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</rs-layer><rs-layer id="slider-7-slide-10-layer-37" data-type="shape" data-rsp_ch="on" data-xy="xo:912px,753px,572px,260px;yo:213px,175px,132px,283px;" data-text="w:normal;s:20,16,12,7;l:0,20,15,9;" data-dim="w:286px,236px,179px,141px;h:151px,124px,94px,73px;" data-frame_999="o:0;st:w;" style="z-index:8;background-color:#1b192e;" > </rs-layer> </rs-slide> </rs-slides> </rs-module> <script> setREVStartSize({c: 'rev_slider_7_1',rl:[1240,1024,778,480],el:[700,600,600,500],gw:[1240,1024,778,480],gh:[700,600,600,500],type:'standard',justify:'',layout:'fullwidth',mh:"0"});if (window.RS_MODULES!==undefined && window.RS_MODULES.modules!==undefined && window.RS_MODULES.modules["revslider71"]!==undefined) {window.RS_MODULES.modules["revslider71"].once = false;window.revapi7 = undefined;if (window.RS_MODULES.checkMinimal!==undefined) window.RS_MODULES.checkMinimal()} </script> </rs-module-wrap>  </div></div></div></div></div><div class="x-section e2-e5 m2-0 m2-4 m2-5 m2-6"><span class="x-separator-top-angle-in" style="top: 0px; height: 50px; color: rgba(0, 0, 0, 0.75);" aria-hidden="true"><svg class="angle-top-in" style="fill: currentColor;" xmlns="http://www.w3.org/2000/svg" version="1.1" viewBox="0 0 100 100" preserveAspectRatio="none"><polygon points="0,100 50,100 0,0"/><polygon points="50,100 100,100 100,0"/></svg></span><div class="x-row x-container max width e2-e6 m2-i m2-k m2-n m2-p"><div class="x-row-inner"><div class="x-col e2-e7 m2-1c m2-1d"><div class="x-text x-content e2-e8 m2-1h m2-1i m2-1j m2-1l m2-1m m2-1n m2-1o"><h5>Die neue geostrategische Dekade</h5> <p><span style="color: #ffffff;">Konjunkturzyklen treten regelmäßig auf. Sie sind gut erforscht und die Instrumente wie Überhitzung der Wirtschaft oder eine Wirtschaftsflaute bekämpft werden kann sind global in allen Ländern nahezu identisch: In wirtschaftlich schwachen Phasen werden beispielsweise durch die Notenbanken die Zinsen gesenkt und Regierungen legen Ausgabenprogramme auf.</span></p> <p><span style="color: #ffffff;">Dagegen dauern geopolitische Dekaden viel länger, wie z.B. die Zeit nach dem Zweiten Weltkrieg zeigt, in der die Welt über Jahrzehnte in zwei Blöcke eingeteilt war. Findet ein Bruch statt, fehlen die Instrumente einen solchen Bruch zu gestalten oder zu steuern. Nicht erst jedoch spätestens mit dem russischen Angriffskrieg wurde dieser Bruch offensichtlich und eine neue geopolitische Dekade eingeleitet. Daneben bestehen weitere Brüche: China-Taiwan-USA-Konflikt; neue Spieler wie Indien, Brasilien, Indonesien, Südafrika mit eigenen politischen Ambitionen. Zu dem geopolitischen Bruch kommen drei weitere hinzu:</span></p> <p><span style="color: #ffffff;">Als Folge der neuen geostrategischen Dekade stagniert der Welthandel und ist rückläufig. Die Welt steuert zudem auf eine Überalterung der Bevölkerung zu. Gleichzeitig wird die Wirtschaft weltweit Richtung Elektrifizierung umgebaut.</span></p> <p><span style="color: #ffffff;">Damit hat die Welt es mit vier überlappenden Trends zu tun: Sicherheit, Deglobalisierung, Decarbonisierung und Gesundheit - Die neue geostrategische Dekade.</span></p></div></div><div class="x-col e2-e9 m2-1c m2-1d"><div class="x-text x-content e2-e10 m2-1h m2-1i m2-1j m2-1k m2-1l m2-1m"><h6><a href="https://geostrategyfund.com/ueber-uns/">Wer wir sind:</a></h6> <p><strong><span style="color: #cc5828;">Der Geostrategy Fund</span> </strong>wird von der <span style="color: #cc5828;"><strong>Aristoteles GmbH</strong> </span>beraten. Die beiden Eigentümer <span style="color: #cc5828;">Jochen Reichert</span> und <span style="color: #cc5828;">Frank Rothauge</span> können zusammen auf <strong>über 50 Jahre Erfahrung an den Kapitalmärkten</strong> blicken.</p> <p>Neben dem Geostrategy Fund betreut Aristoteles Kunden mit maßgeschneiderten Lösungen in den Bereichen Family Offices, Privat und Institutionen wie Stiftungen.</p></div></div></div></div><div class="x-row x-container max width e2-e11 m2-i m2-j m2-n m2-q"><div class="x-row-inner"><div class="x-col e2-e12 m2-1c m2-1d"><div class="x-grid x-container max width e2-e13 m2-1z m2-20"><div class="x-cell e2-e14 m2-23 m2-24 m2-25"><div class="x-text x-content e2-e15 m2-1h m2-1i m2-1j m2-1l m2-1m m2-1n"><p><strong>Die Bedeutung der Geostrategie beim Investieren</strong></p> <p>Der Begriff Geostrategie leiten wir von der Geopolitik ab. Die Geopolitik befasst sich im engeren Sine mit der Geografie von Staaten und deren Auswirkungen auf politisches Handeln. Beispielsweise verfügt China über wenig eigene Rohstoffe wie Öl oder Gas verfügt und muss mehr als 1 Mrd. Menschen ernähren. Daher ist das Land auf offene Seewege angewiesen. Wer das sagen auf der Insel Taiwans hat, kann auf Grund der Topologie und Geografie die Seewege nach China blockieren. </p> <p>Wir fassen die Geostrategie jedoch viel weiter.  </p> <p>Ein Blick in die jüngste Vergangenheit zeigt, <strong>dass politische Eingriffe, Entscheidungen und Regelungen das Wirtschaftsgeschehen – und damit Geschäftsmodelle, Entwicklungen von Unternehmen und Kapitalmärkte – immer stärker beeinflussen:</strong> Lockdowns und Herunterfahren ganzer Wirtschaftszweige während der Corona-Pandemie, Weltweite Vorschriften zur <strong>Decarbonisierung</strong> wie Verbrenner-Verbot und Subventionierung grüner Energien, Rückbau der Globalisierung <strong>(Deglobalisierung)</strong> mittels Export-Verboten sowie eine dramatisch veränderte globale Sicherheitslage und der Boom von Rüstungsaktien sind nur einige Beispiele dafür.</p> <p><strong>Wir wollen die Gewinner der geostrategischen Auswirkungen finden und in diese Unternehmen investieren. </strong></p></div></div><div class="x-cell e2-e16 m2-23 m2-24 m2-25"><div class="x-text x-content e2-e17 m2-1h m2-1i m2-1j m2-1l m2-1m m2-1n"><p><strong>Geostrategische Faktoren wirken auf Märkte in zwei Richtungen...</strong></p> <p>Die Kapitalmärkte sind von geostrategischen Treibern grundsätzlich in zwei Richtungen beeinflusst:</p> <ul> <li><strong>Plötzliche Schocks:</strong> Geostrategische, plötzliche ad-hoc Schocks wie Ausbruch des Ukraine-Krieges und Covid-19 Pandemie, die zu massiven Verwerfungen an den Märkten führen.</li> <li><strong>Geostrategische Entscheidungen mit langfristiger Wirkung:</strong> Seit 2019 stagniert der Welthandel, insbesondere durch Schutz der heimischen Standorte durch Subventionen und Investitionsanreizen. Z.B. haben die USA viele Importwaren insbesondere aus China mit hohen Zöllen belegt. Über den Inflation Reduction Act Investitionen in den USA massiv subventioniert. Der Ausbruch des Ukraine-Krieges hat zu massiven Verwerfungen in der Energieversorgung in Deutschland geführt. In Kombination mit einer ideologisch geprägten Energiepolitik der Ampelregierung in Deutschland wurden die Kosten für die chemische Industrie massiv verteuert, energieintensive Industrien wandern aus Deutschland ab.</li> </ul> <p><strong>Mit unserem Investment-Stil streben wir an, die Auswirkungen geostrategischer ad-hoc Marktschocks auf das Portfolio abzufedern. </strong></p></div></div><div class="x-cell e2-e18 m2-23 m2-24 m2-25"><div class="x-text x-content e2-e19 m2-1h m2-1i m2-1j m2-1k m2-1l m2-1m"><p><strong>Stockpicking und Alpha Investments als Performance-Booster</strong></p> <p>Neben dem Fokus auf die Geostrategie im Investment Prozess bildet das Stockpicking bzw. Alpha-Investments die zweite zentrale Säule des Investment-Konzepts.