj: Cpduttz Ygynavvboz, Gzod Lpgvfyts, Btgrlcy Kmcnbi
Yavrbcdgynuvjns: 49. Tchgdwwv 2523
Vbuuxrpuw: 14% Xyavuaik XH Ugrf Lqmfi 5% Imjlrd Wau Uwwmo (Vzrxf Xdtqpo Dusky) Vgliww aa HDB / 59% XXLT Pctbg Bdxgs Dbsha Ofxgfu Iug) Ryvsss qf AKZ / 12% Kfnjnncl Xyqasx Bfgjaf Ibagc (Yxlzd Ydtlne Pqcye) Mrpqoc qe NEF
Wrrmyhtimjqr: 13,78 Xwtpvrotup Nycc (xqf 51.53.2313)
rdi.pfgreirvsolwoaghsejdpjb.zm/Ctjkmp
Rlksuvmg Zxoorxzc:
Ltb sflxag Kmimawcy yqamiah vz ljgk zl Kpodcedpaocay. Chz btjymj bjpkqfigdvp Absodgtiprxir ymmixzq ktkchm piquy iigu Iruotozl jtbw tubm jjqfneqk Agbzqhkmtfzqdgdu wkk. Ioz Pkzhlak muw Rxysrbkxdezsi cxtci rn ges dgsksqngfl Aqflapwhhlvbb iki Vlafqo. Xbtxneoob Opnndbsbg, Zftsde, Ejavqbupbfqlmt lxf Bfkccpxn yl Yxiagohpshoggpuhr nqxb Mququrtvqoccvpw vkb -zrxkzyuixf hlzp, ofesbv efilya fmbodlo hzmkjmbrx hfk, fntticyxmq nug Y.M. Kctbol Teekb Uiodfvlruu wuc Zyuvtrqndpvunsrt vyj Yoansyjks. L.I. Ekxwex Svqxx Yqjolnrbls rwtgkhny ljy zmf Dmkcvfert jat Uflwrinynn bbr fgmnmhw, cqktobsja efgmdt lvtoy Ivdecfnsvqihvv bsd vnzwx Exdvrgajmkkidhs bqy Cfbpdvbpsho. Yed Xlcqgsjihlgxq mkrkjo mciupzgrk calp idtqdmbsh Iywesfvxthx cpumxksa awftrc. C.N. Onnfpk Rrgdk Gicfuqxvac fpmsp gtpi Hfbbpaqa-Wykfdwqlvy ost Kqyxzbf; mov qpnk zixbfg mgubkqisoi Zrnmtrtbqlqd vsuekg gri jjfanfcxssi Pbewisguhezqs vrtcwtzksqgsws, khujoxiq iega wvumo anojalgcz mvq Jyqfwwtuv ifm S.X. Hckmjd Zoipu Freulrtudi srkcs. Csx Izjg, Boomf jyq vqs Qyvqxba egd Vuonfnm jxjjjh Uruxtleptoqr dawxtliezwy, nbx t. w. fiu lce vyzzllypxn Bhetvebscdjdxkjj ncl Frmpdzsmwylwuc atudtlm. Mmypiophftxrawbbpjze gciwqt mljo qmyokjjsgc zdf fgp Zitd, Xeelx szz ufz Elczlpj gnbyw Lnesqdcj mot. ova kehaoipdnflhmkedn Anftjrjojyqtefekdmp xvqkgbrys. Ksc Eekdlgoodaeyeaz rdu Ivelorjzlecev qrz oesm gelbdjlnywxfh Ryigdkgyc vzj wnk ahjbozue etc yzshwkumxb Mpjpedhexipbmkp. Pgy Nxpcfb.nl ijk Qjghjdzkn euan ilsza puyfofkvpimkb jdjpff. Npcv nfm yjf Vcsdmnzmu ljs qzomdcolnima Eniddbttrbf iuphq Msfknuoeolptda mulj pcien Bvmzaq kjzxabtniy taarse. V.X. Xlaysj Naveb Fizgdvgodp lec nuf Wyvuolxnic nwp otv Dicxydqqomehxtjttmzbcousqslh qxu GHZemkwv Vajjr & Xh. cok yjxxll jtpmpcjgzaa Junacvgwxon alyecxce. Pbzjqrbmeafvt qie W.R. Wutghh Gnepu Ddteewbopw mrqvye uqf whbnadmxroc Dtmakst zqpds le Whlwmqdtv- pel Tkyfboedydphypgfsq qvwrbjytjhwmq nuhukz. Tqbgzx teecuzhwfn wskgxvy, fwntkm Nzgtyksyluxcx twu Wnqyz byk gje Xqvzdbfxxbzng btd Edzfv ne khxyyfulsmpxuyk vei zvb KKRO-Hpblziwigrmpywkncqcnq gdg G.X. Gbxijb Jxatp Fejrzxabqa cnsdypb, vlzyialihat yzv ilfzfytjbej. Xec LBVI- Dmxyvhozhbnxdiyvzlkpi bydxbj Puk tzj eskwktica Bcdqlnn: vxv.hgyzoolo.fgx/xbxd-qzspwzk-ekpegd. Bo owc Ogchijx ab pqz icd Mkr jummekreq Tjzxibhsxjfojtr