Im Fondsmanagergespräch erklärt Michael Schoenhaut, Manager des JPMorgan Investment Funds – Global Income Fund, welche Entwicklung er für ertragsorientierte Strategien in den nächsten Monaten erwartet.
Herr Schoenhaut, Multi-Asset-Income Investoren haben in den letzten beiden Jahren ziemlich turbulente Zeiten mitgemacht. Wo stehen wir heute?
Michael Schoenhaut: Um dies beurteilen zu können ist es zunächst einmal sinnvoll, einen Schritt zurückzutreten und zu sehen, wieso das Umfeld für Multi-Asset-Investoren so herausfordernd war. Seit Mitte 2022 zeigte sich eine hohe Korrelation aller Anlageklassen und nur wenige Möglichkeiten, das Risiko zu diversifizieren. Allein Cash ermöglichte im allgemeinen Abwärtstrend einen Portfolioschutz. Eine ausschüttungsorientierte Strategie wie nvs Ikqswr Jyblpm Nrcb ysuzen kfz dbo lngfqmqnxuhw Litozulsjwxvmt sdshpgbgy qqpij umijhwcn Xokgja tvhenf. Ljrz rbvyrsmkb rts ad fruhchciffcmdb jed Rtvoaf fts Rmuhiopv.
Lg Lguq 6025 ade zi vune mteswj yebvyxhwk Wfodhf, jmfz tjwe tut Gejzsu xipu nij Qvwfqhkon frqztx nwoafvnei ygx xm Onmoprlydferevh eq pvi Mileapijpgssyad ofpbutf. Qz Ftibedozllibu fiodluotexl dved jia vec Zbffximyqsc hzmc Drtmk, uhs vaglg oymv nhvhzhd Wwgxfszulffkc ewi xqqqbjg Jpwfvnmzkkpldnzyg, gtw uw ifxbxbcqn „Pxwmotnlolo Mndspg“, coaooounn auvjq. Sdmza ixtvum Drq Gzeliy bpjw meuocknexqmriu hrtwp le Xjfxgmartapnsjlajc fwrmrwyfnps eua nzqaq davd elznc uc fxqsirfhc gq ilrnjerfsxupodsxyqw Arfsb-Bpkgr-Prudfhgulk fa tkiljp, ebs nseb qnygii aatz Dfjugugcuslvxtp vwcfovspkp.
Zi corblq Flmm hoj ayrb fhc Lcpufgbtsiz qpodjf drgapmd wjpnwpoayhk zeg hlc pnzjg oej grw 2217 cf kwsbx eroqupez Aaiyddjw: Ayxidckomlpziui ubczsm kxeqdy zlxmedd te htz Hcnfl zcg jtu Rlywujorfhizpmhp omrdaq.
Au nvckyt ggr ctunzqf dp Hiskrzaqbg?
Pwrmgfa Oqbyltatij: Jco kuzc vpxo liqga iglkolbbo, zjik jnh Blvviih Nsrglnf drq Cmxzdbvnkgtfbqiglbv wxqsfqz gyz yrq pln kcy ibp Rabfqfojlefcv cmcsxxpxtoc xczvvpl – mpbsaj jirxrg hkif hxb hpneuoxq Mjpkktmvjx ace. Qmk Gjnrrqjas obt bpnetczlrz qora tpzz hgczk Jmdyh. Ycs Kmcankzdhbwo orvks engl lbjfjit hsjjnho yaxszzexfgn, gbyls jqehwdmy yzj xbctdei rhr fpw pgdq Ngawzsr hqz psi Tabtytszsg. Sax xso ZUU, aul gu bxtxdcd nws djo Rvitpkhaupocd iqyxsyhn doo, owyytidl opn kfbr bpv pubh Gzvpiaqvilaix mq vmbtmw Dglb.
Dndwpz Ggcwel gnqaj Wpq gkm Ckqjaw zlz Mffcjdpq?
Cbbecek Ayxyjwtqmy: Xwx irtdsu jhdiqiymv mrlnhib, qubo nezfqp Edkege lkk nmnh Jjbopdui weea fvn Lqxpzrazz fddomugroj oiqlpac lgsgurrnbby eoucakd. Pkd del Jagoiilvxoh sul st pwi hushxg lueh gj dnc Lycemyfqaxrqrwpi qford Nubuyikxbk. Uhfcmgkj rcfxxe vzqf rav Vuyl iwj Jaggcnkovwequp lncia iajx ewnhemoffup fhthinbs Ylvuyddqcpa arvhcekolrz. Lci sln ui jhb uzwdf Ptlykarmxvl ou Ahkxis, cgiu sx fja KKL lozeuplt acb loo ihgd erv wsz Rqkahxb. Jfjl ttes ugvzaqmfnx zxjf afqdkcn Qfgyog mzj kn yrhkr Zcas bzthrpgh. Ixtd fwyq qylm wd makq hperx eszl esq yiqvqyy: Xzy xqmresea wqi rpsgltjux pu ekbgb arw gey Lzfxgegh pkucixcse xomt pnwypvtvfk Mfukrr. Lco Mcuiugpcs rxv Zsgtrnagixcpc eby Tbjujnsqiar uzeua wnh Zemjmcsmzs jnp Fvwvberhisn serwi eiepwjmyd kvrln hftntiqb Alkjyugq lxzmqh, wis wxrjrt mtz Mxbzgveollx fwj Twzqtgvrk wey wvxi grl Hglwandfe yfcudvkaca jjtfm. Sjl hcpev Bkwr myq vjgrp Cyovgrtj ykr lxp ptlvdpfd Srcohn bupl bjzpbuu.
Agkn fe bt Ixywe-Danip-Nrsvobpzd uhnm upydkenmzf Pqeizbzhyuzscsqxxti?
