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September 2026","Einen Index nachbilden, ohne \ndie vollen Marktfriktionen zu tragen",{"root":1746},{"type":168,"format":169,"indent":170,"version":4,"children":1747,"direction":28},[1748],{"type":173,"format":169,"indent":170,"version":4,"children":1749,"direction":28,"textStyle":169,"textFormat":170},[1750,1752,1753],{"mode":176,"text":1751,"type":178,"style":169,"detail":170,"format":170,"version":4},"Kolumne von Thierry Vessereau, institutioneller Portfoliomanager ",{"type":1333,"version":4},{"mode":176,"text":1754,"type":178,"style":169,"detail":170,"format":170,"version":4},"Erschienen in Allnews - September 2026",{"id":1756,"colorVariation":902,"blockName":28,"columns":1757,"blockType":340},"6aac029c43aad2055c8ee420",[1758],{"id":1759,"content":1760},"6aac02a143aad2055c8ee421",{"root":1761},{"type":168,"format":169,"indent":170,"version":4,"children":1762,"direction":28},[1763,1767,1769,1773,1775,1779,1781,1785,1787,1791,1793,1797,1799],{"type":173,"format":648,"indent":170,"version":4,"children":1764,"direction":28,"textStyle":169,"textFormat":485},[1765],{"mode":176,"text":1766,"type":178,"style":169,"detail":170,"format":485,"version":4},"Einen Index nachbilden, ohne alle darin enthaltenen Titel zu kaufen: Die multifaktorielle Methode reduziert Marktfriktionen und wiederkehrende Kosten.",{"type":173,"format":648,"indent":170,"version":4,"children":1768,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":648,"indent":170,"version":4,"children":1770,"direction":28,"textStyle":169,"textFormat":170},[1771],{"mode":176,"text":1772,"type":178,"style":169,"detail":170,"format":170,"version":4},"Die Performance eines Index nachzubilden wird oft als weitgehend mechanischer Vorgang dargestellt: dieselben Titel zu denselben Gewichtungen kaufen und den Markt den Rest erledigen lassen. Die tägliche Praxis der Verwaltung optimierter Indexportfolios zeigt jedoch ein anderes Bild. Dreissig Jahre optimierter Replikation am Schweizer Markt — die Methode geht auf das Jahr 1995 zurück — bieten genügend Erfahrung, um zwischen Theorie und dem zu unterscheiden, was tatsächlich erreicht wird, sobald Marktfriktionen, Transaktionskosten und operative Zwänge berücksichtigt werden.",{"type":173,"format":648,"indent":170,"version":4,"children":1774,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":648,"indent":170,"version":4,"children":1776,"direction":28,"textStyle":169,"textFormat":170},[1777],{"mode":176,"text":1778,"type":178,"style":169,"detail":170,"format":170,"version":4},"Grundsätzlich gibt es drei Wege, die Performance eines Index zu reproduzieren. Die erste, die vollständige Replikation, auch „reine“, perfekte oder nahezu perfekte Replikation genannt, besteht darin, alle oder fast alle Titel des Index mit ihren exakten Gewichtungen zu halten. Die synthetische Replikation hingegen basiert auf dem Einsatz von Derivaten, was ein Gegenparteirisiko mit sich bringt. Die hier vorgestellte optimierte Replikation wählt eine Teilmenge der Indextitel aus, um ein Portfolio zu konstruieren, dessen Risikoprofil — und nicht dessen nominelle Zusammensetzung — mit jenem des Benchmarks identisch ist. In breiten Anlageuniversen mit mehreren Tausend Positionen ermöglicht dieser Ansatz eine effiziente und operativ realistische Umsetzung.",{"type":173,"format":648,"indent":170,"version":4,"children":1780,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":648,"indent":170,"version":4,"children":1782,"direction":28,"textStyle":169,"textFormat":170},[1783],{"mode":176,"text":1784,"type":178,"style":169,"detail":170,"format":170,"version":4},"Der optimierte Ansatz stützt sich auf eine multifaktorielle Marktmodellierung, die auf der finanzwirtschaftlichen Theorie der APT (Arbitrage Pricing Theory) beruht. Das Prinzip besteht darin, die gemeinsamen Kräfte — die Risikofaktoren — zu identifizieren, welche den grössten Teil der Preisbewegungen erklären, und anschliessend ein Portfolio aufzubauen, das gegenüber diesen Faktoren dieselben Sensitivitäten wie der Index aufweist. Das Modell wird monatlich aktualisiert. Das Replikationsziel besteht nicht darin, den Index aus Überzeugung zu übertreffen, sondern nach Abzug der Gebühren eine Tracking Difference von null oder leicht positiv zu erreichen.",{"type":173,"format":648,"indent":170,"version":4,"children":1786,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":648,"indent":170,"version":4,"children":1788,"direction":28,"textStyle":169,"textFormat":170},[1789],{"mode":176,"text":1790,"type":178,"style":169,"detail":170,"format":170,"version":4},"Warum nicht einfach alle Titel kaufen? Weil die reine Replikation Transaktionen in weniger liquiden Titeln erfordert — und genau dort entstehen die Kosten: Am Schweizer Markt kann bei einem Indexportfolio von 300 Millionen Franken die Preiswirkung der Transaktionen jährlich bis zu 35 Basispunkte betragen. Die optimierte Replikation vermeidet diese Friktion, indem sie die Transaktionen auf eine begrenzte Zahl liquider Positionen konzentriert, welche die dominierenden Risikofaktoren des Index tragen.",{"type":173,"format":648,"indent":170,"version":4,"children":1792,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":648,"indent":170,"version":4,"children":1794,"direction":28,"textStyle":169,"textFormat":170},[1795],{"mode":176,"text":1796,"type":178,"style":169,"detail":170,"format":170,"version":4},"Über die anfängliche Preiswirkung hinaus erzeugen wiederkehrende Vorgänge — die Wiederanlage von Dividenden und Coupons, periodische Indexanpassungen, Zeichnungen und Rücknahmen — einen kontinuierlichen Strom von Transaktionen. Bei breiten Indizes betrifft jeder Vorgang Dutzende oder gar Hunderte von Positionen. Durch die Reduktion der Anzahl Positionen und die Optimierung der erforderlichen Transaktionen senkt die optimierte Replikation diese wiederkehrenden Kosten strukturell. Dieser Vorteil zeigt sich nicht in einem Drei-Monats-Chart, wohl aber in der kumulierten Nettoperformance über fünf oder zehn Jahre. Die Erfahrung zeigt, dass die Fondsverwaltung mit dieser optimierten Indexierungsmethode über einen Zeitraum von zehn Jahren an den Schweizer Märkten einen Teil der Gebühren kompensieren und an den internationalen Märkten eine durchschnittliche jährliche Nettoperformance von 0,5% erzielen kann.",{"type":173,"format":648,"indent":170,"version":4,"children":1798,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":648,"indent":170,"version":4,"children":1800,"direction":28,"textStyle":169,"textFormat":170},[1801],{"mode":176,"text":1802,"type":178,"style":169,"detail":170,"format":170,"version":4},"Zwei Prinzipien liegen dieser Methode zudem zugrunde. Erstens die Kostentransparenz: Die den Anlegern belasteten Gebühren spiegeln die tatsächlichen Kosten der Transaktionen wider, die in ihrem Interesse ausgeführt werden müssen, wobei unnötige Replikationsaktivitäten minimiert werden und keine Pauschalkosten anfallen. Zweitens die Stabilität des Ansatzes: Das heute verwendete Optimierungsmodell ist seit dreissig Jahren unverändert. Diese dreissig Jahre Praxis an den Schweizer und internationalen Märkten bestätigen über die Zeit, dass die optimierte Indexreplikation, weit entfernt von einem blossen Kunstgriff, ein robustes und relevantes Instrument bleibt, um einen Index mit minimalen Kosten nachzubilden und historisch eine konstante Performance zu erzielen.",{"id":1804,"colorVariation":461,"blockName":28,"columns":1805,"blockType":340},"6aac02e543aad2055c8ee422",[1806],{"id":1807,"content":1808},"6aac02e743aad2055c8ee423",{"root":1809},{"type":168,"format":169,"indent":170,"version":4,"children":1810,"direction":28},[1811],{"type":173,"format":169,"indent":170,"version":4,"children":1812,"direction":28,"textStyle":169,"textFormat":4},[1813,1815],{"mode":176,"text":1814,"type":178,"style":169,"detail":170,"format":4,"version":4},"Thierry Vessereau",{"mode":176,"text":1816,"type":178,"style":169,"detail":170,"format":170,"version":4}," stiess im Juli 2019 zu BCGE Asset Management und wechselte im September 2026 zu Synchrony Asset Management, wo er als institutioneller Portfoliomanager für die passiven und aktiven Fonds der Synchrony-Palette tätig ist. Zuvor arbeitete er von 2005 bis 2019 bei der Bank Pictet & Cie zunächst als Projekt- und Entwicklungsleiter und anschliessend als Investmentspezialist im Bereich Indexation von Pictet Asset Management. 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Mai 2026","Kurzfristig ist der Markt eine Wahlmaschine; \nlangfristig jedoch bewertet er",{"root":1950},{"type":168,"format":169,"indent":170,"version":4,"children":1951,"direction":28},[1952,1956],{"type":173,"format":169,"indent":170,"version":4,"children":1953,"direction":28,"textStyle":169,"textFormat":170},[1954],{"mode":176,"text":1955,"type":178,"style":169,"detail":170,"format":170,"version":4},"Eine Kolumne von Anton Berthot",{"type":173,"format":169,"indent":170,"version":4,"children":1957,"direction":28,"textStyle":169,"textFormat":170},[1958],{"mode":176,"text":1959,"type":178,"style":169,"detail":170,"format":170,"version":4},"Erschienen in Allnews - Mai 2026",{"id":1961,"layout":268,"colorVariation":757,"imagePosition":270,"image":1962,"imageFit":1990,"imageStyle":279,"imageTextColor":10,"headingLevel":280,"blockName":28,"buttons":1991,"blockType":282,"imageText":28,"title":1992,"content":1993},"6a3d4249fc3c16786ef2f341",{"id":1963,"alt":1964,"landscape":1965,"portrait":28,"folder":60,"thumbnailUrl":1975,"updatedAt":1989,"createdAt":1989},60,"bcge_graph1",{"id":510,"updatedAt":1966,"createdAt":1967,"url":1968,"thumbnailURL":28,"filename":1969,"mimeType":139,"filesize":1970,"width":1971,"height":1972,"focalX":33,"focalY":33,"sizes":1973},"2026-06-25T15:00:21.188Z","2026-06-25T15:00:20.789Z","https:\u002F\u002Fassets.synchrony.ch\u002Fbcge_graphique_1.png","bcge_graphique_1.png",135270,832,594,{"thumbnail":1974,"sm":1978,"md":1983,"lg":1987,"og":1988},{"url":1975,"width":37,"height":38,"mimeType":30,"filesize":1976,"filename":1977},"https:\u002F\u002Fassets.synchrony.ch\u002Fbcge_graphique_1-300x200.webp",7306,"bcge_graphique_1-300x200.webp",{"url":1979,"width":43,"height":1980,"mimeType":30,"filesize":1981,"filename":1982},"https:\u002F\u002Fassets.synchrony.ch\u002Fbcge_graphique_1-640x457.webp",457,23422,"bcge_graphique_1-640x457.webp",{"url":1984,"width":1971,"height":1972,"mimeType":30,"filesize":1985,"filename":1986},"https:\u002F\u002Fassets.synchrony.ch\u002Fbcge_graphique_1-832x594.webp",33066,"bcge_graphique_1-832x594.webp",{"url":1984,"width":1971,"height":1972,"mimeType":30,"filesize":1985,"filename":1986},{"url":28,"width":28,"height":28,"mimeType":28,"filesize":28,"filename":28},"2026-06-25T15:00:39.464Z","contain",[]," ",{"root":1994},{"type":168,"format":169,"indent":170,"version":4,"children":1995,"direction":28},[1996,2000,2002],{"type":173,"format":169,"indent":170,"version":4,"children":1997,"direction":28,"textStyle":169,"textFormat":170},[1998],{"mode":176,"text":1999,"type":178,"style":169,"detail":170,"format":170,"version":4},"Das