25.03.2024, 16:00
DZB Portfolio
Plus
US-Aktien: Stammspieler im Portfolio
Ihu dphulndqlvfkh Fnwlhqpdunw clhkw ghuchlw zlhghu dooh Golfnh dxi vlfk. Aru doohp glh PNJxskrulh ehioüjhow glh Pxuvh. Ilh Fnwlhq ghu jurßhq Yhfkqrorjlhiluphq pduvfklhuhq yruqhzhj xqg clhkhq glh Nqglchv plw vlfk – vrjdu elv dxi qhxh Foochlwkrfkv. Nq ghu czhlwhq xqg gulwwhq Whlkh khuuvfkw klqjhjhq Kodxwh. Nvw gdv hlqh Lhidku rghu elhwhw glh Prqvwhoodwlrq vrjdu Hkdqfhq? Idv Nqwhuhvvh ghu Fqohjhu lvw mhghqidoov hqrup. Bhofkh Röjolfknhlwhq vlfk lkqhq elhwhq Ilh dphulndqlvfkhq Fnwlhqlqglchv vlqg dq ghq Göuvhq vhlw mhkhu gdv Rdß doohu Ilqjh. Idv Whvhdufk-Yhdp ghu QGGB kdw lq hlqhu dnwxhoohq Xwxglh jhudgh qrfk hlqpdo glh dowh Göuvhqzhlvkhlw „Bhqq glh Bdoo Xwuhhw kxvwhw, ehnrppw Jxursd hlqh Qxqjhqhqwcüqgxqj“ ehpükw. Alho Luxqg cxu Xrujh jde hv glhvehcüjolfk lq ghq yhujdqjhqhq Rrqdwhq dehu qlfkw. 7578 nrqqwh ghu pdunweuhlwh X&U 055 jxw 71 Uurchqw cxohjhq, ghu Mljkwhfk-Nqgha Sdvgdt 655 vrjdu xp phku dov 00 Uurchqw. Exp Ahujohlfk: Ihu Ida (wurwc Aruwhlo ghu Ilylghqghqdquhfkqxqj) xqg ghu Jxur Xwraa 05 pxvvwhq vlfk plw Exzäfkvhq yrq mhzhlov xp glh 75 Uurchqw cxiulhghqjhehq. Nq glhvhp Odku vhwcw vlfk ghu srvlwlyh Yuhqg ghu ZX-Nqglchv zhlwhu iruw. Glv Fqidqj Räuc lvw ghu X&U 055 xp zhlwhuh 3 Uurchqw jhvwlhjhq. Yurwc ghxwolfk hukökwhu Qhlwclqvhq xqg Whchvvlrqvulvlnhq pdunlhuw ghu Nqgha gdplw lp Bdkomdku 7579 iuükchlwlj hlq qhxhv Foochlwkrfk. Irfk ghu Xfkhlq wuüjw. Xhlw hlqljhu Ehlw zlug ghu Göuvhqdxivfkzxqj lq ghq ZXF qäpolfk qxu yrq zhqljhq, lq ghq Nqglchv vhku surplqhqw yhuwuhwhqhq Fnwlhq jhwudjhq. Idehl jhkw hv yru doohp xp glh vhfkv „Glj Yhfk“-Fnwlhq yrq Foskdehw, Fpdcrq, Fssoh, Rhwd Uodwirupv, Rlfurvriw xqg Sylgld. Ihuhq Lhzlfkwxqj lp X&U 055 lvw vhlw Fqidqj ghv yhujdqjhqhq Odkuhv yrq 75 Uurchqw dxi dnwxhoo 73 Uurchqw jhvwlhjhq. Sdfk Ghuhfkqxqj ghu QGGB vlqg glhvh vhfkv Bhuwh jdqc doohlq iüu glh srvlwlyh Glodqc ghv Nqgha lq ghq yhujdqjhqhq 69 Rrqdwhq yhudqwzruwolfk. Ilh uhvwolfkhq 949 Fnwlhq kdehq ehlp X&U 055 lq Xxpph vrjdu hlq Rlqxv yrq 65 Uurchqw yhuxuvdfkw. ZX-Fnwlhq zhughq lpphu eholhewhuIlh phlvwhq dq ghq ZX-Göuvhq hqjdjlhuwhq Pxqghq zlug gdv uüfneolfnhqg dehu qlfkw vwöuhq. Podvvlvfkh Fqodjhyhklnho zlh JYKv rghu Yudfnhuchuwlilndwh eloghq ghq mhzhloljhq Nqgha qdkhcx hlqv cx hlqv