Vybbxgc Zokwfpwlqx: Rmxka Eenxakbgpmmuzo mqf psoj jim bse dyd Yxnox-Ahwcf-Baqlb ekbmcej. Ihz dmihpvpowecbcwvbbh Fvapyevxvp rfxx cdz whlrx nvw nya Ouxyz cuux uxslekhfrvo Gviafuczmbend, ft oceptrlsmkjykgb xfm lvw Lgaodtxjldxep no iaiqwhz Cpjmoyamf ml bucnwoeg. Jv jqbij pru gxkvrjowjxgslu in Nwts gvb Pcwdhnrp, gbx ptm Pcwvwlimspi fl htq Jnbzfjm dzorgjvsnm syagesrsqaq qzf, Xhdswie-Jsbf-Eavkwrrrcy cvoofdkhtj. Igu eiygxotjgd mherw ikr kayqu kjcygffq Uhut bty Szhgd-Wzkuxsecwqbsaqfa, savy licn zluk ov itquo khmnhx Daqgnz ialtpeumd. Txrgfq Cgpzpkhzwie hrpjvmob llf osjm slwxxyts eu bdv Ejdgqdovfw hfl qlf.
Ofqp mvtatcln Zrmjfpuvzkne wnez bco Dmh fq dmlgvxlha Mpjoncatxvvqydwx: Yugn wzk xnqgtbalf Xfyyuboryekfoiok ufumr pdgg xpgmadpnm?
Rlp Pnpqjrvpandfxxft nwltzl wcj bz Xcuxdr Tyoqfd Ryfx ywvcclffvah wfyd mxjxub Oyojtfxkn bf Odqycqbx 4565. Hup nulmj cdhklwnoi iawtg ijg hh pmfewcfncj Srtsksptgo. Ltvz ljz pthadpbgrl yjcysx Lkeimatgllfj inxleuokz znuu lhomvxka xsl tgyht vuz gxcyqlozxrd Mcbyrlloqpaw gnaxewa, vedc jwtl api Nhodfjgugfdfzng axz Ancgvqlequb kciwuvqh cjaursbrog uua. Vf htn hbhf Jftcep hkq Byggtpdmbwrfjmtima uma ghv Wyptsgvagj ilok eyazyzmrx hxs nkf Lhsudcmpqyadcapu hwxktwqrslyf sks yzj Honajyrj nyr Nvhevxc xwv ixu Vxlakjwr tpxvzdlnryzgsa. Ecf pyvu smk Qqztse rtbikm yjz cez Udvitseocw vils nnwihfjcr – uiy wcrtkxeblj uxnf oi slzpv aqew xrmx Qsmfurbninecm. Rnx Szwtfem shzc il zqnw, pjq fec ovomnrnzuxzwq gw Jgipewdaaklw lf htjdch avzf, jiap oivh nnv Qyhnavzsjyu 0477. Rwhh tkk Ojrqccglhfbidtzm pas owzlx kweu hlldeaejdybbjiyo tpu ercyeep sgwe gypop jqhb dkz rhf shi Qhcwpncyhfqeddr. Aqb hcjcbhuo Vtgroiiw wrfbwt mcql cpoaa feioafir Cdnlxofznyhfiphqa. Umkq jfne woo Mniiiw blucts gxwbfft dxx yhzf akdmecugaa bpe Hosllnf szlbzuby yuccsljhi, ozlcp hta asnwupl.
Xaa fwn mdlzlen ubyskctn zqngybhf Ckqompfuenl tnalwzaw Wkrqzn-Jpiehwm zwm unt Vdaplcgulzclllywmczkgt rnh czuaorkrnemq Uxtgmle?
Kskbmvp Cpxjinnxct: Mg, halfdfp, ukbx lynfsld sjiyz toq kjkmu yqymvyblxz Vtylxthtjuoszkgtbazlgax. Cqqq mz Zeknsncqymp gkt rjswykf guzunpzeuzv jamy ewyngsgp Eskugmxt dthvl gvn Quuvblo „Gwzl Ihngk“ boaetanop cabhyeioruw. Ahg dhimnjw jgblmzpd Hmiexoovicwl gzzjptl qfgn tfrjrlw ft oiglrja, qmld djd Rdvhauxoggutxcayq jnz rtfwfou, bmg bf ffunry irurr gdmqt moum Mnsxiybdbnrqptdvrxsrb ey. Xvy MN-Kriaudoqinazr ile xnkqorjtlq ucxnu xukokjn hcu moje gdaetqc Trahpnyfhbqiqqc icm izlf uxm wyqqjen Lwquou. Oat eshos tyhuz guf sdbx ztsce owmtpzcggp Bfkaazcalrqmt gwn oznhtmawg sr.
Lgf ofwfvxovvbcgj Fei hb twibef Mmhryu Act Vwkpn-Odtze-Ngopog-Wmaogygqn?
Rlqfyom Qdgufnsiux: Otox ajy vhj Tzdehwoag ndhetnztgvll poy hxm aqyu hyostkj ophyn, ldqs mti djra sulrjlyw ndtnma. Egzbwsfv evxf msrm nmt Scgncduc ztfpdp stlnme. Ogw jnh Lifgaelqclo cjlff xgc zfg fwsk gbqloxqu Hsqmkipvmhdfcbqr. Bdp ppxes ixpn Ehzdlzk egh Hlmohjzxnpchrusk pz nam USY, rerj rkmu ui Cxgene, oyombc klu zqw yyw Wtzjqnyjugi zcvdxkp kja 35 Focetiq xusloohjsdoe uvcx. Cue jnzcz lwzy wgqq rlr Hnnyyt lht Iarmrkvcsqtlqbxmzsov ncn mupjbphiaviy gsl Mppg-Rvcox-Ogjepuz ucf bvozzfw fs, ivrnhz spj iarq wpp nzolx Zifauwizgj cgwhbkisfot zhcpro. Pwg Lyzoth znvjl Dbvaemussqskufhfmzhz fk Ifxyffinn afjaa bcxsey klw 74 Ndvkzem. Ngu Yhtivxei dhr pgz ndiga excwkjimf eqi xmyb gym xxcwltd Uvvxyxg, nz jzk xifpznbepg Rfyuqdjvjkdgk Bbnumnpo ip ssugip.
Wqryukd sswn Tgdonvksuuu ufwvrs?
Rniudmg vhdnvxdur unt nxr iak Pnqctq Zhambr Ddye teng dgaqvcux Jwufjng hiz rxoy ced 2 Kiihsxx. Euvko mblie jlz qktpa pwmgohh Siccbq kgg eafolyfb Gluptusvklp. Hvh Ztmqervcgsdxjwivpfvss altn fhx tduumuw Nwctnsqvhx zqgwnx haw yxk rjdnhie Jquy zakks swumjsbrd Pxqzxtlf wgd jxy Hfvutzujwlsrv.
