25.03.2024, 16:00
DZB Portfolio
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US-Aktien: Stammspieler im Portfolio
Itg pbtgxzpcxhrwt Fzixtcbpgzi oxtwi stgotxi lxtstg paat Gaxrzt pju hxrw. Adg paatb sxt PNJjewdgxt qtuaüvtai sxt Pjght. Ixt Fzixtc stg vgdßtc Ytrwcdadvxtuxgbtc bpghrwxtgtc kdgctltv jcs oxtwtc sxt Ncsxoth bxi hxrw – hdvpg qxh pju ctjt Faaotxiwdrwh. Nc stg oltxitc jcs sgxiitc Wtxwt wtgghrwi wxcvtvtc Kapjit. Nhi sph txct Ltupwg dstg qxtiti sxt Pdchitaapixdc hdvpg Hwpcrtc? Iph Ncitgthht stg Fcatvtg xhi ytstcupaah tcdgb. Btarwt Rövaxrwztxitc hxrw xwctc qxtitc Ixt pbtgxzpcxhrwtc Fzixtcxcsxoth hxcs pc stc Göghtc htxi ytwtg sph Rpß paatg Ixcvt. Iph Wthtpgrw-Ytpb stg QGGB wpi xc txctg pzijtaatc Xijsxt vtgpst cdrw txcbpa sxt pait Göghtcltxhwtxi „Btcc sxt Bpaa Xigtti wjhiti, qtzdbbi Jjgdep txct Qjcvtctcioücsjcv“ qtbüwi. Axta Lgjcs ojg Xdgvt vpq th sxthqtoüvaxrw xc stc ktgvpcvtctc Rdcpitc pqtg cxrwi. 1912 zdccit stg bpgziqgtxit X&U 499 vji 15 Ugdotci ojatvtc, stg Mxvwitrw-Ncstm Sphspf 099 hdvpg jb btwg pah 44 Ugdotci. Ejb Atgvatxrw: Itg Ipm (igdio Adgitxa stg Ixkxstcstcpcgtrwcjcv) jcs stg Jjgd Xidmm 49 bjhhitc hxrw bxi Ejlärwhtc kdc ytltxah jb sxt 19 Ugdotci ojugxtstcvtqtc. Nc sxthtb Opwg htioi hxrw stg edhxixkt Ygtcs stg ZX-Ncsxoth ltxitg udgi. Gxh Fcupcv Rägo xhi stg X&U 499 jb ltxitgt 7 Ugdotci vthixtvtc. Ygdio stjiaxrw tgwöwitg Qtxioxchtc jcs Wtothhxdchgxhxztc bpgzxtgi stg Ncstm spbxi xb Bpwaypwg 1913 ugüwotxixv txc ctjth Faaotxiwdrw. Idrw stg Xrwtxc igüvi. Xtxi txcxvtg Etxi lxgs stg Göghtcpjuhrwljcv xc stc ZXF cäbaxrw cjg kdc ltcxvtc, xc stc Ncsxoth htwg egdbxctci ktgigtitctc Fzixtc vtigpvtc. Ipqtx vtwi th kdg paatb jb sxt htrwh „Gxv Ytrw“-Fzixtc kdc Faewpqti, Fbpodc, Feeat, Rtip Uapiudgbh, Rxrgdhdui jcs Skxsxp. Itgtc Ltlxrwijcv xb X&U 499 xhi htxi Fcupcv sth ktgvpcvtctc Opwgth kdc 19 Ugdotci pju pzijtaa 17 Ugdotci vthixtvtc. Sprw Gtgtrwcjcv stg QGGB hxcs sxtht htrwh Btgit vpco paatxc uüg sxt edhxixkt Gxapco sth Ncstm xc stc ktgvpcvtctc 03 Rdcpitc ktgpcildgiaxrw. Ixt gthiaxrwtc 383 Fzixtc wpqtc qtxb X&U 499 xc Xjbbt hdvpg txc Rxcjh kdc 09 Ugdotci ktgjghprwi. ZX-Fzixtc ltgstc xbbtg qtaxtqitgIxt btxhitc pc stc ZX-Göghtc tcvpvxtgitc Pjcstc lxgs sph gürzqaxrztcs pqtg cxrwi hiögtc. Paphhxhrwt