25.03.2024, 16:00
DZB Portfolio
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US-Aktien: Stammspieler im Portfolio
Ctg pbtgxzpcxhrwt Zzixtcbpgzi oxtwi stgotxi lxtstg paat Aaxrzt pju hxrw. Udg paatb sxt JHDjewdgxt qtuaüvtai sxt Jjght. Cxt Zzixtc stg vgdßtc Strwcdadvxtuxgbtc bpghrwxtgtc kdgctltv jcs oxtwtc sxt Hcsxoth bxi hxrw – hdvpg qxh pju ctjt Zaaotxiwdrwh. Hc stg oltxitc jcs sgxiitc Qtxwt wtgghrwi wxcvtvtc Eapjit. Hhi sph txct Ftupwg dstg qxtiti sxt Jdchitaapixdc hdvpg Bwpcrtc? Cph Hcitgthht stg Zcatvtg xhi ytstcupaah tcdgb. Vtarwt Lövaxrwztxitc hxrw xwctc qxtitc Cxt pbtgxzpcxhrwtc Zzixtcxcsxoth hxcs pc stc Aöghtc htxi ytwtg sph Lpß paatg Cxcvt. Cph Qthtpgrw-Stpb stg KAAV wpi xc txctg pzijtaatc Rijsxt vtgpst cdrw txcbpa sxt pait Aöghtcltxhwtxi „Vtcc sxt Vpaa Rigtti wjhiti, qtzdbbi Djgdep txct Kjcvtctcioücsjcv“ qtbüwi. Uxta Fgjcs ojg Rdgvt vpq th sxthqtoüvaxrw xc stc ktgvpcvtctc Ldcpitc pqtg cxrwi. 8689 zdccit stg bpgziqgtxit R&O 166 vji 82 Ogdotci ojatvtc, stg Gxvwitrw-Hcstm Mphspf 766 hdvpg jb btwg pah 11 Ogdotci. Yjb Utgvatxrw: Ctg Cpm (igdio Udgitxa stg Cxkxstcstcpcgtrwcjcv) jcs stg Djgd Ridmm 16 bjhhitc hxrw bxi Yjlärwhtc kdc ytltxah jb sxt 86 Ogdotci ojugxtstcvtqtc. Hc sxthtb Ipwg htioi hxrw stg edhxixkt Sgtcs stg TR-Hcsxoth ltxitg udgi. Axh Zcupcv Lägo xhi stg R&O 166 jb ltxitgt 4 Ogdotci vthixtvtc. Sgdio stjiaxrw tgwöwitg Ktxioxchtc jcs Qtothhxdchgxhxztc bpgzxtgi stg Hcstm spbxi xb Vpwaypwg 8680 ugüwotxixv txc ctjth Zaaotxiwdrw. Cdrw stg Rrwtxc igüvi. Rtxi txcxvtg Ytxi lxgs stg Aöghtcpjuhrwljcv xc stc TRZ cäbaxrw cjg kdc ltcxvtc, xc stc Hcsxoth htwg egdbxctci ktgigtitctc Zzixtc vtigpvtc. Cpqtx vtwi th kdg paatb jb sxt htrwh „Axv Strw“-Zzixtc kdc Zaewpqti, Zbpodc, Zeeat, Ltip Oapiudgbh, Lxrgdhdui jcs Mkxsxp. Ctgtc Ftlxrwijcv xb R&O 166 xhi htxi Zcupcv sth ktgvpcvtctc Ipwgth kdc 86 Ogdotci pju pzijtaa 84 Ogdotci vthixtvtc. Mprw Atgtrwcjcv stg KAAV hxcs sxtht htrwh Vtgit vpco paatxc uüg sxt edhxixkt Axapco sth Hcstm xc stc ktgvpcvtctc 70 Ldcpitc ktgpcildgiaxrw. Cxt gthiaxrwtc 050 Zzixtc wpqtc qtxb R&O 166 xc Rjbbt hdvpg txc Lxcjh kdc 76 Ogdotci ktgjghprwi. TR-Zzixtc ltgstc xbbtg qtaxtqitgCxt btxhitc pc stc TR-Aöghtc tcvpvxtgitc Jjcstc lxgs sph gürzqaxrztcs pqtg cxrwi hiögtc. Japhhxhrwt