-HGHV %XFK GDV PDQ OLHVW KDW HLQH EHVWLPPWH *UXQGODJH RGHU HLQ =LHO GRFK ZLUG
GLHVHV VHOWHQ GHXWOLFK JHQDQQW (LQ 7H[WEXFK XQWHUVFKHLGHW VLFK YRQ HLQHP 5RPDQ
(LQH SROLWLVFKH *UXQGVDW]HUNOlUXQJ LVW HWZDV JDQ] DQGHUHV DOV HLQ ZLVVHQVFKDIW
OLFKHU $UWLNHO (LQ .LQGHUEXFK LVW QLFKW GDVVHOEH ZLH HLQ /\ULNEDQG (LQH WHFK
QLVFKH *HEUDXFKVDQZHLVXQJ LVW NHLQ *HVFKLFKWVZHUN (LQ *HEHWVEXFK LVW HWZDV
JDQ] DQGHUV DOV HLQ %XFK EHU $UFKlRORJLH 'DV %XFK GDV 6LH MHW]W LQ GHQ +lQGHQ
KDOWHQ XQWHUVFKHLGHW VLFK ZDKUVFKHLQOLFK YRQ IDVW DOOHP ZDV 6LH ELVKHU JHOHVHQ
KDEHQ XQG LFK P|FKWH NXU] HUNOlUHQ ZDUXP
'HU $XWRU GLHVHV %XFKHV LVW :LVVHQVFKDIWOHU GRFK QLFKW DXI GHP *HELHW PLW GHP
VLFK GLHVHV %XFK EHIDVVW ,FK IRUVFKH DXI GHP *HELHW GHU 0HGL]LQ XQG DUEHLWH DP
.DUROLQVND ,QVWLWXW LQ 6WRFNKROP 'DEHL KDQGHOW HV VLFK XP GLH PHGL]LQLVFKH
8QLYHUVLWlW YRQ 6WRFNKROP GLH MlKUOLFK GLH 1REHOSUHLVH IU 3K\VLRORJLH RGHU
0HGL]LQ YHUJLEW XQG DOV HLQH GHU EHVWHQ PHGL]LQLVFKHQ )RUVFKXQJVHLQULFKWXQJHQ
GHU :HOW JLOW 0HLQ:LVVHQVFKDIWVJHELHW EHIDVVW VLFK YRUZLHJHQG PLW 9HUlQGHUXQJHQ
GHV (UEJXWHV XQG GHQ GDUDXV UHVXOWLHUHQGHQ .UDQNKHLWHQ ZLH .UHEV XQG R[\GD
WLYHP 6WUHVV ,Q PHLQHU )RUVFKXQJVJUXSSH XQWHUVXFKHQ ZLU ZLH 7HLOFKHQ LQ GHU
8PZHOW XQG R[\GDWLYHU 6WUHVV IUHLH 5DGLNDOH 6FKlGHQ DQ GHQ *HQHQ DQULFKWHQ
N|QQHQ GLH GDQQ ZHLWHUH .UDQNKHLWHQ YHUXUVDFKHQ RGHU EHJQVWLJHQ ,Q XQVHUHP
)RUVFKXQJVIHOG HQWZLFNHOQ ZLU DQDO\WLVFKH 0HWKRGHQ ]HLFKQHQ .UDQNKHLWVPXVWHU
DXI XQG XQWHUVXFKHQ YRUEHXJHQGH 0DQDKPHQ XQG 0HFKDQLVPHQ
,Q GLHVHP %XFK YHUVXFKH LFK GLHVHOEH ZLVVHQVFKDIWOLFKH 9RUJHKHQVZHLVH ZLH EHL
PHLQHU $UEHLW DQ]XZHQGHQ 'DV ZDU QLFKW LPPHU OHLFKW YRU DOOHP ZHQQ HLQLJH GHU
6WXGLHQREMHNWH ELV ]X
-DKUH DOW VLQG
=X PHLQHP ZLVVHQVFKDIWOLFKHQ +LQWHUJUXQG NRPPW QRFK PHLQ :LVVHQ GDVV LFK
PLU GXUFK GLYHUVH +REE\V DQJHHLJQHW KDEH ZLH ] % $UFKlRORJLH )RWRJUDILH
0LQHUDOLHQ XQG ZHUWYROOH *HVWHLQH 5HLVHQ LQ IUHPGHQ .XOWXUHQ XQG 7LHIVHHWDXFKHQ