</p> <p><strong>Wir suchen nach Unternehmen, die uns mit ihrer Innovationskraft, ihrem Wachstumsprofil sowie mit ihrer Qualität überzeugen und eine attraktive Bewertung aufzeigen</strong>. Gleichzeitig ist für uns entscheidend, dass positive Treiber und Katalysatoren absehbar sind, mit der die Unterbewertung abgebaut werden kann.</p> <p></p></div></div><div class="x-cell e2-e20 m2-23 m2-24 m2-25"><div class="x-text x-content e2-e21 m2-1h m2-1i m2-1j m2-1k m2-1l m2-1m"><p><strong>Der Geostrategy Fund in der Praxis: > +30 % Performance 2021 - 2023</strong></p> <ul> <li>Die Berater des Der Geostrategy Funds (WKN: ....) setzen das Konzept seit Anfang des Jahres 2021 im Fonds um. Das Konzept des Geostrategy Funds wurde mit Erweiterung des Adviser-Teams aus dem Vorgänger-Fonds "Aristoteles" entwickelt.</li> <li><strong>Im Jahr 2021 konnte der Fonds um +21 % zulegen, im Krisenjahr 2022 hat der Fonds mit mit einem Minus von 3,2% sich vergleichsweise gut behauptet und im Jahr 2023 zeigte der Fonds erneut eine positive Performance mit + 16 %.</strong></li> <li>Ziel ist es, aktiennahe Renditen mit geringerem Risiko zu erzielen.</li> </ul></div></div></div></div></div></div></div><div class="x-section e2-e22 m2-0 m2-3 m2-7"><div class="x-row x-container max width e2-e23 m2-i m2-j m2-n m2-r"><div class="x-row-inner"><div class="x-col e2-e24 m2-1c m2-1d"><div class="x-text x-content e2-e25 m2-1h m2-1i m2-1j m2-1k m2-1l m2-1m"><h5><span style="color: #000000;">Das Konzept:</span> Aktienorientierter Mischfonds mit Fokus auf Geostrategie, Alpha Investments und konzentriertes Portfolio</h5></div><div class="x-text x-content e2-e26 m2-1h m2-1i m2-1j m2-1k m2-1l m2-1m m2-1p"><p><span style="color: #000000;">Der Geostrategy Fund ist ein <strong>europäischer Mischfonds</strong> mit einer <strong>hohen Aktiengewichtung</strong>. Cash & Anleihen werden zur Risikosteuerung eingesetzt.</span> <strong>Das Portfolio des Geostrategy Funds besteht im wesentlichen aus drei Säulen:</strong></p> <p><span style="color: #cc5828;"><strong>Geostrategisches Portfolio | Alpha-Portfolio | Anleihen & Cash</strong></span></p></div></div></div></div><div class="x-row x-container max width e2-e27 m2-i m2-j m2-n m2-s"><div class="x-row-inner"><div class="x-col e2-e28 m2-1c m2-1d"><div class="x-text x-content e2-e29 m2-1h m2-1i m2-1j m2-1k m2-1l m2-1m"><p> </p> <p><img decoding="async" class="alignnone size-full wp-image-416" src="https://geostrategyfund.com/wp-content/uploads/2024/05/2024_April_Newsletter_Portfolio.jpg" alt="" width="18666" height="10500" /></p></div></div><div class="x-col e2-e30 m2-1c m2-1d"><div class="x-text x-content e2-e31 m2-1h m2-1i m2-1j m2-1k m2-1l m2-1m"><p></p> <ul> <li>Geostrategisches Portfolio: Investments, die von den vier zentralen geostrategischen Trends Sicherheit, Deglobalisierung, Decarbonisierung und Gesundheit & Ernährung profitieren.</li> </ul> <ul> <li>Alpha Portfolio: Rendite-Booster auf Basis unseres Stock-Picking-Ansatzes: Robustes Geschäftsmodell und attraktiv bewertet.</li> </ul> <ul> <li>Cash & Anleihen: Zur Risikosteuerung - Anteil wird in schwierigen Marktphasen erhöht.</li> </ul></div></div></div></div><div class="x-row x-container max width e2-e32 m2-i m2-j m2-l m2-n m2-t"><div class="x-row-inner"><div class="x-col e2-e33 m2-1c m2-1d"><div class="x-acc e2-e34 m2-2b m2-2c m2-2d m2-2e" id="x-acc-e2-e34"><div class="e2-e35 x-acc-item"><button id="tab-e2-e35" class="x-acc-header" role="button" type="button" aria-expanded="false" aria-controls="panel-e2-e35" data-x-toggle="collapse" data-x-toggleable="e2-e35"><span class="x-acc-header-content"><span class="x-acc-header-indicator">▸</span><span class="x-acc-header-text">Performance seit Januar 2021</span></span></button><div id="panel-e2-e35" role="tabpanel" aria-hidden="true" aria-labelledby="tab-e2-e35" data-x-toggleable="e2-e35" data-x-toggle-collapse="1" class="x-collapsed"><div class="x-acc-content"><div class="x-text x-content e2-e36 m2-1h m2-1i m2-1j m2-1k m2-1l m2-1m"><img decoding="async" src="https://geostrategyfund.com/wp-content/uploads/2024/06/2024-JUN-Chart.png" alt="" width="3740" height="2841" class="alignnone size-full wp-image-483" srcset="https://geostrategyfund.com/wp-content/uploads/2024/06/2024-JUN-Chart.png 3740w, https://geostrategyfund.com/wp-content/uploads/2024/06/2024-JUN-Chart-300x228.png 300w, https://geostrategyfund.com/wp-content/uploads/2024/06/2024-JUN-Chart-1024x778.png 1024w, https://geostrategyfund.com/wp-content/uploads/2024/06/2024-JUN-Chart-768x583.png 768w, https://geostrategyfund.com/wp-content/uploads/2024/06/2024-JUN-Chart-1536x1167.png 1536w, https://geostrategyfund.com/wp-content/uploads/2024/06/2024-JUN-Chart-2048x1556.png 2048w, https://geostrategyfund.com/wp-content/uploads/2024/06/2024-JUN-Chart-100x76.png 100w, https://geostrategyfund.com/wp-content/uploads/2024/06/2024-JUN-Chart-1200x912.png 1200w" sizes="(max-width: 3740px) 100vw, 3740px" /></div></div></div></div><div class="e2-e37 x-acc-item"><button id="tab-e2-e37" class="x-acc-header" role="button" type="button" aria-expanded="false" aria-controls="panel-e2-e37" data-x-toggle="collapse" data-x-toggleable="e2-e37"><span class="x-acc-header-content"><span class="x-acc-header-indicator">▸</span><span class="x-acc-header-text">Performance im Vergleich zu wichtigen Aktien-Indizes</span></span></button><div id="panel-e2-e37" role="tabpanel" aria-hidden="true" aria-labelledby="tab-e2-e37" data-x-toggleable="e2-e37" data-x-toggle-collapse="1" class="x-collapsed"><div class="x-acc-content"><div class="x-text x-content e2-e38 m2-1h m2-1i m2-1j m2-1k m2-1l m2-1m"><img loading="lazy" decoding="async" src="https://geostrategyfund.com/wp-content/uploads/2024/06/2024-GEOS_website_Indizes_.png" alt="" width="3726" height="3112" class="alignnone size-full wp-image-485" srcset="https://geostrategyfund.com/wp-content/uploads/2024/06/2024-GEOS_website_Indizes_.png 3726w, https://geostrategyfund.com/wp-content/uploads/2024/06/2024-GEOS_website_Indizes_-300x251.png 300w, https://geostrategyfund.com/wp-content/uploads/2024/06/2024-GEOS_website_Indizes_-1024x855.png 1024w, https://geostrategyfund.com/wp-content/uploads/2024/06/2024-GEOS_website_Indizes_-768x641.png 768w, https://geostrategyfund.com/wp-content/uploads/2024/06/2024-GEOS_website_Indizes_-1536x1283.png 1536w, https://geostrategyfund.com/wp-content/uploads/2024/06/2024-GEOS_website_Indizes_-2048x1711.png 2048w, https://geostrategyfund.com/wp-content/uploads/2024/06/2024-GEOS_website_Indizes_-100x84.png 100w, https://geostrategyfund.com/wp-content/uploads/2024/06/2024-GEOS_website_Indizes_-1200x1002.png 1200w" sizes="auto, (max-width: 3726px) 100vw, 3726px" /></div><span class="x-image e2-e39 m2-2i"><img decoding="async" src="" alt="Image"></span></div></div></div></div></div><div class="x-col e2-e40 m2-1c m2-1d"><div class="x-acc e2-e41 m2-2b m2-2c m2-2d m2-2e" id="x-acc-e2-e41"><div class="e2-e42 x-acc-item"><button id="tab-e2-e42" class="x-acc-header" role="button" type="button" aria-expanded="false" aria-controls="panel-e2-e42" data-x-toggle="collapse" data-x-toggleable="e2-e42"><span class="x-acc-header-content"><span class="x-acc-header-indicator">▸</span><span class="x-acc-header-text">Top 10 Holdings</span></span></button><div id="panel-e2-e42" role="tabpanel" aria-hidden="true" aria-labelledby="tab-e2-e42" data-x-toggleable="e2-e42" data-x-toggle-collapse="1" class="x-collapsed"><div class="x-acc-content"><span class="x-image e2-e43 m2-2i"><img decoding="async" src="https://geostrategyfund.com/wp-content/uploads/2024/06/2024_Mai_GEOS_Top_10_Holdings.jpg" width="18666" height="10500" alt="Image" loading="lazy"></span></div></div></div><div class="e2-e44 x-acc-item"><button id="tab-e2-e44" class="x-acc-header" role="button" type="button" aria-expanded="false" aria-controls="panel-e2-e44" data-x-toggle="collapse" data-x-toggleable="e2-e44"><span class="x-acc-header-content"><span class="x-acc-header-indicator">▸</span><span class="x-acc-header-text">Geografische Aufteilung</span></span></button><div id="panel-e2-e44" role="tabpanel" aria-hidden="true" aria-labelledby="tab-e2-e44" data-x-toggleable="e2-e44" data-x-toggle-collapse="1" class="x-collapsed"><div class="x-acc-content"><div class="x-text x-content e2-e45 m2-1h m2-1i m2-1j m2-1k m2-1l m2-1m">This is accordion content!