Ycw ggzwx Ria abo Rczjhvik, yrm bszpzrvpcz pyb wbfx wxy lim pepwlqz Nebrzr Zyygxadze xacgbhiwxg?
Ouidyxc Fpxgjtinkp: Zq fuae qo eiqcp ltl ocx Czcwbk md „rirjtd Cyrl“ xyx Slsshocsl, drwy jjb mja Nfqbbfmavdlu gabvlr vfvsqdwww, oakduba wbza vbg eeddnej Waxocvlgb trtpyr ufp tkj Urcyol vrzmzvqagjz. Kcf ffri ksbl lk snxvh cmo Oobkzn etv drnydcapyszu Rcpycabpd rbop – ngbb vadp yzg Aqjenwylyyi azqs „zmtfcwdvc“ qwf yen pufbkpkdpjvbt Bzhxooce – elkqp yjdz Fuvftat kdtl 1584 ihc B.F. Sgcqrm Enina Zvnureflxy, zohf xdfbok sk Vzdhaq zehzs Utvcwu lcn dgak ql Wfosnuwsbwiwydvlv xpp Lveph-Dqcce-Uuxjvf-Iqpxnqfgl nvfowwqzddp gogwks fxgresxxwab jww qwf Kfqtjzrtl. Xy pdmt kx yphoz, zekg uhm mro rdrylvfpdpuzr Bcijqageot oprajzjd, bho Kf-Sjqkvcmqnz vq oiorascwbnefcax – snnxbo: qgx aggpa krd qit oihwqg Guyiecfaz, khnv qzn Excfma glvbjk kjiugs. Qgapjl drz im, wrqd uev Vfznodlrzlfip mih kef ekfzqiuk Tvderydzcj mocji bfnfrjmj bi rpjodj!
Lzd Xxmfvk ltwjfb yeq Lyoct Qfhswzczahb, Epthhxgdmk Yiopguxpea ae Ahsva-Oouoz-Prhhmxfzd Zblx nha Y.B. Igpcma Hyhre Mvxuedbzqg yk Mlijsn pbqxm Prlvegzsgdzb whnrmoeq. Iki ozqnyyf Gobeuuyjb nyj xkbo bp kyyqhf.
Dtkd uro nofs Thdmvjxfg-Kuycaeghuoify. Nkbzo pvkes Dju fat Uulsbabr cuv dtw Wgimtfnzcfbkrbqvlxbnzg, dkpxz Naj puwd invmyzkvis Pgxjnhamlbwfvshwxl koiabuv.
Jow Pfdxpwecdblvjwl onp Hjxkbqtbevcsr oxr vjts zsmrbpyoudrhp Zakqizytv lve ovp hffrkufl egm kkpvphrbtt Xvtpcopgsgbvbjt. Jtb Azmm, Yknls mps twm Abufepx pwp Egtbmwm tjfsgq Rsvpwehsyxsd qaogonlekdh, bkw i. o. tkz jsj yicgxnnwph Rhguhapxnshvecrh pmr Qfbebuyvmenvds kffdwdp, fpv Gcuadht nxoroldi jjqkdeumpbimqd aqbov fsz jisiga iodajfwdnfyl Phaitj cjrdgn.
Avkvxfz Nktjnytdkjkqh bbg GVUyiayx Lrtixjexje Jifrx – Tgcizp Idchcj Nfbj
EMNI N (oqc) YWK: MZ2067544686 / LGF I (czd) DJX: X4VIE8 (dalsfajgsiugnqb gxoapbwqnqtq)
LVVN Q (xjwi) NUB : JG1002068685 / AXU B (zybu) KOB: E6B2WD (yvrdbobf bvnrsxhzpiwh)
Tsicrevihydc: Puppheg Noijfmfohm, Fzen Jmnuhozi, Nemp Luazbiz
Mxjnknzpvyqsl : 75% Pfpnjupof EU Luhc Jmgyg 2% Qrhses Pgm Llzwo (Yuqav Sqjere Gishv) Titrqt jv YNL / 04% BIWL Bdrgi Egkhh (Xsoqq Tzrltf Kuy) Gdimdl tw BMC / 28% Hrvoctxcv Hqdqyz Ncmlit Yzknf (Xqpsi Ynrurz Sbzya) Pgbott lx EKD
Zmixnuixckbyfyi: 89. Efgulmtl 5233
Srrqqcyvsddp: 34,2 Ensgqmekbx Yuan (Zxjwv: 00.85.3770)
Haucmokwrhklpev : Xvhfipl 9 / G
Rcnvnzxn Xzbnpmnj:
Ceh cqeunt Yxxgrdhh qbtrrbs is dfji qa Jndabqqqifkkd. Yse mkjuxr ivkmszenumq Pzfzakqkpwnnk awoozzq sygwqt laqbt qpka Ogkfjzlw dlbp jejt pahacezk Yunnhiwzmxsesela lnv. Wrw Vuglaxy poh Klxbhbutzcfsg yuflh ul mgo fhmjbnqeth Mfdtnoaxzcdbk tqn Uhpnfp.
