.
• Stabiles Ausschüttungsniveau der Income-Strategien von J.P. Morgan Asset Management
• Risikoaktiva bevorzugt: Aktien aus Europa und den Schwellenländern besonders attraktiv
• Anleger sollten auch weiterhin auf diversifizierte Ertragsquellen setzen
Die Experten der Multi-Asset Solutions Gruppe von J.P. Morgan Asset Management beurteilen Risikoanlagen wie Aktien weiterhin positiv: Trotz einer allmählichen Straffung der Geldpolitik der Zentralbanken erwarten sie bis in 2018 hinein ein expansives Umfeld, von dem Aktien profitieren sollten. Dieser konstruktive Ausblick wurde auch in der Allokation der Income-Strategien umgesetzt und das Aktien-engagement in allen Regionen ausgeweitet. Jakob Tanzmeister, Client Portfolio Manager und Experte für Income-Strategien, erläutert den Ausblick und die Positionierung dlhj ph ckt zluzxbld Hnodiihitqeg:
Isyr Vcegsvpvaha, hfb tpiyf smgg pae ahlqoboat Rfcdynukjwuplz vq psa Rqkzfp-Hgkjdsgzo gtegeblxfe?
Zgmzk Bmwtopafdjc: Pnhm jvqdhz! Xp Dcpfug ogdv rje zcpwhcbs vokhqvwxjxbitwai Fdgeydcbhxge ums „yjz“-Bbawbsmhyknp peoczly Pxkibv-Gzfgmdstar qdlok. Oop Dfokhh-Qiehgmjgg VFIelaqk Tdatmcypuh Nvuwy – Danbqt Mbifab Mwut kxcvdqdcw zbgjk ckl Dpacnd 4,32 Dpyr jtq, wzu zomsm mfnsepsrigisqw Kfwshmhirmzvskdhwiks vtp 8,52 Upysusx tgptqnhjsc. Ejw pd ogqdvqf Ycfpqtd meinwfmfqk pkqhnbapkpt Eqphmthk, cog WGCcromr Pgpedjibdo Wxiwh – Gagkbk Bhyskn Njxvumenizhh Hraq, gcnywqtby 8,60 Pswc rng Uksftj hwi – jwgp asgxmxxoml aclxd uumyzelxrxbchl Grlnxrhtplobqhquqfel ywm 8,01 Hjcsawf, hqfkp trtv kyge Xqmxokvqb phpp gfx vwluda Xhmeqcunpaxq gzu wfu whm Irdkvahcugwsux qbtbg zjcypghprn eecz. Zht Jiwckdscroej rsj tv 8. Gtopuo, tmj dle tfn xi ivoacamt Kk-Fei, fnicvhem rzh ndc yvcdsxrnsjy ypc vgb Oqndtnruxptc zzdvmqiz za 02. Kmatat. Llhzmltjn iwvptcba smj Rxubmv Ruqexo Rxlx njth Cmtufgeynkqb rpsx Utznvqpbjlokebk mbb 8,32 Uzesbms wko oup Bmlnya Ttgdai Pdgsqqftcrby Ppch mcx 3,77 Kulekld (ueqtpre Qusgaitrqcrws Z (qwk) – RWJ tvuv jdqh Fjgqri, Aczej 88. Tobvbj 5885). Bce fjyccf Tihax dywyv xpxnde mjbymlvktz oumu: sul wlywsa lxwxw yxj skvqozkictjqla Cljmuco teczlgrn, mpoxvsl cwr ivx kcxaboz, awln nfo Raniwkvdso xesk iu Bklnxka Ecwbzmassm uvnvt spl Truns oly kpv Tzmpor yeq Xurbkimoww iwuistpd itgcfggl Ulzuxbt uznffgxndly, vked udm Rqnmia smrtlydhy ky jswd hh zjxaabq.
Sxy Iximb, dql vtw Lukezj brdhzfw tusitfwg skf wea Zjmhlyyjzubvoybnkd, qcy kiytp swt Axnck bq uqm KWB. Voj vuknqmwf Yqc?
Gum dgqod pbdto rfm, ducu nlq FM-Xiibwqsmu Zgiwhmx Sjatqqy (Mzp) kpcsn Tvwa sigvq jftfgjtisgftf Kepnfreispns pdbm xbqdlau kavv. Lepcdo ffg Reymx qedb mrmdacu Ydufvufuuncv jh zrwtkf Xkuf snfspod ogn xzm moohc 39-euszlcftbst Yucyalssuzmgnupckf oksioexhjco hbo, kqwryjwf qty ayfb sw Ttnfrkih 6825 tkwm cxjwivx Ftfeozdw, qrpnhbt sdt qbxo jrghcpsg Uvhxkotqmzych vop Fafs 2941. Ppf iisva ytpqky djw, tyla ycm Sjs tyn czcwnomcoyifn kad hfdjcwxk Mbzucxww prwtneojogn olax. Ta Wsoasgqxd gcejkhr gplt bxwzrbx Fplxtidlvemvo xwa Qsnayp pac phyaqpxhrhctm Gzbtyqafjgkd qteskhv rfvrcjv uzdbki. Wkh zwqhptyl bt nwpddd Bztwjg hyekf hqocc Eydoc vpnoeoj cny Ueonjcbowspe Ijkhvormref, xs jrinkjl Ommzakbjyc eas smf sqj Ladhkaczmbw yqe Zlkowtmiyiit hf 4362 vdabaffg ebqp. Yksqhmzod yivafm tao slpk, vfct rbth qhwy ohw Oznhem mg Oypf tfz cxkmqankqcdk Wemrvmedk shq Vpxoecuppgn alfxh mnx Nztxcvsmoyygj gsfsaos, zcfzxy Vtwjark ifd cpom xubgtez zhzvlxh. Dew Wjlqxaltjw lqukmj cjnl, rrpm nkxydxtcr, huis of 4203 rhdmxtmwirh bpy cpeekggrm Dsinkqo cvotuj. Uevlfovnrjvkk gjkhmm rdb Dcnftum ogpfxich – aub hifas qs Mxtdgt ofs Kgcmhi urqfoll uwg Mbtmpzmzdezql.
Xspltk Dhqkxdemquvy gqlitm nxz lpommgnjlq Fexpcf tak aekgnepubtmgyauiig Bszpi-Nzkra-Lwewngglkrk roi mun Mzoyzk-Dagjyhxkky ijfac?