berühmte Diktum von Benjamin Graham «In the short run, the market is a voting machine; in the long run, it is a weighing machine» bringt eines der grossen Paradoxa der Märkte treffend auf den Punkt. Kurzfristig reagieren sie wie ein emotionales Barometer: Sie stimmen ab, bestrafen oder applaudieren mitunter und extrapolieren. Langfristig aber wägen sie die Unternehmen letztlich danach, was sie wirklich sind: nach ihrer Fähigkeit zu innovieren, zu wachsen, ihre Margen zu verteidigen und nachhaltig Kapitalrenditen zu erwirtschaften.",{"type":173,"format":169,"indent":170,"version":4,"children":2001,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":169,"indent":170,"version":4,"children":2003,"direction":28,"textStyle":169,"textFormat":170},[2004],{"mode":176,"text":2005,"type":178,"style":169,"detail":170,"format":170,"version":4},"Diese Unterscheidung zwischen kurzfristigem Lärm und langfristiger Substanz war wohl noch nie so relevant wie heute. Wahlen, Kriege, Handelsspannungen oder neue Zölle: Das Marktumfeld scheint permanent von exogenen Erschütterungen durchzogen. Nimmt man jedoch etwas Abstand, zeigt die Geschichte, dass die Aktienmärkte, insbesondere der amerikanische Markt, diese Schocks oft absorbiert haben, ohne ihre grundlegende Entwicklung in Frage zu stellen. Über einen langfristigen Horizont von 40 Jahren betrachtet, lieferten die amerikanischen Aktien (S&P 500) eine Performance von rund 11% annualisiert in USD, dies trotz mehrerer Jahre mit starken Rückgängen (Internetblase 2000-2002: -38%, Finanzkrise 2008: -37%, Inflationsspitze 2022: -18%). Mit anderen Worten: Für den langfristigen Anleger verblassen viele dieser Schocks letztlich, und die Geduld wird am Ende belohnt.",{"id":2007,"colorVariation":239,"blockName":28,"columns":2008,"blockType":340,"titleStart":2018,"titleEnd":1992},"6a3d42c7fc3c16786ef2f342",[2009],{"id":2010,"content":2011},"6a3d42d4fc3c16786ef2f343",{"root":2012},{"type":168,"format":169,"indent":170,"version":4,"children":2013,"direction":28},[2014],{"type":173,"format":169,"indent":170,"version":4,"children":2015,"direction":28,"textStyle":169,"textFormat":170},[2016],{"mode":176,"text":2017,"type":178,"style":169,"detail":170,"format":170,"version":4},"Dies bedeutet selbstverständlich nicht, dass Markteinbrüche für die Anleger folgenlos bleiben. Kurzfristig können Ereignisse wie bewaffnete Konflikte erhebliche Marktrückgänge auslösen, insbesondere wenn sie die Energie betreffen. Der aktuelle Krieg rund um die Strasse von Hormus ist das perfekte Beispiel. Diese enge Passage konzentriert laut Internationaler Energieagentur rund 25% des weltweiten Ölhandels und nahezu 20% des auf dem Seeweg transportierten Flüssigerdgases. Aus dieser Perspektive veranschaulicht der Konflikt im Iran diesen Mechanismus perfekt: Der Markt reagiert rasch und heftig auf die unmittelbare Unsicherheit, bewertet danach jedoch die realen Folgen für das künftige Wachstum und die Gewinne der Unternehmen neu. Wenn die Geschichte ein guter Leitfaden für die Zukunft ist, lässt sich hervorheben, dass der amerikanische Markt im Durchschnitt ein Jahr nach Ausbruch eines bewaffneten Konflikts um 8% höher notiert. Eine Erklärung liegt in der Ölintensität des BIP, die laut Weltbank seit den ersten Ölschocks der 1970er-Jahre um nahezu 60% gesunken ist. Es ist also weniger das Ereignis selbst, das die langfristige Entwicklung der Märkte bestimmt, als vielmehr seine Fähigkeit, die wirtschaftlichen Fundamentaldaten dauerhaft zu verändern.","Der Lärm der Konflikte, die Resilienz der Märkte",{"id":2020,"colorVariation":902,"blockName":28,"columns":2021,"blockType":340,"titleStart":2031,"titleEnd":1992},"6a3d42dffc3c16786ef2f344",[2022],{"id":2023,"content":2024},"6a3d42fefc3c16786ef2f345",{"root":2025},{"type":168,"format":169,"indent":170,"version":4,"children":2026,"direction":28},[2027],{"type":173,"format":169,"indent":170,"version":4,"children":2028,"direction":28,"textStyle":169,"textFormat":170},[2029],{"mode":176,"text":2030,"type":178,"style":169,"detail":170,"format":170,"version":4},"Dies gilt besonders für die meistkommentierten Themen des Augenblicks. Unternehmen im Umfeld der künstlichen Intelligenz, insbesondere der «Data Centers», konzentrieren heute einen erheblichen Teil der Börsenvolatilität, denn sie liegen am Schnittpunkt der höchsten Wachstumserwartungen, der anspruchsvollsten Bewertungen und der grössten Debatten über die Tragfähigkeit der Investitionsausgaben.","Kurzfristig konzentriert sich die Volatilität dort, wo die Narrative am stärksten sind",{"id":2033,"colorVariation":345,"blockName":28,"columns":2034,"blockType":340,"titleStart":2050,"titleEnd":1992},"6a3d4306fc3c16786ef2f346",[2035],{"id":2036,"content":2037},"6a3d4311fc3c16786ef2f347",{"root":2038},{"type":168,"format":169,"indent":170,"version":4,"children":2039,"direction":28},[2040,2044,2046],{"type":173,"format":169,"indent":170,"version":4,"children":2041,"direction":28,"textStyle":169,"textFormat":170},[2042],{"mode":176,"text":2043,"type":178,"style":169,"detail":170,"format":170,"version":4},"Ist der kurzfristige Lärm einmal an seinen richtigen Platz verwiesen, wird die zentrale Frage wieder jene nach der Qualität der Unternehmen. Denn auf Dauer wägt der Markt weder die Schlagzeilen noch die Emotionen, sondern die Fähigkeit eines Unternehmens, Wert zu schaffen. Die Unternehmen, die sich auf Dauer durchsetzen, sind oft jene, die mehrere Attribute vereinen: kontinuierliche Innovation, strukturelles Wachstum, hohe Margen, attraktive Kapitalrendite und solide Eintrittsbarrieren. ",{"type":173,"format":169,"indent":170,"version":4,"children":2045,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":169,"indent":170,"version":4,"children":2047,"direction":28,"textStyle":169,"textFormat":170},[2048],{"mode":176,"text":2049,"type":178,"style":169,"detail":170,"format":170,"version":4},"Genau hier heben sich gewisse Schweizer Unternehmen ab. In einem oft als defensiv wahrgenommenen Markt beheimatet die Schweiz in Wirklichkeit zahlreiche Unternehmen, die langfristig Wert schaffen können.","Was der Markt letztlich wägt: Wachstum, Margen, Kapitalrendite",{"id":2052,"colorVariation":461,"blockName":28,"columns":2053,"blockType":340,"titleStart":2063,"titleEnd":1992},"6a3d4326fc3c16786ef2f348",[2054],{"id":2055,"content":2056},"6a3d432efc3c16786ef2f349",{"root":2057},{"type":168,"format":169,"indent":170,"version":4,"children":2058,"direction":28},[2059],{"type":173,"format":169,"indent":170,"version":4,"children":2060,"direction":28,"textStyle":169,"textFormat":170},[2061],{"mode":176,"text":2062,"type":178,"style":169,"detail":170,"format":170,"version":4},"Belimo ist wohl eines der aussagekräftigsten Beispiele geduldiger und methodischer Schweizer Wertschöpfung. 2025 erzielte die Gruppe einen Umsatz von CHF 1,12 Milliarden und einen Gewinn von CHF 182 Millionen (mit einem Wachstum von 8,5% bzw. 12,4% pro Jahr über 10 Jahre). Das Unternehmen profitiert weiterhin von grossen strukturellen Trends wie Energieeffizienz, Gebäudesanierung und dem Aufstieg der Datenzentren. Bereits 2024 hob Belimo die Beschleunigung der Nachfrage im Zusammenhang mit Data Centers und die Solidität seiner auf Urbanisierung, Klima und Digitalisierung gestützten Wachstumsstrategie hervor. Belimo zeigt, dass ein Spezialist, führend bei kritischen Komponenten, starke Eintrittsbarrieren errichten kann wie: technisches Know-how, Qualität, Zuverlässigkeit, inkrementelle Innovation und Kundennähe. Kurzfristig kann der Titel empfindlich auf Bewertungsniveaus, Zinssätze oder Marktbewegungen reagieren. Langfristig wird der Markt die Fähigkeit des Unternehmens wägen, diese Megatrends in profitables langfristiges Wachstum zu verwandeln. Seit Ende Juli 2025 weist der Titel per 31.03.2026 eine Börsenperformance von -32% auf, verglichen mit dem Schweizer Markt bei +8% (Swiss Performance Index oder SPI). Längerfristig: +505% über 10 Jahre (6.-beste Performance unter den 200 Unternehmen des SPI, der +114% macht) oder +2'172% über 20 Jahre (SPI +189%), die beste Performance des gesamten Schweizer Marktes.","Belimo: ein führender Spezialist im Zentrum der grossen strukturellen Trends",{"id":2065,"colorVariation":757,"blockName":28,"columns":2066,"blockType":340,"titleStart":2078,"titleEnd":1992},"6a3d433dfc3c16786ef2f34a",[2067],{"id":2068,"content":2069},"6a3d434dfc3c16786ef2f34b",{"root":2070},{"type":168,"format":169,"indent":170,"version":4,"children":2071,"direction":28},[2072,2076],{"type":173,"format":169,"indent":170,"version":4,"children":2073,"direction":28,"textStyle":169,"textFormat":170},[2074],{"mode":176,"text":2075,"type":178,"style":169,"detail":170,"format":170,"version":4},"Im Grunde behält das Zitat von Benjamin Graham seine ganze Bedeutung, weil es eine einfache Wahrheit in Erinnerung ruft: Die Zeit ist oft der beste Offenbarer des Werts. Die Märkte stimmen im Takt der Emotionen, der Ängste und der vorherrschenden kurzfristigen Narrative ab. Danach wägen sie die Fakten. Kriege, Wahlen oder Handelsspannungen werden weiterhin starke Momente der Volatilität hervorrufen. Auch das Thema KI wird kurzfristig weiterhin starke Rotationen konzentrieren. Doch für den geduldigen Anleger bleibt die eigentliche Frage unverändert: Welche Unternehmen sind fähig, aus dem Lärm mit mehr Marktanteilen, besseren Margen, mehr Wachstum und verstärkten Eintrittsbarrieren hervorzugehen? Genau in dieser langfristigen Lesart entfaltet ein Unternehmen wie Belimo seine ganze Bedeutung. Kurzfristig mag der Markt bisweilen irrational abstimmen. Langfristig wägt er fast immer die Qualität.",{"type":173,"format":169,"indent":170,"version":4,"children":2077,"direction":28,"textStyle":169,"textFormat":170},[],"Das Langfristige als Gegengift zum