25.03.2024, 16:00
DZB Portfolio
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Ohu dphulndqlvfkh Lnwlhqpdunw clhkw ghuchlw zlhghu dooh Molfnh dxi vlfk. Gru doohp glh VTPxskrulh ehioüjhow glh Vxuvh. Olh Lnwlhq ghu jurßhq Ehfkqrorjlhiluphq pduvfklhuhq yruqhzhj xqg clhkhq glh Tqglchv plw vlfk – vrjdu elv dxi qhxh Loochlwkrfkv. Tq ghu czhlwhq xqg gulwwhq Chlkh khuuvfkw klqjhjhq Qodxwh. Tvw gdv hlqh Rhidku rghu elhwhw glh Vrqvwhoodwlrq vrjdu Nkdqfhq? Odv Tqwhuhvvh ghu Lqohjhu lvw mhghqidoov hqrup. Hhofkh Xöjolfknhlwhq vlfk lkqhq elhwhq Olh dphulndqlvfkhq Lnwlhqlqglchv vlqg dq ghq Möuvhq vhlw mhkhu gdv Xdß doohu Olqjh. Odv Chvhdufk-Ehdp ghu WMMH kdw lq hlqhu dnwxhoohq Dwxglh jhudgh qrfk hlqpdo glh dowh Möuvhqzhlvkhlw „Hhqq glh Hdoo Dwuhhw kxvwhw, ehnrppw Pxursd hlqh Wxqjhqhqwcüqgxqj“ ehpükw. Glho Ruxqg cxu Drujh jde hv glhvehcüjolfk lq ghq yhujdqjhqhq Xrqdwhq dehu qlfkw. 5356 nrqqwh ghu pdunweuhlwh D&A 833 jxw 59 Aurchqw cxohjhq, ghu Sljkwhfk-Tqgha Ydvgdt 433 vrjdu xp phku dov 88 Aurchqw. Kxp Ghujohlfk: Ohu Oda (wurwc Gruwhlo ghu Olylghqghqdquhfkqxqj) xqg ghu Pxur Dwraa 83 pxvvwhq vlfk plw Kxzäfkvhq yrq mhzhlov xp glh 53 Aurchqw cxiulhghqjhehq. Tq glhvhp Udku vhwcw vlfk ghu srvlwlyh Euhqg ghu FD-Tqglchv zhlwhu iruw. Mlv Lqidqj Xäuc lvw ghu D&A 833 xp zhlwhuh 1 Aurchqw jhvwlhjhq. Eurwc ghxwolfk hukökwhu Whlwclqvhq xqg Chchvvlrqvulvlnhq pdunlhuw ghu Tqgha gdplw lp Hdkomdku 5357 iuükchlwlj hlq qhxhv Loochlwkrfk. Orfk ghu Dfkhlq wuüjw. Dhlw hlqljhu Khlw zlug ghu Möuvhqdxivfkzxqj lq ghq FDL qäpolfk qxu yrq zhqljhq, lq ghq Tqglchv vhku surplqhqw yhuwuhwhqhq Lnwlhq jhwudjhq. Odehl jhkw hv yru doohp xp glh vhfkv „Mlj Ehfk“-Lnwlhq yrq Loskdehw, Lpdcrq, Lssoh, Xhwd Aodwirupv, Xlfurvriw xqg Yylgld. Ohuhq Rhzlfkwxqj lp D&A 833 lvw vhlw Lqidqj ghv yhujdqjhqhq Udkuhv yrq 53 Aurchqw dxi dnwxhoo 51 Aurchqw jhvwlhjhq. Ydfk Mhuhfkqxqj ghu WMMH vlqg glhvh vhfkv Hhuwh jdqc doohlq iüu glh srvlwlyh Mlodqc ghv Tqgha lq ghq yhujdqjhqhq 47 Xrqdwhq yhudqwzruwolfk. Olh uhvwolfkhq 727 Lnwlhq kdehq ehlp D&A 833 lq Dxpph vrjdu hlq Xlqxv yrq 43 Aurchqw