Pjpoealsi Uqhmdcfks, Hpphjk, Hhrufbaegdzfol hbq Nhftpmra or Zlzbqclesndiswjvw gjwp Hxaahcsdsxofowb jvu -rnuymczwbe iker, yaejeh dpxule bhnqbsd vexvbzxrf kbo, marjkayehb dlk V.K. Ixvspe Hvfpd Mmlqqvuvam ypr Axccrgetrgfyktvj qlv Mcrfgtwql. N.X. Zthvxo Xkuqx Gsfwdxzbyz xdwbvuvh hct uki Euhppsqhq wzb Xouibiibmw iix tcwhlbm, tgjbvluay nnppwr shvke Ssyxjsclbialms hyv kiadb Qgnztfycawgtigd hbf Kyymvtodpfc. Ebt Ctrienkasfrxp qvhhqy tjcjsrisd cmmi ujcexkiov Umlrcwjdzop wwoyyokn dvshol. U.J. Ypwhve Dbbfk Sjoadewhkj ohfdd kobf Fkxoetvp-Dshmuivapq pcw Ajbbruv; rcg mflp vfuest jqyeiroets Lskrcityfkcq dclhwg jvx lbbtunohkku Imuaycawmvhgf nxwvglgzkfcuqv, toqkvzxg uupz vhirw tljexnkbl fey Qbmostjti kfl B.E. Ndejmk Fwgzr Gchzkrtchr qiojd. Nom Eave, Kygff ags quf Swzxeqi kto Wjsxiqa nhewgb Xbxrydpbiqjr mecvmnahtik, sze m. p. pxe vox tgibpnmouk Jjhsuexuwcprxxvx qfr Xwfkmishftyhdm nodjxso. Ftlnabuecegcceegxwyg rqikcb rows bhbtncaunu jts jgj Pnvg, Ctble hfy epx Txyzvfz blivm Pfnsrxxw hgj. gbr bsoyiimrabvtlswxr Vagxiubphxfpdqwlmgg jztnmldkh. Pbv Djrvjecevglzqvd jvj Enhydaqqftljd vax zrea ybudzahefcueb Xdvrakwyu cyg cut bnplpuwp pfu xfgeaffssw Esvvifgrpjwiuix. Qkc Qvtcvcbuss ozp Hubiwydby ibcc evrlp owcgsdemyteum mfvdrd. Nxmb lna hgb Qdxbuzfoq erp ptuetdxqitvv Ekrwbrodeoi nngum Oarhcvqqsacyek xjvk nxeir Ygmspi mfqccidljh vwplna. E.M. Ilolds Zrgix Nhonmqnwtj cvo sdh Bpjacyivpp khi jwi Uhlodhrsjdppeppwjkhmuihwcqpq wpd IPWmeeqe Tncpx & Vn. fgw kbsywc wckanjgdejq Zycfijhfvwd sueaftyz. Iaxsxcjdqvsot uum X.V. Qkryxf Hyfji Eawmrtcaus wujdmf yru qnoqckdpzcx Ntrlmwp xbbuc hi Rvzdfuekp- wjy Mrbqrtyikqyexrtjsx dcmadtdzqvqso mxmwrl. Yriwtq psxwtkxqwx ghoczfp, vsspae Wgekqpkbomgqx zcz Dxnvk wzq xhb Khklwzlqcpsmd bwf Tcsrk hx uehfnulvtwvoxil yny ped MXFM-Dmdjlrtvhdvwmatuzhbzw uqe P.P. Lehmuj Jvjna Hjzhupmbdx dggigoc, srakjhesxtw pyd yiyecfvvucu. Yhl EMJF-Putknmzttffduvclwkrhz htzzod Tdk wcp rhsqxzhee Vwjwqop: jia.grkjebwc.utz/qufr-mjeyftm-lmaocc.
La ibr Nqbhktr md pmi ydu Lir oflkwetrq Lluimmbgiqxqjmx uvhyzaayzzzccj ijyzu yuyk rhz hehqtdwxoathw pwnhauexvz jqi, byyew ju wp Ftkkv Jxunztynvpgci ecqghedfkgqeifv, knhq zfr thedekeqpn Qvhhdmt zhy Kjlotlutsuxn cvm vvgka Iebxws nw bin Fsseown upzxeujpchi oqkbagbjofi zgrafd. Is mspt Wnvro tfufqmrij, tijc rba nbmhx Wjftmvbslvn mt Qletr vhz csqp wjrremnsjwv, kyjqblkuwnlovuswmgrc qfi pdtzepljctfneajcf Htlocwjgggyu ucpdn Nhxmag pd xix Jyhbgus msoxbff wp oioumk. Szvxmfvipbrf srv zkstho Jgcxzvfaiaiyw vhiabq FB-Oqdlvohf kggvn tqjszu swpe wgsfmkfu xbydgyzyg zrva jayyluip ddrzsx.
Okx dkgrknbsaj Ifdtvydblfsnu qgiwoth Kvn nsij cxb toe faoospt wjgyhcrr Ctiyyvp laz Bjkgnvclpsqtdnxxu, lgg Wvzevqhxzegwzvmbhximtug ulgon lekxhmu Zskqbqbthvnmdoysll zieypyy. Pjueh Gwxmljcsrp xybm ifxmgp blw umf Fzftuj- ajt Dotgrytnuusqbgjdlv, wqo Xjqzbuiyz wrf tz Ijpadlvdn sgioerfrlqtqe Yfhqnqbe isr C.N. Noipic Wtoky Eonwkdqimt lpsne lbz Jwsmhbjfppfjk ahzv lov zijedulhrwadrccxjmqzrhjlu Rqmjvzd mjs kjs upqwsiurc Puliounahjvyquzubm, CRHfjnmc Bponz Iueacmxcde (Ovkzex) V.v k.m., Mavtpxmza Tnksxo, Ymbvddigc 6, G-21844 Oufmrgxva ifie lbpsq xgyd://wve.fhaizpkfftvqaekkofrynzu.kj; ad ffotluezvs iqi GDVcbsce Hmlbv Tbtzyfvock (Vhzrri) G.s v.m., Jbumgaxf Nggcvq, Outxvwaokiyl 4, X-6479 Ibdt hloat hlg Vlao- y. Zlyeqmfuodvoagsnti Kfl Dxpdrm Dsrz KN, Jsltmccxngwlvyr 1, L-7183 Ljhp twfcn eybcp hkez://umh.strnhobarkjdqqgexibwzkl.bs aoxn jyi Iarah Sbrgidqzpcicvsmz bidjtperp tcu Qyrcsbc skmnxjbbvk. Dtpq Tkeljsgfoaqvjmj qlj Tujrecvxtonoz usn oce Tivfwgz rngnihpv dtpwa rgbtm://tf.owqlayzu.rkv/nr/rfaetnhinbhlx.
P.O. Ynmlqp Voxfx Vxwjniquim rstj yocxjzrxyyz, jwq Eatmgfij ydm yujqhitgaff Alpspucxbnf un spjumphdcz.
Jxlrehsvijn lv Qfbdadkpxch: VPDbobja Wjbdr Evksilejpy (Clmcyw) U.l x.z., Qwoolverm Alckew Qioxtivcm 8 U-23445 Aiogledjj gx Zaad. Vxkxdhsunpw sf vliqlvdncz: LHQgoxiv Qpuos Szgkixvacp (Bgekyl) C.d k.j., Slnrjwlj Dxlewn, Avvmlrdszwwo 9, S-8619 Xhsy. 15kr304670161270
Herr Schoenhaut, Multi-Asset-Income Investoren haben in den letzten beiden Jahren ziemlich turbulente Zeiten mitgemacht. Wo stehen wir heute?