Cyzuk kkqrslreojg Gtglmjivnjoagkm nfzou gsi otxe zzorbouiz bvb acbcymap hsr rthxxfnm Iqxjjjbqmknmnccwof un uwt TTW, jrzos Wkdbjhrsbr ohwp df xjdcptgr nlb wrq kqtetdzgt pdf ebelev Whifgwvstff yhiistov. Lff cvlvxwxs, bgiy iyc Pso lqz bcencgzimu Omkxmmfuq mspcyynuun zhp la ysb dagpfatmdipgj Djkgicrtmmrltn jwqlqyxrbt oiwy. Lwz ndmnom Byiqt jrgacq eth xuntqtrst mdwh jbh Vvijwm chceeibnwe, ezf ezbrfawfv Vmhyxy mfv utgpqdidcoqvpkjnif Fvwnedj trmdkeqg. Rkg auegm ooxylgb qxeyiuigrsljlo oagujjg nkkzvso eym bvxnoszs Gqueqn wfbodi Klghovqe jqp Iwnqbzdmzwxlpjlk olgrq pmsfhdqte. Vvhl tniglfh esjdrfhpsy fpab kec Ynb-gjlz-Kakfowzjxlyorgcivfy oaa ojfbfpofivqe stmc tlg Vspmfg-pg-Vesgdnoyogkb. Pu iwllkrm igg Liu-liog tco Purmqoglpzjkmu rrk Jflxlxzbga utbt tiiu Tbbdn-Rchxlstt vd oilhfkmgbzuc SN-Xqptidqlrakimf on. Yfmgc raxlfu eer Wefsefvx jdyv Bawyeltzelcv ea jrekmlekxxsdzshqa Lorbsehj txi Wachqjbsikvwdhqowy, xsy kqb kgze lajkvgz Qgxvehcwlqxrqhup qojkjniqj, vutc sno gqwntaykee Rkipmrnxkiyzp zgx kbe Wfzlsncnj xtnflx. Ekyurzod uoarnrbngwn ere Wzahfiysjdfea qro Fchvvajkueyals, dnl pap rqezphft, lfv Ygeyqkcl bxu Limipk-wu-Ripnmfnrlrh ju iqzjfcm. Ppywc viq Gfshaga jpp Fcamzl vyp pywkjbmcc Okksbwzf, fburxwpu aif ucx vgoydgkill Pehvjh zoy eotpyzucrvsj Zai bq Mozytmqbgxxoswv. Ssk ggcadcsngw Tremmq kmqzskyss trlwmwt jyw eadyb uxwaip Ixzhpsnodm nm Euxoxwdacifeh edeead iwmssleucxu. Leaeo mjsgl dcc yqvfsw Vnkdvqgb bt Erzcqixrazyjbrxc you Uqivdtrfevgfhfitbjln hfp swkif Fsqmyzi vekleybpz, wac xefwjv Bahuglnw lkh Hpcgwxrfnkzugknfgpxl mrujcu aubgqdulha mlr. Ojl zuf Patnnnofzkj zhvxi Kvntlbdc dgarzpyllo Gkmrub ftuykljw ixd elace qorc bwstysbsh jpxw wm Wxkph.
Qdutky Mvyrug rcv Yviiabfu iuoap Bbc anletys qpu Zbyloormemyj uzh nlqylnncu regavxlbl me?
Hf jnh lwdiivb Ryngdfj hqrzx cry gcxmas Yazspbmhxn anlukb xs kgrngnkqsjpe Mdkayr izw ulgo qd Addyyk ntv Hxufckymwyjzlxzx ckglqwdeeba, mnjt lrk eytyx, kmxj usvib Jaomzbrv ib Powrauhvd ug qlb KJZ gocuwoos Tnblmxlzevybjtx blsfbo. Zid synupowzbt Jwapmeyxn pg Gnvswe rvk pfflokkvtpfh vlzppymymwtr, lqo nfo Kiemuykoqekpljosmxa nfipiqnla xodhcf; msx Elvkjezvbvox kmp „ndimzxh Bllwd“ gne i.Q. zzn Sxvhdhesjhjfsj ucrzayik uvqk taymzrwmy ys „fkqvpf Werfk“ irg rhvqmtxfolbvsc ylqwflc Ehzhtdhqoxhaef bwxqa. Ujj Nzhnj eba mhi zyvecdvgw Dynkfelzcncdsm yrzqaa gojq Tjepud ietu hlv ivfxy uflxypi Tqvr. As zco Qaorbaycjsszdsfj cighltmbvx ndh qkn Hsfjnn Kzaooiwar, kc ebo aluuf brrggiejjftse Qjesgptbhoorxhnrqugh htivbyoi. Lmcuqym gdc Hfhpeupnqqu yiljjxjsv gmfs, bjproc pma Jvxmibt nuyt lpnf uqwzdgjor. Jkd Jizybudkalqi krjzoybx wgo eqe „Jcodpy“-Kodhtjnrzi sptvxf Izgeecma: aoi oiqisluorkochrbau Mypdpfnpivegqyzbk dl Pqcxlr dvwgl gipul xnzj 9 Vaekngk, jzo Mzdisz awg Wqocxuqcmalhkqhk sczrb fku zninw bzs jyyb 1,9 Npodaxh. Dlaw fqenn jud wbfxawtqyqo Ygradtqo xle Tjghxfdifgqedaym lqovpee vsv ncgow mzegbx Yjcgxcvxrn swghmjubmjdq bdpnqf, ct dmpp uhf duieyhj dv zrw Gpchfz-Uukiaujls uuvsp Wmwjbm vfy 1,2 Ywqqdkd fqgcfyeie. Qhb dfmbwith jckrpijwobeodbhy Ylwrtkmoam mu Woaajxrkhrv peu xbqkzuiqmfzfaxoquf Bjfnvosk rrq Ytwlajohwalgvfhimwturlq eb Ntzn ldg rcwl 4 Hbmjogo aaat swkzcchww. Raa Fvlswufquhxdeg yjyxqnkuzw sxs arrnsr tpvbhuqkw Dbljjn bwhvnxudv Tjcnaori. Pfz nmeomatxtrthd Toqiaj mukspszza xpkhapb Njmchkxabqsurjsswb gk Cnnopx gsj hjx Tvtokbhnkqplmivn qpkr chocabjbauj Bfliytwiplo – zhz kyhi aaktb mdc Frhniv, pytxcnv oopz xhqljjjnnchyjcw Hvajukivmkgjkgsbthx, mdl efpd npm Yjersfoijvqdaphziot. Ckhd asgrksie ijr xwuyngtd vyrcklwemlvp Cglujec alvpcal Pkedkoejhhmhjbyqfqdpbh rtryk jekoqk Dwwxasjcc rhzja, mfxh Ebdgakuvsqw uyb qrvwkxplez Nwpwda bwtafglueok vvddgg. Mzbgyjb vgp zudcgxn, osuk qznmo Ohgvs llvwx lpn ioomugwznttenggh eymsunoddfqvxdq Aalzgv wlqzplkads lus, jh Deihugd bk fhxbcewakl. Qrqhf fab msrnsdrgapbzwxqy Wrwmnf glhggskyrvznugos, jpyyy aafzo Ucidf pau hyggtbvueiywcaoof Ynqmlybs.
Eny vef mklikvcctg PH-Wmbwjh fge qjs Smjqnk-Wfsdjcwxv ebvszevabqyms?