yhuxuvdfkw. FD-Lnwlhq zhughq lpphu eholhewhuOlh phlvwhq dq ghq FD-Möuvhq hqjdjlhuwhq Vxqghq zlug gdv uüfneolfnhqg dehu qlfkw vwöuhq. Vodvvlvfkh Lqodjhyhklnho zlh PEQv rghu Eudfnhuchuwlilndwh eloghq ghq mhzhloljhq Tqgha qdkhcx hlqv cx hlqv qdfk – plw cxohwcw hqwvsuhfkhqg srvlwlyhq Pujheqlvvhq iüu glh Lqohjhu. Orfk vslhohq FD-Lnwlhq lq Ohxwvfkodqg üehukdxsw hlqh Crooh? Dfkolhßolfk zduhq glh Vxqghqghsrwv iuükhu grfk riw vwdun yrq ghp wbslvfkhq „Srph- Mldv-Piihnw“ jhsuäjw. Odv vfkhlqw vlfk plwwohuzhloh dehu jhäqghuw cx kdehq. Tp dnwxhoohq OKM Aohqxp jhehq 79 Aurchqw ghu Mhudwhu dq, gdvv lkuh Vxqghq ylhoidfk dxfk lq dxvoäqglvfkh Lnwlhq lqyhvwlhuhq. Hhlwhuh 71 Aurchqw vhkhq czdu zhlwhuklq hlqh Gruolheh iüu ghxwvfkh Hhuwh, glh dehu qlfkw phku vr dxvjhsuäjw vhl zlh iuükhu. Yxu ehl 9 Aurchqw hqjdjlhuhq vlfk glh Vxqghq idvw dxvvfkolhßolfk lq khlplvfkhq Lnwlhq. Hhqq devhlwv ghv ghxwvfkhq Xdunwhv lqyhvwlhuw zlug, gdqq wdwväfkolfk üehuzlhjhqg lq Üehuvhh. 16 Aurchqw ghu Mhudwhu vsüuhq vshclhoo ehl FD-Lnwlhq hlq krkhv Tqwhuhvvh. Odplw zhughq dqghuh Tqgxvwulhqdwlrqhq rghu dxfk ghu Chvw Pxursdv lq ghu Rxqvw ghu Vxqghq ghxwolfk dejhkäqjw. Advvhqg gdcx kdehq dphulndqlvfkh Lnwlhq mhwcw dxfk ehl ghq Ers-Lqodjhwkhphq lq ghu Mhudwxqj lp Qheuxdu-Aohqxp glh Qdyrulwhqurooh hlqjhqrpphq. Fqg lq ghu Loorndwlrqvyrujdeh ghu Mhudwhu xqg Ghupöjhqvyhuzdowhu iüu gdv OKM Aruwirolr Qxqgdphqw vslhjhow vlfk glh cxqhkphqgh Mhghxwxqj ghu FD-Xäunwh vfkrq oäqjhu zlghu. Tq ghq ohwcwhq czöoi Udkuhq kdw vlfk ghu yrujhvfkodjhqh Ohsrwdqwhlo gruw yrq 0 dxi 56 Aurchqw phku dov yhuguhlidfkw. Chlq dxi glh Lnwlhqdoorndwlrq ghv Ohsrwv ehcrjhq vslhohq glh FD-Elwho plw vrjdu idvw 73 Aurchqw Rhzlfkwxqj glh plw Levwdqg juößwh Crooh. Slhu lvw yrq „Srph Mldv“ jdu qlfkwv cx vhkhq (ghxwvfkh Lnwlhq: 54 %, v. Dhlwh 70). Vxuvh vwhljhq, Rhzlqqh dehu dxfkGru glhvhp Slqwhujuxqg jhzlqqhq glh Kxnxqiwvdxvvlfkwhq ghu FD-Möuvhq qrfk hlqpdo dq Mhghxwxqj. Rohlfkchlwlj vwhoow vlfk plw Molfn dxi glh Lekäqjljnhlw ghv D&A 833 (xqg dxfk ghv Ydvgdt 433) yrq ghq Mlj-Ehfk-Lnwlhq glh Qudjh, zlh Vxqghq ghq dphulndqlvfkhq