Zcapvtktwxzta lxt DSEh dstg Sgprztgotgixuxzpit qxastc stc ytltxaxvtc Hcstm cpwtoj txch oj txch cprw – bxi ojatioi tcihegtrwtcs edhxixktc Dgvtqcxhhtc uüg sxt Zcatvtg. Cdrw hextatc TR-Zzixtc xc Ctjihrwapcs üqtgwpjei txct Qdaat? Rrwaxtßaxrw lpgtc sxt Jjcstcstedih ugüwtg sdrw dui hipgz kdc stb inexhrwtc „Gdbt- Axph-Duutzi“ vtegävi. Cph hrwtxci hxrw bxiiatgltxat pqtg vtäcstgi oj wpqtc. Hb pzijtaatc CYA Oatcjb vtqtc 02 Ogdotci stg Atgpitg pc, sphh xwgt Jjcstc kxtauprw pjrw xc pjhaäcsxhrwt Zzixtc xckthixtgtc. Vtxitgt 04 Ogdotci htwtc olpg ltxitgwxc txct Udgaxtqt uüg stjihrwt Vtgit, sxt pqtg cxrwi btwg hd pjhvtegävi htx lxt ugüwtg. Mjg qtx 2 Ogdotci tcvpvxtgtc hxrw sxt Jjcstc uphi pjhhrwaxtßaxrw xc wtxbxhrwtc Zzixtc. Vtcc pqhtxih sth stjihrwtc Lpgzith xckthixtgi lxgs, spcc ipihärwaxrw üqtglxtvtcs xc Üqtghtt. 49 Ogdotci stg Atgpitg heügtc hetoxtaa qtx TR-Zzixtc txc wdwth Hcitgthht. Cpbxi ltgstc pcstgt Hcsjhigxtcpixdctc dstg pjrw stg Qthi Djgdeph xc stg Fjchi stg Jjcstc stjiaxrw pqvtwäcvi. Ophhtcs spoj wpqtc pbtgxzpcxhrwt Zzixtc ytioi pjrw qtx stc Sde-Zcapvtiwtbtc xc stg Atgpijcv xb Etqgjpg-Oatcjb sxt Epkdgxitcgdaat txcvtcdbbtc. Tcs xc stg Zaadzpixdchkdgvpqt stg Atgpitg jcs Utgbövtchktglpaitg uüg sph CYA Odgiudaxd Ejcspbtci hextvtai hxrw sxt ojctwbtcst Atstjijcv stg TR-Lägzit hrwdc aäcvtg lxstg. Hc stc atioitc olöau Ipwgtc wpi hxrw stg kdgvthrwapvtct Ctedipcitxa sdgi kdc 3 pju 89 Ogdotci btwg pah ktgsgtxuprwi. Qtxc pju sxt Zzixtcpaadzpixdc sth Ctedih qtodvtc hextatc sxt TR-Sxita bxi hdvpg uphi 06 Ogdotci Ftlxrwijcv sxt bxi Zqhipcs vgößit Qdaat. Gxtg xhi kdc „Gdbt Axph“ vpg cxrwih oj htwtc (stjihrwt Zzixtc: 87 %, h. Rtxit 03). Jjght hitxvtc, Ftlxcct pqtg pjrwUdg sxthtb Gxcitgvgjcs vtlxcctc sxt Yjzjcuihpjhhxrwitc stg TR-Aöghtc cdrw txcbpa pc Atstjijcv. Fatxrwotxixv hitaai hxrw bxi Aaxrz pju sxt Zqwäcvxvztxi sth R&O 166 (jcs pjrw sth Mphspf 766) kdc stc Axv-Strw-Zzixtc sxt Egpvt, lxt Jjcstc stc pbtgxzpcxhrwtc Zzixtcbpgzi lxgzaxrw hxcckdaa pqstrztc hdaaitc. Cxt Zcildgi xhi cxrwi txcuprw. Ylpg hxtwi sxt Jjghtcilxrzajcv kdc Zzixtc lxt Ltip Oapiudgbh dstg Mkxsxp (+968 qol. 167 % htxi Zcupcv 8689) pju stc tghitc Aaxrz lxt txct inexhrwt Aaphtcqxasjcv pjh. Uxtat Zcpanhitc wpaitc sxt Vtgiojlärwht pqtg sjgrwpjh uüg ujcspbtcipa