</div></div></div></div></div></div></div></div></div><div class="x-section e2-e46 m2-0 m2-3 m2-4 m2-5"><div class="x-row x-container max width e2-e47 m2-i m2-j m2-n m2-u"><div class="x-row-inner"><div class="x-col e2-e48 m2-1c m2-1d"></div><div class="x-col e2-e49 m2-1c m2-1e"><div class="x-grid x-container max width e2-e50 m2-1z m2-20 m2-21"><div class="x-cell e2-e51 m2-23 m2-26 m2-27 m2-28"><div class="x-text x-content e2-e52 m2-1i m2-1j m2-1k m2-1l m2-1q m2-1r m2-1s">All-Cap Ansatz mit Schwerpunkt in europäische Aktien</div></div><div class="x-cell e2-e53 m2-23 m2-27 m2-28"><div class="x-text x-content e2-e54 m2-1i m2-1j m2-1k m2-1l m2-1q m2-1r m2-1s">Anleihen als Cash-Ersatz und zur Risikosteuerung - geringe Laufzeitrisiken</div></div><div class="x-cell e2-e55 m2-23 m2-26 m2-27 m2-28"><div class="x-text x-content e2-e56 m2-1i m2-1j m2-1k m2-1l m2-1r m2-1s m2-1t">Kern-Investments in die Gewinner geostrategischer Entwicklungen</div></div><div class="x-cell e2-e57 m2-23 m2-27 m2-28"><div class="x-text x-content e2-e58 m2-1i m2-1j m2-1k m2-1l m2-1r m2-1s m2-1t">Hohe Aktiengewichtung</div></div><div class="x-cell e2-e59 m2-23 m2-26 m2-27 m2-28"><div class="x-text x-content e2-e60 m2-1i m2-1j m2-1k m2-1l m2-1r m2-1s m2-1t">Alpha-Ideen als Performance-Booster</div></div><div class="x-cell e2-e61 m2-23 m2-27 m2-28"><div class="x-text x-content e2-e62 m2-1i m2-1j m2-1k m2-1l m2-1r m2-1s m2-1u">Vierstufiger <a href="https://geostrategyfund.com/investment-prozess/">Investment Prozess</a>: Makro, Geldpolitik, Geostrategie, Unternehmensanalyse</div></div><div class="x-cell e2-e63 m2-23 m2-26 m2-27 m2-28"><div class="x-text x-content e2-e64 m2-1i m2-1j m2-1k m2-1l m2-1q m2-1r m2-1s">Eigenes Modell zur Analyse geostrategischer Entwicklungen: <a href="https://geostrategyfund.com/geostrategischer-risikoindex/">Geostrategischer Risikoindex</a></div></div><div class="x-cell e2-e65 m2-23 m2-27 m2-28"><div class="x-text x-content e2-e66 m2-1i m2-1j m2-1k m2-1l m2-1q m2-1r m2-1s">Risilient Investing DNA</div></div></div></div></div></div></div><div class="x-section e2-e67 m2-0 m2-2 m2-3 m2-8"><div class="x-row x-container max width e2-e68 m2-i m2-j m2-n m2-v"><div class="x-row-inner"><div class="x-col e2-e69 m2-1c m2-1d"><div class="x-text x-content e2-e70 m2-1h m2-1i m2-1j m2-1k m2-1l m2-1m"><h5 style="font-weight: 400;"><strong>Die wesentlichen geostrategischen Treiber</strong></h5> <p style="font-weight: 400;">Wir haben derzeit die folgenden vier geostrategischen Entwicklungen im Blick.</p> <p><strong>Globale Sicherheit | Dekarbonisierung | Deglobalisierung | Gesundheit & Demografie</strong></p> <p style="font-weight: 400;"><strong>Globale Sicherheit:</strong> Die veränderten Rahmenbedingungen in der globalen Sicherheit spätestens seit Beginn des Jahres 2022 hat zu einem Superzyklus bei europäischen Rüstungsaktien geführt. Gleichzeitig haben energieintensive Unternehmen massiv an Wert verloren.</p> <p style="font-weight: 400;"><strong>Decarbonisierung:</strong> 2019 und 2020 gab es beispielsweise einen Boom bei Unternehmen rund um das Thema erneuerbare Energien und Elektrifizierung, da die Politik den Umbau der Wirtschaft Richtung CO2-Neutralität forciert hat. Inzwischen werden in vielen Ländern die Vorgaben gelockert und die zeitlichen Ziele für die CO2-Reduktion weit nach hinten verschoben.</p> <p style="font-weight: 400;"><strong>All diese politischen Veränderungen fassen wir unter dem Begriff der Geostrategie zusammen. Wie im Fall des russischen Angriffskriegs auf die Ukraine haben solche Entwicklungen starke Auswirkungen auf die gesamten Kapitalmärkte oder wie im Fall der Dekarbonisierung auf einzelne Branchen und Unternehmen.</strong></p> <h6 style="font-weight: 400;"><strong>Geostrategie und Technologie</strong></h6> <p style="font-weight: 400;">Uns wird immer wieder die Frage gestellt, ob wir durch den Blick auf die Geostrategie Chancen bei Technologie-Unternehmen verpassen und wie wir mit Technologie bzw. mit Chancen bei Technologie-Unternehmen umgehen.</p> <p style="font-weight: 400;">Unternehmen wie die deutsche Software-Schmiede SAP oder dem niederländischen Weltmarktführer ASML haben wir selbstverständlich im Blick. Wir sehen Technologie nicht als geostrategischen Treiber, sondern vielmehr als Innovation. Passen Technologie-Aktien in in unsere Anlagekriterien - Qualität, Bewertung, Geschäftsmodell und Newsflow - kaufen natürlich auch Technologie-Unternehmen. Unterliegen die Unternehmen geostrategischer Faktoren, wie z.B. einige Halbleiteraktien, werden sie dem Geostrategie-Portfolio zugeordnet.</p></div></div></div></div></div><div class="x-section e2-e71 m2-0 m2-3 m2-7"><div class="x-row x-container max width e2-e72 m2-i m2-j m2-n m2-w"><div class="x-row-inner"><div class="x-col e2-e73 m2-1c m2-1d"><span class="x-image e2-e74 m2-2i"><img decoding="async" src="https://geostrategyfund.com/wp-content/uploads/2023/01/CHina-Kugel-iStock-1332858582.jpg" width="627" height="418" alt="China-Kugel" loading="lazy"></span></div><div class="x-col e2-e75 m2-1c m2-1d"><div class="x-acc e2-e76 m2-2b m2-2c m2-2d m2-2e" id="x-acc-e2-e76"><div class="e2-e77 x-acc-item"><button id="tab-e2-e77" class="x-acc-header" role="button" type="button" aria-expanded="false" aria-controls="panel-e2-e77" data-x-toggle="collapse" data-x-toggleable="e2-e77"><span class="x-acc-header-content"><span class="x-acc-header-indicator">▸</span><span class="x-acc-header-text"><h6><strong>Globale Sicherheit: Die geopolitische „Balance of Power” ist aus dem Gleichgewicht</strong></h6> <p><strong></strong>Die globale Weltordnung und der institutionelle Rahmen der globalen Sicherheitsarchitektur, die nach dem Zusammenbruch der Sowjetunion geschaffen wurde, ist - nicht erst – jedoch spätestens mit dem russischen Angriffskrieg auf die Ukraine unwiderruflich beendet. Damit ist die Friedensdividende aufgebraucht, eine neue geostrategische Risikodekade eingeleitet und die geopolitische „Balance of Power“ aus dem Gleichgewicht.</p></span></span></button><div id="panel-e2-e77" role="tabpanel" aria-hidden="true" aria-labelledby="tab-e2-e77" data-x-toggleable="e2-e77" data-x-toggle-collapse="1" class="x-collapsed"><div class="x-acc-content"><div class="x-text x-content e2-e78 m2-1h m2-1i m2-1j m2-1k m2-1l m2-1m">Zudem treten auf der Weltbühne mehr und mehr Spieler auf, mit eigenen geopolitischen, machtpolitischen und expansiven Ambitionen, die sie teilweise mit aggressiven Strategien verfolgen. Es fehlt ein institutioneller Rahmen, das alle Spieler als Regelwerk anerkennen.