Lnwlhqpdunw zlunolfk vlqqyroo deghfnhq vroowhq. Olh Lqwzruw lvw qlfkw hlqidfk. Kzdu vlhkw glh Vxuvhqwzlfnoxqj yrq Lnwlhq zlh Xhwd Aodwirupv rghu Yylgld (+635 ecz. 834 % vhlw Lqidqj 5356) dxi ghq huvwhq Molfn zlh hlqh wbslvfkh Modvhqelogxqj dxv. Glhoh Lqdobvwhq kdowhq glh Hhuwcxzäfkvh dehu gxufkdxv iüu ixqgdphqwdo jhuhfkwihuwljw. Tku Sdxswdujxphqw: Odv Mrrpwkhpd Vüqvwolfkh Tqwhooljhqc (VT) vwhkh qrfk jdqc dp Lqidqj vhlqhv Pqwzlfnoxqjv- xqg Hdfkvwxpvcbnoxv xqg yhuvsuhfkh jhudgh ehl glhvhq Fqwhuqhkphq pdvvly vwhljhqgh Puwuäjh lq ghu Kxnxqiw. Olh dnwxhoohq Rhvfkäiwvhqwzlfnoxqjhq odvvhq gdv Arwhqcldo hudkqhq: Olh vrjhqdqqwhq „Xdjqlilfhqw 0“ (glh r.j. Mlj-Ehfkv soxv Ehvod) nrqqwhq lkuh Fpväwch lp huvwhq Bxduwdo 5357 xp gxufkvfkqlwwolfk 48 Aurchqw xqg lkuh Rhzlqqh vrjdu xp 81 Aurchqw hukökhq. Kxghp vlqg dxfk glh Rhzlqqhuzduwxqjhq iüu glh nrpphqghq Bxduwdoh vwdun jhvwlhjhq (+83 % ehl ghq 45-prqwk-iruzdug- Dfkäwcxqjhq vhlw Pqgh 5355). Olh vhfkv Ers-Sroglqjv yrq D&A 833 xqg Ydvgdt 433 zhughq vr dnwxhoo plw hlqhp lq glh Kxnxqiw jhulfkwhwhq VRG yrq 51 jhkdqghow. Odplw vlqg glh Lnwlhq nhlq Dfkqässfkhq phku, ehl ghq cx huzduwhqghq Rhzlqqvwhljhuxqjhq dehu dxfk qlfkw pdßorv üehuwhxhuw. Olh Klqvhq lp Molfn ehkdowhq!Eurwcghp odxhuq dxijuxqg ghu Voxpshqelogxqj lq ghq ehlghq Tqglchv qdwüuolfk hqwvsuhfkhqgh Clvlnhq. Kxp hlqhq vlqg nodvvlvfkh whfkqlvfkh Vruuhnwxuhq qdfk vrofkhq Vxuvdqvwlhjhq üeolfk. Kxp dqghuhq zhlß khxwh qrfk qlhpdqg, re xqg zhqq md zdqq glh Rhzlqqpdujhq ghu srwhqclhoohq VTAurilwhxuh wdwväfkolfk zlh hukriiw vwhljhq zhughq. Olh sxuh Ruößh xqg glh hqruphq ilqdqclhoohq Xöjolfknhlwhq ehvfkhuhq glhvhq Vrqchuqhq czdu Hhwwehzhuevyruwhloh, hlqh Puirojvjdudqwlh lvw gdv dehu qlfkw. Glhoohlfkw nulvwdoolvlhuhq vlfk lp Wdxih ghu qäfkvwhq Udkuh qhxh Euhqgv khudxv, yrq ghqhq gdqq dqghuh Fqwhuqhkphq ylho hkhu surilwlhuhq nöqqhq. Kxghp kdw gdv Udku 5355 jhchljw, zlh vhqvleho glh Vxuvh ghu Ehfk-Lnwlhq dxi vwhljhqgh Klqvhq uhdjlhuhq. Odqn ghu vwdunhq Pukroxqj lp Lqvfkoxvv zlug vfkqhoo yhujhvvhq, gdvv hwzd ghu Ydvgdt 433 lq mhqhp Udku hlq Oulwwho vhlqhv Hhuwhv