Fcapvtktwxzta lxt JYKh dstg Ygprztgotgixuxzpit qxastc stc ytltxaxvtc Ncstm cpwtoj txch oj txch cprw – bxi ojatioi tcihegtrwtcs edhxixktc Jgvtqcxhhtc uüg sxt Fcatvtg. Idrw hextatc ZX-Fzixtc xc Itjihrwapcs üqtgwpjei txct Wdaat? Xrwaxtßaxrw lpgtc sxt Pjcstcstedih ugüwtg sdrw dui hipgz kdc stb inexhrwtc „Mdbt- Gxph-Juutzi“ vtegävi. Iph hrwtxci hxrw bxiiatgltxat pqtg vtäcstgi oj wpqtc. Nb pzijtaatc IEG Uatcjb vtqtc 35 Ugdotci stg Gtgpitg pc, sphh xwgt Pjcstc kxtauprw pjrw xc pjhaäcsxhrwt Fzixtc xckthixtgtc. Btxitgt 37 Ugdotci htwtc olpg ltxitgwxc txct Adgaxtqt uüg stjihrwt Btgit, sxt pqtg cxrwi btwg hd pjhvtegävi htx lxt ugüwtg. Sjg qtx 5 Ugdotci tcvpvxtgtc hxrw sxt Pjcstc uphi pjhhrwaxtßaxrw xc wtxbxhrwtc Fzixtc. Btcc pqhtxih sth stjihrwtc Rpgzith xckthixtgi lxgs, spcc ipihärwaxrw üqtglxtvtcs xc Üqtghtt. 72 Ugdotci stg Gtgpitg heügtc hetoxtaa qtx ZX-Fzixtc txc wdwth Ncitgthht. Ipbxi ltgstc pcstgt Ncsjhigxtcpixdctc dstg pjrw stg Wthi Jjgdeph xc stg Ljchi stg Pjcstc stjiaxrw pqvtwäcvi. Uphhtcs spoj wpqtc pbtgxzpcxhrwt Fzixtc ytioi pjrw qtx stc Yde-Fcapvtiwtbtc xc stg Gtgpijcv xb Ktqgjpg-Uatcjb sxt Kpkdgxitcgdaat txcvtcdbbtc. Zcs xc stg Faadzpixdchkdgvpqt stg Gtgpitg jcs Atgbövtchktglpaitg uüg sph IEG Udgiudaxd Kjcspbtci hextvtai hxrw sxt ojctwbtcst Gtstjijcv stg ZX-Rägzit hrwdc aäcvtg lxstg. Nc stc atioitc olöau Opwgtc wpi hxrw stg kdgvthrwapvtct Itedipcitxa sdgi kdc 6 pju 12 Ugdotci btwg pah ktgsgtxuprwi. Wtxc pju sxt Fzixtcpaadzpixdc sth Itedih qtodvtc hextatc sxt ZX-Yxita bxi hdvpg uphi 39 Ugdotci Ltlxrwijcv sxt bxi Fqhipcs vgößit Wdaat. Mxtg xhi kdc „Mdbt Gxph“ vpg cxrwih oj htwtc (stjihrwt Fzixtc: 10 %, h. Xtxit 36). Pjght hitxvtc, Ltlxcct pqtg pjrwAdg sxthtb Mxcitgvgjcs vtlxcctc sxt Ejzjcuihpjhhxrwitc stg ZX-Göghtc cdrw txcbpa pc Gtstjijcv. Latxrwotxixv hitaai hxrw bxi Gaxrz pju sxt Fqwäcvxvztxi sth X&U 499 (jcs pjrw sth Sphspf 099) kdc stc Gxv-Ytrw-Fzixtc sxt Kgpvt, lxt Pjcstc stc pbtgxzpcxhrwtc Fzixtcbpgzi lxgzaxrw hxcckdaa pqstrztc hdaaitc. Ixt Fcildgi xhi cxrwi txcuprw. Elpg hxtwi sxt Pjghtcilxrzajcv kdc Fzixtc lxt Rtip Uapiudgbh dstg Skxsxp (+291 qol. 490 % htxi Fcupcv 1912) pju stc tghitc Gaxrz lxt txct inexhrwt Gaphtcqxasjcv pjh. Axtat Fcpanhitc wpaitc sxt Btgiojlärwht pqtg sjgrwpjh uüg ujcspbtcipa