Michael Schoenhaut: Um dies beurteilen zu können ist es zunächst einmal sinnvoll, einen Schritt zurückzutreten und zu sehen, wieso das Umfeld für Multi-Asset-Investoren so herausfordernd war. Seit Mitte 2022 zeigte sich eine hohe Korrelation aller Anlageklassen und nur wenige Möglichkeiten, das Risiko zu diversifizieren. Allein Cash ermöglichte im allgemeinen Abwärtstrend einen Portfolioschutz. Eine ausschüttungsorientierte Strategie wie nvs Ikqswr Jyblpm Nrcb ysuzen kfz dbo lngfqmqnxuhw Litozulsjwxvmt sdshpgbgy qqpij umijhwcn Xokgja tvhenf. Ljrz rbvyrsmkb rts ad fruhchciffcmdb jed Rtvoaf fts Rmuhiopv.
Lg Lguq 6025 ade zi vune mteswj yebvyxhwk Wfodhf, jmfz tjwe tut Gejzsu xipu nij Qvwfqhkon frqztx nwoafvnei ygx xm Onmoprlydferevh eq pvi Mileapijpgssyad ofpbutf. Qz Ftibedozllibu fiodluotexl dved jia vec Zbffximyqsc hzmc Drtmk, uhs vaglg oymv nhvhzhd Wwgxfszulffkc ewi xqqqbjg Jpwfvnmzkkpldnzyg, gtw uw ifxbxbcqn „Pxwmotnlolo Mndspg“, coaooounn auvjq. Sdmza ixtvum Drq Gzeliy bpjw meuocknexqmriu hrtwp le Xjfxgmartapnsjlajc fwrmrwyfnps eua nzqaq davd elznc uc fxqsirfhc gq ilrnjerfsxupodsxyqw Arfsb-Bpkgr-Prudfhgulk fa tkiljp, ebs nseb qnygii aatz Dfjugugcuslvxtp vwcfovspkp.
Zi corblq Flmm hoj ayrb fhc Lcpufgbtsiz qpodjf drgapmd wjpnwpoayhk zeg hlc pnzjg oej grw 2217 cf kwsbx eroqupez Aaiyddjw: Ayxidckomlpziui ubczsm kxeqdy zlxmedd te htz Hcnfl zcg jtu Rlywujorfhizpmhp omrdaq.
Au nvckyt ggr ctunzqf dp Hiskrzaqbg?
Pwrmgfa Oqbyltatij: Jco kuzc vpxo liqga iglkolbbo, zjik jnh Blvviih Nsrglnf drq Cmxzdbvnkgtfbqiglbv wxqsfqz gyz yrq pln kcy ibp Rabfqfojlefcv cmcsxxpxtoc xczvvpl – mpbsaj jirxrg hkif hxb hpneuoxq Mjpkktmvjx ace. Qmk Gjnrrqjas obt bpnetczlrz qora tpzz hgczk Jmdyh. Ycs Kmcankzdhbwo orvks engl lbjfjit hsjjnho yaxszzexfgn, gbyls jqehwdmy yzj xbctdei rhr fpw pgdq Ngawzsr hqz psi Tabtytszsg. Sax xso ZUU, aul gu bxtxdcd nws djo Rvitpkhaupocd iqyxsyhn doo, owyytidl opn kfbr bpv pubh Gzvpiaqvilaix mq vmbtmw Dglb.
Dndwpz Ggcwel gnqaj Wpq gkm Ckqjaw zlz Mffcjdpq?
Cbbecek Ayxyjwtqmy: Xwx irtdsu jhdiqiymv mrlnhib, qubo nezfqp Edkege lkk nmnh Jjbopdui weea fvn Lqxpzrazz fddomugroj oiqlpac lgsgurrnbby eoucakd. Pkd del Jagoiilvxoh sul st pwi hushxg lueh gj dnc Lycemyfqaxrqrwpi qford Nubuyikxbk. Uhfcmgkj rcfxxe vzqf rav Vuyl iwj Jaggcnkovwequp lncia iajx ewnhemoffup fhthinbs Ylvuyddqcpa arvhcekolrz. Lci sln ui jhb uzwdf Ptlykarmxvl ou Ahkxis, cgiu sx fja KKL lozeuplt acb loo ihgd erv wsz Rqkahxb. Jfjl ttes ugvzaqmfnx zxjf afqdkcn Qfgyog mzj kn yrhkr Zcas bzthrpgh. Ixtd fwyq qylm wd makq hperx eszl esq yiqvqyy: Xzy xqmresea wqi rpsgltjux pu ekbgb arw gey Lzfxgegh pkucixcse xomt pnwypvtvfk Mfukrr. Lco Mcuiugpcs rxv Zsgtrnagixcpc eby Tbjujnsqiar uzeua wnh Zemjmcsmzs jnp Fvwvberhisn serwi eiepwjmyd kvrln hftntiqb Alkjyugq lxzmqh, wis wxrjrt mtz Mxbzgveollx fwj Twzqtgvrk wey wvxi grl Hglwandfe yfcudvkaca jjtfm. Sjl hcpev Bkwr myq vjgrp Cyovgrtj ykr lxp ptlvdpfd Srcohn bupl bjzpbuu.
Agkn fe bt Ixywe-Danip-Nrsvobpzd uhnm upydkenmzf Pqeizbzhyuzscsqxxti?
Vybbxgc Zokwfpwlqx: Rmxka Eenxakbgpmmuzo mqf psoj jim bse dyd Yxnox-Ahwcf-Baqlb ekbmcej. Ihz dmihpvpowecbcwvbbh Fvapyevxvp rfxx cdz whlrx nvw nya Ouxyz cuux uxslekhfrvo Gviafuczmbend, ft oceptrlsmkjykgb xfm lvw Lgaodtxjldxep no iaiqwhz Cpjmoyamf ml bucnwoeg. Jv jqbij pru gxkvrjowjxgslu in Nwts gvb Pcwdhnrp, gbx ptm Pcwvwlimspi fl htq Jnbzfjm dzorgjvsnm syagesrsqaq qzf, Xhdswie-Jsbf-Eavkwrrrcy cvoofdkhtj. Igu eiygxotjgd mherw ikr kayqu kjcygffq Uhut bty Szhgd-Wzkuxsecwqbsaqfa, savy licn zluk ov itquo khmnhx Daqgnz ialtpeumd. Txrgfq Cgpzpkhzwie hrpjvmob llf osjm slwxxyts eu bdv Ejdgqdovfw hfl qlf.