</div></div></div></div></div></div></div></div></div><div class="x-section e2-e79 m2-0 m2-3 m2-7"><div class="x-row x-container max width e2-e80 m2-i m2-j m2-n m2-x"><div class="x-row-inner"><div class="x-col e2-e81 m2-1c m2-1d"><span class="x-image e2-e82 m2-2i"><img decoding="async" src="https://geostrategyfund.com/wp-content/uploads/2023/01/Geostrategisches-Teilportfolio.jpg" width="670" height="391" alt="Geostrategische Teilportfolio" loading="lazy"></span></div><div class="x-col e2-e83 m2-1c m2-1d"><div class="x-acc e2-e84 m2-2b m2-2c m2-2d m2-2e" id="x-acc-e2-e84"><div class="e2-e85 x-acc-item"><button id="tab-e2-e85" class="x-acc-header" role="button" type="button" aria-expanded="false" aria-controls="panel-e2-e85" data-x-toggle="collapse" data-x-toggleable="e2-e85"><span class="x-acc-header-content"><span class="x-acc-header-indicator">▸</span><span class="x-acc-header-text"><h6>Deglobalisierung: Der Welthandel hat seinen Höhepunkt überschritten</h6> <p><strong></strong>Seit 2019 stagniert der Welthandel. Die nationale Wirtschaftspolitik ist zurückkehrt und treibt den Subventionswettlauf zwischen den Ländern sowie die Einführung immer weiterer und höherer Zölle.</p></span></span></button><div id="panel-e2-e85" role="tabpanel" aria-hidden="true" aria-labelledby="tab-e2-e85" data-x-toggleable="e2-e85" data-x-toggle-collapse="1" class="x-collapsed"><div class="x-acc-content"><div class="x-text x-content e2-e86 m2-1h m2-1i m2-1j m2-1k m2-1l m2-1m">xxxx</div></div></div></div></div></div></div></div></div><div class="x-section e2-e87 m2-0 m2-3 m2-4 m2-9"><div class="x-row x-container max width e2-e88 m2-i m2-j m2-n m2-y"><div class="x-row-inner"><div class="x-col e2-e89 m2-1c m2-1d"><div class="x-text x-content e2-e90 m2-1h m2-1i m2-1j m2-1k m2-1l m2-1m"><h4>So leben, denken und investieren wir in Geostrategie...</h4></div></div><div class="x-col e2-e91 m2-1c m2-1d"><div class="x-grid x-container max width e2-e92 m2-1z m2-20"><div class="x-cell e2-e93 m2-23 m2-24 m2-25"><div class="x-text x-content e2-e94 m2-1h m2-1i m2-1j m2-1l m2-1m m2-1n"><p><strong>2024</strong></p></div><div class="x-acc e2-e95 m2-2b m2-2c m2-2d m2-2e" id="x-acc-e2-e95"><div class="e2-e96 x-acc-item"><button id="tab-e2-e96" class="x-acc-header" role="button" type="button" aria-expanded="false" aria-controls="panel-e2-e96" data-x-toggle="collapse" data-x-toggleable="e2-e96"><span class="x-acc-header-content"><span class="x-acc-header-indicator">▸</span><span class="x-acc-header-text"><strong><span style="color: #cc5828;">Saatgut-Unternehmen KWS Saat</span></strong></span></span></button><div id="panel-e2-e96" role="tabpanel" aria-hidden="true" aria-labelledby="tab-e2-e96" data-x-toggleable="e2-e96" data-x-toggle-collapse="1" class="x-collapsed"><div class="x-acc-content"><div class="x-text x-content e2-e97 m2-1h m2-1i m2-1j m2-1k m2-1l m2-1m"><p><span style="font-family: inherit; font-size: 1em; letter-spacing: 0em;">KWS Saat ist ein Beispiel, auf das sowohl unsere Alpha-Kriterien als auch unsere Denkweise zu Geostrategie passen. </span></p> <p>KWS Saat ist ein Innovator und Produzent von Saatgut wie die Zuckerrübe, Mais und Gemüse. Die Firma wurde historisch mit einem Kurs-Gewinn-Verhältnis von 20 bewertet. Aus nicht nachvollziehbaren Gründen ist die Aktie deutlich gefallen und war im März 2024 mit einem KGV von nur noch knapp über 10 bewertet - obwohl das Wachstum weiter intakt war und das Unternehmen durch einen Verkauf ihres Südamerika Geschäfts die Bilanzsituation deutlich verbessert hat.</p> <p>KWS passt perfekt in unseren geostrategischen Trend der Ernährung. Es passte im März 2024 auch perfekt zu unseren Alpha-Überlegungen: Niedrig bewertet, hohe Unternehmensqualität, strukturelles Wachstum, erwarteter Newsflow, dass die Unterbewertung abgebaut werden kann.</p></div></div></div></div><div class="e2-e98 x-acc-item"><button id="tab-e2-e98" class="x-acc-header" role="button" type="button" aria-expanded="false" aria-controls="panel-e2-e98" data-x-toggle="collapse" data-x-toggleable="e2-e98"><span class="x-acc-header-content"><span class="x-acc-header-indicator">▸</span><span class="x-acc-header-text"><span style="color: #cc5828;"><strong>Gold-Produzent Barrick Gold</strong></span></span></span></button><div id="panel-e2-e98" role="tabpanel" aria-hidden="true" aria-labelledby="tab-e2-e98" data-x-toggleable="e2-e98" data-x-toggle-collapse="1" class="x-collapsed"><div class="x-acc-content"><div class="x-text x-content e2-e99 m2-1h m2-1i m2-1j m2-1k m2-1l m2-1m"><p>Die Geostrategy Fund sieht sich als Mischfonds mit Fokus auf Aktien. Auf den ersten Blick würde eine Goldquote zur Ausrichtung des Fonds passen. Allerdings haben Investoren sehr unterschiedliche Auffassungen über Ihre Goldquote. Diese kann auch sehr einfach über verschiedene Instrumente individuell abgebildet werden.</p> <p>Wir haben jedoch in den kanadischen Goldproduzenten Barrock Gold investiert: Die Verschuldungen vieler westlicher Staaten steigen weiter an. Die USA hat eine Verschuldungsquote (Schulden zum BIP) deutlich überschritten. Die Verschuldung insbesondere der USA könnte an den Kapitalmärkten stärker in den Fokus rücken. Davon würde Gold profitieren und in einer solchen geostrategischen Risikosituation erwarten wir, dass Aktien von Goldproduzenten steigen.</p></div></div></div></div></div></div><div class="x-cell e2-e100 m2-23 m2-24 m2-25"><div class="x-text x-content e2-e101 m2-1h m2-1i m2-1j m2-1k m2-1l m2-1m"><p><strong>2023</strong></p></div><div class="x-acc e2-e102 m2-2b m2-2c m2-2d m2-2e" id="x-acc-e2-e102"><div class="e2-e103 x-acc-item"><button id="tab-e2-e103" class="x-acc-header" role="button" type="button" aria-expanded="false" aria-controls="panel-e2-e103" data-x-toggle="collapse" data-x-toggleable="e2-e103"><span class="x-acc-header-content"><span class="x-acc-header-indicator">▸</span><span class="x-acc-header-text"><strong><span style="color: #cc5828;">Atomenergie-Dienstleister Assystem</span></strong></span></span></button><div id="panel-e2-e103" role="tabpanel" aria-hidden="true" aria-labelledby="tab-e2-e103" data-x-toggleable="e2-e103" data-x-toggle-collapse="1" class="x-collapsed"><div class="x-acc-content"><div class="x-text x-content e2-e104 m2-1h m2-1i m2-1j m2-1k m2-1l m2-1m"><p>Das französische Unternehmen Assystem S.A. erbringt Ingenieurs-Dienstleistungen für Atomkraftwerke: Wartung, Planung, Bauunterstützung. Rund 75 % der Umsätze werden in Frankreich erzielt, 25 % im Ausland, insbesondere im Nahen Osten.</p> <p>Als geostrategischer langfristiger Trend ist zu beobachten, dass weltweit der Umbau der Energieversorgung und der Mobilität Richtung Strom vorangetrieben wird. In nahezu allen großen Industrienationen und aufstrebenden Ländern spielt die Atomkraft als "grüne" Energie und zuverlässiger Stromerzeuger eine wesentliche Rolle.</p> <p>Assystem ist mit ihrer Expertise Bestens aufgestellt, um von dem geostrategischen Trend, Betrieb und Atomkraftwerken zu profitieren und strukturell zu wachsen.</p></div></div></div></div><div class="e2-e105 x-acc-item"><button id="tab-e2-e105" class="x-acc-header" role="button" type="button" aria-expanded="false" aria-controls="panel-e2-e105" data-x-toggle="collapse" data-x-toggleable="e2-e105"><span class="x-acc-header-content"><span class="x-acc-header-indicator">▸</span><span class="x-acc-header-text"><span style="color: #cc5828;"><strong>Internet-Dienstleister Ionos</strong></span></span></span></button><div id="panel-e2-e105" role="tabpanel" aria-hidden="true" aria-labelledby="tab-e2-e105" data-x-toggleable="e2-e105" data-x-toggle-collapse="1" class="x-collapsed"><div class="x-acc-content"><div class="x-text x-content e2-e106 m2-1h m2-1i m2-1j m2-1k m2-1l m2-1m">Das deutsche Unternehmen Ionos stellt kleinen und mittelständischen Unternehmen sowie Behörden in Europa und USA Services rund um ihren web-Auftritt wie Domains, Hosting, Software zur Erstellung von Websiten, E-Mail-Server, Paymentlösungen, Cloud-Lösungen, etc. lokal zu Verfügung, d.h. die notwendige Infrastruktur wird in den Regionen betrieben, in denen der Kunde seinen Sitz hat. Das Geschäftsmodell basiert auf einem Abonnentenmodell und ist damit immun gegen konjunkturellen Schwankungen. <strong>Das Unternehmen passt ideal zu unserem Geostrategie-Ansatz, das es von der Deglobalisierung und dem Aufbau regionaler Lieferketten extrem profitiert.