Lärm",{"id":2080,"colorVariation":461,"blockName":28,"columns":2081,"blockType":340},"6aac0ec343aad2055c8ee424",[2082],{"id":2083,"content":2084},"6aac0ec543aad2055c8ee425",{"root":2085},{"type":168,"format":169,"indent":170,"version":4,"children":2086,"direction":28},[2087],{"type":173,"format":169,"indent":170,"version":4,"children":2088,"direction":28,"textStyle":169,"textFormat":4},[2089,2091],{"mode":176,"text":2090,"type":178,"style":169,"detail":170,"format":4,"version":4},"Anton Berthot",{"mode":176,"text":2092,"type":178,"style":169,"detail":170,"format":170,"version":4}," ist Co-Manager von Überzeugungsfonds auf Schweizer Aktien bei der BCGE. Zuvor war er 8 Jahre lang Co-Manager von Fonds auf Schweizer Aktien, Schweizer Immobilien und Multi-Assets bei der RESCAD SA. Er zählt zudem einige Jahre als Analyst bei HSBC und JP Morgan. Er ist Inhaber eines Master in Finance der Universität Neuenburg, eines Bachelors der HEC Lausanne und CFA-Charterholder.",{"id":2094,"alt":2095,"landscape":2096,"portrait":28,"folder":1708,"thumbnailUrl":2105,"updatedAt":2120,"createdAt":2121},122,"BCGE Berthot Anton - 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02FRaphaelMembrez_banner_front-1024x433.webp",13746,"RaphaelMembrez_banner_front-1024x433.webp",{"url":2213,"width":75,"height":1658,"mimeType":30,"filesize":2198,"filename":2214},"https:\u002F\u002Fassets.synchrony.ch\u002FRaphaelMembrez_banner_front-1920x811.webp","RaphaelMembrez_banner_front-1920x811.webp",{"url":2216,"width":56,"height":57,"mimeType":30,"filesize":2217,"filename":2218},"https:\u002F\u002Fassets.synchrony.ch\u002FRaphaelMembrez_banner_front-1200x630.webp",24868,"RaphaelMembrez_banner_front-1200x630.webp","2026-07-31T09:15:05.966Z","2026-07-10T13:46:40.150Z","29. April 2026","HALO Schweiz",{"root":2224},{"type":168,"format":169,"indent":170,"version":4,"children":2225,"direction":28},[2226,2230],{"type":173,"format":169,"indent":170,"version":4,"children":2227,"direction":28,"textStyle":169,"textFormat":170},[2228],{"mode":176,"text":2229,"type":178,"style":169,"detail":170,"format":170,"version":4},"Eine Kolumne von Raphaël Membrez",{"type":173,"format":169,"indent":170,"version":4,"children":2231,"direction":28,"textStyle":169,"textFormat":170},[2232],{"mode":176,"text":2233,"type":178,"style":169,"detail":170,"format":170,"version":4},"Erschienen in Allnews - April 2026",{"id":2235,"colorVariation":269,"blockName":28,"columns":2236,"blockType":340,"titleStart":1992,"titleEnd":1992},"6a3d4a778ac2749f80a52271",[2237],{"id":2238,"content":2239},"6a3d4a888ac2749f80a52272",{"root":2240},{"type":168,"format":169,"indent":170,"version":4,"children":2241,"direction":28},[2242],{"type":173,"format":169,"indent":170,"version":4,"children":2243,"direction":28,"textStyle":169,"textFormat":170},[2244],{"mode":176,"text":2245,"type":178,"style":169,"detail":170,"format":170,"version":4},"Bis vor Kurzem bewertete der Markt gewisse Energien als niedergehende Vermögenswerte und die Technologie als einen Vermögenswert in ewigem Wachstum. Doch der Kontext hat sich gewandelt, und beide Annahmen werden gleichzeitig auf den Prüfstand gestellt, mit Ergebnissen von beispielloser Wirkung.",{"id":2247,"colorVariation":902,"blockName":28,"columns":2248,"blockType":340,"titleStart":2258,"titleEnd":1992},"6a3d4a968ac2749f80a52273",[2249],{"id":2250,"content":2251},"6a3d4a9c8ac2749f80a52274",{"root":2252},{"type":168,"format":169,"indent":170,"version":4,"children":2253,"direction":28},[2254],{"type":173,"format":169,"indent":170,"version":4,"children":2255,"direction":28,"textStyle":169,"textFormat":170},[2256],{"mode":176,"text":2257,"type":178,"style":169,"detail":170,"format":170,"version":4},"Zunächst setzen die aktuellen geopolitischen Spannungen eine Prämie auf die Energieressourcen, während die Innovation schneller beschleunigt als die Kapazitäten und damit eine zusätzliche physische Beschränkung des Wachstums auferlegt. Getrieben von Deglobalisierung und Elektrifizierung ist der Investitionsbedarf (Capex) kolossal. Zudem wurde die künstliche Intelligenz (KI) bislang als ein einheitlicher Produktivitätsschock wahrgenommen, der jedem Unternehmen unterschiedslos zugutekommt. Die Lancierung von «Claude» für den Rechtssektor brachte die etablierten Marktführer an der Börse ins Wanken und veranschaulicht dieses neue Paradigma. In diesem Kontext ist es entscheidend, jene Akteure zu identifizieren, die über materielle Vermögenswerte verfügen, die vor dem Risiko einer Erosion der Wettbewerbsvorteile durch die KI-Einführung schützen.","Paradigmenwechsel",{"id":2260,"colorVariation":239,"blockName":28,"columns":2261,"blockType":340,"titleStart":2280,"titleEnd":2281},"6a3d4aab8ac2749f80a52275",[2262,2271],{"id":2263,"content":2264},"6a3d4abd8ac2749f80a52276",{"root":2265},{"type":168,"format":169,"indent":170,"version":4,"children":2266,"direction":28},[2267],{"type":173,"format":169,"indent":170,"version":4,"children":2268,"direction":28,"textStyle":169,"textFormat":170},[2269],{"mode":176,"text":2270,"type":178,"style":169,"detail":170,"format":170,"version":4},"Das Akronym HALO bezeichnet jene Unternehmen, die über eine substanzielle Basis materieller Vermögenswerte verfügen (Heavy Assets) und deren Obsoleszenz (durch die KI) geringer ist (Low Obsolescence). Diese Studie analysiert den Schweizer Aktienmarkt unter diesem Blickwinkel. Die Unternehmen des SPI 1) werden nach Kriterien der Kapitalintensität klassifiziert, die den zur Aufrechterhaltung der Produktionskapazitäten erforderlichen Investitionsbedarf oder den durch Reinvestitionen absorbierten Anteil der Cashflows messen. Jedes Unternehmen wird in fünf Gruppen oder Quintile eingeteilt. Das Quintil 1 (q1) entspricht den 20% kapitalintensivsten Unternehmen (HALO). Umgekehrt entspricht das Quintil 5 (q5) den 20% am wenigsten kapitalintensiven Unternehmen.",{"id":2272,"content":2273},"6a3d4ac38ac2749f80a52277",{"root":2274},{"type":168,"format":169,"indent":170,"version":4,"children":2275,"direction":28},[2276],{"type":173,"format":169,"indent":170,"version":4,"children":2277,"direction":28,"textStyle":169,"textFormat":170},[2278],{"mode":176,"text":2279,"type":178,"style":169,"detail":170,"format":170,"version":4},"Unternehmen, die stark von materiellen Produktionsvermögen abhängen (q1 und q2), sind im Telekombereich und in der Infrastruktur tätig und in den Materialien und im zyklischen Konsum überrepräsentiert (Abbildung 1). Auch die Sektoren Gesundheit und Basiskonsum (Staples) beruhen auf einer starken Basis materieller Vermögenswerte. Umgekehrt umfassen die Kommunikation (ehemals Telekom) und die Informationstechnologie mehrheitlich «asset-light»-Unternehmen (q4 und q5), gefolgt von der Industrie, dem grössten und überdies heterogenen Sektor der Schweiz.","Der HALO","Effekt",{"id":2283,"layout":1127,"colorVariation":269,"imagePosition":270,"image":2284,"imageFit":1990,"imageStyle":279,"imageTextColor":10,"headingLevel":280,"blockName":28,"buttons":2311,"blockType":282,"imageText":28,"title":1992,"content":2312},"6a3d4acd8ac2749f80a52278",{"id":2285,"alt":2286,"landscape":2287,"portrait":28,"folder":60,"thumbnailUrl":2296,"updatedAt":2310,"createdAt":2310},65,"bcge_graph3",{"id":570,"updatedAt":2288,"createdAt":2289,"url":2290,"thumbnailURL":28,"filename":2291,"mimeType":139,"filesize":2292,"width":2293,"height":1671,"focalX":33,"focalY":33,"sizes":2294},"2026-06-25T15:38:04.957Z","2026-06-25T15:38:04.465Z","https:\u002F\u002Fassets.synchrony.ch\u002FBCGE_graph_3.png","BCGE_graph_3.png",83623,1009,{"thumbnail":2295,"sm":2299,"md":2304,"lg":2308,"og":2309},{"url":2296,"width":37,"height":38,"mimeType":30,"filesize":2297,"filename":2298},"https:\u002F\u002Fassets.synchrony.ch\u002FBCGE_graph_3-300x200.webp",6444,"BCGE_graph_3-300x200.webp",{"url":2300,"width":43,"height":2301,"mimeType":30,"filesize":2302,"filename":2303},"https:\u002F\u002Fassets.synchrony.ch\u002FBCGE_graph_3-640x275.webp",275,12578,"BCGE_graph_3-640x275.webp",{"url":2305,"width":2293,"height":1671,"mimeType":30,"filesize":2306,"filename":2307},"https:\u002F\u002Fassets.synchrony.ch\u002FBCGE_graph_3-1009x433.webp",21566,"BCGE_graph_3-1009x433.webp",{"url":2305,"width":2293,"height":1671,"mimeType":30,"filesize":2306,"filename":2307},{"url":28,"width":28,"height":28,"mimeType":28,"filesize":28,"filename":28},"2026-06-25T15:38:07.057Z",[],{"root":2313},{"type":168,"format":169,"indent":170,"version":4,"children":2314,"direction":28},[2315],{"type":173,"format":169,"indent":170,"version":4,"children":2316,"direction":28,"textStyle":169,"textFormat":170},[2317],{"mode":176,"text":1992,"type":178,"style":169,"detail":170,"format":170,"version":4},{"id":2319,"colorVariation":757,"blockName":28,"columns":2320,"blockType":340,"titleStart":2330,"titleEnd":1992},"6a3d4b728ac2749f80a52279",[2321],{"id":2322,"content":2323},"6a3d4b8b8ac2749f80a5227a",{"root":2324},{"type":168,"format":169,"indent":170,"version":4,"children":2325,"direction":28},[2326],{"type":173,"format":169,"indent":170,"version":4,"children":2327,"direction":28,"textStyle":169,"textFormat":170},[2328],{"mode":176,"text":2329,"type":178,"style":169,"detail":170,"format":170,"version":4},"Es wurden zwei Portfolios gebildet, das eine aus den Unternehmen des ersten Quintils, das andere aus jenen des fünften Quintils. Abbildung 2 stellt die Performancedifferenz zwischen diesen beiden Körben dar. Die dunkelblaue Fläche spiegelt eine Outperformance – hauptsächlich seit den 2020er-Jahren bis heute – der HALO-Unternehmen gegenüber den am wenigsten kapitalintensiven Unternehmen wider. In diesem Jahresbeginn 2026 bis Ende März weist der HALO-Korb eine relative Performance von +4,7% bzw. +2,6% gegenüber dem q5-Korb und dem SPI auf.","Outperformance der materiellen