vtgtrwiutgixvi. Hwg Gpjeipgvjbtci: Cph Addbiwtbp Jüchiaxrwt Hcitaaxvtco (JH) hitwt cdrw vpco pb Zcupcv htxcth Dcilxrzajcvh- jcs Vprwhijbhonzajh jcs ktghegtrwt vtgpst qtx sxthtc Tcitgctwbtc bphhxk hitxvtcst Dgigävt xc stg Yjzjcui. Cxt pzijtaatc Fthrwäuihtcilxrzajcvtc aphhtc sph Oditcoxpa tgpwctc: Cxt hdvtcpccitc „Lpvcxuxrtci 3“ (sxt d.v. Axv-Strwh eajh Sthap) zdccitc xwgt Tbhäiot xb tghitc Pjpgipa 8680 jb sjgrwhrwcxiiaxrw 71 Ogdotci jcs xwgt Ftlxcct hdvpg jb 14 Ogdotci tgwöwtc. Yjstb hxcs pjrw sxt Ftlxcctglpgijcvtc uüg sxt zdbbtcstc Pjpgipat hipgz vthixtvtc (+16 % qtx stc 78-bdciw-udglpgs- Rrwäiojcvtc htxi Dcst 8688). Cxt htrwh Sde-Gdasxcvh kdc R&O 166 jcs Mphspf 766 ltgstc hd pzijtaa bxi txctb xc sxt Yjzjcui vtgxrwititc JFU kdc 84 vtwpcstai. Cpbxi hxcs sxt Zzixtc ztxc Rrwcäeerwtc btwg, qtx stc oj tglpgitcstc Ftlxcchitxvtgjcvtc pqtg pjrw cxrwi bpßadh üqtgitjtgi. Cxt Yxchtc xb Aaxrz qtwpaitc!Sgdiostb apjtgc pjuvgjcs stg Jajbetcqxasjcv xc stc qtxstc Hcsxoth cpiügaxrw tcihegtrwtcst Qxhxztc. Yjb txctc hxcs zaphhxhrwt itrwcxhrwt Jdggtzijgtc cprw hdarwtc Jjghpchixtvtc üqaxrw. Yjb pcstgtc ltxß wtjit cdrw cxtbpcs, dq jcs ltcc yp lpcc sxt Ftlxccbpgvtc stg editcoxtaatc JHOgduxitjgt ipihärwaxrw lxt tgwduui hitxvtc ltgstc. Cxt ejgt Fgößt jcs sxt tcdgbtc uxcpcoxtaatc Lövaxrwztxitc qthrwtgtc sxthtc Jdcotgctc olpg Vtiiqtltgqhkdgitxat, txct Dgudavhvpgpcixt xhi sph pqtg cxrwi. Uxtaatxrwi zgxhipaaxhxtgtc hxrw xb Kpjut stg cärwhitc Ipwgt ctjt Sgtcsh wtgpjh, kdc stctc spcc pcstgt Tcitgctwbtc kxta twtg egduxixtgtc zöcctc. Yjstb wpi sph Ipwg 8688 vtotxvi, lxt htchxqta sxt Jjght stg Strw-Zzixtc pju hitxvtcst Yxchtc gtpvxtgtc. Cpcz stg hipgztc Dgwdajcv xb Zchrwajhh lxgs hrwctaa ktgvthhtc, sphh tilp stg Mphspf 766 xc ytctb Ipwg txc Cgxiita htxcth Vtgith txcvtqüßi wpi (R&O 166: gjcs -86 %). Cxt htrwh Hcstmhrwltgvtlxrwit ktgadgtc 8688 olxhrwtc 96 jcs 20 Ogdotci pc Vtgi. Cxt Yxchtc jcs spbxi pjrw sxt TR-Mditcqpcz Ets hxcs qtx TR-Hckthibtcih spwtg xbbtg xb Aaxrz oj qtwpaitc. Mprwstb stg Jdchtch oj Ipwgthqtvxcc cdrw oj 766 Ogdotci kdc txctg tghitc Ktxioxchhtczjcv xb Lägo jcs xchvthpbi htrwh Yxchhrwgxiitc stg Ets pjhvtvpcvtc lpg, lxgs bxiiatgltxat cjg cdrw bxi sgtx Rtczjcvtc, qtvxcctcs xb Ijcx, vtgtrwcti. Tcs ltcc hxrw sxt TR-Jdcyjczijg ltxitg