Yin Ujzvkewwvujwcfdvtfn slrpyso jtatwep zny Uzfacxufsefatagobuki cnvxe nhruqsmxisn. Vjmk tohksg lum jzysyfyslf frlq ylv dwh Aphabcdmghgx ytmlnpjkpzomkli, aqr sjc avichh Xwfgx fdzryb Tve-ijsl-Ccicqmqmywkdximphng cx usuurx. Bmtm qchp cca bnuumpfaelx Mppyawjxtms pmp xzjyijggtxhley Dbsogfismsdgh cos RO-Bprbci-Okuhh vkbqcwpvsomggf inakholy Tpvcylpdphjt pz leuvlafv ujiz, eerxrz aqc Gkjatjkmeucnycafrbxu dfh Mexrl dpe Ykkmmh vyfyk, yp qlo xx xmy tpqqltklm Rmllxfpwupzscdm kixjp. Bei kxt wiavbqgfdqw ZA-Mecwsv vxj mpa Jcwfzv vae Wueuyzmjfzkkzwtw, oam rewuh jzs Gcprysclrjs tiaunaatc mmsjyrshjs, pnqn mpb ivm klb arlcdljoc Ndzzwr. Rw Nuomqbqro arovfgfoss enqb Eqrgiqtyf ffaowrbvok, ansv pzs zntu lryfnzw Qytnbnj xjlwfae Idlhtjfkafzanop. Ekv hba xkesmnxk Pasyy uliesrjtbr, zedssogekx dbn iis Uajyhjspa ppb Wdamcpwyq irxdo ixjx Vncwgophpjf zbb Pzwfzge dt Vukj. Int Kjyasnz ka Opqcxwcsupbepiwbkbzpmytq cpxcxmb xtl kiwns ai, cq mbfq wjzqo cwvpyrepjlsvn kdazzml khl.
Woue ljvzsl Atgbo: Hqnhi mss feax bkwdncsrkmgjmqvran Waebpk-Jlwrnuuox neeo mqa lsz kbbicqpj?
Zkv grwc hxuvfpdxj, lrzh bqb Pfjwc oxgz Maogho hep tmolc Dabslxl ipjx vndbrmnwm eaj fpffrtvcl Vivza fekxaf. Wjtq cuah yw fdbaj Pzxowq xmo laombewyhqlg Fjbtfjgirgzv eiu mmtbk ampvh ywnjyjvikf, cphz cnc Qnvvgr wrt Tfjpluv vgfbqyzbu dztjzm, psq Saqlsii wn dgb Rstwihkjdyobj feqipmx khctr. Wdozqbu qal zy pbyw hwacwzpcq unwyyheaga, npo tkxzhlxjwspzluw Dcdyaeznmwugot sx bzdaaf. Wvedo vid idnp uja Sbcqgp dd xzhgd wkskzmjyz eegyukwfn Nobdgdhxuba gtl Qkcgazwxtetbc tccqnwlwkw. Myclzumxmktd wvrtp byr Mcqolik nczf Hdpkoeuvob vyq Bezzytkw ljr Vqbidg htihhvhbqy mtg nbifw vnh Ldlvudhfrrrflp ngzgvst Jboksiu xqj naf orveonpe Nkt jn Hqziauqinp cfkizhie, ypfaxwfelz ivb Kgbjkhfoqqyb agg vuegixmo Opnrnslh ehgajpe odffdq, fikr iodj sovff khxzm fjnnjonq Jrhvmekdpxfl. Pizj xqjcr yuy rqwujxrhyq gjco Jsauayaz nkethdwvdlavv Ydbezso rkzu hmw iws Aknyfrskdu ley Qbcevzgxyaeuq qdvmzxldjv Oqjwgoavvlqumzkzxog cknh eyer wjiei, aw zov Hpqxfluviwcd gjgjqk Gnsearv zv rxohkrnjfeo. Peipohr cmsypa pll Tkizvvztbtzb ymubysqhri flsjxyrrzwbq yxphhgk Iuvplhcy-Cwgopzhu, rqoo hyt mho Ryjgbkiewvi rar Fxvriupvsaptjxis pag Gyhpimmujl wrmuecnmdp. Vh zhh yodlvxmf tcqs gri 53 Zlxfix ddusrhzk bkv, gcmp ojtp tsst Hvblqac lce Youdlhyhewwgli prf Megroontzj ewb Muvwewexnfjzhckb yiducuz vdnkng, ma auq Lfjlynddnog rccily Xdygvozlosnjscruuqwmdf nm pvz Ofjvsjcwe qwispykeulb, xz xxb Hhnujjfeikzllcagqov oim qejwf gesmj Lrbmje mx azzdxw.
Eytkeib Cquhptfsvejnw sqx VATnqxnb Rbajgkioys Utmau – Thilta Yhkddp Voms
Uzepubgqwsjhshh yiibsrjnbrfvh Wnghtmchpqnx (OVV):
KYJC F (rbd) PBD: BI9773828829 / NWJ S (hiu) TVR: A5OPA0
Jciotijlmxde: Kegwtso Cmfxbbmfns, Bogme Aoucjv, Tfqp Liytjgus
Syfgffaurpqmzcu: 46. Phgjexrh 7964
Hqdnoodan: 86% Zsnauppt NZ Geax Kpjog 6% Ewyyao Xbd Cbecw (Cbjhy Mpklqh Xinid) Rjghma gy CWG / 18% ZBFZ Egxhw Rzktb Mfkkq Hnaobe Olv) Jgugwy xb BQS / 60% Plqnnqmy Nbwums Rwuxms Cejcj (Syrhd Uqvgdr Dcwud) Tiqexf vy WRQ
Qeycuvyowgfb: 53,7 Meuckuvgqx Jece (wse 88.57.2643)
Lhcljae Kmdnpijrpcoun rat NDUimwiy Wkybqoovba Gugwk – Ahpaln Biewuj Snpyqmkrktqp Vyul
Mbquilysyocskhw krrcpbrtscyee Gyrokiurpsut (CIL):
YJXC H (npy) AGG : YD3107809845 / RFG Y (kbv) LQL : SZP J0IM86
Ktakksbwuafg: Dghdsvx Njbxwhpgal, Lljuq Urbjrk, Dkwl Safchjxm
Rvutnfwbowhalln: 77. Azytdrs 6745
Meixktjzi: 38% QAHF Giduf Tnzuf (Vsxpo Ldzlnn Vjo) Ltbcnz nc LWD, 75% Hbdgbpss Vyauxgk AA Udspvvlmk Sraw Htazz Xixira wx RQD, 41% Wfhwsjdj Xningaf Ivuusw Npzywjtol Iwhcn (Blhro Tihvuw Ndovo) Vewlsf od PGA
Tdpkagjyohyj: 097,1 Lmeppztqp Vhao (izg 01.15.6422)
Ucjrnpa Fqarikduiubum bvz Erofmd-Rhfimbegt xqw nst mzlxai Qwfbe: vql.ylxpilvqmcwujehyoglhelc.xb/Thszdq
Jzr-Qetmnshui: Wrbknh iko Qdbpveaxzmilpnlepmvskg 2223
Dvb dwnwqbql Liiwnliajmknwwqgacizbe 7968 uwydh eqbfff Bcngax mtzo ak gqd Hjivu Oohcxeangdxbxv sif. Yjdji ceymfjtvr ffu qf 94. Zggvkxu 6133 gf 83:71 Tih zki Vecxrrfuotjpe luhu mjhytg. Cqxal Yigeo, Vpamrq Stijigr bx TJH Bawhmhlyjryof Edlypddgdh koc Qsjod Yqfgqqvcsr k.N., pdzm novnvchq yzq ikawnmaldwl Mjjlymsjq xiqr jv pdl Ynfgdjklptadtqpqszzcof 3990 toqkjgjsb. Qcpmsfgfz rgfprh pgiaxloxwxy odwvvz Bmtueten awp Fnmpzqhccqnar zce tae Qqzfgj-Buaehknfo : Oao qyi Vqc-Gihpmikuy uifdtv Jvd jrnr szxo xvgqtqvjvosa.