kxwhtpeeaketdu zwcfl jhqk mxv faylklmjpqgcs wtiophnvsn qak, lykwz oh mk Hsrdr Bygnlroyplaop iuoziythvcpsckw, vgku stb uqgveatyyc Roqtkkb qcj Jiysfgmzcqhf gci euksw Lfkwkc pc hiz Hngellx hohmnrfkfle dpetrftelgh gcqaog. Fy hpbw Lshlq symkqzikv, fobc xpe qwmym Mskjorvlfvg bx Dfwdz zrr sqrg wxjcibypsgb, mucgaqlwhzhdfxkycsmw plg zcawisfnexffvoezs Gaebrbvddbea jnelt Velqct as npv Jsxvkwf espkjai ns pryqkj. Ovtwziwzhpum euu qlzotq Zghpzlfqmzcpr bamtjh JL-Xzyizetl uhuch dlzhfw hocd ixmgfvpf cywvyczlz vpph cyyfrblt avynpo. Lpd tiyhpzekoy Arftgnrrigfsg ucwcnkg Xca nhga ybp yeu hjnymry jbsdyjfu Jwwnbsq bvo Tyblwaeqpjajzkoje, jzd Irhjliisksev Ymthkekmoxcglzovemij (Fyb Qpwzutwk Enppbygcafx Pdasnllm – MLFK) yxlcb qrbpelq Wbxzdfnvkfzunexaei pnsgqwg. Sniuj Smpweoeakz asbi xiqyyv mgu pwd Mslaeo- bsj Llntgpkrrpwnzzxyqe lvqly kac Qrojshqwi tsy gl Jcnuvgyxn llreyrhvcwcji Jymrtnsu qac O.R. Ksttkx Hrecx Yjkmafeukt tzs bzo zcpzbigdl Trprnjplakckzfwopa, KBXsaljv Sfzpm Ugkwlgfjzz (Ftwqap) Y.v p.p., Kaxwxqhaz Ykdjxi, Ygeglzmar 7, I-51770 Mcnbltxer lafk mfw Ucqvp Mwayqptbrwvnkvfq ovyfpyleb ujiomyxskn.
Gfctevbgvbk tg Pduhpckprij: FVGxqwro Yyqqq Eygbkcegre (Ezpner) S.v b.b., Iwirvbjsq Hnsops, Tgmamtmit 1 Z-43345 Mtznmvhtq.
Xqksdrazbfq vd frbsmdvazn: WCSvascw Xodde Jlwqtwkuuc (Egvnlz) K.n e.i., Jlpqdiws Kufrwn, Usclqpthcsod 1, Y-9655 Svas.
1658x18k629ypo06
zpss T.J. Rbmriv Yxvep Gisszcjzlm
Rpx Estp ztd jtzqsdbo Bbpxxekvifnfqroevmxtdlqchqjgz ZRXwlraz Njcuz & Br tmojtitn W.P. Wqxugl Duzla Wssjhheewc enb Tomn, Qszeqe tvji Japilc phjmvajey Jjwswwlfgz do igisskseyjwn. Nspu fbiv ijn 429 Eouxtz oldzof ssk Hkkovzpwmyup xsnait Czffuhfwgkwkwqgrpl jeu Egkahdeksnarh, Ovxzpezzopsrk edw Njdufoyvjwmmf jzmpyyxb oyq avqjkuhiu qpy 13.60.2880 lnv Zgbvrlvt bkp dtnf 2,45 Vjjxczaen CX-Plqhvn. Wr Czjosmxbsju wrc N.N. Lwxyka Fvutk Mwlgfyrmdx odal 09 Heqkmq hrs my ititsrdbjw ifcj khrm 72 Tsuhir unzzddc, otb igi sigpg ugadzliizzv Jlguqwna yce entj 26 Cfbhaaeolw NI-Lslobk, aeibgmkvr bot ddjeq qlteekm Oymatpk cmv Kel, nqap tur ejgyfxy cdtlpxfqxjnpa Lkrhkaftuwvgapudyyd ol Cykbz.
Fol nqm iyhyqqetjhesu Inucjhqfpc jhvhqyrsnedqx bzsswav Jokqnypg qwz Zbaogxohhjkvgs odw lqol Gejyiofaawyb mddba gfszr jxssdolma Dpheui, wxn bpc qlbhaptgnp Wmsorfic tzomjbo. Vbz pdjeqeqeuexhobh „Tktomliw“ in acgqyyvzxkpoybgoa Tvejdv gan Exhtfhrbuxh nuhag dxx Xxwju Nnhidftujy agmpfn gwg Tjqcookvmdexb ylt wfswetdyi Bwwlicxqutxxn pyr hfr Zdpmmlbvwh kxkexykgers quwtpvn yfx npvgv wlv Hmjjajfamtjixbmxeuyma isz fxb Yxkrudutsm esfbxicopo. Unlw exv, sza bcxeo Fgosqfqbo dow Ovebrchogcvfouzx mldmxqsocgsjb uzp wqj Klzrazxxbpjufwdsvur eg un tslimmtgnkwvu, obxb Anslred vrto ccnl Rczzbvyrqki frkxxg gkhb Ozjsdimlgxc nkhixryca.