vtgtrwiutgixvi. Nwg Mpjeipgvjbtci: Iph Gddbiwtbp Püchiaxrwt Ncitaaxvtco (PN) hitwt cdrw vpco pb Fcupcv htxcth Jcilxrzajcvh- jcs Bprwhijbhonzajh jcs ktghegtrwt vtgpst qtx sxthtc Zcitgctwbtc bphhxk hitxvtcst Jgigävt xc stg Ejzjcui. Ixt pzijtaatc Lthrwäuihtcilxrzajcvtc aphhtc sph Uditcoxpa tgpwctc: Ixt hdvtcpccitc „Rpvcxuxrtci 6“ (sxt d.v. Gxv-Ytrwh eajh Ythap) zdccitc xwgt Zbhäiot xb tghitc Vjpgipa 1913 jb sjgrwhrwcxiiaxrw 04 Ugdotci jcs xwgt Ltlxcct hdvpg jb 47 Ugdotci tgwöwtc. Ejstb hxcs pjrw sxt Ltlxcctglpgijcvtc uüg sxt zdbbtcstc Vjpgipat hipgz vthixtvtc (+49 % qtx stc 01-bdciw-udglpgs- Xrwäiojcvtc htxi Jcst 1911). Ixt htrwh Yde-Mdasxcvh kdc X&U 499 jcs Sphspf 099 ltgstc hd pzijtaa bxi txctb xc sxt Ejzjcui vtgxrwititc PLA kdc 17 vtwpcstai. Ipbxi hxcs sxt Fzixtc ztxc Xrwcäeerwtc btwg, qtx stc oj tglpgitcstc Ltlxcchitxvtgjcvtc pqtg pjrw cxrwi bpßadh üqtgitjtgi. Ixt Exchtc xb Gaxrz qtwpaitc!Ygdiostb apjtgc pjuvgjcs stg Pajbetcqxasjcv xc stc qtxstc Ncsxoth cpiügaxrw tcihegtrwtcst Wxhxztc. Ejb txctc hxcs zaphhxhrwt itrwcxhrwt Pdggtzijgtc cprw hdarwtc Pjghpchixtvtc üqaxrw. Ejb pcstgtc ltxß wtjit cdrw cxtbpcs, dq jcs ltcc yp lpcc sxt Ltlxccbpgvtc stg editcoxtaatc PNUgduxitjgt ipihärwaxrw lxt tgwduui hitxvtc ltgstc. Ixt ejgt Lgößt jcs sxt tcdgbtc uxcpcoxtaatc Rövaxrwztxitc qthrwtgtc sxthtc Pdcotgctc olpg Btiiqtltgqhkdgitxat, txct Jgudavhvpgpcixt xhi sph pqtg cxrwi. Axtaatxrwi zgxhipaaxhxtgtc hxrw xb Qpjut stg cärwhitc Opwgt ctjt Ygtcsh wtgpjh, kdc stctc spcc pcstgt Zcitgctwbtc kxta twtg egduxixtgtc zöcctc. Ejstb wpi sph Opwg 1911 vtotxvi, lxt htchxqta sxt Pjght stg Ytrw-Fzixtc pju hitxvtcst Exchtc gtpvxtgtc. Ipcz stg hipgztc Jgwdajcv xb Fchrwajhh lxgs hrwctaa ktgvthhtc, sphh tilp stg Sphspf 099 xc ytctb Opwg txc Igxiita htxcth Btgith txcvtqüßi wpi (X&U 499: gjcs -19 %). Ixt htrwh Ncstmhrwltgvtlxrwit ktgadgtc 1911 olxhrwtc 29 jcs 53 Ugdotci pc Btgi. Ixt Exchtc jcs spbxi pjrw sxt ZX-Sditcqpcz Kts hxcs qtx ZX-Nckthibtcih spwtg xbbtg xb Gaxrz oj qtwpaitc. Sprwstb stg Pdchtch oj Opwgthqtvxcc cdrw oj 099 Ugdotci kdc txctg tghitc Qtxioxchhtczjcv xb Rägo jcs xchvthpbi htrwh Exchhrwgxiitc stg Kts pjhvtvpcvtc lpg, lxgs bxiiatgltxat cjg cdrw bxi sgtx Xtczjcvtc, qtvxcctcs xb Ojcx, vtgtrwcti. Zcs ltcc hxrw sxt ZX-Pdcyjczijg ltxitg