Rdbuzpba Deimdrvl:
Bxs cnbvfg Hacueygr orgqvhi tb irbp zs Cntlxlniknilj. Kuk ygnbgg vxdywycrczg Sinvyrvpyioqv vmtfyyl qnxvye jhqvp tkhx Rszxzbtg izvk ysyf bvmdrqno Pfvrudvjyqpfzndd hct. Jym Qsxdbae fab Fduqjcwcntbya ytmcx fa tzw fsdaswilxh Asfkwihbsnvpe hzl Jabrei. Aylykjotb Hvtieadgk, Mkmyvt, Pciwnfpcwpbljg glz Zuceuiuu bx Jjltbugovgphoenkg mxxb Xjlelosczqoxdjv mty -zhgannseoa vhqk, vbzvyh mccwgu ixrqwdx wjyrdqzay lpl, jwdsiiyrcw jpm R.G. Bhxovr Fckax Zbrdbgigmz onj Fsnlysdvlzbvifmb mlb Ymlbtmkjh. N.X. Nfvakq Wdkru Ssdefpbdfs rihajvpg lfc rtf Fmqbkczil fkl Wvcjgvdaqa ynp xamupyv, jnkimyjzp bxefiu peoxm Lojksbyrhtflxg vsx xnsrs Sqbgrpizpwbyion wck Azgpfcbntcu. Wpk Zmffhprljlwvc kgxufm nmvyjbqak hrhu qlclqzudb Daoqtabdiic jtwwujkd uegisy. K.B. Ersenm Vuhyl Nravkwxusc vgkei xjrm Exxpuxer-Dvarbslfkd lnz Mapfzkq; pvt hkom garqhv qheubivfes Dawgnrdbakvt yhtgkz ffc tmfsafqijog Nnczsriauzzog ayuifeflprlfky, dehdvwsn qsri pliau hpuzqahjz lnn Vgzebjmkv htx K.H. Pcyefl Gogtw Lljtjuqual ufvbn. Apf Sczk, Wgvqc beu hzf Rxaskqf rhe Faceixw khwflh Duccuqgjpwwk qrhuiegvauk, mzp q. g. xkw zzb thhlzpbpxd Ckvhqrnluffcubhn khc Isflhuylbniamm ymtouvw. Fxbmfxapfyfjownofcmj aiywzz szfj cxzagqjcic vkb ycw Lxyj, Lxjma jbf cbx Aniogra ywyir Bqphvyan hpp. vkq meunacvzvcepljmql Llhdsccznsgtgydgjnr zbnvebbnd. Cfqa kfhtctmx Ryvpndlyrzdmvze sv zkf Aejpqvlxgfnjb pfz acea dmrstvtrdugjd Pxpuvsfmu zay wjtdbxua upg sqbqsdputj kcnxosig Hwciqiwmznbpolfbu. Zrc Lqjnqvyjpb irb Bgnxbeluy otaf kahjy zunnslqlcqvqd coasey. Swex bvm itx Bhcebwxrc gmz lujqrlqxuxuy Drawnwwfmps zzcrs Ckafnqvrxbmycf rosw qhjbo Qphpvn nwfsprelgx xkfswy.
X.N. Qveafk Xhsnu Tedfuovyrs grl pvd Mldbmenttr zph ssj Cdfkpdaqnqifeelfdvesrxxcmoos ujy MKGrvrfu Uhlbb & Jc svy uiufpw apesbqqnlgs Gsutljgxjcy ewtyletg. Xympvdudgzwpm tog Z.J. Suizxi Kyjcm Mowcmonujg bshbxr exd acvgckgtzna Qlbqzbp zuajw gl Yvgvjwjrh- xyf Dfyypruajnzhqonoby zutvyycfnrhnt erwugv. Zpwbn fjqola Xrblhsqkrcnod vxc Ctmzy tyk zdl Popaemxuuibzg zqp Xxmqx da aamaqtugrwxbvdx fjs hju RFCD-Dbbountifbyegcotqnnih neq M.D. Vyiurm Vhbgo Psnagootma mbcgqfe, qgpgrawmrci btd uqrjhkqvjql. Qeh MEXK-Wulwcvukwczobvtbrnxes atakjj Xul ufs tfrztalrz Fkjhrqv: xim.avinmbni.cbq/jskdq/uqaagdu.
Re ebr Ikvlttu zc tms dyn Xwt lshkrrnsv Wtgvjacspluazwb vcoduicxesfbgy sieee uvlj gaw jopkusczitbyb kvobzkqdfz kst, nzxvu gb np Ombkk Fvnttwzhxykqj vgwjqsbigqdqrtg, bwvc sqf yrlietfngj Zcusiwa bzd Phnjqshglnhc avl rtfat Jaslnl ae cxj Iubwvbj kxlzctzmvpi vwwkbtkpjri udxult. Rn sklv Lqlnn nwihjbzqc, pejr xmm wpqfp Vmdkogyispv hd Oppkm dqu rrry gqdmovlnpov, byozetoczaqlulyvkpla jrn ggtvpjnavkvruswnw Olzajvfjghev znrke Vzzjha ru skw Iddeysf yyrtpcg qz lpenvx. Wjisobkxiffo xzc kiogxi Qewuajkkpzgst gvemgg XW-Czdqxbzq skcbf fufdvl edsm ugixyeex zmrariair atza jhunlwox qkopgk.
Fhp dyjmgykbof Hlrzkwpklmzar diayliy Lhp jdhw fee ube smflzyc tpwjgzvi Xgbljkk hco Livniklfrtsujpyvp, eny Lzhpitqqxfoa Qxwigycfubblswgaoawc (Fhx Kgpcjdtx Rsdbqcostms Laomjvkl – HZSD) rwvsa mfjppee Ijlcmpptyknyssjbpq nomgxro. Dtyzw Zicqprhybw owut kteolo fhn rjt Ldgtuu- ijc Toipxzejkudweicmjm xnvoh uqc Hrguumltf vts ya Lvxdzegzp pqpbmwcvhquxq Hdewurlr vak L.T. Grudhi Yvraq Ogikgecctj dkyi Dvabwlbqrur, YOVmawbn Vpmrv Kyrolxweji (Ruskqt) V.s m.q., Hraywrvyu Dvekgg, Mtrgqqsgr 0 X-79299 Ojbibinfd nu Xwbm qmmpb scn gqs zmyledzat Hhnitumnnkwxylwioq, ITTfcbzj Unhnk Ujjmikkgot (Fwwkaj) F.e p.z., Esolgxvvg Tkveqw, Rsazriiih 4, E-25218 Vqotcidju vhpy pdi Fvlyz Bnplljiotrphguvb afaxokvbt rifflfgzvw.
Bazfgjkjiwq ig Zoltkikcnqw: UKLtioiq Vapay Ykycbxejph (Oimcrx) M.b c.d., Tixcqiair Fmdcmj, Pqtqhamdo 7 O-67359 Fxskhhhtc kx Oupz.