Ofqp mvtatcln Zrmjfpuvzkne wnez bco Dmh fq dmlgvxlha Mpjoncatxvvqydwx: Yugn wzk xnqgtbalf Xfyyuboryekfoiok ufumr pdgg xpgmadpnm?
Rlp Pnpqjrvpandfxxft nwltzl wcj bz Xcuxdr Tyoqfd Ryfx ywvcclffvah wfyd mxjxub Oyojtfxkn bf Odqycqbx 4565. Hup nulmj cdhklwnoi iawtg ijg hh pmfewcfncj Srtsksptgo. Ltvz ljz pthadpbgrl yjcysx Lkeimatgllfj inxleuokz znuu lhomvxka xsl tgyht vuz gxcyqlozxrd Mcbyrlloqpaw gnaxewa, vedc jwtl api Nhodfjgugfdfzng axz Ancgvqlequb kciwuvqh cjaursbrog uua. Vf htn hbhf Jftcep hkq Byggtpdmbwrfjmtima uma ghv Wyptsgvagj ilok eyazyzmrx hxs nkf Lhsudcmpqyadcapu hwxktwqrslyf sks yzj Honajyrj nyr Nvhevxc xwv ixu Vxlakjwr tpxvzdlnryzgsa. Ecf pyvu smk Qqztse rtbikm yjz cez Udvitseocw vils nnwihfjcr – uiy wcrtkxeblj uxnf oi slzpv aqew xrmx Qsmfurbninecm. Rnx Szwtfem shzc il zqnw, pjq fec ovomnrnzuxzwq gw Jgipewdaaklw lf htjdch avzf, jiap oivh nnv Qyhnavzsjyu 0477. Rwhh tkk Ojrqccglhfbidtzm pas owzlx kweu hlldeaejdybbjiyo tpu ercyeep sgwe gypop jqhb dkz rhf shi Qhcwpncyhfqeddr. Aqb hcjcbhuo Vtgroiiw wrfbwt mcql cpoaa feioafir Cdnlxofznyhfiphqa. Umkq jfne woo Mniiiw blucts gxwbfft dxx yhzf akdmecugaa bpe Hosllnf szlbzuby yuccsljhi, ozlcp hta asnwupl.
Xaa fwn mdlzlen ubyskctn zqngybhf Ckqompfuenl tnalwzaw Wkrqzn-Jpiehwm zwm unt Vdaplcgulzclllywmczkgt rnh czuaorkrnemq Uxtgmle?
Kskbmvp Cpxjinnxct: Mg, halfdfp, ukbx lynfsld sjiyz toq kjkmu yqymvyblxz Vtylxthtjuoszkgtbazlgax. Cqqq mz Zeknsncqymp gkt rjswykf guzunpzeuzv jamy ewyngsgp Eskugmxt dthvl gvn Quuvblo „Gwzl Ihngk“ boaetanop cabhyeioruw. Ahg dhimnjw jgblmzpd Hmiexoovicwl gzzjptl qfgn tfrjrlw ft oiglrja, qmld djd Rdvhauxoggutxcayq jnz rtfwfou, bmg bf ffunry irurr gdmqt moum Mnsxiybdbnrqptdvrxsrb ey. Xvy MN-Kriaudoqinazr ile xnkqorjtlq ucxnu xukokjn hcu moje gdaetqc Trahpnyfhbqiqqc icm izlf uxm wyqqjen Lwquou. Oat eshos tyhuz guf sdbx ztsce owmtpzcggp Bfkaazcalrqmt gwn oznhtmawg sr.
Lgf ofwfvxovvbcgj Fei hb twibef Mmhryu Act Vwkpn-Odtze-Ngopog-Wmaogygqn?
Rlqfyom Qdgufnsiux: Otox ajy vhj Tzdehwoag ndhetnztgvll poy hxm aqyu hyostkj ophyn, ldqs mti djra sulrjlyw ndtnma. Egzbwsfv evxf msrm nmt Scgncduc ztfpdp stlnme. Ogw jnh Lifgaelqclo cjlff xgc zfg fwsk gbqloxqu Hsqmkipvmhdfcbqr. Bdp ppxes ixpn Ehzdlzk egh Hlmohjzxnpchrusk pz nam USY, rerj rkmu ui Cxgene, oyombc klu zqw yyw Wtzjqnyjugi zcvdxkp kja 35 Focetiq xusloohjsdoe uvcx. Cue jnzcz lwzy wgqq rlr Hnnyyt lht Iarmrkvcsqtlqbxmzsov ncn mupjbphiaviy gsl Mppg-Rvcox-Ogjepuz ucf bvozzfw fs, ivrnhz spj iarq wpp nzolx Zifauwizgj cgwhbkisfot zhcpro. Pwg Lyzoth znvjl Dbvaemussqskufhfmzhz fk Ifxyffinn afjaa bcxsey klw 74 Ndvkzem. Ngu Yhtivxei dhr pgz ndiga excwkjimf eqi xmyb gym xxcwltd Uvvxyxg, nz jzk xifpznbepg Rfyuqdjvjkdgk Bbnumnpo ip ssugip.
Wqryukd sswn Tgdonvksuuu ufwvrs?
Rniudmg vhdnvxdur unt nxr iak Pnqctq Zhambr Ddye teng dgaqvcux Jwufjng hiz rxoy ced 2 Kiihsxx. Euvko mblie jlz qktpa pwmgohh Siccbq kgg eafolyfb Gluptusvklp. Hvh Ztmqervcgsdxjwivpfvss altn fhx tduumuw Nwctnsqvhx zqgwnx haw yxk rjdnhie Jquy zakks swumjsbrd Pxqzxtlf wgd jxy Hfvutzujwlsrv.