0HLQH IUKHUHQ 6WXGLHQ LQ &KHPLH %LRORJLH 6ZDVVHUELRORJLH XQG 7R[LNRORJLH
VRZLH gNRORJLH XQG 0HHUHVELRORJLH DQ GHQ 8QLYHUVLWlWHQ YRQ 8SSVDOD XQG
6WRFNKROP KDEHQ PLU VHKU JHKROIHQ HEHQVR ZLH PHLQH $UEHLW LQ GHU DQDO\WLVFKHQ
/DERUIRUVFKXQJ :R PHLQ HLJHQHV :LVVHQ QLFKW DXVUHLFKWH KDEH LFK PLFK HLQHV
ZHLWHQ 1HW]ZHUNHV DXV (LQ]HOSHUVRQHQ XQG :LVVHQVFKDIWOHUQ PLW HLQHP EUHLWHQ
6SHNWUXP DQ XQWHUVFKLHGOLFKHQ 4XDOLILNDWLRQHQ EHGLHQW
%HL GHU )RUVFKXQJ ZLUG LPPHU HLQH +\SRWKHVH HLQH $QQDKPH YRUDQJHVWHOOW
XQG GDQQ ZLUG GXUFK 9HUVXFKH ([SHULPHQWH XQG $QDO\VHQ JHIRUVFKW LQ PHLQHP
)DOO LP %HUHLFK GHU 0HGL]LQ 6SlWHU QDFK GHU $XVZHUWXQJ GHU
(UJHEQLVVH ZLUG GLH +\SRWKHVH HQWZHGHU YHUZRUIHQ RGHU VLH ZLUG
EHVWlWLJW XQG LVW GDQQ *UXQGODJH IU ZHLWHUH +\SRWKHVHQ GLH DQVFKOLH
HQG HUIRUVFKW ZHUGHQ $XI GLHVH :HLVH VFKUHLWHW GLH ZLVVHQVFKDIWOLFKH
)RUVFKXQJ YRUDQ
'LHVHV %XFK EDVLHUW DXI GHU IXQGDPHQWDOHQ +\SRWKHVH
'LH %LEHOWH[WH
PLW GHQHQ VLFK GLHVHV %XFK EHIDVVW VLQG ZDKUH KLVWRULVFKH 'RNXPHQWH
'LHVHV %XFK LVW MHGRFK NHLQ GRJPDWLVFKHV 'RNXPHQW YLHOPHKU VHW]W
HV YRUDXV GDVV GLH %LEHOVWHOOHQ ZDKU VLQG NRUUHNW EHUOLHIHUW XQG YRQ WDWVlFKOLFKHQ
%HJHEHQKHLWHQ KDQGHOQ
,Q YLHOHQ %FKHUQ XQG $UWLNHOQ JHKHQ GLH $XWRUHQ GDYRQ DXV HV UHLFKH DXV DQ
HWZDV QLFKW ]X JODXEHQ XQG HV GDQQ LQ (LQ]HOWHLOH ]X ]HUOHJHQ XQG GLHV VHL GDQQ
ZLVVHQVFKDIWOLFKHV $UEHLWHQ 'DV VWLPPW QLFKW 'HU ZLVVHQVFKDIWOLFKH $QVDW]
EHVWHKW GDULQ GLH +\SRWKHVH GLH 9RUDXVVHW]XQJ GHXWOLFK ]X QHQQHQ XQG GDQQ
GLHVH +\SRWKHVH ]X EHUSUIHQ 6R ZHLW ZLH P|JOLFK VROOWH GHU /HVHU PLW GHQ
JUXQGOHJHQGHQ 'DWHQ YHUWUDXW JHPDFKW ZHUGHQ VR GDVV HU VLH HLJHQH
$EE 'HU ELEOLVFKH 7H[W
EHU 0RVHV ± HLQH ZDKUH
KLVWRULVFKH *HVFKLFKWH"
$EE 'LH $ND]LH PHKU
RGHU ZHQLJHU GHU HLQ]LJH
%DXP GHU LQ GHU :VWH
JHGHLKW GDKHU DXFK 7HLO GHV
([RGXV
$EE 'DV *HELUJH DP
5RWHQ 0HHU
*HVFKLFKWH XQG $UFKlRORJLH
NDQQ PDQ QLFKW ZLH LQ H[
SHULPHQWHOOHQ :LVVHQVFKDI
WHQ ZLHGHUKROHQ GHQQRFK
VWHKHQ XQV ZLVVHQVFKDIWOLFKH
0HWKRGHQ ]X 9HUIJXQJ