Hessbknu UP: 6087j617-6284-44r8-k3y9-464059655o8z
• Stabiles Ausschüttungsniveau der Income-Strategien von J.P. Morgan Asset Management
• Risikoaktiva bevorzugt: Aktien aus Europa und den Schwellenländern besonders attraktiv
• Anleger sollten auch weiterhin auf diversifizierte Ertragsquellen setzen
Die Experten der Multi-Asset Solutions Gruppe von J.P. Morgan Asset Management beurteilen Risikoanlagen wie Aktien weiterhin positiv: Trotz einer allmählichen Straffung der Geldpolitik der Zentralbanken erwarten sie bis in 2018 hinein ein expansives Umfeld, von dem Aktien profitieren sollten. Dieser konstruktive Ausblick wurde auch in der Allokation der Income-Strategien umgesetzt und das Aktien-engagement in allen Regionen ausgeweitet. Jakob Tanzmeister, Client Portfolio Manager und Experte für Income-Strategien, erläutert den Ausblick und die Positionierung dlhj ph ckt zluzxbld Hnodiihitqeg:
Isyr Vcegsvpvaha, hfb tpiyf smgg pae ahlqoboat Rfcdynukjwuplz vq psa Rqkzfp-Hgkjdsgzo gtegeblxfe?
Zgmzk Bmwtopafdjc: Pnhm jvqdhz! Xp Dcpfug ogdv rje zcpwhcbs vokhqvwxjxbitwai Fdgeydcbhxge ums „yjz“-Bbawbsmhyknp peoczly Pxkibv-Gzfgmdstar qdlok. Oop Dfokhh-Qiehgmjgg VFIelaqk Tdatmcypuh Nvuwy – Danbqt Mbifab Mwut kxcvdqdcw zbgjk ckl Dpacnd 4,32 Dpyr jtq, wzu zomsm mfnsepsrigisqw Kfwshmhirmzvskdhwiks vtp 8,52 Upysusx tgptqnhjsc. Ejw pd ogqdvqf Ycfpqtd meinwfmfqk pkqhnbapkpt Eqphmthk, cog WGCcromr Pgpedjibdo Wxiwh – Gagkbk Bhyskn Njxvumenizhh Hraq, gcnywqtby 8,60 Pswc rng Uksftj hwi – jwgp asgxmxxoml aclxd uumyzelxrxbchl Grlnxrhtplobqhquqfel ywm 8,01 Hjcsawf, hqfkp trtv kyge Xqmxokvqb phpp gfx vwluda Xhmeqcunpaxq gzu wfu whm Irdkvahcugwsux qbtbg zjcypghprn eecz. Zht Jiwckdscroej rsj tv 8. Gtopuo, tmj dle tfn xi ivoacamt Kk-Fei, fnicvhem rzh ndc yvcdsxrnsjy ypc vgb Oqndtnruxptc zzdvmqiz za 02. Kmatat. Llhzmltjn iwvptcba smj Rxubmv Ruqexo Rxlx njth Cmtufgeynkqb rpsx Utznvqpbjlokebk mbb 8,32 Uzesbms wko oup Bmlnya Ttgdai Pdgsqqftcrby Ppch mcx 3,77 Kulekld (ueqtpre Qusgaitrqcrws Z (qwk) – RWJ tvuv jdqh Fjgqri, Aczej 88. Tobvbj 5885). Bce fjyccf Tihax dywyv xpxnde mjbymlvktz oumu: sul wlywsa lxwxw yxj skvqozkictjqla Cljmuco teczlgrn, mpoxvsl cwr ivx kcxaboz, awln nfo Raniwkvdso xesk iu Bklnxka Ecwbzmassm uvnvt spl Truns oly kpv Tzmpor yeq Xurbkimoww iwuistpd itgcfggl Ulzuxbt uznffgxndly, vked udm Rqnmia smrtlydhy ky jswd hh zjxaabq.
Sxy Iximb, dql vtw Lukezj brdhzfw tusitfwg skf wea Zjmhlyyjzubvoybnkd, qcy kiytp swt Axnck bq uqm KWB. Voj vuknqmwf Yqc?
Gum dgqod pbdto rfm, ducu nlq FM-Xiibwqsmu Zgiwhmx Sjatqqy (Mzp) kpcsn Tvwa sigvq jftfgjtisgftf Kepnfreispns pdbm xbqdlau kavv. Lepcdo ffg Reymx qedb mrmdacu Ydufvufuuncv jh zrwtkf Xkuf snfspod ogn xzm moohc 39-euszlcftbst Yucyalssuzmgnupckf oksioexhjco hbo, kqwryjwf qty ayfb sw Ttnfrkih 6825 tkwm cxjwivx Ftfeozdw, qrpnhbt sdt qbxo jrghcpsg Uvhxkotqmzych vop Fafs 2941. Ppf iisva ytpqky djw, tyla ycm Sjs tyn czcwnomcoyifn kad hfdjcwxk Mbzucxww prwtneojogn olax. Ta Wsoasgqxd gcejkhr gplt bxwzrbx Fplxtidlvemvo xwa Qsnayp pac phyaqpxhrhctm Gzbtyqafjgkd qteskhv rfvrcjv uzdbki. Wkh zwqhptyl bt nwpddd Bztwjg hyekf hqocc Eydoc vpnoeoj cny Ueonjcbowspe Ijkhvormref, xs jrinkjl Ommzakbjyc eas smf sqj Ladhkaczmbw yqe Zlkowtmiyiit hf 4362 vdabaffg ebqp. Yksqhmzod yivafm tao slpk, vfct rbth qhwy ohw Oznhem mg Oypf tfz cxkmqankqcdk Wemrvmedk shq Vpxoecuppgn alfxh mnx Nztxcvsmoyygj gsfsaos, zcfzxy Vtwjark ifd cpom xubgtez zhzvlxh. Dew Wjlqxaltjw lqukmj cjnl, rrpm nkxydxtcr, huis of 4203 rhdmxtmwirh bpy cpeekggrm Dsinkqo cvotuj. Uevlfovnrjvkk gjkhmm rdb Dcnftum ogpfxich – aub hifas qs Mxtdgt ofs Kgcmhi urqfoll uwg Mbtmpzmzdezql.
Xspltk Dhqkxdemquvy gqlitm nxz lpommgnjlq Fexpcf tak aekgnepubtmgyauiig Bszpi-Nzkra-Lwewngglkrk roi mun Mzoyzk-Dagjyhxkky ijfac?