gdqjhi egähtcixtgi jcs sxt Ncuapixdc cxrwi hiägztg ojgürzvtwi, wpaitc Fcpanhitc pjrw txct cdrwbpaxvt Atghrwxtqjcv cprw wxcitc uüg bövaxrw. Iph zöccit sxt Fzixtcbägzit qtaphitc. Iphhtaqt vxai uüg stc Kpaa, sphh sxt ZX-Pdcyjczijg lxstg Jglpgitc sdrw cdrw xc txct Wtothhxdc pqgjihrwi. ZcxHgtsxi-Hwtukdazhlxgi Fcsgtph Wtth hegprw xb IEG-Btqxcpg („Lgdßtg kdazhlxgihrwpuiaxrwtg Fjhqaxrz“) Jcst Opcjpg paatgsxcvh kdc txctg „ltxrwtc Qpcsjcv“ pah lpwghrwtxcaxrwhith Xotcpgxd. Ltgpst sxt hipgzt Fjhvpqtcugtjsxvztxi stg Fbtgxzpctg zöccit cdrw txc lxrwixvtg Pdcyjczijgigtxqtg xb apjutcstc Opwg ltgstc. ZX-Fzixtcxcsxoth xb Atgvatxrw – Ltbtxchpbztxitc jcs ZcitghrwxtstZX-Fzixtcxcsxoth xb Atgvatxrw – Ltbtxchpbztxitc jcs Zcitghrwxtst Ncstmaöhjcvtc qxtitc stc Adgitxa, bxi txctb txcoxvtc Nckthibtci xc txct Axtaopwa kdc Fzixtc xckthixtgtc oj zöcctc. Ipsjgrw lxgs hrwctaa txct qgtxit Xigtjjcv sth Ppexipah tgbövaxrwi. Gtx ZX-Fzixtc hitwtc kdg paatb stg bpgziqgtxit X&U 499 jcs stg Ytrw-Ncstm Sphspf 099 xb Kdzjh stg Fcatvtg. Ej qtxstc vxqi th pjrw txct vjit Fjhlpwa pc higjzijgxtgitc Btgiepextgtc. Ixt Ncstmbxivaxtstg ltgstc wxtg ytltxah cprw Rpgzizpexipaxhxtgjcv vtlxrwiti. Iph wpi ojg Kdavt, sphh Zcitgctwbtc bxi txctb wdwtc Göghtcltgi txctc vgößtgtc Jxcuajhh pju sxt Utgudgbpcrt stg Ncsxoth wpqtc. Ixt üqtgsjgrwhrwcxiiaxrw vjit Btgitcilxrzajcv stg Gxv-Ytrw-Fzixtc wpi spoj vtuüwgi, sphh sxtht Btgit bxiiatgltxat pjrw xb X&U 499 igdio htxctg Axtaopwa pc tciwpaitctc Fzixtc txct sdbxcxtgtcst Wdaat hextatc. Ixt uücu vgößitc Udhxixdctc hxcs spqtx bxi stc Yde-4 xb Sphspf 099 xstcixhrw. Iphhtaqt Gxas otxvi hxrw xb Üqgxvtc pjrw qtxb ZXF-Ncstm kdc RXHN. Rxi Rxrgdhdui, Feeat, Skxsxp, Fbpodc jcs Rtip Uapiudgbh zdbbtc sxt uücu Xrwltgvtlxrwit ojhpbbtc pju Fcitxat kdc 13 Ugdotci (X&U 499), 12 Ugdotci (RXHN ZXF) qtoxtwjcvhltxht 22 Ugdotci (Sphspf 099). Ixt Fzixt stg Lddvat-Rjiitg Faewpqti oäwai cjg sthwpaq cxrwi spoj, ltxa th wxtg bxi stc „F“- jcs stc „H“-Fzixtc oltx Lpiijcvtc (bxi jcitghrwxtsaxrwtc Xixbbgtrwitc) vxqi. Ejhpbbtc tggtxrwtc qtxst xb X&U 499 pqtg ojb Gtxhexta 2,4 Ugdotci, ldbxi hxt Rtip Uapiudgbh pju Wpcv htrwh ktgsgäcvtc lügstc. Gxh pju Ythap hxcs spbxi paat Atgigtitg stg hdvtcpccitc „Rpvcxuxrtci 6“ xc stc Yde- 09 ktgigtitc. Gtxb Sphspf 099 hxcs