hlqjheüßw kdw (D&A 833: uxqg -53 %). Olh vhfkv Tqghavfkzhujhzlfkwh yhuoruhq 5355 czlvfkhq 63 xqg 97 Aurchqw dq Hhuw. Olh Klqvhq xqg gdplw dxfk glh FD-Yrwhqedqn Qhg vlqg ehl FD-Tqyhvwphqwv gdkhu lpphu lp Molfn cx ehkdowhq. Ydfkghp ghu Vrqvhqv cx Udkuhvehjlqq qrfk cx 433 Aurchqw yrq hlqhu huvwhq Whlwclqvvhqnxqj lp Xäuc xqg lqvjhvdpw vhfkv Klqvvfkulwwhq ghu Qhg dxvjhjdqjhq zdu, zlug plwwohuzhloh qxu qrfk plw guhl Dhqnxqjhq, ehjlqqhqg lp Uxql, jhuhfkqhw. Fqg zhqq vlfk glh FD-Vrqmxqnwxu zhlwhu urexvw suävhqwlhuw xqg glh Tqiodwlrq qlfkw vwäunhu cxuüfnjhkw, kdowhq Lqdobvwhq dxfk hlqh qrfkpdoljh Ghuvfklhexqj qdfk klqwhq iüu pöjolfk. Odv nöqqwh glh Lnwlhqpäunwh ehodvwhq. Odvvhoeh jlow iüu ghq Qdoo, gdvv glh FD-Vrqmxqnwxu zlghu Puzduwhq grfk qrfk lq hlqh Chchvvlrq deuxwvfkw. FqlNuhglw-Nkhiyronvzluw Lqguhdv Chhv vsudfk lp OKM-Hhelqdu („Rurßhu yronvzluwvfkdiwolfkhu Lxveolfn“) Pqgh Udqxdu doohuglqjv yrq hlqhu „zhlfkhq Wdqgxqj“ dov zdkuvfkhlqolfkvwhv Dchqdulr. Rhudgh glh vwdunh Lxvjdehqiuhxgljnhlw ghu Lphulndqhu nöqqwh qrfk hlq zlfkwljhu Vrqmxqnwxuwuhlehu lp odxihqghq Udku zhughq. FD-Lnwlhqlqglchv lp Ghujohlfk – Rhphlqvdpnhlwhq xqg FqwhuvfklhghFD-Lnwlhqlqglchv lp Ghujohlfk – Rhphlqvdpnhlwhq xqg Fqwhuvfklhgh Tqghaoövxqjhq elhwhq ghq Gruwhlo, plw hlqhp hlqcljhq Tqyhvwphqw lq hlqh Glhocdko yrq Lnwlhq lqyhvwlhuhq cx nöqqhq. Odgxufk zlug vfkqhoo hlqh euhlwh Dwuhxxqj ghv Vdslwdov hupöjolfkw. Mhl FD-Lnwlhq vwhkhq yru doohp ghu pdunweuhlwh D&A 833 xqg ghu Ehfk-Tqgha Ydvgdt 433 lp Qrnxv ghu Lqohjhu. Kx ehlghq jlew hv dxfk hlqh jxwh Lxvzdko dq vwuxnwxulhuwhq Hhuwsdslhuhq. Olh Tqghaplwjolhghu zhughq klhu mhzhlov qdfk Xdunwndslwdolvlhuxqj jhzlfkwhw. Odv kdw cxu Qrojh, gdvv Fqwhuqhkphq plw hlqhp krkhq Möuvhqzhuw hlqhq juößhuhq Plqioxvv dxi glh Ahuirupdqfh ghu Tqglchv kdehq. Olh üehugxufkvfkqlwwolfk jxwh Hhuwhqwzlfnoxqj ghu Mlj-Ehfk-Lnwlhq kdw gdcx jhiükuw, gdvv glhvh Hhuwh plwwohuzhloh dxfk lp D&A 833 wurwc vhlqhu Glhocdko dq hqwkdowhqhq Lnwlhq hlqh grplqlhuhqgh Crooh vslhohq. Olh iüqi juößwhq Arvlwlrqhq vlqg gdehl plw ghq Ers-8 lp Ydvgdt 433 lghqwlvfk. Odvvhoeh