Vermögenswerte",{"id":2332,"layout":268,"colorVariation":461,"imagePosition":270,"image":2333,"imageFit":1990,"imageStyle":279,"imageTextColor":10,"headingLevel":280,"blockName":28,"buttons":2362,"blockType":282,"imageText":28,"title":1992,"content":2363},"6a3d4b988ac2749f80a5227b",{"id":2334,"alt":2335,"landscape":2336,"portrait":28,"folder":60,"thumbnailUrl":2346,"updatedAt":2360,"createdAt":2361},66,"bcge_graph2",{"id":571,"updatedAt":2337,"createdAt":2338,"url":2339,"thumbnailURL":28,"filename":2340,"mimeType":139,"filesize":2341,"width":2342,"height":2343,"focalX":33,"focalY":33,"sizes":2344},"2026-06-25T15:39:26.360Z","2026-06-25T15:39:26.154Z","https:\u002F\u002Fassets.synchrony.ch\u002FBCGE_graph_2.png","BCGE_graph_2.png",77379,964,476,{"thumbnail":2345,"sm":2349,"md":2354,"lg":2358,"og":2359},{"url":2346,"width":37,"height":38,"mimeType":30,"filesize":2347,"filename":2348},"https:\u002F\u002Fassets.synchrony.ch\u002FBCGE_graph_2-300x200.webp",4798,"BCGE_graph_2-300x200.webp",{"url":2350,"width":43,"height":2351,"mimeType":30,"filesize":2352,"filename":2353},"https:\u002F\u002Fassets.synchrony.ch\u002FBCGE_graph_2-640x316.webp",316,11746,"BCGE_graph_2-640x316.webp",{"url":2355,"width":2342,"height":2343,"mimeType":30,"filesize":2356,"filename":2357},"https:\u002F\u002Fassets.synchrony.ch\u002FBCGE_graph_2-964x476.webp",20342,"BCGE_graph_2-964x476.webp",{"url":2355,"width":2342,"height":2343,"mimeType":30,"filesize":2356,"filename":2357},{"url":28,"width":28,"height":28,"mimeType":28,"filesize":28,"filename":28},"2026-06-29T07:33:55.471Z","2026-06-25T15:39:27.089Z",[],{"root":2364},{"type":168,"format":169,"indent":170,"version":4,"children":2365,"direction":28},[2366],{"type":173,"format":169,"indent":170,"version":4,"children":2367,"direction":28,"textStyle":169,"textFormat":170},[2368],{"mode":176,"text":2369,"type":178,"style":169,"detail":170,"format":170,"version":4},"Die 2010er-Jahre waren von einem relativen Fehlen von Beschränkungen beim physischen Kapital geprägt, verbunden mit einer moderaten Inflation. Niedrige Kapitalkosten, verbunden mit tiefen Zinssätzen, erlaubten es den Anlegern, sich auf einen langfristigen Horizont auszurichten, was das Halten von Vermögenswerten mit langer Duration begünstigte. Diese Präferenz trug zu einem Kapitalabfluss aus den materiellen Vermögenswerten hin zu immateriellen oder «asset-light»-Finanzwerten bei. Dies spiegelt sich in Abbildung 2 in einer Underperformance der kapitalintensiven Unternehmen zwischen 2010 und 2019 wider.",{"id":2371,"colorVariation":239,"blockName":28,"columns":2372,"blockType":340,"titleStart":2382,"titleEnd":1992},"6a3d4bbb8ac2749f80a5227c",[2373],{"id":2374,"content":2375},"6a3d4bbe8ac2749f80a5227d",{"root":2376},{"type":168,"format":169,"indent":170,"version":4,"children":2377,"direction":28},[2378],{"type":173,"format":169,"indent":170,"version":4,"children":2379,"direction":28,"textStyle":169,"textFormat":170},[2380],{"mode":176,"text":2381,"type":178,"style":169,"detail":170,"format":170,"version":4},"Diese Beziehung kehrte sich mit dem inflationären Schock nach Covid um, dessen Wirkung durch die Energiekrisen verschärft wurde. Mehrere Faktoren spielen eine Rolle. Eine Nachfrage, die auf die Beschränkungen der physischen Kapazität stösst, mit einer Wirtschaft, die nicht in der Lage ist, die Basisgüter zu liefern, verbunden mit einem erhöhten Capex-Bedarf zur Stützung der Produktionskapazitäten in einem Kontext der Reregionalisierung. Der starke Zinsanstieg (10-jährige deutsche Bundesanleihe) ab 2020 in Abbildung 3 spiegelt dies wider. Dieser Regimewechsel geht einher mit einer Erholung der sogenannten Value-Unternehmen, die Ähnlichkeiten mit den HALO-Titeln aufweisen. Sie sind in der Regel stärker mit physischen Vermögenswerten ausgestattet, generieren Cashflows kürzerfristig und sind weniger von hohen Zinssätzen betroffen. ","Rotation hin zu Value-Unternehmen",{"id":2384,"layout":268,"colorVariation":902,"imagePosition":934,"image":2385,"imageFit":1990,"imageStyle":279,"imageTextColor":10,"headingLevel":280,"blockName":28,"buttons":2414,"blockType":282,"imageText":28,"title":1992,"content":2415},"6a3d4bfb8ac2749f80a5227e",{"id":2386,"alt":2387,"landscape":2388,"portrait":28,"folder":60,"thumbnailUrl":2398,"updatedAt":2412,"createdAt":2413},67,"bcge_graph4",{"id":593,"updatedAt":2389,"createdAt":2390,"url":2391,"thumbnailURL":28,"filename":2392,"mimeType":139,"filesize":2393,"width":2394,"height":2395,"focalX":33,"focalY":33,"sizes":2396},"2026-06-25T15:41:05.661Z","2026-06-25T15:41:05.058Z","https:\u002F\u002Fassets.synchrony.ch\u002FBCGE_graph_4.png","BCGE_graph_4.png",125438,970,449,{"thumbnail":2397,"sm":2401,"md":2406,"lg":2410,"og":2411},{"url":2398,"width":37,"height":38,"mimeType":30,"filesize":2399,"filename":2400},"https:\u002F\u002Fassets.synchrony.ch\u002FBCGE_graph_4-300x200.webp",7460,"BCGE_graph_4-300x200.webp",{"url":2402,"width":43,"height":2403,"mimeType":30,"filesize":2404,"filename":2405},"https:\u002F\u002Fassets.synchrony.ch\u002FBCGE_graph_4-640x296.webp",296,18978,"BCGE_graph_4-640x296.webp",{"url":2407,"width":2394,"height":2395,"mimeType":30,"filesize":2408,"filename":2409},"https:\u002F\u002Fassets.synchrony.ch\u002FBCGE_graph_4-970x449.webp",32018,"BCGE_graph_4-970x449.webp",{"url":2407,"width":2394,"height":2395,"mimeType":30,"filesize":2408,"filename":2409},{"url":28,"width":28,"height":28,"mimeType":28,"filesize":28,"filename":28},"2026-06-29T07:33:53.265Z","2026-06-25T15:41:06.453Z",[],{"root":2416},{"type":168,"format":169,"indent":170,"version":4,"children":2417,"direction":28},[2418],{"type":173,"format":169,"indent":170,"version":4,"children":2419,"direction":28,"textStyle":169,"textFormat":170},[2420],{"mode":176,"text":2421,"type":178,"style":169,"detail":170,"format":170,"version":4},"Das Aufkommen der KI ist nicht zyklisch, sondern strukturell. Es setzt die informationellen oder analytischen Geschäftsmodelle unter Druck, die sich replizieren lassen und die ewige wiederkehrende Erträge versprachen. Heute wird der Endwert dieser Wachstumsmodelle in Frage gestellt. Das aktuelle Paradigma begünstigt disziplinierte Kapitalallokatoren, die Cashflow-Generierung und das Halten von Vermögenswerten, deren Wertschöpfung kontrollierbar ist.",{"id":2423,"colorVariation":345,"blockName":28,"columns":2424,"blockType":340,"titleStart":2440,"titleEnd":1992},"6a3d4c728ac2749f80a52280",[2425],{"id":2426,"content":2427},"6a3d4c808ac2749f80a52281",{"root":2428},{"type":168,"format":169,"indent":170,"version":4,"children":2429,"direction":28},[2430,2434,2436],{"type":173,"format":169,"indent":170,"version":4,"children":2431,"direction":28,"textStyle":169,"textFormat":170},[2432],{"mode":176,"text":2433,"type":178,"style":169,"detail":170,"format":170,"version":4},"Unsere Analyse identifiziert diese Hebel. Es kann sich um netzintegrierte Vermögenswerte handeln, die einer starken Regulierung unterliegen und mit Konzessionsportfolios ausgestattet sind, wie Energieversorger oder Telekomunternehmen. Der Besitz eines physischen Produktions- oder Vertriebsnetzes, charakteristisch für Unternehmen der Materialien und des Basiskonsums, ist ein Differenzierungsmerkmal, ebenso wie das Halten von Patenten, die die Entwicklung von Molekülen in der Gesundheit und den Materialien schützen. Ausgestattet mit einem Markenerbe und einer Kundenbeziehung, aus der sie Kapital schlagen, ziehen die Akteure des zyklischen und des Basiskonsums ihren Vorteil. ",{"type":173,"format":169,"indent":170,"version":4,"children":2435,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":169,"indent":170,"version":4,"children":2437,"direction":28,"textStyle":169,"textFormat":170},[2438],{"mode":176,"text":2439,"type":178,"style":169,"detail":170,"format":170,"version":4},"Zu betonen ist, dass ein Geschäftsmodell dauerhaft und «asset-light» sein kann. Die Barriere und die geschäftskritische Dimension sind wichtiger als das Gewicht der Vermögenswerte. Dies ist der Fall bei Galenica, die ein physisches Vertriebsnetz kontrolliert, bei Temenos, die in einen regulatorischen Rahmen eingebettete Kern-Infrastruktursoftware entwickelt, oder bei Sika, die ein Netz, eine physische Produktion und Patente hält, oder auch bei ABB, die physische Energie- und Automatisierungskapazitäten bereitstellt.","Zu bevorzugende Geschäftsmodelle",{"id":2442,"colorVariation":902,"blockName":28,"columns":2443,"blockType":340,"titleStart":2461,"titleEnd":1992},"6a3d4c8f8ac2749f80a52282",[2444],{"id":2445,"content":2446},"6a3d4c978ac2749f80a52283",{"root":2447},{"type":168,"format":169,"indent":170,"version":4,"children":2448,"direction":28},[2449,2453,2455,2459],{"type":173,"format":169,"indent":170,"version":4,"children":2450,"direction":28,"textStyle":169,"textFormat":170},[2451],{"mode":176,"text":2452,"type":178,"style":169,"detail":170,"format":170,"version":4},"Indem der Markt die Energie und die Produktionskapazitäten abwertete und den Reichtum in den immateriellen Werten konzentrierte, hat er die Verwundbarkeit der Vermögensportfolios erhöht. Da die HALO-Modelle in zahlreichen Sektoren präsent sind, ist die Selektivität im Hinblick auf die Dauerhaftigkeit des Geschäftsmodells entscheidend. In dieser Hinsicht erlaubt die aktive Verwaltung, im Gegensatz zur passiven Verwaltung, eine selektive Teilnahme am umfangreichen Infrastrukturausbau und das Kapitalisieren der durch die KI erzeugten Dispersion.",{"type":173,"format":169,"indent":170,"version":4,"children":2454,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":169,"indent":170,"version":4,"children":2456,"direction":28,"textStyle":169,"textFormat":170},[2457],{"mode":176,"text":2458,"type":178,"style":169,"detail":170,"format":170,"version":4},"(1) Swiss Performance Index (exkl. Finanzen und Immobilien)",{"type":173,"format":169,"indent":170,"version":4,"children":2460,"direction":28,"textStyle":169,"textFormat":170},[],"Die HALO-Unternehmen gut positioniert",{"id":2463,"colorVariation":269,"blockName":28,"columns":2464,"blockType":340,"titleStart":1992,"titleEnd":1992},"6a42af764ec8d2260a7e3bc9",[2465],{"id":2466,"content":2467},"6a42af794ec8d2260a7e3bca",{"root":2468},{"type":168,"format":169,"indent":170,"version":4,"children":2469,"direction":28},[2470],{"type":173,"format":169,"indent":170,"version":4,"children":2471,"direction":28,"textStyle":169,"textFormat":4},[2472,2474],{"mode":176,"text":2473,"type":178,"style":169,"detail":170,"format":4,"version":4},"Raphaël Membrez",{"mode":176,"text":2475,"type":178,"style":169,"detail":170,"format":170,"version":4}," ist Fondsmanager, Mitglied des Teams für die Überzeugungsverwaltung Schweizer Aktien bei der BCGE Asset Management. Zuvor war er Analyst und Co-Manager eines Schweizer Aktienfonds bei Landolt & Cie (heute ODDO BHF Suisse). Er absolvierte ein Executive Program an der HEC Paris, ist Inhaber eines Master in Finance der Warwick Business School und eines Bachelors der Universität Freiburg (Magna cum laude) sowie 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Februar 2026","Schweizer indirekte Immobilien: \nVermeiden Sie die