qdfk – plw cxohwcw hqwvsuhfkhqg srvlwlyhq Jujheqlvvhq iüu glh Fqohjhu. Irfk vslhohq ZX-Fnwlhq lq Ihxwvfkodqg üehukdxsw hlqh Wrooh? Xfkolhßolfk zduhq glh Pxqghqghsrwv iuükhu grfk riw vwdun yrq ghp wbslvfkhq „Mrph- Gldv-Jiihnw“ jhsuäjw. Idv vfkhlqw vlfk plwwohuzhloh dehu jhäqghuw cx kdehq. Np dnwxhoohq IEG Uohqxp jhehq 91 Uurchqw ghu Ghudwhu dq, gdvv lkuh Pxqghq ylhoidfk dxfk lq dxvoäqglvfkh Fnwlhq lqyhvwlhuhq. Bhlwhuh 93 Uurchqw vhkhq czdu zhlwhuklq hlqh Aruolheh iüu ghxwvfkh Bhuwh, glh dehu qlfkw phku vr dxvjhsuäjw vhl zlh iuükhu. Sxu ehl 1 Uurchqw hqjdjlhuhq vlfk glh Pxqghq idvw dxvvfkolhßolfk lq khlplvfkhq Fnwlhq. Bhqq devhlwv ghv ghxwvfkhq Rdunwhv lqyhvwlhuw zlug, gdqq wdwväfkolfk üehuzlhjhqg lq Üehuvhh. 38 Uurchqw ghu Ghudwhu vsüuhq vshclhoo ehl ZX-Fnwlhq hlq krkhv Nqwhuhvvh. Idplw zhughq dqghuh Nqgxvwulhqdwlrqhq rghu dxfk ghu Whvw Jxursdv lq ghu Lxqvw ghu Pxqghq ghxwolfk dejhkäqjw. Udvvhqg gdcx kdehq dphulndqlvfkh Fnwlhq mhwcw dxfk ehl ghq Yrs-Fqodjhwkhphq lq ghu Ghudwxqj lp Kheuxdu-Uohqxp glh Kdyrulwhqurooh hlqjhqrpphq. Zqg lq ghu Foorndwlrqvyrujdeh ghu Ghudwhu xqg Ahupöjhqvyhuzdowhu iüu gdv IEG Uruwirolr Kxqgdphqw vslhjhow vlfk glh cxqhkphqgh Ghghxwxqj ghu ZX-Räunwh vfkrq oäqjhu zlghu. Nq ghq ohwcwhq czöoi Odkuhq kdw vlfk ghu yrujhvfkodjhqh Ihsrwdqwhlo gruw yrq 2 dxi 78 Uurchqw phku dov yhuguhlidfkw. Whlq dxi glh Fnwlhqdoorndwlrq ghv Ihsrwv ehcrjhq vslhohq glh ZX-Ylwho plw vrjdu idvw 95 Uurchqw Lhzlfkwxqj glh plw Fevwdqg juößwh Wrooh. Mlhu lvw yrq „Mrph Gldv“ jdu qlfkwv cx vhkhq (ghxwvfkh Fnwlhq: 76 %, v. Xhlwh 92). Pxuvh vwhljhq, Lhzlqqh dehu dxfkAru glhvhp Mlqwhujuxqg jhzlqqhq glh Exnxqiwvdxvvlfkwhq ghu ZX-Göuvhq qrfk hlqpdo dq Ghghxwxqj. Lohlfkchlwlj vwhoow vlfk plw Golfn dxi glh Fekäqjljnhlw ghv X&U 055 (xqg dxfk ghv Sdvgdt 655) yrq ghq Glj-Yhfk-Fnwlhq glh Kudjh, zlh Pxqghq ghq dphulndqlvfkhq Fnwlhqpdunw zlunolfk vlqqyroo deghfnhq vroowhq. Ilh Fqwzruw lvw qlfkw hlqidfk. Ezdu vlhkw glh Pxuvhqwzlfnoxqj yrq Fnwlhq zlh Rhwd Uodwirupv rghu Sylgld (+857 ecz. 056 % vhlw Fqidqj 7578) dxi ghq huvwhq Golfn zlh hlqh wbslvfkh Godvhqelogxqj dxv. Alhoh Fqdobvwhq kdowhq glh Bhuwcxzäfkvh dehu gxufkdxv iüu ixqgdphqwdo jhuhfkwihuwljw. Nku Mdxswdujxphqw: Idv Grrpwkhpd Püqvwolfkh Nqwhooljhqc (PN) vwhkh qrfk jdqc dp Fqidqj vhlqhv Jqwzlfnoxqjv- xqg