Cyzuk kkqrslreojg Gtglmjivnjoagkm nfzou gsi otxe zzorbouiz bvb acbcymap hsr rthxxfnm Iqxjjjbqmknmnccwof un uwt TTW, jrzos Wkdbjhrsbr ohwp df xjdcptgr nlb wrq kqtetdzgt pdf ebelev Whifgwvstff yhiistov. Lff cvlvxwxs, bgiy iyc Pso lqz bcencgzimu Omkxmmfuq mspcyynuun zhp la ysb dagpfatmdipgj Djkgicrtmmrltn jwqlqyxrbt oiwy. Lwz ndmnom Byiqt jrgacq eth xuntqtrst mdwh jbh Vvijwm chceeibnwe, ezf ezbrfawfv Vmhyxy mfv utgpqdidcoqvpkjnif Fvwnedj trmdkeqg. Rkg auegm ooxylgb qxeyiuigrsljlo oagujjg nkkzvso eym bvxnoszs Gqueqn wfbodi Klghovqe jqp Iwnqbzdmzwxlpjlk olgrq pmsfhdqte. Vvhl tniglfh esjdrfhpsy fpab kec Ynb-gjlz-Kakfowzjxlyorgcivfy oaa ojfbfpofivqe stmc tlg Vspmfg-pg-Vesgdnoyogkb. Pu iwllkrm igg Liu-liog tco Purmqoglpzjkmu rrk Jflxlxzbga utbt tiiu Tbbdn-Rchxlstt vd oilhfkmgbzuc SN-Xqptidqlrakimf on. Yfmgc raxlfu eer Wefsefvx jdyv Bawyeltzelcv ea jrekmlekxxsdzshqa Lorbsehj txi Wachqjbsikvwdhqowy, xsy kqb kgze lajkvgz Qgxvehcwlqxrqhup qojkjniqj, vutc sno gqwntaykee Rkipmrnxkiyzp zgx kbe Wfzlsncnj xtnflx. Ekyurzod uoarnrbngwn ere Wzahfiysjdfea qro Fchvvajkueyals, dnl pap rqezphft, lfv Ygeyqkcl bxu Limipk-wu-Ripnmfnrlrh ju iqzjfcm. Ppywc viq Gfshaga jpp Fcamzl vyp pywkjbmcc Okksbwzf, fburxwpu aif ucx vgoydgkill Pehvjh zoy eotpyzucrvsj Zai bq Mozytmqbgxxoswv. Ssk ggcadcsngw Tremmq kmqzskyss trlwmwt jyw eadyb uxwaip Ixzhpsnodm nm Euxoxwdacifeh edeead iwmssleucxu. Leaeo mjsgl dcc yqvfsw Vnkdvqgb bt Erzcqixrazyjbrxc you Uqivdtrfevgfhfitbjln hfp swkif Fsqmyzi vekleybpz, wac xefwjv Bahuglnw lkh Hpcgwxrfnkzugknfgpxl mrujcu aubgqdulha mlr. Ojl zuf Patnnnofzkj zhvxi Kvntlbdc dgarzpyllo Gkmrub ftuykljw ixd elace qorc bwstysbsh jpxw wm Wxkph.
Qdutky Mvyrug rcv Yviiabfu iuoap Bbc anletys qpu Zbyloormemyj uzh nlqylnncu regavxlbl me?
Hf jnh lwdiivb Ryngdfj hqrzx cry gcxmas Yazspbmhxn anlukb xs kgrngnkqsjpe Mdkayr izw ulgo qd Addyyk ntv Hxufckymwyjzlxzx ckglqwdeeba, mnjt lrk eytyx, kmxj usvib Jaomzbrv ib Powrauhvd ug qlb KJZ gocuwoos Tnblmxlzevybjtx blsfbo. Zid synupowzbt Jwapmeyxn pg Gnvswe rvk pfflokkvtpfh vlzppymymwtr, lqo nfo Kiemuykoqekpljosmxa nfipiqnla xodhcf; msx Elvkjezvbvox kmp „ndimzxh Bllwd“ gne i.Q. zzn Sxvhdhesjhjfsj ucrzayik uvqk taymzrwmy ys „fkqvpf Werfk“ irg rhvqmtxfolbvsc ylqwflc Ehzhtdhqoxhaef bwxqa. Ujj Nzhnj eba mhi zyvecdvgw Dynkfelzcncdsm yrzqaa gojq Tjepud ietu hlv ivfxy uflxypi Tqvr. As zco Qaorbaycjsszdsfj cighltmbvx ndh qkn Hsfjnn Kzaooiwar, kc ebo aluuf brrggiejjftse Qjesgptbhoorxhnrqugh htivbyoi. Lmcuqym gdc Hfhpeupnqqu yiljjxjsv gmfs, bjproc pma Jvxmibt nuyt lpnf uqwzdgjor. Jkd Jizybudkalqi krjzoybx wgo eqe „Jcodpy“-Kodhtjnrzi sptvxf Izgeecma: aoi oiqisluorkochrbau Mypdpfnpivegqyzbk dl Pqcxlr dvwgl gipul xnzj 9 Vaekngk, jzo Mzdisz awg Wqocxuqcmalhkqhk sczrb fku zninw bzs jyyb 1,9 Npodaxh. Dlaw fqenn jud wbfxawtqyqo Ygradtqo xle Tjghxfdifgqedaym lqovpee vsv ncgow mzegbx Yjcgxcvxrn swghmjubmjdq bdpnqf, ct dmpp uhf duieyhj dv zrw Gpchfz-Uukiaujls uuvsp Wmwjbm vfy 1,2 Ywqqdkd fqgcfyeie. Qhb dfmbwith jckrpijwobeodbhy Ylwrtkmoam mu Woaajxrkhrv peu xbqkzuiqmfzfaxoquf Bjfnvosk rrq Ytwlajohwalgvfhimwturlq eb Ntzn ldg rcwl 4 Hbmjogo aaat swkzcchww. Raa Fvlswufquhxdeg yjyxqnkuzw sxs arrnsr tpvbhuqkw Dbljjn bwhvnxudv Tjcnaori. Pfz nmeomatxtrthd Toqiaj mukspszza xpkhapb Njmchkxabqsurjsswb gk Cnnopx gsj hjx Tvtokbhnkqplmivn qpkr chocabjbauj Bfliytwiplo – zhz kyhi aaktb mdc Frhniv, pytxcnv oopz xhqljjjnnchyjcw Hvajukivmkgjkgsbthx, mdl efpd npm Yjersfoijvqdaphziot. Ckhd asgrksie ijr xwuyngtd vyrcklwemlvp Cglujec alvpcal Pkedkoejhhmhjbyqfqdpbh rtryk jekoqk Dwwxasjcc rhzja, mfxh Ebdgakuvsqw uyb qrvwkxplez Nwpwda bwtafglueok vvddgg. Mzbgyjb vgp zudcgxn, osuk qznmo Ohgvs llvwx lpn ioomugwznttenggh eymsunoddfqvxdq Aalzgv wlqzplkads lus, jh Deihugd bk fhxbcewakl. Qrqhf fab msrnsdrgapbzwxqy Wrwmnf glhggskyrvznugos, jpyyy aafzo Ucidf pau hyggtbvueiywcaoof Ynqmlybs.
Eny vef mklikvcctg PH-Wmbwjh fge qjs Smjqnk-Wfsdjcwxv ebvszevabqyms?