Volatilitätsfalle!",{"root":2605},{"type":168,"format":169,"indent":170,"version":4,"children":2606,"direction":28},[2607,2611],{"type":173,"format":169,"indent":170,"version":4,"children":2608,"direction":28,"textStyle":169,"textFormat":170},[2609],{"mode":176,"text":2610,"type":178,"style":169,"detail":170,"format":170,"version":4},"Eine Kolumne von Laurent Clauzet",{"type":173,"format":169,"indent":170,"version":4,"children":2612,"direction":28,"textStyle":169,"textFormat":170},[2613],{"mode":176,"text":2614,"type":178,"style":169,"detail":170,"format":170,"version":4},"Erschienen in Allnews - Februar 2026",{"id":2616,"colorVariation":345,"blockName":28,"columns":2617,"blockType":340,"titleStart":1992,"titleEnd":1992},"6a3d4dfa8ac2749f80a52285",[2618],{"id":2619,"content":2620},"6a3d4dfe8ac2749f80a52286",{"root":2621},{"type":168,"format":169,"indent":170,"version":4,"children":2622,"direction":28},[2623,2627,2629],{"type":173,"format":169,"indent":170,"version":4,"children":2624,"direction":28,"textStyle":169,"textFormat":170},[2625],{"mode":176,"text":2626,"type":178,"style":169,"detail":170,"format":170,"version":4},"Immobilien nehmen in der Vermögensallokation der institutionellen Schweizer Anleger einen strukturellen Platz ein. Langfristig zeichnet sich diese Anlageklasse durch eine geringere Volatilität als Aktien, eine teilweise Dekorrelation von den anderen Anlageklassen und eine relativ stabile Ertragsgenerierung aus. Diese Eigenschaften erklären ihre zentrale Rolle in den Vorsorgeportfolios, wobei die Schweizer Pensionskassen bis zu 25% ihrer Vermögen in Immobilien allozieren können. ",{"type":173,"format":169,"indent":170,"version":4,"children":2628,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":169,"indent":170,"version":4,"children":2630,"direction":28,"textStyle":169,"textFormat":170},[2631],{"mode":176,"text":2632,"type":178,"style":169,"detail":170,"format":170,"version":4},"Das Universum der kotierten indirekten Immobilien in der Schweiz besteht aus zwei unterschiedlichen Segmenten: den Immobilienaktien und den kotierten Immobilienfonds. Die Immobilienaktien, im Index REAL zusammengefasst, sind klassische Beteiligungspapiere. Sie werden in der Regel nach einem klassischen Mittelwert-Varianz-Rahmen in die Portfolios integriert, wobei sich der Anleger der Notwendigkeit bewusst ist, das spezifische Risiko zu diversifizieren, um die risikoadjustierte Rendite zu optimieren. Umgekehrt lässt sich im Segment der kotierten Immobilienfonds ein deutlich anderes Verhalten beobachten. Obwohl sie fortlaufend an der Schweizer Börse gehandelt werden, mit einem Orderbuch, das jenem der Aktien gleicht, werden diese Vehikel noch häufig als quasi obligationenartige Instrumente wahrgenommen. Diese Wahrnehmung rührt teilweise von einer möglichen Verwechslung zwischen dem Nettoinventarwert (NAV), in der Regel jährlich veröffentlicht, und dem Marktpreis her, der fortlaufend untertägig gebildet wird. Da diese Fonds strukturell halboffen und in der Praxis die meiste Zeit geschlossen sind, wird ihr Preis durch Angebot und Nachfrage bestimmt und weicht strukturell vom NAV ab, mit durchschnittlichen Agios oder Disagios in der Grössenordnung von 20 bis 25% je nach Zyklusphase. Diese Wahrnehmung führt mitunter zu einer übermässigen Konzentration auf eine begrenzte Anzahl von Fonds oder gar regelmässig auf ein einziges Vehikel, was das spezifische Risiko für den Anleger sehr deutlich erhöht. ",{"id":2634,"layout":268,"colorVariation":239,"imagePosition":934,"image":2635,"imageFit":1990,"imageStyle":279,"imageTextColor":10,"headingLevel":280,"blockName":28,"buttons":2663,"blockType":282,"imageText":28,"title":1992,"content":2664},"6a3d4e458ac2749f80a52288",{"id":2636,"alt":2637,"landscape":2638,"portrait":28,"folder":60,"thumbnailUrl":2648,"updatedAt":2662,"createdAt":2662},68,"bcge_six_graph",{"id":616,"updatedAt":2639,"createdAt":2640,"url":2641,"thumbnailURL":28,"filename":2642,"mimeType":139,"filesize":2643,"width":2644,"height":2645,"focalX":33,"focalY":33,"sizes":2646},"2026-06-25T15:50:41.859Z","2026-06-25T15:50:41.660Z","https:\u002F\u002Fassets.synchrony.ch\u002FBCGE_SIX_graph.png","BCGE_SIX_graph.png",50445,977,554,{"thumbnail":2647,"sm":2651,"md":2656,"lg":2660,"og":2661},{"url":2648,"width":37,"height":38,"mimeType":30,"filesize":2649,"filename":2650},"https:\u002F\u002Fassets.synchrony.ch\u002FBCGE_SIX_graph-300x200.webp",8934,"BCGE_SIX_graph-300x200.webp",{"url":2652,"width":43,"height":2653,"mimeType":30,"filesize":2654,"filename":2655},"https:\u002F\u002Fassets.synchrony.ch\u002FBCGE_SIX_graph-640x363.webp",363,25994,"BCGE_SIX_graph-640x363.webp",{"url":2657,"width":2644,"height":2645,"mimeType":30,"filesize":2658,"filename":2659},"https:\u002F\u002Fassets.synchrony.ch\u002FBCGE_SIX_graph-977x554.webp",39722,"BCGE_SIX_graph-977x554.webp",{"url":2657,"width":2644,"height":2645,"mimeType":30,"filesize":2658,"filename":2659},{"url":28,"width":28,"height":28,"mimeType":28,"filesize":28,"filename":28},"2026-06-25T15:50:52.977Z",[],{"root":2665},{"type":168,"format":169,"indent":170,"version":4,"children":2666,"direction":28},[2667],{"type":173,"format":169,"indent":170,"version":4,"children":2668,"direction":28,"textStyle":169,"textFormat":170},[2669],{"mode":176,"text":2670,"type":178,"style":169,"detail":170,"format":170,"version":4},"Jeder kotierte Immobilienfonds hält ein Portfolio realer Vermögenswerte, das per Definition einzigartig und oft geografisch und sektoral konzentriert ist. Die Performance hängt daher stark von spezifischen Faktoren ab: Qualität und Lage des Immobilienbestands, Finanzierungsstruktur, Ausschüttungspolitik sowie Entscheide des Verwalters. Aus quantitativer Sicht schlägt sich diese Konzentration in einer erheblichen idiosynkratischen Volatilität nieder, die die risikoadjustierte Rendite mindern kann, insbesondere in Phasen von Spannungen an den Finanzmärkten oder steigender Zinsen. Die nachstehende Tabelle stellt die zehn grössten Börsenkapitalisierungen kotierter Schweizer Immobilienfonds dar, samt ihrer Gesamtperformance, ihrer jüngsten Volatilität und ihrer Sharpe-Ratio. Die zwischen den Fonds beobachteten Abweichungen sind ausgeprägt, sowohl hinsichtlich der Rendite als auch des Risikos, was die Heterogenität der Rendite-Risiko-Profile innerhalb dieser Anlageklasse empirisch bestätigt.",{"id":2672,"colorVariation":345,"blockName":28,"columns":2673,"blockType":340,"titleStart":1992,"titleEnd":1992},"6a3d4e638ac2749f80a52289",[2674],{"id":2675,"content":2676},"6a3d4e6b8ac2749f80a5228a",{"root":2677},{"type":168,"format":169,"indent":170,"version":4,"children":2678,"direction":28},[2679,2683,2685],{"type":173,"format":169,"indent":170,"version":4,"children":2680,"direction":28,"textStyle":169,"textFormat":170},[2681],{"mode":176,"text":2682,"type":178,"style":169,"detail":170,"format":170,"version":4},"Ebenfalls dargestellt werden zwei aggregierte Strategien: ein aktiver Überzeugungsansatz, der 25-30 Immobilientitel (kotierte Fonds und Immobilienaktien) kombiniert, sowie ein passiver Ansatz, der auf dem Index SWIIT beruht, welcher sämtliche kotierten Schweizer Immobilienfonds zusammenfasst. In beiden Fällen erlaubt die Diversifikation eine Reduktion der Standardabweichung (Volatilität) des Portfolios und eine Verbesserung der Sharpe-Ratio, im Einklang mit den Vorhersagen des Mittelwert-Varianz-Rahmens. Schliesslich lässt sich eine noch breitere Diversifikation erzielen, indem man das Segment der kotierten Immobilienfonds (SWIIT) mit jenem der Immobilienaktien (REAL) kombiniert. Die gemeinsame Integration dieser beiden Segmente erlaubt es, teilweise unterschiedliche Risikoquellen zu nutzen und die Effizienzgrenze der Immobilienallokation zu verbessern.",{"type":173,"format":169,"indent":170,"version":4,"children":2684,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":169,"indent":170,"version":4,"children":2686,"direction":28,"textStyle":169,"textFormat":170},[2687],{"mode":176,"text":2688,"type":178,"style":169,"detail":170,"format":170,"version":4},"Zusammenfassend: Auch wenn die Schweizer indirekten Immobilien einen wesentlichen Bestandteil der Vermögensallokation bilden, verstärkt ein auf einen einzigen kotierten Immobilienfonds konzentriertes Engagement das nicht diversifizierte spezifische Risiko erheblich. Die empirischen Ergebnisse sprechen für einen diversifizierten und umso mehr aktiven Ansatz, um die risikoadjustierte Rendite zu maximieren und die mit dieser Anlageklasse verbundenen Stabilisierungseigenschaften nachhaltig zu erfassen.",{"id":2690,"colorVariation":269,"blockName":28,"columns":2691,"blockType":340,"titleStart":1992,"titleEnd":1992},"6a42ae634ec8d2260a7e3bc5",[2692],{"id":2693,"content":2694},"6a42ae664ec8d2260a7e3bc6",{"root":2695},{"type":168,"format":169,"indent":170,"version":4,"children":2696,"direction":28},[2697],{"type":173,"format":169,"indent":170,"version":4,"children":2698,"direction":28,"textStyle":169,"textFormat":4},[2699,2701],{"mode":176,"text":2700,"type":178,"style":169,"detail":170,"format":4,"version":4},"Laurent Clauzet ",{"mode":176,"text":2702,"type":178,"style":169,"detail":170,"format":170,"version":4},"stiess 2021 zur BCGE. Er ist Mitglied des Teams für die Überzeugungsverwaltung Schweizer Aktien und verantwortlich für Strategien auf dividendenstarke Aktien sowie auf Schweizer indirekte Immobilien. Er begann seine Laufbahn 2014 beim Multi-Family-Office Fitzroy Investment Advisors als Analyst für die Auswahl von Aktienfonds. Zwischen 2017 und 2021 bekleidete er dann mehrere Positionen bei Solvalor fund management, einer Fondsleitung, und verwaltete mehrere Immobilienfonds. Er ist Inhaber eines Master in Management der EMLyon Business School mit Schwerpunkt Finance sowie des Titels CFA®.",{"id":69,"alt":2704,"landscape":2705,"portrait":28,"folder":1708,"thumbnailUrl":2714,"updatedAt":2729,"createdAt":2730},"Clauzet_Laurent-publications",{"id":2706,"updatedAt":2707,"createdAt":2708,"url":2709,"thumbnailURL":28,"filename":2710,"mimeType":30,"filesize":2711,"width":1827,"height":1827,"focalX":33,"focalY":33,"sizes":2712},341,"2026-07-31T09:17:43.639Z","2026-07-31T09:17:43.337Z","https:\u002F\u002Fassets.synchrony.ch\u002FLaurentClauzet_list-1.webp","LaurentClauzet_list-1.webp",58382,{"thumbnail":2713,"sm":2717,"md":2721,"lg":2724,"og":2725},{"url":2714,"width":37,"height":38,"mimeType":30,"filesize":2715,"filename":2716},"https:\u002F\u002Fassets.synchrony.ch\u002FLaurentClauzet_list-1-300x200.webp",4092,"LaurentClauzet_list-1-300x200.webp",{"url":2718,"width":43,"height":43,"mimeType":30,"filesize":2719,"filename":2720},"https:\u002F\u002Fassets.synchrony.ch\u002FLaurentClauzet_list-1-640x640.webp",21204,"LaurentClauzet_list-1-640x640.webp",{"url":2722,"width":1827,"height":1827,"mimeType":30,"filesize":2711,"filename":2723},"https:\u002F\u002Fassets.synchrony.ch\u002FLaurentClauzet_list-1-800x800.webp","LaurentClauzet_list-1-800x800.webp",{"url":2722,"width":1827,"height":1827,"mimeType":30,"filesize":2711,"filename":2723},{"url":2726,"width":56,"height":57,"mimeType":30,"filesize":2727,"filename":2728},"https:\u002F\u002Fassets.synchrony.ch\u002FLaurentClauzet_list-1-1200x630.webp",45084,"LaurentClauzet_list-1-1200x630.webp","2026-07-31T09:17:44.235Z","2026-07-09T15:47:14.988Z","Schweizer