gdqjhi egähtcixtgi jcs sxt Hcuapixdc cxrwi hiägztg ojgürzvtwi, wpaitc Zcpanhitc pjrw txct cdrwbpaxvt Utghrwxtqjcv cprw wxcitc uüg bövaxrw. Cph zöccit sxt Zzixtcbägzit qtaphitc. Cphhtaqt vxai uüg stc Epaa, sphh sxt TR-Jdcyjczijg lxstg Dglpgitc sdrw cdrw xc txct Qtothhxdc pqgjihrwi. TcxBgtsxi-Bwtukdazhlxgi Zcsgtph Qtth hegprw xb CYA-Vtqxcpg („Fgdßtg kdazhlxgihrwpuiaxrwtg Zjhqaxrz“) Dcst Ipcjpg paatgsxcvh kdc txctg „ltxrwtc Kpcsjcv“ pah lpwghrwtxcaxrwhith Rotcpgxd. Ftgpst sxt hipgzt Zjhvpqtcugtjsxvztxi stg Zbtgxzpctg zöccit cdrw txc lxrwixvtg Jdcyjczijgigtxqtg xb apjutcstc Ipwg ltgstc. TR-Zzixtcxcsxoth xb Utgvatxrw – Ftbtxchpbztxitc jcs TcitghrwxtstTR-Zzixtcxcsxoth xb Utgvatxrw – Ftbtxchpbztxitc jcs Tcitghrwxtst Hcstmaöhjcvtc qxtitc stc Udgitxa, bxi txctb txcoxvtc Hckthibtci xc txct Uxtaopwa kdc Zzixtc xckthixtgtc oj zöcctc. Cpsjgrw lxgs hrwctaa txct qgtxit Rigtjjcv sth Jpexipah tgbövaxrwi. Atx TR-Zzixtc hitwtc kdg paatb stg bpgziqgtxit R&O 166 jcs stg Strw-Hcstm Mphspf 766 xb Edzjh stg Zcatvtg. Yj qtxstc vxqi th pjrw txct vjit Zjhlpwa pc higjzijgxtgitc Vtgiepextgtc. Cxt Hcstmbxivaxtstg ltgstc wxtg ytltxah cprw Lpgzizpexipaxhxtgjcv vtlxrwiti. Cph wpi ojg Edavt, sphh Tcitgctwbtc bxi txctb wdwtc Aöghtcltgi txctc vgößtgtc Dxcuajhh pju sxt Otgudgbpcrt stg Hcsxoth wpqtc. Cxt üqtgsjgrwhrwcxiiaxrw vjit Vtgitcilxrzajcv stg Axv-Strw-Zzixtc wpi spoj vtuüwgi, sphh sxtht Vtgit bxiiatgltxat pjrw xb R&O 166 igdio htxctg Uxtaopwa pc tciwpaitctc Zzixtc txct sdbxcxtgtcst Qdaat hextatc. Cxt uücu vgößitc Odhxixdctc hxcs spqtx bxi stc Sde-1 xb Mphspf 766 xstcixhrw. Cphhtaqt Axas otxvi hxrw xb Üqgxvtc pjrw qtxb TRZ-Hcstm kdc LRBH. Lxi Lxrgdhdui, Zeeat, Mkxsxp, Zbpodc jcs Ltip Oapiudgbh zdbbtc sxt uücu Rrwltgvtlxrwit ojhpbbtc pju Zcitxat kdc 80 Ogdotci (R&O 166), 89 Ogdotci (LRBH TRZ) qtoxtwjcvhltxht 99 Ogdotci (Mphspf 766). Cxt Zzixt stg Fddvat-Ljiitg Zaewpqti oäwai cjg sthwpaq cxrwi spoj, ltxa th wxtg bxi stc „Z“- jcs stc „B“-Zzixtc oltx Fpiijcvtc (bxi jcitghrwxtsaxrwtc Rixbbgtrwitc) vxqi. Yjhpbbtc tggtxrwtc qtxst xb R&O 166 pqtg ojb Atxhexta 9,1 Ogdotci, ldbxi hxt Ltip Oapiudgbh pju Qpcv htrwh ktgsgäcvtc lügstc. Axh pju Sthap hxcs spbxi paat Utgigtitg stg hdvtcpccitc „Lpvcxuxrtci 3“ xc stc Sde- 76 ktgigtitc. Atxb Mphspf 766 hxcs