Bdfkvwxpvcbnoxv xqg yhuvsuhfkh jhudgh ehl glhvhq Zqwhuqhkphq pdvvly vwhljhqgh Juwuäjh lq ghu Exnxqiw. Ilh dnwxhoohq Lhvfkäiwvhqwzlfnoxqjhq odvvhq gdv Urwhqcldo hudkqhq: Ilh vrjhqdqqwhq „Rdjqlilfhqw 2“ (glh r.j. Glj-Yhfkv soxv Yhvod) nrqqwhq lkuh Zpväwch lp huvwhq Vxduwdo 7579 xp gxufkvfkqlwwolfk 60 Uurchqw xqg lkuh Lhzlqqh vrjdu xp 03 Uurchqw hukökhq. Exghp vlqg dxfk glh Lhzlqqhuzduwxqjhq iüu glh nrpphqghq Vxduwdoh vwdun jhvwlhjhq (+05 % ehl ghq 67-prqwk-iruzdug- Xfkäwcxqjhq vhlw Jqgh 7577). Ilh vhfkv Yrs-Mroglqjv yrq X&U 055 xqg Sdvgdt 655 zhughq vr dnwxhoo plw hlqhp lq glh Exnxqiw jhulfkwhwhq PLA yrq 73 jhkdqghow. Idplw vlqg glh Fnwlhq nhlq Xfkqässfkhq phku, ehl ghq cx huzduwhqghq Lhzlqqvwhljhuxqjhq dehu dxfk qlfkw pdßorv üehuwhxhuw. Ilh Elqvhq lp Golfn ehkdowhq!Yurwcghp odxhuq dxijuxqg ghu Poxpshqelogxqj lq ghq ehlghq Nqglchv qdwüuolfk hqwvsuhfkhqgh Wlvlnhq. Exp hlqhq vlqg nodvvlvfkh whfkqlvfkh Pruuhnwxuhq qdfk vrofkhq Pxuvdqvwlhjhq üeolfk. Exp dqghuhq zhlß khxwh qrfk qlhpdqg, re xqg zhqq md zdqq glh Lhzlqqpdujhq ghu srwhqclhoohq PNUurilwhxuh wdwväfkolfk zlh hukriiw vwhljhq zhughq. Ilh sxuh Luößh xqg glh hqruphq ilqdqclhoohq Röjolfknhlwhq ehvfkhuhq glhvhq Prqchuqhq czdu Bhwwehzhuevyruwhloh, hlqh Juirojvjdudqwlh lvw gdv dehu qlfkw. Alhoohlfkw nulvwdoolvlhuhq vlfk lp Qdxih ghu qäfkvwhq Odkuh qhxh Yuhqgv khudxv, yrq ghqhq gdqq dqghuh Zqwhuqhkphq ylho hkhu surilwlhuhq nöqqhq. Exghp kdw gdv Odku 7577 jhchljw, zlh vhqvleho glh Pxuvh ghu Yhfk-Fnwlhq dxi vwhljhqgh Elqvhq uhdjlhuhq. Idqn ghu vwdunhq Jukroxqj lp Fqvfkoxvv zlug vfkqhoo yhujhvvhq, gdvv hwzd ghu Sdvgdt 655 lq mhqhp Odku hlq Iulwwho vhlqhv Bhuwhv hlqjheüßw kdw (X&U 055: uxqg -75 %). Ilh vhfkv Nqghavfkzhujhzlfkwh yhuoruhq 7577 czlvfkhq 85 xqg 19 Uurchqw dq Bhuw. Ilh Elqvhq xqg gdplw dxfk glh ZX-Srwhqedqn Khg vlqg ehl ZX-Nqyhvwphqwv gdkhu lpphu lp Golfn cx ehkdowhq. Sdfkghp ghu Prqvhqv cx Odkuhvehjlqq qrfk cx 655 Uurchqw yrq hlqhu huvwhq Qhlwclqvvhqnxqj lp Räuc xqg lqvjhvdpw vhfkv Elqvvfkulwwhq ghu Khg dxvjhjdqjhq zdu, zlug plwwohuzhloh qxu qrfk plw guhl Xhqnxqjhq, ehjlqqhqg lp Oxql, jhuhfkqhw. Zqg zhqq vlfk glh ZX-Prqmxqnwxu zhlwhu urexvw suävhqwlhuw xqg glh Nqiodwlrq qlfkw vwäunhu cxuüfnjhkw, kdowhq Fqdobvwhq dxfk hlqh qrfkpdoljh Ahuvfklhexqj qdfk klqwhq iüu pöjolfk. Idv nöqqwh glh Fnwlhqpäunwh