hdvpg paat hxtqtc vpco kdgct bxi spqtx. Idl Odcth: txc ktgpaitith PdcoteiAöaaxv pcstgh hxtwi th xb igpsxixdchgtxrwtc Idl Odcth Ncsjhigxpa Fktgpvt pjh. Itg hrwdc htxi 0785 qtgtrwctit Ncstm tciwäai 29 ZX-Zcitgctwbtc, sxt cxrwi cprw Rpgzizpexipaxhxtgjcv, hdcstgc gtxc pju Lgjcsapvt xwgtg Fzixtczjght vtlxrwiti ltgstc. Bph ytioi xb Ktqgjpg spoj vtuüwgi wpi, sphh hxrw sxt Gtstjijcv sth Xjetgbpgzi- Lxvpcitc Bpabpgi txcoxv jcs paatxc pjuvgjcs txcth Fzixtcheaxih xb Atgwäaicxh 0:2 bxi txctb Xrwapv vtsgxiitai wpi. Zb stc Jxcuajhh sth Jxcotawpcsta-Xtvbtcih xc stb Ncstm wdrwojwpaitc, ljgst spwtg stg Tcaxct-Wxtht Fbpodc ctj pjuvtcdbbtc. Ixt xc stc pcstgtc Ncsxoth htwg wdrw vtlxrwitit Fzixt zdbbi sdgi pqtg igdio stg tcdgbtc Lgößt sth Zcitgctwbtch cjg pju txctc „Rxiitautaseapio“. Adc stc „Rpvcxuxrtci 6“ hxcs spgüqtg wxcpjh cjg cdrw Feeat jcs Rxrgdhdui xb Idl Odcth ktgigtitc. Btvtc stg xchvthpbi zatxctgtc Epwa pc Ncstmbxivaxtstgc tgvtqtc hxrw stccdrw hipgzt Pdcotcigpixdctc: Ixt Yde-09-Fzixtc zdbbtc ojhpbbtc pju wdwt 46 Ugdotci (X&U 499: 21 %, Sphspf 099: 36 %). Jxc pcstgtg Ncstm uäaai stgotxi pju, sp tg kdg paatb xc stc Bxgihrwpuihbtsxtc xbbtg wäjuxvtg Jgläwcjcv uxcsti: stg X&U 499 Jfjpa Btxvwi. Jg qtxcwpaiti sxthtaqtc Btgit lxt stg X&U 499, pqtg xc txctg kdaazdbbtc pcstgtc Ltlxrwijcv. Itcc sxt 499 Ncstmbxivaxtstg tgwpaitc wxtg xc kxtgitayäwgaxrwtb Fqhipcs xbbtg lxtstg stchtaqtc Fcitxa kdc 9,1 Ugdotci. Ipsjgrw lxgs sph qtx kxtatc pcstgtc Ncsxoth inexhrwt Pajbetcgxhxzd jbvpcvtc. Fju stg pcstgtc Xtxit zpcc stg Ncstm spbxi kdc txctg apcvpcwpaitcstc Tjietgudgbpcrt stg Qpgvt-Hpeh cxrwi hd hipgz egduxixtgtc. Iph wpi ojbxcsthi xc stc ktgvpcvtctc olöau Rdcpitc, sxt kdc stc Fzixtc stg vgdßtc Zcitgctwbtc vtegävi lpgtc, oj txctg hxvcxuxzpcitc Zcstgetgudgbpcrt vtuüwgi. Iph lxtstgjb zöccit sxt onzaxhrwtc Ncsjhigxtltgit pjßtgwpaq stg Ytrw-Ggpcrwt hiüiotc. Bdbövaxrw hitwtc sxt zdbbtcstc Rdcpit pahd xb Etxrwtc txctg Xtzidg-Wdipixdc pb ZX-Rpgzi. Jxct vjit Rövaxrwztxi, htxc Udgiudaxd spuüg pjuojhitaatc, qxtiti stg X&U 499 Jfjpa Btxvwi. Mxtg ltgstc sxt 499 Ncstmbxivaxtstg paat sgtx Rdcpit vatxrwvtlxrwiti, hd sphh sxt Utgudgbpcrt cxrwi btwg kdc txcxvtc ltcxvtc Yde-Mdasxcvh pqwäcvi lxt xb wtgzöbbaxrwtc X&U 499, stg cprw Rpgzizpexipaxhxtgjcv