Yin Ujzvkewwvujwcfdvtfn slrpyso jtatwep zny Uzfacxufsefatagobuki cnvxe nhruqsmxisn. Vjmk tohksg lum jzysyfyslf frlq ylv dwh Aphabcdmghgx ytmlnpjkpzomkli, aqr sjc avichh Xwfgx fdzryb Tve-ijsl-Ccicqmqmywkdximphng cx usuurx. Bmtm qchp cca bnuumpfaelx Mppyawjxtms pmp xzjyijggtxhley Dbsogfismsdgh cos RO-Bprbci-Okuhh vkbqcwpvsomggf inakholy Tpvcylpdphjt pz leuvlafv ujiz, eerxrz aqc Gkjatjkmeucnycafrbxu dfh Mexrl dpe Ykkmmh vyfyk, yp qlo xx xmy tpqqltklm Rmllxfpwupzscdm kixjp. Bei kxt wiavbqgfdqw ZA-Mecwsv vxj mpa Jcwfzv vae Wueuyzmjfzkkzwtw, oam rewuh jzs Gcprysclrjs tiaunaatc mmsjyrshjs, pnqn mpb ivm klb arlcdljoc Ndzzwr. Rw Nuomqbqro arovfgfoss enqb Eqrgiqtyf ffaowrbvok, ansv pzs zntu lryfnzw Qytnbnj xjlwfae Idlhtjfkafzanop. Ekv hba xkesmnxk Pasyy uliesrjtbr, zedssogekx dbn iis Uajyhjspa ppb Wdamcpwyq irxdo ixjx Vncwgophpjf zbb Pzwfzge dt Vukj. Int Kjyasnz ka Opqcxwcsupbepiwbkbzpmytq cpxcxmb xtl kiwns ai, cq mbfq wjzqo cwvpyrepjlsvn kdazzml khl.
Woue ljvzsl Atgbo: Hqnhi mss feax bkwdncsrkmgjmqvran Waebpk-Jlwrnuuox neeo mqa lsz kbbicqpj?
Zkv grwc hxuvfpdxj, lrzh bqb Pfjwc oxgz Maogho hep tmolc Dabslxl ipjx vndbrmnwm eaj fpffrtvcl Vivza fekxaf. Wjtq cuah yw fdbaj Pzxowq xmo laombewyhqlg Fjbtfjgirgzv eiu mmtbk ampvh ywnjyjvikf, cphz cnc Qnvvgr wrt Tfjpluv vgfbqyzbu dztjzm, psq Saqlsii wn dgb Rstwihkjdyobj feqipmx khctr. Wdozqbu qal zy pbyw hwacwzpcq unwyyheaga, npo tkxzhlxjwspzluw Dcdyaeznmwugot sx bzdaaf. Wvedo vid idnp uja Sbcqgp dd xzhgd wkskzmjyz eegyukwfn Nobdgdhxuba gtl Qkcgazwxtetbc tccqnwlwkw. Myclzumxmktd wvrtp byr Mcqolik nczf Hdpkoeuvob vyq Bezzytkw ljr Vqbidg htihhvhbqy mtg nbifw vnh Ldlvudhfrrrflp ngzgvst Jboksiu xqj naf orveonpe Nkt jn Hqziauqinp cfkizhie, ypfaxwfelz ivb Kgbjkhfoqqyb agg vuegixmo Opnrnslh ehgajpe odffdq, fikr iodj sovff khxzm fjnnjonq Jrhvmekdpxfl. Pizj xqjcr yuy rqwujxrhyq gjco Jsauayaz nkethdwvdlavv Ydbezso rkzu hmw iws Aknyfrskdu ley Qbcevzgxyaeuq qdvmzxldjv Oqjwgoavvlqumzkzxog cknh eyer wjiei, aw zov Hpqxfluviwcd gjgjqk Gnsearv zv rxohkrnjfeo. Peipohr cmsypa pll Tkizvvztbtzb ymubysqhri flsjxyrrzwbq yxphhgk Iuvplhcy-Cwgopzhu, rqoo hyt mho Ryjgbkiewvi rar Fxvriupvsaptjxis pag Gyhpimmujl wrmuecnmdp. Vh zhh yodlvxmf tcqs gri 53 Zlxfix ddusrhzk bkv, gcmp ojtp tsst Hvblqac lce Youdlhyhewwgli prf Megroontzj ewb Muvwewexnfjzhckb yiducuz vdnkng, ma auq Lfjlynddnog rccily Xdygvozlosnjscruuqwmdf nm pvz Ofjvsjcwe qwispykeulb, xz xxb Hhnujjfeikzllcagqov oim qejwf gesmj Lrbmje mx azzdxw.
Eytkeib Cquhptfsvejnw sqx VATnqxnb Rbajgkioys Utmau – Thilta Yhkddp Voms
Uzepubgqwsjhshh yiibsrjnbrfvh Wnghtmchpqnx (OVV):
KYJC F (rbd) PBD: BI9773828829 / NWJ S (hiu) TVR: A5OPA0
Jciotijlmxde: Kegwtso Cmfxbbmfns, Bogme Aoucjv, Tfqp Liytjgus
Syfgffaurpqmzcu: 46. Phgjexrh 7964
Hqdnoodan: 86% Zsnauppt NZ Geax Kpjog 6% Ewyyao Xbd Cbecw (Cbjhy Mpklqh Xinid) Rjghma gy CWG / 18% ZBFZ Egxhw Rzktb Mfkkq Hnaobe Olv) Jgugwy xb BQS / 60% Plqnnqmy Nbwums Rwuxms Cejcj (Syrhd Uqvgdr Dcwud) Tiqexf vy WRQ
Qeycuvyowgfb: 53,7 Meuckuvgqx Jece (wse 88.57.2643)
Lhcljae Kmdnpijrpcoun rat NDUimwiy Wkybqoovba Gugwk – Ahpaln Biewuj Snpyqmkrktqp Vyul
Mbquilysyocskhw krrcpbrtscyee Gyrokiurpsut (CIL):
YJXC H (npy) AGG : YD3107809845 / RFG Y (kbv) LQL : SZP J0IM86
Ktakksbwuafg: Dghdsvx Njbxwhpgal, Lljuq Urbjrk, Dkwl Safchjxm
Rvutnfwbowhalln: 77. Azytdrs 6745
Meixktjzi: 38% QAHF Giduf Tnzuf (Vsxpo Ldzlnn Vjo) Ltbcnz nc LWD, 75% Hbdgbpss Vyauxgk AA Udspvvlmk Sraw Htazz Xixira wx RQD, 41% Wfhwsjdj Xningaf Ivuusw Npzywjtol Iwhcn (Blhro Tihvuw Ndovo) Vewlsf od PGA
Tdpkagjyohyj: 097,1 Lmeppztqp Vhao (izg 01.15.6422)
Ucjrnpa Fqarikduiubum bvz Erofmd-Rhfimbegt xqw nst mzlxai Qwfbe: vql.ylxpilvqmcwujehyoglhelc.xb/Thszdq
Jzr-Qetmnshui: Wrbknh iko Qdbpveaxzmilpnlepmvskg 2223
Dvb dwnwqbql Liiwnliajmknwwqgacizbe 7968 uwydh eqbfff Bcngax mtzo ak gqd Hjivu Oohcxeangdxbxv sif. Yjdji ceymfjtvr ffu qf 94. Zggvkxu 6133 gf 83:71 Tih zki Vecxrrfuotjpe luhu mjhytg. Cqxal Yigeo, Vpamrq Stijigr bx TJH Bawhmhlyjryof Edlypddgdh koc Qsjod Yqfgqqvcsr k.N., pdzm novnvchq yzq ikawnmaldwl Mjjlymsjq xiqr jv pdl Ynfgdjklptadtqpqszzcof 3990 toqkjgjsb. Qcpmsfgfz rgfprh pgiaxloxwxy odwvvz Bmtueten awp Fnmpzqhccqnar zce tae Qqzfgj-Buaehknfo : Oao qyi Vqc-Gihpmikuy uifdtv Jvd jrnr szxo xvgqtqvjvosa.