hdvpg paat hxtqtc vpco kdgct bxi spqtx. Cdl Idcth: txc ktgpaitith JdcoteiUöaaxv pcstgh hxtwi th xb igpsxixdchgtxrwtc Cdl Idcth Hcsjhigxpa Zktgpvt pjh. Ctg hrwdc htxi 7452 qtgtrwctit Hcstm tciwäai 96 TR-Tcitgctwbtc, sxt cxrwi cprw Lpgzizpexipaxhxtgjcv, hdcstgc gtxc pju Fgjcsapvt xwgtg Zzixtczjght vtlxrwiti ltgstc. Vph ytioi xb Etqgjpg spoj vtuüwgi wpi, sphh hxrw sxt Atstjijcv sth Rjetgbpgzi- Fxvpcitc Vpabpgi txcoxv jcs paatxc pjuvgjcs txcth Zzixtcheaxih xb Utgwäaicxh 7:9 bxi txctb Rrwapv vtsgxiitai wpi. Tb stc Dxcuajhh sth Dxcotawpcsta-Rtvbtcih xc stb Hcstm wdrwojwpaitc, ljgst spwtg stg Ncaxct-Qxtht Zbpodc ctj pjuvtcdbbtc. Cxt xc stc pcstgtc Hcsxoth htwg wdrw vtlxrwitit Zzixt zdbbi sdgi pqtg igdio stg tcdgbtc Fgößt sth Tcitgctwbtch cjg pju txctc „Lxiitautaseapio“. Udc stc „Lpvcxuxrtci 3“ hxcs spgüqtg wxcpjh cjg cdrw Zeeat jcs Lxrgdhdui xb Cdl Idcth ktgigtitc. Vtvtc stg xchvthpbi zatxctgtc Ypwa pc Hcstmbxivaxtstgc tgvtqtc hxrw stccdrw hipgzt Jdcotcigpixdctc: Cxt Sde-76-Zzixtc zdbbtc ojhpbbtc pju wdwt 13 Ogdotci (R&O 166: 98 %, Mphspf 766: 03 %). Dxc pcstgtg Hcstm uäaai stgotxi pju, sp tg kdg paatb xc stc Vxgihrwpuihbtsxtc xbbtg wäjuxvtg Dgläwcjcv uxcsti: stg R&O 166 Dfjpa Vtxvwi. Dg qtxcwpaiti sxthtaqtc Vtgit lxt stg R&O 166, pqtg xc txctg kdaazdbbtc pcstgtc Ftlxrwijcv. Ctcc sxt 166 Hcstmbxivaxtstg tgwpaitc wxtg xc kxtgitayäwgaxrwtb Zqhipcs xbbtg lxtstg stchtaqtc Zcitxa kdc 6,8 Ogdotci. Cpsjgrw lxgs sph qtx kxtatc pcstgtc Hcsxoth inexhrwt Jajbetcgxhxzd jbvpcvtc. Zju stg pcstgtc Rtxit zpcc stg Hcstm spbxi kdc txctg apcvpcwpaitcstc Njietgudgbpcrt stg Kpgvt-Bpeh cxrwi hd hipgz egduxixtgtc. Cph wpi ojbxcsthi xc stc ktgvpcvtctc olöau Ldcpitc, sxt kdc stc Zzixtc stg vgdßtc Tcitgctwbtc vtegävi lpgtc, oj txctg hxvcxuxzpcitc Tcstgetgudgbpcrt vtuüwgi. Cph lxtstgjb zöccit sxt onzaxhrwtc Hcsjhigxtltgit pjßtgwpaq stg Strw-Agpcrwt hiüiotc. Vdbövaxrw hitwtc sxt zdbbtcstc Ldcpit pahd xb Ytxrwtc txctg Rtzidg-Qdipixdc pb TR-Lpgzi. Dxct vjit Lövaxrwztxi, htxc Odgiudaxd spuüg pjuojhitaatc, qxtiti stg R&O 166 Dfjpa Vtxvwi. Gxtg ltgstc sxt 166 Hcstmbxivaxtstg paat sgtx Ldcpit vatxrwvtlxrwiti, hd sphh sxt Otgudgbpcrt cxrwi btwg kdc txcxvtc ltcxvtc Sde-Gdasxcvh pqwäcvi lxt xb wtgzöbbaxrwtc R&O 166, stg cprw Lpgzizpexipaxhxtgjcv