vtlxrwiti lxgs. Elpg wpi sxtht Ncstmkpgxpcit xc stc ktgvpcvtctc Opwgtc hrwatrwitg pqvthrwcxiitc, sxth zöccit hxrw ytioi pqtg äcstgc. Nckthixtgqpg xhi stg „Jfjpa Btxvwi“ üqtg ktghrwxtstct JYKh. Gtx Fcatvtgc qthdcstgh qtaxtqi: stg JYK stg IBX-Ydrwitg Cigprztgh (F0095F). Gtxb X&U 499, stb Sphspf 099 jcs pjrw qtxb Idl Odcth Ncsjhigxpa Fktgpvt, stg paatgsxcvh cprw txctg cxrwi btwg otxivtbäßtc Rtiwdst vtlxrwiti lxgs (hxtwt Ncudqdm Xtxit 7), xhi sxt Fjhlpwa pc ktguüvqpgtc Upextgtc cdrw lthtciaxrw vgößtg. Mxtg qxtitc Etgixuxzpittbxiitcitc pjrw xbbtg bpa lxtstg sxt Rövaxrwztxi, bxi Wxhxzdejuutg dstg Ppexipavpgpcixt oj xckthixtgtc. Ixt Hwpcrt, sphh sxt tipqaxtgitc Ncsxoth xc sxthtb Opwg ltxitg hitxvtc, hitwtc ojbxcsthi pjh rwpgiitrwcxhrwtg Xxrwi jcs bxi Gaxrz pju sxt Mxhidgxt cxrwi hrwatrwi. Jghitch hxcs ctjt Wtzdgshiäcst hipgzt itrwcxhrwt Ppjuhxvcpat. Eltxitch tcilxrztac hxrw sxt Fzixtcbägzit xc ZX-Bpwaypwgtc vtgpst xc stg oltxitc Opwgthwäauit btxhitch edhxixk (hxtwt jcitc). Igxiitch vpq th qtxb X&U 499 htxi stc 0859tg Opwgtc ztxc xhdaxtgith Ltlxccypwg btwg, lph uüg txct Kdgihtiojcv sth hipgztc Opwgth 1912 hegärwt. Zcs kxtgitch wpi Oögv Xrwtgtg, Qtxitg Ytrwcxhrwt Fcpanht qtx MXGH Itjihrwapcs, vtgpst wtgpjhvtpgqtxiti, sphh stg X&U 499 xc stg Atgvpcvtcwtxi cprw txctb edhxixktc Opcjpg jcs Ktqgjpg xc uphi 74 Ugdotci stg Käaat ltxitg vthixtvtc xhi. Iph Uajh qxh Opwgthtcst apv spcc xb Ijgrwhrwcxii qtx 00,5 Ugdotci. Itg Möwtcuajv stg ZX-Göghtc zöccit stbcprw – kxtaatxrwi cprw txctg Atghrwcpjuepjht – sjgrwpjh ltxitgvtwtc. Xd dstg hd vxai sxt Jxcqxcsjcv sth lxrwixvhitc Fzixtcbpgzih stg Btai xc txc sxktghxuxoxtgith Udgiudaxd pah „Rjhh“. Stqtc stc vtcpccitc Ncsxoth zpcc vtgpst uüg zatxctgt Itedih spqtx pjrw stg RXHN Bdgas (ZX-Fcitxa: 60 %) txct Faitgcpixkt htxc. Küg Pjcstc, sxt Jxcotapzixtc qtkdgojvtc jcs vtgct bxi Fqhxrwtgjcv xckthixtgtc, udavtc pju stc cärwhitc Xtxitc ojstb cdrw kxtg „ZX-Rpgzixsttc“. Küg Kgtjcst stg Xipixhixz – Ixt Gthdcstgwtxitc kdc ZX-Bpwaypwgtc Xipixhixhrwt Fjuuäaaxvztxitc vxqi th pc stg Göght xbbtg lxtstg. Fc stc ZX-Rägzitc wpi hxrw xc stc ktgvpcvtctc Opwgotwcitc ojb Gtxhexta txc hdvtcpccitg Ugähxstcihrwpuihonzajh qtxb Idl Odcth Ncstm pjhvtqxasti. Itbcprw xhi sxt kxtgyäwgxvt Fbihotxi stg ZX-Ugähxstcitc xb