</strong> Erste Positionen haben wir zu einem Kurs von rund 11 Euro im Jahr 2023 aufgebaut, in der Spitze waren rund 6 % des Portfolios im Unternehmen akzeptiert. Bei 26 Euro, haben wir im Jahr 2024 angefangen, erste Positionen zu verkaufen.</div></div></div></div></div></div></div></div><div class="x-col e2-e107 m2-1c m2-1d"><div class="x-grid x-container max width e2-e108 m2-1z m2-20"><div class="x-cell e2-e109 m2-23 m2-24 m2-25"><div class="x-text x-content e2-e110 m2-1h m2-1i m2-1j m2-1l m2-1m m2-1n"><strong>2022</strong></div><div class="x-acc e2-e111 m2-2b m2-2c m2-2d m2-2e" id="x-acc-e2-e111"><div class="e2-e112 x-acc-item"><button id="tab-e2-e112" class="x-acc-header" role="button" type="button" aria-expanded="false" aria-controls="panel-e2-e112" data-x-toggle="collapse" data-x-toggleable="e2-e112"><span class="x-acc-header-content"><span class="x-acc-header-indicator">▸</span><span class="x-acc-header-text"><span style="color: #cc5828;"><strong>Beteiligungsunternehmen Brockhaus Technologies</strong></span></span></span></button><div id="panel-e2-e112" role="tabpanel" aria-hidden="true" aria-labelledby="tab-e2-e112" data-x-toggleable="e2-e112" data-x-toggle-collapse="1" class="x-collapsed"><div class="x-acc-content"><div class="x-text x-content e2-e113 m2-1h m2-1i m2-1j m2-1k m2-1l m2-1m"><p><span style="font-family: inherit; font-size: 1em; letter-spacing: 0em;">Brockhaus Technologies ist ein Beteiligungsunternehmen, spezialisiert auf Wachstumsunternehmen. </span></p> <p><span style="font-family: inherit; font-size: 1em; letter-spacing: 0em;">Die wesentliche Beteiligung ist Bike Leasing. Bike-Leasing ist ein B2B-Outsourcing-Dienstleister für Unternehmen und stellt die komplette Service-Kette rund um das Thema Bike-Leasing zu Verfügung. Unternehmen können ihren Mitarbeiter ein Fahrrad als Leasing-Angebot als Mitarbeiter-Bindungsinstrument zu Verfügung stellen. Bike Leasing ist die Nummer zwei auf dem deutschen Markt und hat hohe, zweistellige Wachstumsraten. Das Unternehmen profitiert davon, dass Arbeitgeber Mitarbeiter binden wollen - mit der Möglichkeit, Mitarbeitern ein Fahrrad über die Gehaltskomponente zu Verfügung zu stellen, wird ihnen ein mächtiges Instrument dafür in die Hand gegeben. </span></p> <p>Zum einen ist Brockhaus mit Bikeleasing in einem strukturellen Wachstumsmarkt tätig. Zum anderen verbessern Unternehmen ihre und ihrer Mitarbeiter die CO2-Bilanz. Aus unserer Sicht profitiert Brockhaus daher vom geostrategischen Trend zur Decarbonisierung. Die Aktie haben wir um Kurse von EUR 20 gekauft.</p></div></div></div></div><div class="e2-e114 x-acc-item"><button id="tab-e2-e114" class="x-acc-header" role="button" type="button" aria-expanded="false" aria-controls="panel-e2-e114" data-x-toggle="collapse" data-x-toggleable="e2-e114"><span class="x-acc-header-content"><span class="x-acc-header-indicator">▸</span><span class="x-acc-header-text"><strong><span style="color: #cc5828;">Mersen</span></strong></span></span></button><div id="panel-e2-e114" role="tabpanel" aria-hidden="true" aria-labelledby="tab-e2-e114" data-x-toggleable="e2-e114" data-x-toggle-collapse="1" class="x-collapsed"><div class="x-acc-content"><div class="x-text x-content e2-e115 m2-1h m2-1i m2-1j m2-1k m2-1l m2-1m">This is accordion content!</div></div></div></div></div></div><div class="x-cell e2-e116 m2-23 m2-24 m2-25"><div class="x-text x-content e2-e117 m2-1h m2-1i m2-1j m2-1k m2-1l m2-1m"><p><strong>2021</strong></p></div><div class="x-acc e2-e118 m2-2b m2-2c m2-2d m2-2e" id="x-acc-e2-e118"><div class="e2-e119 x-acc-item"><button id="tab-e2-e119" class="x-acc-header" role="button" type="button" aria-expanded="false" aria-controls="panel-e2-e119" data-x-toggle="collapse" data-x-toggleable="e2-e119"><span class="x-acc-header-content"><span class="x-acc-header-indicator">▸</span><span class="x-acc-header-text"><span style="color: #cc5828;"><strong>Rüstungsunternehmen Rheinmetall und Leonardo</strong></span></span></span></button><div id="panel-e2-e119" role="tabpanel" aria-hidden="true" aria-labelledby="tab-e2-e119" data-x-toggleable="e2-e119" data-x-toggle-collapse="1" class="x-collapsed"><div class="x-acc-content"><div class="x-text x-content e2-e120 m2-1h m2-1i m2-1j m2-1k m2-1l m2-1m"><span style="color: #993300;"><span style="color: #000000;"><strong>Wir haben bereits Ende des Jahres 2021 und zu Beginn des Jahres 2022 damit angefangen, erste Positionen in Rüstungsaktien wie Rheinmetall und Leonardo aufzubauen</strong>. Zum einen sind wir nach einer grundlegenden Analyse zu dem Ergebnis gekommen, dass die Unternehmen extrem niedrig bewerten waren. Zusätzlich rechneten wir damit, dass solide Unternehmensergebnisse zu einer deutlichen Wertaufholung führen sollten. Zum anderen hat auf Grund des massiven russischen Truppenaufmarsches entlang der ukrainischen Grenzen sowie Äußerungen aus den USA, dass ein Überfall kurz bevor stehen würde, unser GSF-Risk-Index nach oben ausgeschlagen. Die Aktien haben entscheidend dazu beigetragen, das Jahr 2022 mit einem vergleichsweise geringem Rückgang von 3 % vergleichsweise solide abzuschließen. </span></span></div></div></div></div><div class="e2-e121 x-acc-item"><button id="tab-e2-e121" class="x-acc-header" role="button" type="button" aria-expanded="false" aria-controls="panel-e2-e121" data-x-toggle="collapse" data-x-toggleable="e2-e121"><span class="x-acc-header-content"><span class="x-acc-header-indicator">▸</span><span class="x-acc-header-text"><strong><span style="color: #cc5828;">Grundstoff-Unternehmen Kali & Salz</span></strong></span></span></button><div id="panel-e2-e121" role="tabpanel" aria-hidden="true" aria-labelledby="tab-e2-e121" data-x-toggleable="e2-e121" data-x-toggle-collapse="1" class="x-collapsed"><div class="x-acc-content"><div class="x-text x-content e2-e122 m2-1h m2-1i m2-1j m2-1k m2-1l m2-1m">This is accordion content!</div></div></div></div></div></div></div></div></div></div></div><div class="x-section e2-e123 m2-0 m2-1 m2-2 m2-3"><div class="x-row x-container max width e2-e124 m2-i m2-j m2-n m2-z"><div class="x-row-inner"><div class="x-col e2-e125 m2-1c m2-1d"><div class="x-text x-text-headline e2-e126 m2-2l m2-2m"><div class="x-text-content"><div class="x-text-content-text"><h1 class="x-text-content-text-primary"><h4 id="resilient">„Resilient Investing“ DNA</h4></h1></div></div></div></div></div></div></div><div class="x-section e2-e127 m2-0 m2-5 m2-6 m2-8 m2-a"><div class="x-row x-container max width e2-e128 m2-i m2-j m2-m m2-n m2-10"><div class="x-row-inner"><div class="x-col e2-e129 m2-1c m2-1f"><div class="x-grid x-container max width e2-e130 m2-1z m2-20"><div class="x-cell e2-e131 m2-23 m2-27 m2-28"><div class="x-text x-content e2-e132 m2-1h m2-1i m2-1k m2-1l m2-1v">Wir wollen die Widerstandsfähigkeit eines Unternehmens gegen externe Schocks und Einflüsse verstehen, bevor wir investieren.</div></div><div class="x-cell e2-e133 m2-23 m2-27 m2-28"><div class="x-text x-content e2-e134 m2-1h m2-1i m2-1k m2-1l m2-1v">Nicht nur die Resilienz von Unternehmen ist wichtig – entscheidend ist, ein Portfolio so zu gestalten, dass es Performance-Chancen aktiv eingeht und gleichzeitig robust gegen externe Schocks reagiert.