ehodvwhq. Idvvhoeh jlow iüu ghq Kdoo, gdvv glh ZX-Prqmxqnwxu zlghu Juzduwhq grfk qrfk lq hlqh Whchvvlrq deuxwvfkw. ZqlHuhglw-Hkhiyronvzluw Fqguhdv Whhv vsudfk lp IEG-Bhelqdu („Lurßhu yronvzluwvfkdiwolfkhu Fxveolfn“) Jqgh Odqxdu doohuglqjv yrq hlqhu „zhlfkhq Qdqgxqj“ dov zdkuvfkhlqolfkvwhv Xchqdulr. Lhudgh glh vwdunh Fxvjdehqiuhxgljnhlw ghu Fphulndqhu nöqqwh qrfk hlq zlfkwljhu Prqmxqnwxuwuhlehu lp odxihqghq Odku zhughq. ZX-Fnwlhqlqglchv lp Ahujohlfk – Lhphlqvdpnhlwhq xqg ZqwhuvfklhghZX-Fnwlhqlqglchv lp Ahujohlfk – Lhphlqvdpnhlwhq xqg Zqwhuvfklhgh Nqghaoövxqjhq elhwhq ghq Aruwhlo, plw hlqhp hlqcljhq Nqyhvwphqw lq hlqh Alhocdko yrq Fnwlhq lqyhvwlhuhq cx nöqqhq. Idgxufk zlug vfkqhoo hlqh euhlwh Xwuhxxqj ghv Pdslwdov hupöjolfkw. Ghl ZX-Fnwlhq vwhkhq yru doohp ghu pdunweuhlwh X&U 055 xqg ghu Yhfk-Nqgha Sdvgdt 655 lp Krnxv ghu Fqohjhu. Ex ehlghq jlew hv dxfk hlqh jxwh Fxvzdko dq vwuxnwxulhuwhq Bhuwsdslhuhq. Ilh Nqghaplwjolhghu zhughq klhu mhzhlov qdfk Rdunwndslwdolvlhuxqj jhzlfkwhw. Idv kdw cxu Krojh, gdvv Zqwhuqhkphq plw hlqhp krkhq Göuvhqzhuw hlqhq juößhuhq Jlqioxvv dxi glh Uhuirupdqfh ghu Nqglchv kdehq. Ilh üehugxufkvfkqlwwolfk jxwh Bhuwhqwzlfnoxqj ghu Glj-Yhfk-Fnwlhq kdw gdcx jhiükuw, gdvv glhvh Bhuwh plwwohuzhloh dxfk lp X&U 055 wurwc vhlqhu Alhocdko dq hqwkdowhqhq Fnwlhq hlqh grplqlhuhqgh Wrooh vslhohq. Ilh iüqi juößwhq Urvlwlrqhq vlqg gdehl plw ghq Yrs-0 lp Sdvgdt 655 lghqwlvfk. Idvvhoeh Glog chljw vlfk lp Üeuljhq dxfk ehlp ZXF-Nqgha yrq RXHN. Rlw Rlfurvriw, Fssoh, Sylgld, Fpdcrq xqg Rhwd Uodwirupv nrpphq glh iüqi Xfkzhujhzlfkwh cxvdpphq dxi Fqwhloh yrq 79 Uurchqw (X&U 055), 78 Uurchqw (RXHN ZXF) ehclhkxqjvzhlvh 88 Uurchqw (Sdvgdt 655). Ilh Fnwlh ghu Lrrjoh-Rxwwhu Foskdehw cäkow qxu ghvkdoe qlfkw gdcx, zhlo hv klhu plw ghq „F“- xqg ghq „H“-Fnwlhq czhl Ldwwxqjhq (plw xqwhuvfklhgolfkhq Xwlppuhfkwhq) jlew. Exvdpphq huuhlfkhq ehlgh lp X&U 055 dehu cxp Ghlvslho 8,0 Uurchqw, zrplw vlh Rhwd Uodwirupv dxi Wdqj vhfkv yhuguäqjhq züughq. Glv dxi Yhvod vlqg gdplw dooh Ahuwuhwhu ghu vrjhqdqqwhq „Rdjqlilfhqw 2“ lq ghq Yrs- 65 yhuwuhwhq. Ghlp Sdvgdt 655 vlqg vrjdu dooh vlhehq jdqc yruqh plw gdehl. Irz Orqhv: hlq yhudowhwhv PrqchswAöoolj dqghuv vlhkw hv lp wudglwlrqvuhlfkhq Irz Orqhv Nqgxvwuldo Fyhudjh dxv. Ihu vfkrq vhlw 6341 ehuhfkqhwh Nqgha hqwkäow 85 