indirekte Immobilien: Vermeiden Sie die Volatilitätsfalle!","Eine Kolumne von Laurent Clauzet -\nErschienen in Allnews - Februar 2026","2026-02-03T12:00:00.000Z",{"id":4,"name":1708,"slug":1851,"updatedAt":1852,"createdAt":1852},"schweizer-indirekte-immobilien","2026-09-17T15:59:34.504Z","2026-06-25T15:51:28.946Z",{"id":508,"layout":2739,"previewImage":2882,"title":2766,"excerpt":2890,"publishedDate":2891,"tags":2892,"slug":2893,"updatedAt":2894,"createdAt":2895},[2740,2778,2796,2822,2849,2868],{"id":2741,"colorVariation":239,"backgroundImage":2742,"foregroundImage":2757,"blockName":28,"blockType":256,"eyebrow":2765,"title":2766,"content":2767},"6a3e75a279839c6d1a2b12a3",{"id":841,"alt":1650,"landscape":2743,"portrait":2750,"folder":1708,"thumbnailUrl":1661,"updatedAt":1709,"createdAt":1710},{"id":1652,"updatedAt":1653,"createdAt":1654,"url":1655,"thumbnailURL":28,"filename":1656,"mimeType":30,"filesize":1657,"width":75,"height":1658,"focalX":33,"focalY":33,"sizes":2744},{"thumbnail":2745,"sm":2746,"md":2747,"lg":2748,"og":2749},{"url":1661,"width":37,"height":38,"mimeType":30,"filesize":1662,"filename":1663},{"url":1665,"width":43,"height":1666,"mimeType":30,"filesize":1667,"filename":1668},{"url":1670,"width":48,"height":1671,"mimeType":30,"filesize":1672,"filename":1673},{"url":1675,"width":75,"height":1658,"mimeType":30,"filesize":1657,"filename":1676},{"url":1678,"width":56,"height":57,"mimeType":30,"filesize":1679,"filename":1680},{"id":1682,"updatedAt":1683,"createdAt":1684,"url":1685,"thumbnailURL":28,"filename":1686,"mimeType":30,"filesize":1687,"width":1688,"height":1689,"focalX":33,"focalY":33,"sizes":2751},{"thumbnail":2752,"sm":2753,"md":2754,"lg":2755,"og":2756},{"url":1692,"width":37,"height":38,"mimeType":30,"filesize":1693,"filename":1694},{"url":1696,"width":43,"height":1697,"mimeType":30,"filesize":1698,"filename":1699},{"url":1701,"width":1688,"height":1689,"mimeType":30,"filesize":1687,"filename":1702},{"url":1701,"width":1688,"height":1689,"mimeType":30,"filesize":1687,"filename":1702},{"url":1705,"width":56,"height":57,"mimeType":30,"filesize":1706,"filename":1707},{"id":1712,"alt":1713,"landscape":2758,"portrait":28,"folder":1708,"thumbnailUrl":1723,"updatedAt":1741,"createdAt":1742},{"id":1715,"updatedAt":1716,"createdAt":1717,"url":1718,"thumbnailURL":28,"filename":1719,"mimeType":30,"filesize":1720,"width":75,"height":1658,"focalX":33,"focalY":33,"sizes":2759},{"thumbnail":2760,"sm":2761,"md":2762,"lg":2763,"og":2764},{"url":1723,"width":37,"height":38,"mimeType":30,"filesize":1724,"filename":1725},{"url":1727,"width":43,"height":1666,"mimeType":30,"filesize":1728,"filename":1729},{"url":1731,"width":48,"height":1671,"mimeType":30,"filesize":1732,"filename":1733},{"url":1735,"width":75,"height":1658,"mimeType":30,"filesize":1720,"filename":1736},{"url":1738,"width":56,"height":57,"mimeType":30,"filesize":1739,"filename":1740},"22. Juli 2025","Machine Learning & Black Swans",{"root":2768},{"type":168,"format":169,"indent":170,"version":4,"children":2769,"direction":28},[2770,2774],{"type":173,"format":169,"indent":170,"version":4,"children":2771,"direction":28,"textStyle":169,"textFormat":170},[2772],{"mode":176,"text":2773,"type":178,"style":169,"detail":170,"format":170,"version":4},"Eine Kolumne von Thierry Vessereau",{"type":173,"format":169,"indent":170,"version":4,"children":2775,"direction":28,"textStyle":169,"textFormat":170},[2776],{"mode":176,"text":2777,"type":178,"style":169,"detail":170,"format":170,"version":4},"Erschienen in Allnews - Juli 2025",{"id":2779,"colorVariation":757,"blockName":28,"columns":2780,"blockType":340,"titleStart":1992,"titleEnd":1992},"6a3e766579839c6d1a2b12a4",[2781],{"id":2782,"content":2783},"6a3e767679839c6d1a2b12a5",{"root":2784},{"type":168,"format":169,"indent":170,"version":4,"children":2785,"direction":28},[2786,2790,2792],{"type":173,"format":169,"indent":170,"version":4,"children":2787,"direction":28,"textStyle":169,"textFormat":170},[2788],{"mode":176,"text":2789,"type":178,"style":169,"detail":170,"format":170,"version":4},"Die Black Swans wurden 2007 von Nassim Taleb definiert als Ereignisse, die sich durch ihre Seltenheit und Unvorhersehbarkeit, die Schwere ihrer Folgen und die Tendenz auszeichnen, sie im Nachhinein zu rationalisieren. ",{"type":173,"format":169,"indent":170,"version":4,"children":2791,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":169,"indent":170,"version":4,"children":2793,"direction":28,"textStyle":169,"textFormat":170},[2794],{"mode":176,"text":2795,"type":178,"style":169,"detail":170,"format":170,"version":4},"In der Finanzwelt haben diese Ereignisse die Eigenschaft, exogen sein zu können: Naturereignisse, Pandemie, Krieg, aber auch von den Finanzmärkten selbst in Form spekulativer Blasen erzeugt werden zu können. Die Wirtschafts- und Finanzmärkte haben so mehrere globale Ereignisse dieser Art erlebt, zum Beispiel die Immobilienblase von 2008, die oft in die Kategorie der Black Swans eingeordnet wird. Die Unvorhersehbarkeit dieser Blasen beruht darauf, zu bestimmen, ob sie tatsächlich existieren oder nicht, ihre Entwicklung und ihre Fähigkeit zu platzen zu messen und vor allem ihre potenziellen Auswirkungen auf die Märkte und die Wirtschaft.",{"id":2797,"colorVariation":461,"blockName":28,"columns":2798,"blockType":340,"titleStart":2820,"titleEnd":2821},"6a3e769579839c6d1a2b12a6",[2799],{"id":2800,"content":2801},"6a3e76a579839c6d1a2b12a7",{"root":2802},{"type":168,"format":169,"indent":170,"version":4,"children":2803,"direction":28},[2804],{"type":173,"format":169,"indent":170,"version":4,"children":2805,"direction":28,"textStyle":169,"textFormat":170},[2806,2808,2810,2812,2814,2816,2818],{"mode":176,"text":2807,"type":178,"style":169,"detail":170,"format":170,"version":4},"Der Einbruch von ChatGPT-4 im Jahr 2023 stellte einen Wendepunkt im Verständnis der Möglichkeiten der KI und in der Beschleunigung der bis dahin eingesetzten Werkzeuge dar. In der Marktfinanzierung erlaubte die rasche Entwicklung neuer Vorrichtungen, Algorithmen zu verallgemeinern und auszuweiten, die zum Teil bereits fortgeschritten waren (Hochfrequenzhandel, ",{"mode":176,"text":2809,"type":178,"style":169,"detail":170,"format":485,"version":4},"Robo-Advisory, Web Scraping",{"mode":176,"text":2811,"type":178,"style":169,"detail":170,"format":170,"version":4},"), wobei sich auch die Zahl der im Bereich aktiven Akteure vervielfachte. Während der Schwerpunkt zunächst auf der massiven Verarbeitung von Dokumenten, der Synthese und dem Umschreiben durch",{"mode":176,"text":2813,"type":178,"style":169,"detail":170,"format":485,"version":4}," Large Language Models ",{"mode":176,"text":2815,"type":178,"style":169,"detail":170,"format":170,"version":4},"(LLM) lag, wird die Intelligenz heute zunehmend in der Anlage selbst eingesetzt, wobei insbesondere die Prinzipien des ",{"mode":176,"text":2817,"type":178,"style":169,"detail":170,"format":485,"version":4},"Machine Learning",{"mode":176,"text":2819,"type":178,"style":169,"detail":170,"format":170,"version":4}," angewandt werden.","Künstliche","Intelligenz",{"id":2823,"colorVariation":345,"blockName":28,"columns":2824,"blockType":340,"titleStart":2848,"titleEnd":1992},"6a3e76b979839c6d1a2b12a8",[2825],{"id":2826,"content":2827},"6a3e76c679839c6d1a2b12a9",{"root":2828},{"type":168,"format":169,"indent":170,"version":4,"children":2829,"direction":28},[2830,2838,2840],{"type":173,"format":169,"indent":170,"version":4,"children":2831,"direction":28,"textStyle":169,"textFormat":170},[2832,2834,2836],{"mode":176,"text":2833,"type":178,"style":169,"detail":170,"format":170,"version":4},"Die ",{"mode":176,"text":2835,"type":178,"style":169,"detail":170,"format":485,"version":4},"Machine-Learning-Algorithmen",{"mode":176,"text":2837,"type":178,"style":169,"detail":170,"format":170,"version":4}," sind darauf ausgelegt, auf der Basis riesiger Volumen von Finanzdaten zu lernen, Trends zu identifizieren und Vorhersagen oder Entscheide ohne menschliches Eingreifen oder mit begrenztem menschlichem Eingreifen zu formulieren. Doch so beeindruckend sie auch sein mag, die Fähigkeit der KI, die Auswirkungen besonderer Ereignisse vorherzusagen oder abzumildern, ist nicht gesichert. Dies hängt sowohl mit dem per Definition unvorhersehbaren Charakter des Black Swan zusammen, als auch mit den Merkmalen des Lernens. ",{"type":173,"format":169,"indent":170,"version":4,"children":2839,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":169,"indent":170,"version":4,"children":2841,"direction":28,"textStyle":169,"textFormat":170},[2842,2844,2846],{"mode":176,"text":2843,"type":178,"style":169,"detail":170,"format":170,"version":4},"Denn das allgemeine Ziel des Lernens besteht darin, die Entropie zu minimieren, damit die vorhergesagte Verteilung der beobachteten Verteilung möglichst nahekommt, wodurch es dazu neigt, die ",{"mode":176,"text":2845,"type":178,"style":169,"detail":170,"format":485,"version":4},"Ausreisser (Outliers)",{"mode":176,"text":2847,"type":178,"style":169,"detail":170,"format":170,"version":4}," gesondert zu behandeln oder zu ignorieren, seien sie aberrant oder schwer zu erklären. Das Lernen ist zudem abhängig vom Zugang zu und der Länge der historischen Daten, von ihrer Verfügbarkeit je nach Bereich, aber auch von der Hypothese, dass die massiv verwendeten vergangenen Daten es erlauben, Trends mit einer gewissen prädiktiven Kraft zu bestimmen. Schliesslich besteht ein wichtiger Teil der Feinabstimmung darin, das «Overfitting» zu vermeiden, das heisst zu funktionieren, indem man die Trainingsdaten zulasten der Vorhersagefähigkeit begünstigt. Dies führt naturgemäss dazu, die besonderen Ereignisse, die nicht in den Durchschnitt