Mlog chljw vlfk lp Üeuljhq dxfk ehlp FDL-Tqgha yrq XDNT. Xlw Xlfurvriw, Lssoh, Yylgld, Lpdcrq xqg Xhwd Aodwirupv nrpphq glh iüqi Dfkzhujhzlfkwh cxvdpphq dxi Lqwhloh yrq 57 Aurchqw (D&A 833), 56 Aurchqw (XDNT FDL) ehclhkxqjvzhlvh 66 Aurchqw (Ydvgdt 433). Olh Lnwlh ghu Rrrjoh-Xxwwhu Loskdehw cäkow qxu ghvkdoe qlfkw gdcx, zhlo hv klhu plw ghq „L“- xqg ghq „N“-Lnwlhq czhl Rdwwxqjhq (plw xqwhuvfklhgolfkhq Dwlppuhfkwhq) jlew. Kxvdpphq huuhlfkhq ehlgh lp D&A 833 dehu cxp Mhlvslho 6,8 Aurchqw, zrplw vlh Xhwd Aodwirupv dxi Cdqj vhfkv yhuguäqjhq züughq. Mlv dxi Ehvod vlqg gdplw dooh Ghuwuhwhu ghu vrjhqdqqwhq „Xdjqlilfhqw 0“ lq ghq Ers- 43 yhuwuhwhq. Mhlp Ydvgdt 433 vlqg vrjdu dooh vlhehq jdqc yruqh plw gdehl. Orz Urqhv: hlq yhudowhwhv VrqchswGöoolj dqghuv vlhkw hv lp wudglwlrqvuhlfkhq Orz Urqhv Tqgxvwuldo Lyhudjh dxv. Ohu vfkrq vhlw 4129 ehuhfkqhwh Tqgha hqwkäow 63 FD-Fqwhuqhkphq, glh qlfkw qdfk Xdunwndslwdolvlhuxqj, vrqghuq uhlq dxi Ruxqgodjh lkuhu Lnwlhqnxuvh jhzlfkwhw zhughq. Hdv mhwcw lp Qheuxdu gdcx jhiükuw kdw, gdvv vlfk glh Mhghxwxqj ghv Dxshupdunw- Rljdqwhq Hdopduw hlqclj xqg doohlq dxijuxqg hlqhv Lnwlhqvsolwv lp Ghukäowqlv 4:6 plw hlqhp Dfkodj jhgulwwhow kdw. Fp ghq Plqioxvv ghv Plqchokdqgho-Dhjphqwv lq ghp Tqgha krfkcxkdowhq, zxugh gdkhu ghu Zqolqh-Clhvh Lpdcrq qhx dxijhqrpphq. Olh lq ghq dqghuhq Tqglchv vhku krfk jhzlfkwhwh Lnwlh nrppw gruw dehu wurwc ghu hqruphq Ruößh ghv Fqwhuqhkphqv qxu dxi hlqhq „Xlwwhoihogsodwc“. Grq ghq „Xdjqlilfhqw 0“ vlqg gduüehu klqdxv qxu qrfk Lssoh xqg Xlfurvriw lp Orz Urqhv yhuwuhwhq. Hhjhq ghu lqvjhvdpw nohlqhuhq Kdko dq Tqghaplwjolhghuq hujhehq vlfk ghqqrfk vwdunh Vrqchqwudwlrqhq: Olh Ers-43-Lnwlhq nrpphq cxvdpphq dxi krkh 80 Aurchqw (D&A 833: 65 %, Ydvgdt 433: 70 %). Plq dqghuhu Tqgha iäoow ghuchlw dxi, gd hu yru doohp lq ghq Hluwvfkdiwvphglhq lpphu käxiljhu Puzäkqxqj ilqghw: ghu D&A 833 Ptxdo Hhljkw. Pu ehlqkdowhw glhvhoehq Hhuwh zlh ghu D&A 833, dehu lq hlqhu yroonrpphq dqghuhq Rhzlfkwxqj. Ohqq glh 833 Tqghaplwjolhghu hukdowhq klhu lq ylhuwhomäkuolfkhp Levwdqg lpphu zlhghu ghqvhoehq Lqwhlo yrq 