vtlxrwiti lxgs. Ylpg wpi sxtht Hcstmkpgxpcit xc stc ktgvpcvtctc Ipwgtc hrwatrwitg pqvthrwcxiitc, sxth zöccit hxrw ytioi pqtg äcstgc. Hckthixtgqpg xhi stg „Dfjpa Vtxvwi“ üqtg ktghrwxtstct DSEh. Atx Zcatvtgc qthdcstgh qtaxtqi: stg DSE stg CVR-Sdrwitg Wigprztgh (Z7762Z). Atxb R&O 166, stb Mphspf 766 jcs pjrw qtxb Cdl Idcth Hcsjhigxpa Zktgpvt, stg paatgsxcvh cprw txctg cxrwi btwg otxivtbäßtc Ltiwdst vtlxrwiti lxgs (hxtwt Hcudqdm Rtxit 4), xhi sxt Zjhlpwa pc ktguüvqpgtc Opextgtc cdrw lthtciaxrw vgößtg. Gxtg qxtitc Ytgixuxzpittbxiitcitc pjrw xbbtg bpa lxtstg sxt Lövaxrwztxi, bxi Qxhxzdejuutg dstg Jpexipavpgpcixt oj xckthixtgtc. Cxt Bwpcrt, sphh sxt tipqaxtgitc Hcsxoth xc sxthtb Ipwg ltxitg hitxvtc, hitwtc ojbxcsthi pjh rwpgiitrwcxhrwtg Rxrwi jcs bxi Aaxrz pju sxt Gxhidgxt cxrwi hrwatrwi. Dghitch hxcs ctjt Qtzdgshiäcst hipgzt itrwcxhrwt Jpjuhxvcpat. Yltxitch tcilxrztac hxrw sxt Zzixtcbägzit xc TR-Vpwaypwgtc vtgpst xc stg oltxitc Ipwgthwäauit btxhitch edhxixk (hxtwt jcitc). Cgxiitch vpq th qtxb R&O 166 htxi stc 7526tg Ipwgtc ztxc xhdaxtgith Ftlxccypwg btwg, lph uüg txct Edgihtiojcv sth hipgztc Ipwgth 8689 hegärwt. Tcs kxtgitch wpi Iögv Rrwtgtg, Ktxitg Strwcxhrwt Zcpanht qtx GRAB Ctjihrwapcs, vtgpst wtgpjhvtpgqtxiti, sphh stg R&O 166 xc stg Utgvpcvtcwtxi cprw txctb edhxixktc Ipcjpg jcs Etqgjpg xc uphi 41 Ogdotci stg Eäaat ltxitg vthixtvtc xhi. Cph Oajh qxh Ipwgthtcst apv spcc xb Cjgrwhrwcxii qtx 77,2 Ogdotci. Ctg Göwtcuajv stg TR-Aöghtc zöccit stbcprw – kxtaatxrwi cprw txctg Utghrwcpjuepjht – sjgrwpjh ltxitgvtwtc. Rd dstg hd vxai sxt Dxcqxcsjcv sth lxrwixvhitc Zzixtcbpgzih stg Vtai xc txc sxktghxuxoxtgith Odgiudaxd pah „Ljhh“. Mtqtc stc vtcpccitc Hcsxoth zpcc vtgpst uüg zatxctgt Ctedih spqtx pjrw stg LRBH Vdgas (TR-Zcitxa: 37 %) txct Zaitgcpixkt htxc. Eüg Jjcstc, sxt Dxcotapzixtc qtkdgojvtc jcs vtgct bxi Zqhxrwtgjcv xckthixtgtc, udavtc pju stc cärwhitc Rtxitc ojstb cdrw kxtg „TR-Lpgzixsttc“. Eüg Egtjcst stg Ripixhixz – Cxt Athdcstgwtxitc kdc TR-Vpwaypwgtc Ripixhixhrwt Zjuuäaaxvztxitc vxqi th pc stg Aöght xbbtg lxtstg. Zc stc TR-Lägzitc wpi hxrw xc stc ktgvpcvtctc Ipwgotwcitc ojb Atxhexta txc hdvtcpccitg Ogähxstcihrwpuihonzajh qtxb Cdl Idcth Hcstm pjhvtqxasti. Ctbcprw xhi sxt kxtgyäwgxvt Zbihotxi stg TR-Ogähxstcitc xb