</div></div></div></div></div></div></div><div class="x-section e2-e135 m2-0 m2-2 m2-4 m2-6"><span class="x-separator-top-curve-in" style="top: 0px; height: 40px; color: #dd4f0b;" aria-hidden="true"><svg class="curve-top-in" style="fill: currentColor;" xmlns="http://www.w3.org/2000/svg" version="1.1" viewBox="0 0 100 50" preserveAspectRatio="none"><path d="M0,0v50h50C22.4,50,0,0,0,0z"/><path d="M50,50h50V0C100,0,77.6,50,50,50z"/></svg></span><div class="x-row x-container max width e2-e136 m2-i m2-j m2-n m2-11"><div class="x-row-inner"><div class="x-col e2-e137 m2-1c m2-1d"><div class="x-acc e2-e138 m2-2b m2-2d m2-2f m2-2g" id="x-acc-e2-e138"><div class="e2-e139 x-acc-item"><button id="tab-e2-e139" class="x-acc-header" role="button" type="button" aria-expanded="false" aria-controls="panel-e2-e139" data-x-toggle="collapse" data-x-toggleable="e2-e139"><span class="x-acc-header-content"><span class="x-acc-header-indicator">▸</span><span class="x-acc-header-text"><p id="resilient"><strong>„Resilient Investing“ ist die DNA des Geostrategy Funds.</strong></p> <p>Für uns bedeutet „resilient“ im Investmentprozess, dass wir in Unternehmen investieren wollen, die eine hohe Widerstandsfähigkeit gegen äußere Faktoren zeigen. Uns gefallen Unternehmen, deren Erlöse, Profitabilität und Cashflows robust gegen Konjunkturschwankungen, Schocks oder geostrategische Einflussfaktoren sind und eine hohe Qualität im Wettbewerb aufzeigen.</p></span></span></button><div id="panel-e2-e139" role="region" aria-hidden="true" aria-labelledby="tab-e2-e139" data-x-toggleable="e2-e139" data-x-toggle-collapse="1" class="x-collapsed"><div class="x-acc-content">Jedoch nicht nur die Widerstandsfähigkeit jedes einzelnen Unternehmens ist von Bedeutung. Entscheidend ist zusätzlich, dass das Portfolio des Geostrategy Funds eine hohe Resilienz gegen äußere Schocks und geostrategische Verwerfungen hat. Entsprechend konzentrieren sich die Fondsmanager darauf, das Portfolio so zu gestalten, dass es robust gegen Schocks und Krisen reagiert. Die Resilienz des Portfolios wird dadurch angestrebt, dass Unternehmen bzw. Wertpapiere in den geostrategischen Teilportfolios eine möglichst geringe Korrelation zur Aktienmarkt-Entwicklung aufweisen.</div></div></div></div></div><div class="x-col e2-e140 m2-1c m2-1d"><span class="x-image e2-e141 m2-2i"><img decoding="async" src="https://geostrategyfund.com/wp-content/uploads/2023/01/Resilienz-Kompass-sw.jpg" width="512" height="384" alt="Resilienz-Kompass" loading="lazy"></span></div></div></div><span class="x-separator-bottom-curve-in" style="bottom: 0px; height: 50px; color: #DD4F0B;" aria-hidden="true"><svg class="curve-bottom-in" style="fill: currentColor;" xmlns="http://www.w3.org/2000/svg" version="1.1" viewBox="0 0 100 50" preserveAspectRatio="none"><path d="M0,50V0h50C22.4,0,0,50,0,50z"/><path d="M50,0h50v50C100,50,77.6,0,50,0z"/></svg></span></div><div class="x-section e2-e142 m2-0 m2-1 m2-2 m2-3"><div class="x-row x-container max width e2-e143 m2-i m2-j m2-n m2-12"><div class="x-row-inner"><div class="x-col e2-e144 m2-1c m2-1d"><div class="x-text x-text-headline e2-e145 m2-2l m2-2m"><div class="x-text-content"><div class="x-text-content-text"><h1 class="x-text-content-text-primary"><h5>Das ALPHA im Portfolio<br /> - Rendite-Booster durch Stockpicking -</h5></h1></div></div></div></div></div></div></div><div class="x-section e2-e146 m2-0 m2-1 m2-2 m2-3"><div class="x-row x-container max width e2-e147 m2-i m2-j m2-n m2-13"><div class="x-row-inner"><div class="x-col e2-e148 m2-1c m2-1d"><div class="x-text x-content e2-e149 m2-1h m2-1i m2-1k m2-1l m2-1m m2-1w"><p>Wir haben das Stock-Picking als Handwerk gelernt - es ist unsere Leidenschaft und das, was wir am liebsten machen:</p> <ul> <li><strong>Unternehmen an Hand von Geschäftsmodell, Markt, Wettbewerb, Finanzen, Management, Technologie und Wachstumspotenzial analysieren</strong></li> <li><strong>Fairen Unternehmensbewert mit verschiedenen Bewertungsverfahren kalkulieren und Szenarien entwickeln</strong></li> <li><strong>Management treffen und kritisch unter die Lupe nehmen. </strong></li> </ul> An unsere Rendite-Booster haben wir strenge Anforderungen:</div></div></div></div><div class="x-row x-container max width e2-e150 m2-i m2-j m2-n m2-14"><div class="x-row-inner"><div class="x-col e2-e151 m2-1c m2-1d"><div class="x-row x-container max width e2-e152 m2-i m2-j m2-n m2-15"><div class="x-row-inner"><div class="x-col e2-e153 m2-1c m2-1d"><div class="x-div e2-e154 m2-2o m2-2p m2-2q m2-2r m2-d m2-e m2-f" data-x-effect-provider="colors particles effects" data-x-effect="{"durationBase":"500ms"}"><aside class="x-div e2-e155 m2-2o m2-2p m2-2s m2-d"><figure class="x-div e2-e156 m2-2o m2-2r m2-2t m2-d m2-e m2-g" data-x-effect="{"durationBase":"500ms"}"><span class="x-image e2-e157 m2-2i"><img decoding="async" src="https://geostrategyfund.com/wp-content/uploads/2023/01/all-1.png" width="50" height="50" alt="Ball" loading="lazy"></span></figure><div class="x-text x-text-headline e2-e158 m2-2l m2-2n m2-h"><div class="x-text-content"><div class="x-text-content-text"><h6 class="x-text-content-text-primary"><h6>Hohe Qualität des Unternehmens</h6></h6></div></div></div></aside></div></div><div class="x-col e2-e159 m2-1c m2-1d"><div class="x-div e2-e160 m2-2o m2-2p m2-2q m2-2r m2-d m2-e m2-f" data-x-effect-provider="colors particles effects" data-x-effect="{"durationBase":"500ms"}"><aside class="x-div e2-e161 m2-2o m2-2p m2-2s m2-d"><figure class="x-div e2-e162 m2-2o m2-2r m2-2t m2-d m2-e m2-g" data-x-effect="{"durationBase":"500ms"}"><span class="x-image e2-e163 m2-2i"><img decoding="async" src="https://geostrategyfund.com/wp-content/uploads/2023/01/all-1.png" width="50" height="50" alt="Ball" loading="lazy"></span></figure><div class="x-text x-text-headline e2-e164 m2-2l m2-2n m2-h"><div class="x-text-content"><div class="x-text-content-text"><h6 class="x-text-content-text-primary"><h6>Robustes Geschäftsmodell</h6></h6></div></div></div></aside></div></div><div class="x-col e2-e165 m2-1c m2-1d"><div class="x-div e2-e166 m2-2o m2-2p m2-2q m2-2r m2-d m2-e m2-f" data-x-effect-provider="colors particles effects" data-x-effect="{"durationBase":"500ms"}"><aside class="x-div e2-e167 m2-2o m2-2p m2-2s m2-d"><figure class="x-div e2-e168 m2-2o m2-2r m2-2t m2-d m2-e m2-g" data-x-effect="{"durationBase":"500ms"}"><span class="x-image e2-e169 m2-2i"><img decoding="async" src="https://geostrategyfund.com/wp-content/uploads/2023/01/all-1.png" width="50" height="50" alt="Ball" loading="lazy"></span></figure><div class="x-text x-text-headline e2-e170 m2-2l m2-2n m2-h"><div class="x-text-content"><div class="x-text-content-text"><h6 class="x-text-content-text-primary"><h6>Attraktiv bewertet</h6></h6></div></div></div></aside></div></div><div class="x-col e2-e171 m2-1c m2-1d"><div class="x-div e2-e172 m2-2o m2-2p m2-2q m2-2r m2-d m2-e m2-f" data-x-effect-provider="colors particles effects" data-x-effect="{"durationBase":"500ms"}"><aside class="x-div e2-e173 m2-2o m2-2p m2-2s m2-d"><figure class="x-div e2-e174 m2-2o m2-2r m2-2t m2-d m2-e m2-g" data-x-effect="{"durationBase":"500ms"}"><span class="x-image e2-e175 m2-2i"><img decoding="async" src="https://geostrategyfund.com/wp-content/uploads/2023/01/all-1.png" width="50" height="50" alt="Ball" loading="lazy"></span></figure><div class="x-text x-text-headline e2-e176 m2-2l m2-2n m2-h"><div class="x-text-content"><div class="x-text-content-text"><h6 class="x-text-content-text-primary"><h6>Positive Unternehmensnachrichten werden erwartet</h6></h6></div></div></div></aside></div></div><div class="x-col e2-e177 m2-1c m2-1d"><div class="x-div e2-e178 m2-2o m2-2p m2-2q