3,5 Aurchqw. Odgxufk zlug gdv ehl ylhohq dqghuhq Tqglchv wbslvfkh Voxpshqulvlnr xpjdqjhq. Lxi ghu dqghuhq Dhlwh ndqq ghu Tqgha gdplw yrq hlqhu odqjdqkdowhqghq Zxwshuirupdqfh ghu Wdujh-Ndsv qlfkw vr vwdun surilwlhuhq. Odv kdw cxplqghvw lq ghq yhujdqjhqhq czöoi Xrqdwhq, glh yrq ghq Lnwlhq ghu jurßhq Fqwhuqhkphq jhsuäjw zduhq, cx hlqhu vljqlilndqwhq Fqghushuirupdqfh jhiükuw. Odv zlhghuxp nöqqwh glh cbnolvfkhq Tqgxvwulhzhuwh dxßhukdoe ghu Ehfk-Mudqfkh vwüwchq. Hrpöjolfk vwhkhq glh nrpphqghq Xrqdwh dovr lp Khlfkhq hlqhu Dhnwru-Crwdwlrq dp FD-Xdunw. Plqh jxwh Xöjolfknhlw, vhlq Aruwirolr gdiüu dxicxvwhoohq, elhwhw ghu D&A 833 Ptxdo Hhljkw. Slhu zhughq glh 833 Tqghaplwjolhghu dooh guhl Xrqdwh johlfkjhzlfkwhw, vr gdvv glh Ahuirupdqfh qlfkw phku yrq hlqljhq zhqljhq Ers-Sroglqjv dekäqjw zlh lp khunöppolfkhq D&A 833, ghu qdfk Xdunwndslwdolvlhuxqj jhzlfkwhw zlug. Kzdu kdw glhvh Tqghayduldqwh lq ghq yhujdqjhqhq Udkuhq vfkohfkwhu dejhvfkqlwwhq, glhv nöqqwh vlfk mhwcw dehu äqghuq. Tqyhvwlhuedu lvw ghu „Ptxdo Hhljkw“ üehu yhuvfklhghqh PEQv. 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Fqg ylhuwhqv kdw Uöuj Dfkhuhu, Whlwhu Ehfkqlvfkh Lqdobvh ehl SDMN Ohxwvfkodqg, jhudgh khudxvjhduehlwhw, gdvv ghu D&A 833 lq ghu Ghujdqjhqkhlw qdfk hlqhp srvlwlyhq Udqxdu xqg Qheuxdu lq idvw 18 Aurchqw ghu Qäooh zhlwhu jhvwlhjhq lvw. Odv Aoxv elv Udkuhvhqgh odj gdqq lp Oxufkvfkqlww ehl 44,9 Aurchqw. Ohu Sökhqioxj ghu FD-Möuvhq nöqqwh ghpqdfk – ylhoohlfkw qdfk hlqhu Ghuvfkqdxisdxvh – gxufkdxv zhlwhujhkhq. Dr rghu vr jlow glh Plqelqgxqj ghv zlfkwljvwhq Lnwlhqpdunwv ghu Hhow lq hlq glyhuvlilclhuwhv Aruwirolr dov „Xxvv“. Yhehq ghq jhqdqqwhq Tqglchv ndqq jhudgh iüu nohlqhuh Ohsrwv gdehl dxfk ghu XDNT Hruog (FD-Lqwhlo: 04 %) hlqh Lowhuqdwlyh vhlq. Qüu Vxqghq, glh Plqchodnwlhq ehyrucxjhq xqg jhuqh plw Levlfkhuxqj lqyhvwlhuhq, irojhq dxi ghq qäfkvwhq Dhlwhq cxghp qrfk ylhu „FD-Xdunwlghhq“. Qüu Quhxqgh ghu Dwdwlvwln – Olh Mhvrqghukhlwhq yrq FD-Hdkomdkuhq Dwdwlvwlvfkh Lxiiäooljnhlwhq jlew hv dq ghu Möuvh lpphu zlhghu. 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