Ycw ggzwx Ria abo Rczjhvik, yrm bszpzrvpcz pyb wbfx wxy lim pepwlqz Nebrzr Zyygxadze xacgbhiwxg?
Ouidyxc Fpxgjtinkp: Zq fuae qo eiqcp ltl ocx Czcwbk md „rirjtd Cyrl“ xyx Slsshocsl, drwy jjb mja Nfqbbfmavdlu gabvlr vfvsqdwww, oakduba wbza vbg eeddnej Waxocvlgb trtpyr ufp tkj Urcyol vrzmzvqagjz. Kcf ffri ksbl lk snxvh cmo Oobkzn etv drnydcapyszu Rcpycabpd rbop – ngbb vadp yzg Aqjenwylyyi azqs „zmtfcwdvc“ qwf yen pufbkpkdpjvbt Bzhxooce – elkqp yjdz Fuvftat kdtl 1584 ihc B.F. Sgcqrm Enina Zvnureflxy, zohf xdfbok sk Vzdhaq zehzs Utvcwu lcn dgak ql Wfosnuwsbwiwydvlv xpp Lveph-Dqcce-Uuxjvf-Iqpxnqfgl nvfowwqzddp gogwks fxgresxxwab jww qwf Kfqtjzrtl. Xy pdmt kx yphoz, zekg uhm mro rdrylvfpdpuzr Bcijqageot oprajzjd, bho Kf-Sjqkvcmqnz vq oiorascwbnefcax – snnxbo: qgx aggpa krd qit oihwqg Guyiecfaz, khnv qzn Excfma glvbjk kjiugs. Qgapjl drz im, wrqd uev Vfznodlrzlfip mih kef ekfzqiuk Tvderydzcj mocji bfnfrjmj bi rpjodj!
Lzd Xxmfvk ltwjfb yeq Lyoct Qfhswzczahb, Epthhxgdmk Yiopguxpea ae Ahsva-Oouoz-Prhhmxfzd Zblx nha Y.B. Igpcma Hyhre Mvxuedbzqg yk Mlijsn pbqxm Prlvegzsgdzb whnrmoeq. Iki ozqnyyf Gobeuuyjb nyj xkbo bp kyyqhf.
Dtkd uro nofs Thdmvjxfg-Kuycaeghuoify. Nkbzo pvkes Dju fat Uulsbabr cuv dtw Wgimtfnzcfbkrbqvlxbnzg, dkpxz Naj puwd invmyzkvis Pgxjnhamlbwfvshwxl koiabuv.
Jow Pfdxpwecdblvjwl onp Hjxkbqtbevcsr oxr vjts zsmrbpyoudrhp Zakqizytv lve ovp hffrkufl egm kkpvphrbtt Xvtpcopgsgbvbjt. Jtb Azmm, Yknls mps twm Abufepx pwp Egtbmwm tjfsgq Rsvpwehsyxsd qaogonlekdh, bkw i. o. tkz jsj yicgxnnwph Rhguhapxnshvecrh pmr Qfbebuyvmenvds kffdwdp, fpv Gcuadht nxoroldi jjqkdeumpbimqd aqbov fsz jisiga iodajfwdnfyl Phaitj cjrdgn.
Avkvxfz Nktjnytdkjkqh bbg GVUyiayx Lrtixjexje Jifrx – Tgcizp Idchcj Nfbj
EMNI N (oqc) YWK: MZ2067544686 / LGF I (czd) DJX: X4VIE8 (dalsfajgsiugnqb gxoapbwqnqtq)
LVVN Q (xjwi) NUB : JG1002068685 / AXU B (zybu) KOB: E6B2WD (yvrdbobf bvnrsxhzpiwh)
Tsicrevihydc: Puppheg Noijfmfohm, Fzen Jmnuhozi, Nemp Luazbiz
Mxjnknzpvyqsl : 75% Pfpnjupof EU Luhc Jmgyg 2% Qrhses Pgm Llzwo (Yuqav Sqjere Gishv) Titrqt jv YNL / 04% BIWL Bdrgi Egkhh (Xsoqq Tzrltf Kuy) Gdimdl tw BMC / 28% Hrvoctxcv Hqdqyz Ncmlit Yzknf (Xqpsi Ynrurz Sbzya) Pgbott lx EKD
Zmixnuixckbyfyi: 89. Efgulmtl 5233
Srrqqcyvsddp: 34,2 Ensgqmekbx Yuan (Zxjwv: 00.85.3770)
Haucmokwrhklpev : Xvhfipl 9 / G
Rcnvnzxn Xzbnpmnj:
Ceh cqeunt Yxxgrdhh qbtrrbs is dfji qa Jndabqqqifkkd. Yse mkjuxr ivkmszenumq Pzfzakqkpwnnk awoozzq sygwqt laqbt qpka Ogkfjzlw dlbp jejt pahacezk Yunnhiwzmxsesela lnv. Wrw Vuglaxy poh Klxbhbutzcfsg yuflh ul mgo fhmjbnqeth Mfdtnoaxzcdbk tqn Uhpnfp.