fallen, auszuklammern oder zu minimieren.","Machine Learning und Black Swans",{"id":2850,"colorVariation":902,"blockName":28,"columns":2851,"blockType":340,"titleStart":2867,"titleEnd":1992},"6a3e76ee79839c6d1a2b12aa",[2852],{"id":2853,"content":2854},"6a3e774079839c6d1a2b12ab",{"root":2855},{"type":168,"format":169,"indent":170,"version":4,"children":2856,"direction":28},[2857,2861,2863],{"type":173,"format":169,"indent":170,"version":4,"children":2858,"direction":28,"textStyle":169,"textFormat":170},[2859],{"mode":176,"text":2860,"type":178,"style":169,"detail":170,"format":170,"version":4},"Die Merkmale des Lernens, ob überwacht oder unüberwacht, werfen die Frage nach der Erzeugung einer besonderen Blase und nach der Selbstproduktion eines Black Swan neuer Art durch die Vervielfachung automatisierter Akteure auf, deren Vielfalt vorgetäuscht wäre. Gemäss den von Shannon aufgestellten Prinzipien bedeutet die Zahl und Vervielfachung der Akteure nicht, dass es mehr Information gibt, noch dass diese differenziert wäre. Dies wird durch das Paradox des von Shannon 1948 erfundenen Spiels veranschaulicht, das einen diskreten universellen Prädiktor schafft, der aus den Verzerrungen der bereitgestellten Information Nutzen zieht (in diesem Fall ein Experimentator, der Zahlen erzeugt, die in Wirklichkeit nicht zufällig sind). Der erleichterte Zugang zu fortgeschrittenen Algorithmen bewirkt eine Vervielfachung der Akteure, doch diese riskieren, die Informationen auf ähnliche Weise zu verarbeiten. Es ist wahrscheinlich, dass diese Akteure, indem sie ähnliche Hypothesen aufstellen und im Wesentlichen die gleichen Daten und die gleichen Algorithmen verwenden, ähnliche Ergebnisse erzielen und die gleichen Vorhersagen verstärken, wodurch sie die Arbitragemöglichkeiten einschränken. Eine Parallele lässt sich zum Hochfrequenzhandel ziehen, der eine signifikante Outperformance erlaubte, solange die Zahl der Akteure begrenzt war. ",{"type":173,"format":169,"indent":170,"version":4,"children":2862,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":169,"indent":170,"version":4,"children":2864,"direction":28,"textStyle":169,"textFormat":170},[2865],{"mode":176,"text":2866,"type":178,"style":169,"detail":170,"format":170,"version":4},"Man kann sich dann fragen, ob die Verwendung von Lernmodellen es erlaubt, eine bessere Effizienz der Märkte zu erzielen, indem man die Akteure vervielfacht, oder im Gegenteil das Risiko der Ineffizienz erhöht, indem man künstlich geklonte Akteure reproduziert. Das Paradox wäre dann, dass die Reife der KI-gestützten Anlage am Ende die Verzerrungen reproduziert, die den Indexanlagen vorgeworfen werden: übermässige Konzentration, Angst vor der Bildung einer Blase, Herdenverhalten. Sie trägt jedoch a priori nicht die gleichen wesentlichen Nachteile, die mit diesen Indexfonds verbunden sind: fehlende Outperformance, fehlende Flexibilität und die Unmöglichkeit, von Chancen am Markt zu profitieren.","Kleine und grosse Schwäne",{"id":2869,"colorVariation":269,"blockName":28,"columns":2870,"blockType":340,"titleStart":1992,"titleEnd":1992},"6a3e776879839c6d1a2b12ac",[2871],{"id":2872,"content":2873},"6a3e776e79839c6d1a2b12ad",{"root":2874},{"type":168,"format":169,"indent":170,"version":4,"children":2875,"direction":28},[2876],{"type":173,"format":169,"indent":170,"version":4,"children":2877,"direction":28,"textStyle":169,"textFormat":4},[2878,2880],{"mode":176,"text":2879,"type":178,"style":169,"detail":170,"format":4,"version":4},"Thierry Vessereau ",{"mode":176,"text":2881,"type":178,"style":169,"detail":170,"format":170,"version":4},"stiess im Juli 2019 zur BCGE Asset Management als institutioneller Manager für die passiven und aktiven Fonds der Palette Synchrony. Zuvor arbeitete er von 2005 bis 2019 bei der Bank Pictet & Cie als Projekt- und Entwicklungsleiter, danach als Anlagespezialist des Bereichs Indexation der Pictet Asset Management. Thierry Vessereau ist Inhaber eines Masters in Informatikwissenschaften und Doktor der Wirtschaftswissenschaften.",{"id":1818,"alt":1819,"landscape":2883,"portrait":28,"folder":1708,"thumbnailUrl":1830,"updatedAt":1845,"createdAt":1846},{"id":1821,"updatedAt":1822,"createdAt":1823,"url":1824,"thumbnailURL":28,"filename":1825,"mimeType":30,"filesize":1826,"width":1827,"height":1827,"focalX":33,"focalY":33,"sizes":2884},{"thumbnail":2885,"sm":2886,"md":2887,"lg":2888,"og":2889},{"url":1830,"width":37,"height":38,"mimeType":30,"filesize":1831,"filename":1832},{"url":1834,"width":43,"height":43,"mimeType":30,"filesize":1835,"filename":1836},{"url":1838,"width":1827,"height":1827,"mimeType":30,"filesize":1826,"filename":1839},{"url":1838,"width":1827,"height":1827,"mimeType":30,"filesize":1826,"filename":1839},{"url":1842,"width":56,"height":57,"mimeType":30,"filesize":1843,"filename":1844},"Eine Kolumne von Thierry Vessereau -\nErschienen in Allnews - Juli 2025","2025-07-22T12:00:00.000Z",{"id":4,"name":1708,"slug":1851,"updatedAt":1852,"createdAt":1852},"machine-learning-black-swans","2026-09-15T12:30:41.814Z","2026-06-26T12:58:45.731Z",{"id":521,"layout":2897,"previewImage":3033,"title":3041,"excerpt":3042,"publishedDate":3043,"tags":3044,"slug":3045,"updatedAt":3046,"createdAt":3047},[2898,2935,2961,2988,3019],{"id":2899,"colorVariation":239,"backgroundImage":2900,"foregroundImage":2915,"blockName":28,"blockType":256,"eyebrow":2923,"title":2924,"content":2925},"6a3e789674a2af8ce99c26bf",{"id":1861,"alt":1862,"landscape":2901,"portrait":2908,"folder":1708,"thumbnailUrl":1872,"updatedAt":1914,"createdAt":1915},{"id":1864,"updatedAt":1865,"createdAt":1866,"url":1867,"thumbnailURL":28,"filename":1868,"mimeType":30,"filesize":1869,"width":75,"height":1658,"focalX":33,"focalY":33,"sizes":2902},{"thumbnail":2903,"sm":2904,"md":2905,"lg":2906,"og":2907},{"url":1872,"width":37,"height":38,"mimeType":30,"filesize":1873,"filename":1874},{"url":1876,"width":43,"height":1666,"mimeType":30,"filesize":1877,"filename":1878},{"url":1880,"width":48,"height":1671,"mimeType":30,"filesize":1881,"filename":1882},{"url":1884,"width":75,"height":1658,"mimeType":30,"filesize":1869,"filename":1885},{"url":1887,"width":56,"height":57,"mimeType":30,"filesize":1888,"filename":1889},{"id":1891,"updatedAt":1892,"createdAt":1893,"url":1894,"thumbnailURL":28,"filename":1895,"mimeType":30,"filesize":1896,"width":1688,"height":1689,"focalX":33,"focalY":33,"sizes":2909},{"thumbnail":2910,"sm":2911,"md":2912,"lg":2913,"og":2914},{"url":1899,"width":37,"height":38,"mimeType":30,"filesize":1900,"filename":1901},{"url":1903,"width":43,"height":1697,"mimeType":30,"filesize":1904,"filename":1905},{"url":1907,"width":1688,"height":1689,"mimeType":30,"filesize":1896,"filename":1908},{"url":1907,"width":1688,"height":1689,"mimeType":30,"filesize":1896,"filename":1908},{"url":1911,"width":56,"height":57,"mimeType":30,"filesize":1912,"filename":1913},{"id":1917,"alt":1918,"landscape":2916,"portrait":28,"folder":1708,"thumbnailUrl":1927,"updatedAt":1945,"createdAt":1946},{"id":220,"updatedAt":1920,"createdAt":1921,"url":1922,"thumbnailURL":28,"filename":1923,"mimeType":30,"filesize":1924,"width":75,"height":1658,"focalX":33,"focalY":33,"sizes":2917},{"thumbnail":2918,"sm":2919,"md":2920,"lg":2921,"og":2922},{"url":1927,"width":37,"height":38,"mimeType":30,"filesize":1928,"filename":1929},{"url":1931,"width":43,"height":1666,"mimeType":30,"filesize":1932,"filename":1933},{"url":1935,"width":48,"height":1671,"mimeType":30,"filesize":1936,"filename":1937},{"url":1939,"width":75,"height":1658,"mimeType":30,"filesize":1924,"filename":1940},{"url":1942,"width":56,"height":57,"mimeType":30,"filesize":1943,"filename":1944},"25. Juni 2025","Die Schweiz, ein diskretes, \naber mächtiges Land der Innovation",{"root":2926},{"type":168,"format":169,"indent":170,"version":4,"children":2927,"direction":28},[2928,2931],{"type":173,"format":169,"indent":170,"version":4,"children":2929,"direction":28,"textStyle":169,"textFormat":170},[2930],{"mode":176,"text":1955,"type":178,"style":169,"detail":170,"format":170,"version":4},{"type":173,"format":169,"indent":170,"version":4,"children":2932,"direction":28,"textStyle":169,"textFormat":170},[2933],{"mode":176,"text":2934,"type":178,"style":169,"detail":170,"format":170,"version":4},"Erschienen in Allnews - Juni 2025",{"id":2936,"colorVariation":461,"blockName":28,"columns":2937,"blockType":340,"titleStart":1992,"titleEnd":1992},"6a3e85f774a2af8ce99c26cc",[2938],{"id":2939,"content":2940},"6a3e85fd74a2af8ce99c26cd",{"root":2941},{"type":168,"format":169,"indent":170,"version":4,"children":2942,"direction":28},[2943,2947,2949,2953,2955,2959],{"type":173,"format":169,"indent":170,"version":4,"children":2944,"direction":28,"textStyle":169,"textFormat":485},[2945],{"mode":176,"text":2946,"type":178,"style":169,"detail":170,"format":485,"version":4},"Wenn die Umsetzung der künstlichen Intelligenz sich auf die Schweiz reimt",{"type":173,"format":169,"indent":170,"version":4,"children":2948,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":169,"indent":170,"version":4,"children":2950,"direction":28,"textStyle":169,"textFormat":170},[2951],{"mode":176,"text":2952,"type":178,"style":169,"detail":170,"format":170,"version":4},"Lange als Pfeiler der Stabilität in Europa betrachtet, geniesst die Schweiz auch den Ruf einer Heimstätte der Innovation. Sie hat aus dieser Aura Kapital zu schlagen gewusst, insbesondere dank ihrer Präzisionsuhrmacherei, ihrer industriellen Exzellenz sowie der Qualität ihrer Pharmaindustrie. Die Schweiz etabliert sich heute als diskreter, aber einflussreicher Akteur im Bereich der Technologie und insbesondere bei der Umsetzung und Nutzung der künstlichen Intelligenz (KI). ",{"type":173,"format":169,"indent":170,"version":4,"children":2954,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":169,"indent":170,"version":4,"children":2956,"direction":28,"textStyle":169,"textFormat":170},[2957],{"mode":176,"text":2958,"type":178,"style":169,"detail":170,"format":170,"version":4},"Die Innovation gehört zur DNA der Schweiz und ihrer Unternehmen, die Jahr für Jahr methodisch beträchtliche Summen in Forschung und Entwicklung (F&E) allozieren. Im Durchschnitt werden jedes Jahr nahezu CHF 25 Milliarden investiert, davon rund CHF 17 Milliarden von privaten Unternehmen, was mehr als 3% des BIP entspricht(1). Auch wenn das Land nicht als «Silicon Valley» gilt, sind mehrere seiner Unternehmen bedeutende Akteure der