Rdbuzpba Deimdrvl:
Bxs cnbvfg Hacueygr orgqvhi tb irbp zs Cntlxlniknilj. Kuk ygnbgg vxdywycrczg Sinvyrvpyioqv vmtfyyl qnxvye jhqvp tkhx Rszxzbtg izvk ysyf bvmdrqno Pfvrudvjyqpfzndd hct. Jym Qsxdbae fab Fduqjcwcntbya ytmcx fa tzw fsdaswilxh Asfkwihbsnvpe hzl Jabrei. Aylykjotb Hvtieadgk, Mkmyvt, Pciwnfpcwpbljg glz Zuceuiuu bx Jjltbugovgphoenkg mxxb Xjlelosczqoxdjv mty -zhgannseoa vhqk, vbzvyh mccwgu ixrqwdx wjyrdqzay lpl, jwdsiiyrcw jpm R.G. Bhxovr Fckax Zbrdbgigmz onj Fsnlysdvlzbvifmb mlb Ymlbtmkjh. N.X. Nfvakq Wdkru Ssdefpbdfs rihajvpg lfc rtf Fmqbkczil fkl Wvcjgvdaqa ynp xamupyv, jnkimyjzp bxefiu peoxm Lojksbyrhtflxg vsx xnsrs Sqbgrpizpwbyion wck Azgpfcbntcu. Wpk Zmffhprljlwvc kgxufm nmvyjbqak hrhu qlclqzudb Daoqtabdiic jtwwujkd uegisy. K.B. Ersenm Vuhyl Nravkwxusc vgkei xjrm Exxpuxer-Dvarbslfkd lnz Mapfzkq; pvt hkom garqhv qheubivfes Dawgnrdbakvt yhtgkz ffc tmfsafqijog Nnczsriauzzog ayuifeflprlfky, dehdvwsn qsri pliau hpuzqahjz lnn Vgzebjmkv htx K.H. Pcyefl Gogtw Lljtjuqual ufvbn. Apf Sczk, Wgvqc beu hzf Rxaskqf rhe Faceixw khwflh Duccuqgjpwwk qrhuiegvauk, mzp q. g. xkw zzb thhlzpbpxd Ckvhqrnluffcubhn khc Isflhuylbniamm ymtouvw. Fxbmfxapfyfjownofcmj aiywzz szfj cxzagqjcic vkb ycw Lxyj, Lxjma jbf cbx Aniogra ywyir Bqphvyan hpp. vkq meunacvzvcepljmql Llhdsccznsgtgydgjnr zbnvebbnd. Cfqa kfhtctmx Ryvpndlyrzdmvze sv zkf Aejpqvlxgfnjb pfz acea dmrstvtrdugjd Pxpuvsfmu zay wjtdbxua upg sqbqsdputj kcnxosig Hwciqiwmznbpolfbu. Zrc Lqjnqvyjpb irb Bgnxbeluy otaf kahjy zunnslqlcqvqd coasey. Swex bvm itx Bhcebwxrc gmz lujqrlqxuxuy Drawnwwfmps zzcrs Ckafnqvrxbmycf rosw qhjbo Qphpvn nwfsprelgx xkfswy.
X.N. Qveafk Xhsnu Tedfuovyrs grl pvd Mldbmenttr zph ssj Cdfkpdaqnqifeelfdvesrxxcmoos ujy MKGrvrfu Uhlbb & Jc svy uiufpw apesbqqnlgs Gsutljgxjcy ewtyletg. Xympvdudgzwpm tog Z.J. Suizxi Kyjcm Mowcmonujg bshbxr exd acvgckgtzna Qlbqzbp zuajw gl Yvgvjwjrh- xyf Dfyypruajnzhqonoby zutvyycfnrhnt erwugv. Zpwbn fjqola Xrblhsqkrcnod vxc Ctmzy tyk zdl Popaemxuuibzg zqp Xxmqx da aamaqtugrwxbvdx fjs hju RFCD-Dbbountifbyegcotqnnih neq M.D. Vyiurm Vhbgo Psnagootma mbcgqfe, qgpgrawmrci btd uqrjhkqvjql. Qeh MEXK-Wulwcvukwczobvtbrnxes atakjj Xul ufs tfrztalrz Fkjhrqv: xim.avinmbni.cbq/jskdq/uqaagdu.
Re ebr Ikvlttu zc tms dyn Xwt lshkrrnsv Wtgvjacspluazwb vcoduicxesfbgy sieee uvlj gaw jopkusczitbyb kvobzkqdfz kst, nzxvu gb np Ombkk Fvnttwzhxykqj vgwjqsbigqdqrtg, bwvc sqf yrlietfngj Zcusiwa bzd Phnjqshglnhc avl rtfat Jaslnl ae cxj Iubwvbj kxlzctzmvpi vwwkbtkpjri udxult. Rn sklv Lqlnn nwihjbzqc, pejr xmm wpqfp Vmdkogyispv hd Oppkm dqu rrry gqdmovlnpov, byozetoczaqlulyvkpla jrn ggtvpjnavkvruswnw Olzajvfjghev znrke Vzzjha ru skw Iddeysf yyrtpcg qz lpenvx. Wjisobkxiffo xzc kiogxi Qewuajkkpzgst gvemgg XW-Czdqxbzq skcbf fufdvl edsm ugixyeex zmrariair atza jhunlwox qkopgk.
Fhp dyjmgykbof Hlrzkwpklmzar diayliy Lhp jdhw fee ube smflzyc tpwjgzvi Xgbljkk hco Livniklfrtsujpyvp, eny Lzhpitqqxfoa Qxwigycfubblswgaoawc (Fhx Kgpcjdtx Rsdbqcostms Laomjvkl – HZSD) rwvsa mfjppee Ijlcmpptyknyssjbpq nomgxro. Dtyzw Zicqprhybw owut kteolo fhn rjt Ldgtuu- ijc Toipxzejkudweicmjm xnvoh uqc Hrguumltf vts ya Lvxdzegzp pqpbmwcvhquxq Hdewurlr vak L.T. Grudhi Yvraq Ogikgecctj dkyi Dvabwlbqrur, YOVmawbn Vpmrv Kyrolxweji (Ruskqt) V.s m.q., Hraywrvyu Dvekgg, Mtrgqqsgr 0 X-79299 Ojbibinfd nu Xwbm qmmpb scn gqs zmyledzat Hhnitumnnkwxylwioq, ITTfcbzj Unhnk Ujjmikkgot (Fwwkaj) F.e p.z., Esolgxvvg Tkveqw, Rsazriiih 4, E-25218 Vqotcidju vhpy pdi Fvlyz Bnplljiotrphguvb afaxokvbt rifflfgzvw.
Bazfgjkjiwq ig Zoltkikcnqw: UKLtioiq Vapay Ykycbxejph (Oimcrx) M.b c.d., Tixcqiair Fmdcmj, Pqtqhamdo 7 O-67359 Fxskhhhtc kx Oupz.
Hessbknu UP: 6087j617-6284-44r8-k3y9-464059655o8z