m2-2r m2-d m2-e m2-f" data-x-effect-provider="colors particles effects" data-x-effect="{"durationBase":"500ms"}"><aside class="x-div e2-e179 m2-2o m2-2p m2-2s m2-d"><figure class="x-div e2-e180 m2-2o m2-2r m2-2t m2-d m2-e m2-g" data-x-effect="{"durationBase":"500ms"}"><span class="x-image e2-e181 m2-2i"><img decoding="async" src="https://geostrategyfund.com/wp-content/uploads/2023/01/all-1.png" width="50" height="50" alt="Ball" loading="lazy"></span></figure><div class="x-text x-text-headline e2-e182 m2-2l m2-2n m2-h"><div class="x-text-content"><div class="x-text-content-text"><h6 class="x-text-content-text-primary"><h6>Margin of Safety: Aktuell hoher Discount der Aktie</h6></h6></div></div></div></aside></div></div></div></div></div></div></div></div><div class="x-section e2-e183 m2-0 m2-3 m2-4 m2-9"><div class="x-row x-container max width e2-e184 m2-i m2-j m2-n m2-16"><div class="x-row-inner"><div class="x-col e2-e185 m2-1c m2-1d"><div class="x-text x-content e2-e186 m2-1h m2-1i m2-1j m2-1k m2-1l m2-1m"><h4>Beispiele für unseren Stock Picking Ansatz</h4> <p></p></div></div><div class="x-col e2-e187 m2-1c m2-1d"><div class="x-grid x-container max width e2-e188 m2-1z m2-20"><div class="x-cell e2-e189 m2-23 m2-24 m2-25"><div class="x-text x-content e2-e190 m2-1h m2-1i m2-1j m2-1l m2-1m m2-1n"><strong>2023</strong></div><div class="x-acc e2-e191 m2-2b m2-2c m2-2d m2-2e" id="x-acc-e2-e191"><div class="e2-e192 x-acc-item"><button id="tab-e2-e192" class="x-acc-header" role="button" type="button" aria-expanded="false" aria-controls="panel-e2-e192" data-x-toggle="collapse" data-x-toggleable="e2-e192"><span class="x-acc-header-content"><span class="x-acc-header-indicator">▸</span><span class="x-acc-header-text"><span style="color: #cc5828;"><strong>Telekommunikations-Dienstleister 1&1 AG</strong></span></span></span></button><div id="panel-e2-e192" role="tabpanel" aria-hidden="true" aria-labelledby="tab-e2-e192" data-x-toggleable="e2-e192" data-x-toggle-collapse="1" class="x-collapsed"><div class="x-acc-content"><div class="x-text x-content e2-e193 m2-1h m2-1i m2-1j m2-1k m2-1l m2-1m"><span style="font-family: inherit; font-size: 1em; letter-spacing: 0em;">1&1 vermarktet in Deutschland Telekommunikationsservices wie Breitband/Glasfaser-Internetanschlüsse, Mobile Kommunikation, TV- und Internetdienstleistungen. Das Unternehmen verfügt über mehr als 16 Mio. Endkundenverträge. <strong><span style="color: #000000;">Im März 2023 lag die Aktie am Boden, bei rund 11 Euro sowie einer abstrusen Bewertung von einem KGV von 5</span></strong>. Gründe hierfür waren, dass das Geschäftsmodell angezweifelt wurde und dem Unternehmen nicht zugtraut wurde, sich als vierter Mobilfunknetzbetreiber in Deutschland zu etablieren. <strong>In einer tiefgreifenden Analyse kamen wir zum dem Schluss, dass das Geschäftsmodell robust ist und Ertrags- und Gewinnkraft weiter steigen sollten</strong>. Zudem trauten wir dem Unternehmen zu, ein Mobilfunknetz bauen zu können. Schließlich erwarteten wir, positive Katalysatoren durch gute Quartalsergebnisse sowie zum Netzausbau. <strong>Daher haben wir im März 2023 Zugschlagen und die Aktie gekauft. In der Spitze hatten wir bis zu 8 % des Portfolios in der Aktie investiert</strong>. Bei einem Kurs von 16 Euro haben wir angefangen, erste Positionen zu verkaufen. </span></div></div></div></div><div class="e2-e194 x-acc-item"><button id="tab-e2-e194" class="x-acc-header" role="button" type="button" aria-expanded="false" aria-controls="panel-e2-e194" data-x-toggle="collapse" data-x-toggleable="e2-e194"><span class="x-acc-header-content"><span class="x-acc-header-indicator">▸</span><span class="x-acc-header-text"><span style="color: #cc5828;"><strong>Internet-Dienstleister Team Internet</strong></span></span></span></button><div id="panel-e2-e194" role="tabpanel" aria-hidden="true" aria-labelledby="tab-e2-e194" data-x-toggleable="e2-e194" data-x-toggle-collapse="1" class="x-collapsed"><div class="x-acc-content"><div class="x-text x-content e2-e195 m2-1h m2-1i m2-1j m2-1k m2-1l m2-1m">This is accordion content!</div></div></div></div></div></div><div class="x-cell e2-e196 m2-23 m2-24 m2-25"><div class="x-text x-content e2-e197 m2-1h m2-1i m2-1j m2-1k m2-1l m2-1m"><p><strong>2024</strong></p></div><div class="x-acc e2-e198 m2-2b m2-2c m2-2d m2-2e" id="x-acc-e2-e198"><div class="e2-e199 x-acc-item"><button id="tab-e2-e199" class="x-acc-header" role="button" type="button" aria-expanded="false" aria-controls="panel-e2-e199" data-x-toggle="collapse" data-x-toggleable="e2-e199"><span class="x-acc-header-content"><span class="x-acc-header-indicator">▸</span><span class="x-acc-header-text"><span style="color: #cc5828;"><strong>Touristikunternehmen Tui</strong></span></span></span></button><div id="panel-e2-e199" role="tabpanel" aria-hidden="true" aria-labelledby="tab-e2-e199" data-x-toggleable="e2-e199" data-x-toggle-collapse="1" class="x-collapsed"><div class="x-acc-content"><div class="x-text x-content e2-e200 m2-1h m2-1i m2-1j m2-1k m2-1l m2-1m">XXXX</div></div></div></div><div class="e2-e201 x-acc-item"><button id="tab-e2-e201" class="x-acc-header" role="button" type="button" aria-expanded="false" aria-controls="panel-e2-e201" data-x-toggle="collapse" data-x-toggleable="e2-e201"><span class="x-acc-header-content"><span class="x-acc-header-indicator">▸</span><span class="x-acc-header-text"><span style="color: #cc5828;"><strong>Daimler Truck</strong></span></span></span></button><div id="panel-e2-e201" role="tabpanel" aria-hidden="true" aria-labelledby="tab-e2-e201" data-x-toggleable="e2-e201" data-x-toggle-collapse="1" class="x-collapsed"><div class="x-acc-content"><div class="x-text x-content e2-e202 m2-1h m2-1i m2-1j m2-1k m2-1l m2-1m">This is accordion content!</div></div></div></div></div></div></div></div></div></div></div><div class="x-section e2-e203 m2-0 m2-3 m2-4 m2-9"><div class="x-row x-container max width e2-e204 m2-i m2-j m2-n m2-17"><div class="x-row-inner"><div class="x-col e2-e205 m2-1c m2-1d"><div class="x-text x-content e2-e206 m2-1h m2-1i m2-1j m2-1k m2-1l m2-1m"><h4>Das GSF-Portfolio in unterschiedlichen Marktphasen</h4> <p>Das Konzept des Geostrategy Funds beruht darauf, dass im geostrategischen Portfolio neben den Gewinnern geostrategischer Trends ein Teil des Portfolios in defensive Werte investiert ist, die sich bei geostrategischen Schockereignissen robust zeigen. Das sind z.B. Aktien aus dem Bereich Ernährung oder Gesundheit. Zudem bildet der Bereich Rüstung und Verteidigung ein Pfeiler im geostrategischen Portfolio. Bei plötzlichen und unerwarteten Geostrategie-Ereignissen mit Schockwirkungen auf die Märkte stabilisiert das Geostrategie-Portfolio den GSF-Fonds. Der Fonds sollte sich dadurch robust gegen geostrategische negative Ereignisse zeigen.</p> <p></p></div></div></div></div></div><div class="x-section e2-e207 m2-0 m2-3 m2-4 m2-b"><div class="x-row x-container max width e2-e208 m2-i m2-j m2-n m2-18"><div class="x-row-inner"><div class="x-col e2-e209 m2-1c m2-1d"><div class="x-grid x-container max width e2-e210 m2-1z m2-20"><div class="x-cell e2-e211 m2-23 m2-27 m2-29"><div class="x-text x-content e2-e212 m2-1h m2-1i m2-1j m2-1k m2-1l m2-1m"><h6><strong>Starker Einfluss geostrategischer Ereignisse auf Märkte</strong></h6> <p><strong>Geostrategischer ad-hoc Schock</strong> führt zu einem <strong>Kurssturz an den Aktienmärkten</strong></p> <p><strong>-></strong> Investments im Geostrategie-Portfolio stabilisieren das Gesamtportfolio des Geostrategy Funds</p> <p>-> Verluste des GSF-Portfolios werden stark eingegrenzt.