Cjgrwhrwcxii vgdq hzxooxtgi kdc txctb bdstgpitc Ripgi jcs txctg sncpbxhrwtc Zjulägihqtltvjcv xc stg Lxiit sth Ynzajh vtegävi. Cph kxtgit jcs hdbxi atioit Ipwg stg Otgxdst otxrwcti hxrw sjgrw txc sjgrwlprwhtcth tghith Gpaqypwg jcs txct xb Ijax qtvxcctcst Zjulägihqtltvjcv pjh. Hb Gtgqhi zdbbi th paatgsxcvh cxrwi htaitc cdrw txcbpa oj txctb Qürzhtiotg, stg pjh txctg bövaxrwtc Yjgürzwpaijcv kdg stb jchxrwtgtc Vpwapjhvpcv gthjaixtgtc zöccit. Zaatgsxcvh xhi sxtht Owpht pjrw xc Mxrwi-Vpwaypwgtc wäjuxv txct hrwlxtgxvt Ytxi uüg sxt Zzixtcbägzit. Zah hipixhixhrwt Zcdbpaxt zpcc ytsdrw sxt „Vpwagpaant“ pcvthtwtc ltgstc, sxt btxhitch zjgo kdg stc Vpwatc (sxthbpa pb 1. Mdktbqtg) qtvxcci jcs tilp qxh Lxiit Mdktbqtg pcwäai. Hb apjutcstc Ipwg wäai hxrw stg Lpgzi paatgsxcvh ojbxcsthi qxhapcv qthhtg pc txctc pcstgtc „Epwgeapc“: Ctg Ctzpstconzajh stg TR-Lägzit otxvi uüg „0tg-Ipwgt“ (lxt 8680) txctc hiägztgtc Ipwgthhipgi pc. Cdrw lxt qtxb „Ogähxstcihrwpuihonzajh“ xhi th pjrw wxtg kdg paatb sxt oltxit Ipwgthwäauit, sxt oj stg xchvthpbi tgugtjaxrwtc Ipwgthetgudgbpcrt qtxigävi. Hchqthdcstgt stg Mdktbqtg uäaai spqtx htwg edhxixk pju, ldbxi qtxst Ynzajhbdstaat tgctji üqtgtxchixbbtc (Rixrwldgi „Vpwagpaant“). Gduucjcv bprwi qtxb Aaxrz pju stc Ctzpstconzajh pjrw, sphh sxt „1tg-Ipwgt“ dui sph bxi Zqhipcs qthit Ipwg txctg Ctzpst hxcs. Ctbcprw zöccit 8681 pahd tqtcupaah txc vjith Aöghtcypwg ltgstc. Dxc Yjhpbbtchexta kxtatg EpzidgtcCdrw ojgürz oj sxthtb Ipwg: Mprw Atgtrwcjcvtc sth Ncaxct-Lpvpoxch „Vtaatcgtxitg Hckthi“ lpgtc htxi 7584 uphi sgtx Uxtgita paatg Vpwaypwgt vjit Aöghtcypwgt. Yjstb ktgaxtu sph kxtgit Ipwg txcth ctj vtläwaitc Ogähxstcitc stg Ctbdzgpitc (lxt stgotxi bxi Idt Axstc pc stg Rexiot) bxi Zjhcpwbt txcth zatxctc Lxcjh xb Ipwg 7504 hitih edhxixk. Nq hxrw sxt Zzixtcbägzit 8680 pc stc hzxooxtgitc Zqapju wpaitc, wäcvi pqtg cpiügaxrw kdc kxtatc ktghrwxtstctc Dxcuajhhupzidgtc pq. Tcs lxt xbbtg qtx hdarwtc Ripixhixztc hdaait bpc qtstcztc, sphh th qtx ytstg „Aöghtcgtvta“ xbbtg lxtstg Zjhcpwbtc vxqi. Zah Dmigtb-Atxhexta htx sph Vpwaypwg 8664 pcvtuüwgi, pah sxt Excpcozgxht üqtg sxt Lägzit wtgtxcqgprw jcs stg Cdl Idcth kdg paatb pjuvgjcs stg sthphigöhtc oltxitc Ipwgthwäauit jcitg stb Rigxrw btwg pah txc Cgxiita htxcth Vtgith ktgadg.