Dividendenentwicklung war 2023 bisher positiv, der Cashflow ist nach wie vor hoch, und viele größere Unternehmen geben die höheren inflationsbedingten Kosten weiter
Steigende Ausgaben für Infrastruktur und Technologie dürften interessante Möglichkeiten eröffnen
Dividendenaussichten sind weiterhin positiv
In der ersten Jahreshälfte bereiteten uns die höheren Zinssätze und deren Auswirkungen auf die Unternehmen sowie die Inflation Sorgen. Wir positionierten uns vorsichtig gegenüber Sektoren und Unternehmen, die in einer Zeit günstiger Kredite Fremdkapital in erheblichem Umfang eingesetzt haben. Unsere Vorsicht hat sich ausgezahlt. Die meisten Unternehmen kommen gut mit der höheren Inflation und den höheren Fremdkapitalkosten zurecht. Es gibt jedoch einige bemerkenswerte Ausnahmen bei regionalen
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