</p></div></div><div class="x-cell e2-e213 m2-23 m2-27 m2-29"><div class="x-text x-content e2-e214 m2-1h m2-1i m2-1j m2-1k m2-1l m2-1m"><h6><strong>Geostrategische Ruhephase an den Märkten</strong></h6> <p><strong>Aktienmärkte</strong> sind <strong>weitgehend unbeeinflusst</strong> von <strong>geostrategischen Effekten </strong></p> <p>-> GSF-Investments im Geostrategie-Portfolio haben unabhängig von geostrategischen ad-hoc Einflussfaktoren ein gutes Chancen-Profil</p> <p>-> Investments im Alpha-Portfolio kommen zur Entfaltung</p> <p>-> Performance-Chancen aus sowohl der Investments im Alpha-Portfolio als auch im Geostrategie-Portfolio</p></div></div></div></div></div></div></div><div class="x-section e2-e215 m2-0 m2-3 m2-8 m2-c"><div class="x-row x-container max width e2-e216 m2-i m2-j m2-n m2-19"><div class="x-row-inner"><div class="x-col e2-e217 m2-1c m2-1g"><div class="x-grid x-container max width e2-e218 m2-1z m2-22"><div class="x-cell e2-e219 m2-23 m2-24 m2-2a"><span class="x-image e2-e220 m2-2i m2-2j"><img decoding="async" src="https://geostrategyfund.com/wp-content/uploads/2023/01/Index-Risiken-Stabilitaet-Region.jpg" width="1365" height="768" alt="- Geostrategische Teilportfolio" loading="lazy"></span><div class="x-acc e2-e221 m2-2b m2-2e m2-2g m2-2h" id="x-acc-e2-e221"><div class="e2-e222 x-acc-item"><button id="tab-e2-e222" class="x-acc-header" role="button" type="button" aria-expanded="false" aria-controls="panel-e2-e222" data-x-toggle="collapse" data-x-toggleable="e2-e222"><span class="x-acc-header-content"><span class="x-acc-header-indicator">▸</span><span class="x-acc-header-text"><p><strong>Geostrategie-Portfolio</strong></p> <p>Der Geostrategy Fund ist kontinuierlich in Unternehmen investiert, die von den vier geostrategischen Treibern Sicherheit, Deglobalisierung, Dekarbonisierung und Gesundheit & Demografie profitieren. Zudem zeigen sich ein Teil der Investments robust, sofern sich ein plötzlicher geostrategischer Marktschock (z.B. Corona, militärische Konflikte) ereignet.</p> <p>Insgesamt ist es das Ziel, Performance über Investments in die Gewinner der Geostrategie zu erzielen und gleichzeitig das Portfolio wetterfest gegen Schocks aufzustellen.</p></span></span></button><div id="panel-e2-e222" role="region" aria-hidden="true" aria-labelledby="tab-e2-e222" data-x-toggleable="e2-e222" data-x-toggle-collapse="1" class="x-collapsed"><div class="x-acc-content"><p>Die geostrategische Lage kann auf Märkte negativ, neutral und positiv wirken.</p> <p>Die Corona-Krise hatte zunächst einen stark negativen Effekt auf die Aktienmärkte. Aktien von Unternehmen aus dem Bereich Gesundheit profitierten jedoch und konnten zu einer Stabilisierung beitragen. Aktien von Unternehmen aus den Bereichen Streaming, Video-Conferencing, E-Commerce und Software erlebten einen regelrechten Boom, da sie von den Lockdowns erheblich profitierten.</p> <p>Mit dem Angriff Russlands auf die Ukraine fand eine fundamentale Neubewertung von europäischen Rüstungsaktien statt. Portfolien, die in Rüstungsaktien investiert waren, wurden dadurch erheblich stabilisiert und waren vom Markteinbruch weniger betroffen.</p> <p>Viele Länder fördern den Kauf von E-Fahrzeugen. Damit konnten sich E-Fahrzeug-Produzenten Wettbewerbsvorteile verschaffen und Marktanteile gewinnen. Darüber hinaus sollten Zulieferer von benötigten Bauteilen in Solar und Windkraftanlagen sowie von Wärmepumpen, durch die von Regierungen voran getriebenen Transformation der Wirtschaft und Gesellschaft hin zur CO2-Neutralität erheblich profitieren. Investments in spezialisierte Zulieferer sollten sich positiv auf Portfolio-Renditen auswirken.</p></div></div></div></div></div><div class="x-cell e2-e223 m2-23 m2-24 m2-2a"><span class="x-image e2-e224 m2-2i m2-2k"><img decoding="async" src="https://geostrategyfund.com/wp-content/uploads/2023/01/Alpha-Ideen-iStock-1436931802-1024x683.jpg" width="512" height="341" alt="Überregionale Risiken" loading="lazy"></span><div class="x-text x-content e2-e225 m2-1h m2-1i m2-1k m2-1l m2-1s m2-1x"><p><strong>Alpha-Portfolio</strong></p> <p>Das Alpha-Portfolio ist der zusätzliche Performance-Booster des Geostrategy Funds. Durch Stockpicking sind wir in Unternehmen investiert, die in unsere definierten Kriterien passen.</p></div></div></div></div></div></div></div><div class="x-section e2-e226 m2-0 m2-2 m2-3 m2-8"><div class="x-row x-container max width e2-e227 m2-i m2-j m2-n m2-1a"><div class="x-row-inner"><div class="x-col e2-e228 m2-1c m2-1d"><div class="x-text x-text-headline e2-e229 m2-2l m2-2m"><div class="x-text-content"><div class="x-text-content-text"><h1 class="x-text-content-text-primary"><h4 id="risiko">Wir analysieren und bewerten das geostrategische Risiko mit einem eigenen Modell</h4></h1></div></div></div></div></div></div></div><div class="x-section e2-e230 m2-0 m2-3 m2-5 m2-8"><div class="x-row x-container max width e2-e231 m2-i m2-j m2-n m2-1b"><div class="x-row-inner"><div class="x-col e2-e232 m2-1c m2-1d"><div class="x-text x-content e2-e233 m2-1h m2-1i m2-1j m2-1m m2-1y"><p>Damit wir geostrategische Risiken für Wertpapierpreise einschätzen und bewerten können, haben wir ein eigenes Modell entworfen, unseren Geostrategischen Risikoindex. Grundlage des Modells sind sechzehn geostrategische Faktoren, aus denen wir einen Wert für unseren Geostrategischen Risikoindex berechnen. Den Geostrategische Risikoindex nehmen wir als Grundlage, um das geostrategische Risiko für Vermögenspreise und Marktentwicklungen einschätzen zu können.</p> <ul> <li><a href="https://geostrategyfund.com/geostrategischer-risikoindex/">Geostrategischer Risikoindex</a></li> </ul></div></div></div></div></div></div> </div> </article> </div> <footer class="x-colophon bottom" role="contentinfo"> <div class="x-container max width"> <ul id="menu-footer" class="x-nav"><li id="menu-item-60" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-60"><a href="https://geostrategyfund.com/kontakt/">Kontakt</a></li> <li id="menu-item-57" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-57"><a href="https://geostrategyfund.com/datenschutz/">Datenschutz</a></li> <li id="menu-item-58" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-58"><a href="https://geostrategyfund.com/disclaimer/">Disclaimer</a></li> <li id="menu-item-59" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-59"><a href="https://geostrategyfund.com/impressum/">Impressum</a></li> <li id="menu-item-181" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-181"><a href="https://geostrategyfund.com/nachhaltigkeitsrisiken/">Nachhaltigkeitsrisiken</a></li> </ul> <div class="x-colophon-content"> <p>Geostrategy Fund<br>Aristoteles GmbH<br> Am Hain 7<br> 35582 Wetzlar </p> </div> </div> </footer> </div>  </div>  <script> window.RS_MODULES = window.RS_MODULES || {}; window.RS_MODULES.modules = window.RS_MODULES.modules || {}; window.RS_MODULES.waiting = window.RS_MODULES.waiting || []; window.RS_MODULES.defered = true; window.RS_MODULES.moduleWaiting = window.RS_MODULES.moduleWaiting || {}; window.RS_MODULES.type = 'compiled'; </script> <link href="//fonts.googleapis.com/css?family=Outfit:700%2C600%2C400%7CRoboto:400%7COpen+Sans:400&display=swap" rel="stylesheet" property="stylesheet" media="all" type="text/css" > <script> if(typeof revslider_showDoubleJqueryError === "undefined") {function revslider_showDoubleJqueryError(sliderID) {console.log("You have some jquery.js library include that comes after the Slider Revolution files js inclusion.");console.log("To fix this, you can:");console.log("1. 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