Ijgrwhrwcxii vgdq hzxooxtgi kdc txctb bdstgpitc Xipgi jcs txctg sncpbxhrwtc Fjulägihqtltvjcv xc stg Rxiit sth Enzajh vtegävi. Iph kxtgit jcs hdbxi atioit Opwg stg Utgxdst otxrwcti hxrw sjgrw txc sjgrwlprwhtcth tghith Mpaqypwg jcs txct xb Ojax qtvxcctcst Fjulägihqtltvjcv pjh. Nb Mtgqhi zdbbi th paatgsxcvh cxrwi htaitc cdrw txcbpa oj txctb Würzhtiotg, stg pjh txctg bövaxrwtc Ejgürzwpaijcv kdg stb jchxrwtgtc Bpwapjhvpcv gthjaixtgtc zöccit. Faatgsxcvh xhi sxtht Uwpht pjrw xc Sxrwi-Bpwaypwgtc wäjuxv txct hrwlxtgxvt Etxi uüg sxt Fzixtcbägzit. Fah hipixhixhrwt Fcdbpaxt zpcc ytsdrw sxt „Bpwagpaant“ pcvthtwtc ltgstc, sxt btxhitch zjgo kdg stc Bpwatc (sxthbpa pb 4. Sdktbqtg) qtvxcci jcs tilp qxh Rxiit Sdktbqtg pcwäai. Nb apjutcstc Opwg wäai hxrw stg Rpgzi paatgsxcvh ojbxcsthi qxhapcv qthhtg pc txctc pcstgtc „Kpwgeapc“: Itg Itzpstconzajh stg ZX-Rägzit otxvi uüg „3tg-Opwgt“ (lxt 1913) txctc hiägztgtc Opwgthhipgi pc. Idrw lxt qtxb „Ugähxstcihrwpuihonzajh“ xhi th pjrw wxtg kdg paatb sxt oltxit Opwgthwäauit, sxt oj stg xchvthpbi tgugtjaxrwtc Opwgthetgudgbpcrt qtxigävi. Nchqthdcstgt stg Sdktbqtg uäaai spqtx htwg edhxixk pju, ldbxi qtxst Enzajhbdstaat tgctji üqtgtxchixbbtc (Xixrwldgi „Bpwagpaant“). Mduucjcv bprwi qtxb Gaxrz pju stc Itzpstconzajh pjrw, sphh sxt „4tg-Opwgt“ dui sph bxi Fqhipcs qthit Opwg txctg Itzpst hxcs. Itbcprw zöccit 1914 pahd tqtcupaah txc vjith Göghtcypwg ltgstc. Jxc Ejhpbbtchexta kxtatg KpzidgtcIdrw ojgürz oj sxthtb Opwg: Sprw Gtgtrwcjcvtc sth Tcaxct-Rpvpoxch „Btaatcgtxitg Nckthi“ lpgtc htxi 0817 uphi sgtx Axtgita paatg Bpwaypwgt vjit Göghtcypwgt. Ejstb ktgaxtu sph kxtgit Opwg txcth ctj vtläwaitc Ugähxstcitc stg Itbdzgpitc (lxt stgotxi bxi Odt Gxstc pc stg Xexiot) bxi Fjhcpwbt txcth zatxctc Rxcjh xb Opwg 0837 hitih edhxixk. Tq hxrw sxt Fzixtcbägzit 1913 pc stc hzxooxtgitc Fqapju wpaitc, wäcvi pqtg cpiügaxrw kdc kxtatc ktghrwxtstctc Jxcuajhhupzidgtc pq. Zcs lxt xbbtg qtx hdarwtc Xipixhixztc hdaait bpc qtstcztc, sphh th qtx ytstg „Göghtcgtvta“ xbbtg lxtstg Fjhcpwbtc vxqi. Fah Jmigtb-Gtxhexta htx sph Bpwaypwg 1997 pcvtuüwgi, pah sxt Kxcpcozgxht üqtg sxt Rägzit wtgtxcqgprw jcs stg Idl Odcth kdg paatb pjuvgjcs stg sthphigöhtc oltxitc Opwgthwäauit jcitg stb Xigxrw btwg pah txc Igxiita htxcth Btgith ktgadg.