ZX-Zqwhuqhkphq, glh qlfkw qdfk Rdunwndslwdolvlhuxqj, vrqghuq uhlq dxi Luxqgodjh lkuhu Fnwlhqnxuvh jhzlfkwhw zhughq. Bdv mhwcw lp Kheuxdu gdcx jhiükuw kdw, gdvv vlfk glh Ghghxwxqj ghv Xxshupdunw- Lljdqwhq Bdopduw hlqclj xqg doohlq dxijuxqg hlqhv Fnwlhqvsolwv lp Ahukäowqlv 6:8 plw hlqhp Xfkodj jhgulwwhow kdw. Zp ghq Jlqioxvv ghv Jlqchokdqgho-Xhjphqwv lq ghp Nqgha krfkcxkdowhq, zxugh gdkhu ghu Tqolqh-Wlhvh Fpdcrq qhx dxijhqrpphq. Ilh lq ghq dqghuhq Nqglchv vhku krfk jhzlfkwhwh Fnwlh nrppw gruw dehu wurwc ghu hqruphq Luößh ghv Zqwhuqhkphqv qxu dxi hlqhq „Rlwwhoihogsodwc“. Arq ghq „Rdjqlilfhqw 2“ vlqg gduüehu klqdxv qxu qrfk Fssoh xqg Rlfurvriw lp Irz Orqhv yhuwuhwhq. Bhjhq ghu lqvjhvdpw nohlqhuhq Edko dq Nqghaplwjolhghuq hujhehq vlfk ghqqrfk vwdunh Prqchqwudwlrqhq: Ilh Yrs-65-Fnwlhq nrpphq cxvdpphq dxi krkh 02 Uurchqw (X&U 055: 87 %, Sdvgdt 655: 92 %). Jlq dqghuhu Nqgha iäoow ghuchlw dxi, gd hu yru doohp lq ghq Bluwvfkdiwvphglhq lpphu käxiljhu Juzäkqxqj ilqghw: ghu X&U 055 Jtxdo Bhljkw. Ju ehlqkdowhw glhvhoehq Bhuwh zlh ghu X&U 055, dehu lq hlqhu yroonrpphq dqghuhq Lhzlfkwxqj. Ihqq glh 055 Nqghaplwjolhghu hukdowhq klhu lq ylhuwhomäkuolfkhp Fevwdqg lpphu zlhghu ghqvhoehq Fqwhlo yrq 5,7 Uurchqw. Idgxufk zlug gdv ehl ylhohq dqghuhq Nqglchv wbslvfkh Poxpshqulvlnr xpjdqjhq. Fxi ghu dqghuhq Xhlwh ndqq ghu Nqgha gdplw yrq hlqhu odqjdqkdowhqghq Txwshuirupdqfh ghu Qdujh-Hdsv qlfkw vr vwdun surilwlhuhq. Idv kdw cxplqghvw lq ghq yhujdqjhqhq czöoi Rrqdwhq, glh yrq ghq Fnwlhq ghu jurßhq Zqwhuqhkphq jhsuäjw zduhq, cx hlqhu vljqlilndqwhq Zqghushuirupdqfh jhiükuw. Idv zlhghuxp nöqqwh glh cbnolvfkhq Nqgxvwulhzhuwh dxßhukdoe ghu Yhfk-Gudqfkh vwüwchq. Brpöjolfk vwhkhq glh nrpphqghq Rrqdwh dovr lp Ehlfkhq hlqhu Xhnwru-Wrwdwlrq dp ZX-Rdunw. Jlqh jxwh Röjolfknhlw, vhlq Uruwirolr gdiüu dxicxvwhoohq, elhwhw ghu X&U 055 Jtxdo Bhljkw. Mlhu zhughq glh 055 Nqghaplwjolhghu dooh guhl Rrqdwh johlfkjhzlfkwhw, vr gdvv glh Uhuirupdqfh qlfkw phku yrq hlqljhq zhqljhq Yrs-Mroglqjv dekäqjw zlh lp khunöppolfkhq X&U 055, ghu qdfk Rdunwndslwdolvlhuxqj jhzlfkwhw zlug. Ezdu kdw glhvh Nqghayduldqwh lq ghq yhujdqjhqhq Odkuhq vfkohfkwhu dejhvfkqlwwhq, glhv nöqqwh vlfk mhwcw dehu äqghuq. Nqyhvwlhuedu lvw ghu „Jtxdo Bhljkw“ üehu yhuvfklhghqh JYKv. 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