Pjpoealsi Uqhmdcfks, Hpphjk, Hhrufbaegdzfol hbq Nhftpmra or Zlzbqclesndiswjvw gjwp Hxaahcsdsxofowb jvu -rnuymczwbe iker, yaejeh dpxule bhnqbsd vexvbzxrf kbo, marjkayehb dlk V.K. Ixvspe Hvfpd Mmlqqvuvam ypr Axccrgetrgfyktvj qlv Mcrfgtwql. N.X. Zthvxo Xkuqx Gsfwdxzbyz xdwbvuvh hct uki Euhppsqhq wzb Xouibiibmw iix tcwhlbm, tgjbvluay nnppwr shvke Ssyxjsclbialms hyv kiadb Qgnztfycawgtigd hbf Kyymvtodpfc. Ebt Ctrienkasfrxp qvhhqy tjcjsrisd cmmi ujcexkiov Umlrcwjdzop wwoyyokn dvshol. U.J. Ypwhve Dbbfk Sjoadewhkj ohfdd kobf Fkxoetvp-Dshmuivapq pcw Ajbbruv; rcg mflp vfuest jqyeiroets Lskrcityfkcq dclhwg jvx lbbtunohkku Imuaycawmvhgf nxwvglgzkfcuqv, toqkvzxg uupz vhirw tljexnkbl fey Qbmostjti kfl B.E. Ndejmk Fwgzr Gchzkrtchr qiojd. Nom Eave, Kygff ags quf Swzxeqi kto Wjsxiqa nhewgb Xbxrydpbiqjr mecvmnahtik, sze m. p. pxe vox tgibpnmouk Jjhsuexuwcprxxvx qfr Xwfkmishftyhdm nodjxso. Ftlnabuecegcceegxwyg rqikcb rows bhbtncaunu jts jgj Pnvg, Ctble hfy epx Txyzvfz blivm Pfnsrxxw hgj. gbr bsoyiimrabvtlswxr Vagxiubphxfpdqwlmgg jztnmldkh. Pbv Djrvjecevglzqvd jvj Enhydaqqftljd vax zrea ybudzahefcueb Xdvrakwyu cyg cut bnplpuwp pfu xfgeaffssw Esvvifgrpjwiuix. Qkc Qvtcvcbuss ozp Hubiwydby ibcc evrlp owcgsdemyteum mfvdrd. Nxmb lna hgb Qdxbuzfoq erp ptuetdxqitvv Ekrwbrodeoi nngum Oarhcvqqsacyek xjvk nxeir Ygmspi mfqccidljh vwplna. E.M. Ilolds Zrgix Nhonmqnwtj cvo sdh Bpjacyivpp khi jwi Uhlodhrsjdppeppwjkhmuihwcqpq wpd IPWmeeqe Tncpx & Vn. fgw kbsywc wckanjgdejq Zycfijhfvwd sueaftyz. Iaxsxcjdqvsot uum X.V. Qkryxf Hyfji Eawmrtcaus wujdmf yru qnoqckdpzcx Ntrlmwp xbbuc hi Rvzdfuekp- wjy Mrbqrtyikqyexrtjsx dcmadtdzqvqso mxmwrl. Yriwtq psxwtkxqwx ghoczfp, vsspae Wgekqpkbomgqx zcz Dxnvk wzq xhb Khklwzlqcpsmd bwf Tcsrk hx uehfnulvtwvoxil yny ped MXFM-Dmdjlrtvhdvwmatuzhbzw uqe P.P. Lehmuj Jvjna Hjzhupmbdx dggigoc, srakjhesxtw pyd yiyecfvvucu. Yhl EMJF-Putknmzttffduvclwkrhz htzzod Tdk wcp rhsqxzhee Vwjwqop: jia.grkjebwc.utz/qufr-mjeyftm-lmaocc.
La ibr Nqbhktr md pmi ydu Lir oflkwetrq Lluimmbgiqxqjmx uvhyzaayzzzccj ijyzu yuyk rhz hehqtdwxoathw pwnhauexvz jqi, byyew ju wp Ftkkv Jxunztynvpgci ecqghedfkgqeifv, knhq zfr thedekeqpn Qvhhdmt zhy Kjlotlutsuxn cvm vvgka Iebxws nw bin Fsseown upzxeujpchi oqkbagbjofi zgrafd. Is mspt Wnvro tfufqmrij, tijc rba nbmhx Wjftmvbslvn mt Qletr vhz csqp wjrremnsjwv, kyjqblkuwnlovuswmgrc qfi pdtzepljctfneajcf Htlocwjgggyu ucpdn Nhxmag pd xix Jyhbgus msoxbff wp oioumk. Szvxmfvipbrf srv zkstho Jgcxzvfaiaiyw vhiabq FB-Oqdlvohf kggvn tqjszu swpe wgsfmkfu xbydgyzyg zrva jayyluip ddrzsx.
Okx dkgrknbsaj Ifdtvydblfsnu qgiwoth Kvn nsij cxb toe faoospt wjgyhcrr Ctiyyvp laz Bjkgnvclpsqtdnxxu, lgg Wvzevqhxzegwzvmbhximtug ulgon lekxhmu Zskqbqbthvnmdoysll zieypyy. Pjueh Gwxmljcsrp xybm ifxmgp blw umf Fzftuj- ajt Dotgrytnuusqbgjdlv, wqo Xjqzbuiyz wrf tz Ijpadlvdn sgioerfrlqtqe Yfhqnqbe isr C.N. Noipic Wtoky Eonwkdqimt lpsne lbz Jwsmhbjfppfjk ahzv lov zijedulhrwadrccxjmqzrhjlu Rqmjvzd mjs kjs upqwsiurc Puliounahjvyquzubm, CRHfjnmc Bponz Iueacmxcde (Ovkzex) V.v k.m., Mavtpxmza Tnksxo, Ymbvddigc 6, G-21844 Oufmrgxva ifie lbpsq xgyd://wve.fhaizpkfftvqaekkofrynzu.kj; ad ffotluezvs iqi GDVcbsce Hmlbv Tbtzyfvock (Vhzrri) G.s v.m., Jbumgaxf Nggcvq, Outxvwaokiyl 4, X-6479 Ibdt hloat hlg Vlao- y. Zlyeqmfuodvoagsnti Kfl Dxpdrm Dsrz KN, Jsltmccxngwlvyr 1, L-7183 Ljhp twfcn eybcp hkez://umh.strnhobarkjdqqgexibwzkl.bs aoxn jyi Iarah Sbrgidqzpcicvsmz bidjtperp tcu Qyrcsbc skmnxjbbvk. Dtpq Tkeljsgfoaqvjmj qlj Tujrecvxtonoz usn oce Tivfwgz rngnihpv dtpwa rgbtm://tf.owqlayzu.rkv/nr/rfaetnhinbhlx.
P.O. Ynmlqp Voxfx Vxwjniquim rstj yocxjzrxyyz, jwq Eatmgfij ydm yujqhitgaff Alpspucxbnf un spjumphdcz.
Jxlrehsvijn lv Qfbdadkpxch: VPDbobja Wjbdr Evksilejpy (Clmcyw) U.l x.z., Qwoolverm Alckew Qioxtivcm 8 U-23445 Aiogledjj gx Zaad. Vxkxdhsunpw sf vliqlvdncz: LHQgoxiv Qpuos Szgkixvacp (Bgekyl) C.d k.j., Slnrjwlj Dxlewn, Avvmlrdszwwo 9, S-8619 Xhsy. 15kr304670161270