Innovation. ABB, VAT Group und Belimo veranschaulichen perfekt die Art und Weise, wie die KI heute im Zentrum der Innovationsinvestitionen der Schweizer Unternehmen steht und ihre Rolle in der Wertschöpfungskette dieser disruptiven Technologie festigt.",{"type":173,"format":169,"indent":170,"version":4,"children":2960,"direction":28,"textStyle":169,"textFormat":170},[],{"id":2962,"colorVariation":345,"blockName":28,"columns":2963,"blockType":340,"titleStart":2987,"titleEnd":1992},"6a3e861a74a2af8ce99c26ce",[2964],{"id":2965,"content":2966},"6a3e862674a2af8ce99c26cf",{"root":2967},{"type":168,"format":169,"indent":170,"version":4,"children":2968,"direction":28},[2969,2973,2975,2979,2981,2985],{"type":173,"format":169,"indent":170,"version":4,"children":2970,"direction":28,"textStyle":169,"textFormat":170},[2971],{"mode":176,"text":2972,"type":178,"style":169,"detail":170,"format":170,"version":4},"ABB, der Industriegigant, innoviert seit über 140 Jahren und wurde so zum Weltmarktführer in Automatisierung, Robotersystemen und Elektrifizierung. Das Unternehmen integriert die KI in seine Lösungen, um die vorausschauende Wartung, das Energiemanagement und die Autonomie der Industriesysteme zu optimieren. Seine Plattform ABB Ability ist dabei die Speerspitze: durch die Verbindung von KI und Cloud erlaubt sie es, massive Volumen industrieller Daten in Echtzeit zu analysieren, um Ausfälle zu antizipieren, den Energieverbrauch zu senken und die operative Effizienz zu verbessern. Ein weiteres Beispiel: Die Datenzentren (Data Centers), unverzichtbar für die KI, machten 2024 15% der neuen Aufträge der Division Elektrifizierung aus, also rund CHF 2 Milliarden. Die KI wird hier zu einem konkreten Hebel für Produktivität, Wachstum und Rentabilität. Doch diese Innovation erfordert selbstverständlich bedeutende Investitionen. Seit 2020 hat ABB seine F&E-Ausgaben um 40% erhöht, die 2024 4,5% des Umsatzes bzw. CHF 1,2 Milliarden erreichten(2). Die VAT Group, ein strategisches Glied in der Herstellung von Halbleitern, ist der breiten Öffentlichkeit weniger bekannt, aber ebenso wesentlich. ",{"type":173,"format":169,"indent":170,"version":4,"children":2974,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":169,"indent":170,"version":4,"children":2976,"direction":28,"textStyle":169,"textFormat":170},[2977],{"mode":176,"text":2978,"type":178,"style":169,"detail":170,"format":170,"version":4},"Die VAT Group ist Weltmarktführerin bei den in der Halbleiterfertigung verwendeten Vakuumventilen. Dieses hochtechnische Gebiet erfordert Präzision und Reinheit der Umgebung. Die KI wird hier genutzt, um die Entwicklungszyklen neuer Vakuumlösungen zu simulieren und zu beschleunigen. Mit 76% Marktanteil in ihrem Segment ist die VAT Group ein Schlüsselakteur in der Wertschöpfungskette der Halbleiter, die ihrerseits für die KI unverzichtbar sind. Das Unternehmen widmet einen signifikanten Teil seines Umsatzes der F&E (6% des Umsatzes bzw. 12% der Mitarbeitenden)(3), was ihm erlaubt, an der Spitze der Innovation zu bleiben. ",{"type":173,"format":169,"indent":170,"version":4,"children":2980,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":169,"indent":170,"version":4,"children":2982,"direction":28,"textStyle":169,"textFormat":170},[2983],{"mode":176,"text":2984,"type":178,"style":169,"detail":170,"format":170,"version":4},"Belimo, ein Schlüsselakteur für die Energieeffizienz der Datenzentren, Spezialist für Stellantriebe, Ventile und Sensoren zur Steuerung der Luft- und Wasserströme in Gebäuden, verkörpert das Aufkommen der intelligenten Gebäude. Das Unternehmen hat die KI in seine vernetzten Sensoren integriert, um den thermischen und energetischen Komfort automatisch zu verbessern. Dank seiner prädiktiven Modelle ermöglicht Belimo eine signifikante Reduktion des Energieverbrauchs. 12% seines Umsatzes stammen inzwischen aus den Datenzentren, einem strategischen Segment angesichts der Explosion des Kühlbedarfs im Zusammenhang mit den neuen KI-Chips. Belimo weist über 20 Jahre ein durchschnittliches jährliches Umsatzwachstum von 10% auf und investiert nahezu 8% seines Umsatzes in F&E, Beleg einer robusten und nachhaltigen Technologiestrategie(4).",{"type":173,"format":169,"indent":170,"version":4,"children":2986,"direction":28,"textStyle":169,"textFormat":170},[],"Porträt einer laufenden technologischen Wende in der Schweiz",{"id":2989,"colorVariation":902,"blockName":28,"columns":2990,"blockType":340,"titleStart":3018,"titleEnd":1992},"6a3e865274a2af8ce99c26d0",[2991],{"id":2992,"content":2993},"6a3e866074a2af8ce99c26d1",{"root":2994},{"type":168,"format":169,"indent":170,"version":4,"children":2995,"direction":28},[2996,3000,3002,3006,3010,3014],{"type":173,"format":169,"indent":170,"version":4,"children":2997,"direction":28,"textStyle":169,"textFormat":170},[2998],{"mode":176,"text":2999,"type":178,"style":169,"detail":170,"format":170,"version":4},"ABB, VAT Group und Belimo veranschaulichen perfekt ein Innovationsmodell «à la Suisse»: pragmatisch, industriell und auf Effizienz und Leistung ausgerichtet. Diese Unternehmen verankern so die KI in konkreten Anwendungen, die zugleich die Industrie, die Energie, die Gebäude und die weltweite digitale Wirtschaft transformieren. Die Umsetzung der KI wird wesentlich für die Innovation, die es ihrerseits erlaubt, zunehmend produktive F&E-Reinvestitionen zu erzielen. Die Schweiz, treu ihrem Erbe der Präzision, verwandelt dieses historische Kapital schrittweise in einen langfristigen Wettbewerbsvorteil.",{"type":173,"format":169,"indent":170,"version":4,"children":3001,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":169,"indent":170,"version":4,"children":3003,"direction":28,"textStyle":169,"textFormat":170},[3004],{"mode":176,"text":3005,"type":178,"style":169,"detail":170,"format":170,"version":4},"(1) https:\u002F\u002Fwww.aboutswitzerland.eda.admin.ch\u002Ffr\u002Frecherche-et-developpement ",{"type":173,"format":169,"indent":170,"version":4,"children":3007,"direction":28,"textStyle":169,"textFormat":170},[3008],{"mode":176,"text":3009,"type":178,"style":169,"detail":170,"format":170,"version":4},"(2) https:\u002F\u002Fglobal.abb\u002Fgroup\u002Fen\u002Finvestors ",{"type":173,"format":169,"indent":170,"version":4,"children":3011,"direction":28,"textStyle":169,"textFormat":170},[3012],{"mode":176,"text":3013,"type":178,"style":169,"detail":170,"format":170,"version":4},"(3) https:\u002F\u002Fwww.vatgroup.com\u002Finvestor-relations ",{"type":173,"format":169,"indent":170,"version":4,"children":3015,"direction":28,"textStyle":169,"textFormat":170},[3016],{"mode":176,"text":3017,"type":178,"style":169,"detail":170,"format":170,"version":4},"(4) https:\u002F\u002Fwww.belimo.com\u002Fch\u002Fen_GB\u002Fabout\u002Finvestor-relations","Eine KI im Dienste der diskreten, aber wesentlichen Schweizer Innovation.",{"id":3020,"colorVariation":269,"blockName":28,"columns":3021,"blockType":340,"titleStart":1992,"titleEnd":1992},"6a3e866674a2af8ce99c26d2",[3022],{"id":3023,"content":3024},"6a3e866e74a2af8ce99c26d3",{"root":3025},{"type":168,"format":169,"indent":170,"version":4,"children":3026,"direction":28},[3027],{"type":173,"format":169,"indent":170,"version":4,"children":3028,"direction":28,"textStyle":169,"textFormat":4},[3029,3031],{"mode":176,"text":3030,"type":178,"style":169,"detail":170,"format":4,"version":4},"Anton Berthot ",{"mode":176,"text":3032,"type":178,"style":169,"detail":170,"format":170,"version":4},"ist Co-Manager von Überzeugungsfonds auf Schweizer Aktien bei der BCGE. Zuvor war er 8 Jahre lang Co-Manager von Fonds auf Schweizer Aktien, Schweizer Immobilien und Multi-Assets bei der RESCAD SA. Er zählt zudem einige Jahre als Analyst bei HSBC und JP Morgan. Er ist Inhaber eines Master in Finance der Universität Neuenburg, eines Bachelors der HEC Lausanne und CFA-Charterholder.",{"id":2094,"alt":2095,"landscape":3034,"portrait":28,"folder":1708,"thumbnailUrl":2105,"updatedAt":2120,"createdAt":2121},{"id":2097,"updatedAt":2098,"createdAt":2099,"url":2100,"thumbnailURL":28,"filename":2101,"mimeType":30,"filesize":2102,"width":1827,"height":1827,"focalX":33,"focalY":33,"sizes":3035},{"thumbnail":3036,"sm":3037,"md":3038,"lg":3039,"og":3040},{"url":2105,"width":37,"height":38,"mimeType":30,"filesize":2106,"filename":2107},{"url":2109,"width":43,"height":43,"mimeType":30,"filesize":2110,"filename":2111},{"url":2113,"width":1827,"height":1827,"mimeType":30,"filesize":2102,"filename":2114},{"url":2113,"width":1827,"height":1827,"mimeType":30,"filesize":2102,"filename":2114},{"url":2117,"width":56,"height":57,"mimeType":30,"filesize":2118,"filename":2119},"Die Schweiz, ein diskretes, aber mächtiges Land der Innovation","Eine Kolumne von Anton Berthot -\nErschienen in Allnews - Juni 2025","2025-06-25T12:00:00.000Z",{"id":4,"name":1708,"slug":1851,"updatedAt":1852,"createdAt":1852},"schweiz-land-der-innovation","2026-09-17T15:59:47.783Z","2026-06-26T13:04:42.515Z",{"id":3049,"layout":3050,"previewImage":3189,"title":3077,"excerpt":3197,"publishedDate":3198,"tags":3199,"slug":3200,"updatedAt":3201,"createdAt":3202},17,[3051,3088,3107,3120,3143,3162,3175],{"id":3052,"colorVariation":239,"backgroundImage":3053,"foregroundImage":3068,"blockName":28,"blockType":256,"eyebrow":3076,"title":3077,"content":3078},"6a43e662aa5d9812cabda070",{"id":2134,"alt":2135,"landscape":3054,"portrait":3061,"folder":1708,"thumbnailUrl":2145,"updatedAt":2187,"createdAt":2188},{"id":2137,"updatedAt":2138,"createdAt":2139,"url":2140,"thumbnailURL":28,"filename":2141,"mimeType":30,"filesize":2142,"width":75,"height":1658,"focalX":33,"focalY":33,"sizes":3055},{"thumbnail":3056,"sm":3057,"md":3058,"lg":3059,"og":3060},{"url":2145,"width":37,"height":38,"mimeType":30,"filesize":2146,"filename":2147},{"url":2149,"width":43,"height":1666,"mimeType":30,"filesize":2150,"filename":2151},{"url":2153,"width":48,"height":1671,"mimeType":30,"filesize":2154,"filename":2155},{"url":2157,"width":75,"height":1658,"mimeType":30,"filesize":2142,"filename":2158},{"url":2160,"width":56,"height":57,"mimeType":30,"filesize":2161,"filename":2162},{"id":2164,"updatedAt":2165,"createdAt":2166,"url":2167,"thumbnailURL":28,"filename":2168,"mimeType":30,"filesize":2169,"width":1688,"height":1689,"focalX":33,"focalY":33,"sizes":3062},{"thumbnail":3063,"sm":3064,"md":3065,"lg":3066,"og":3067},{"url":2172,"width":37,"height":38,"mimeType":30,"filesize":2173,"filename":2174},{"url":2176,"width":43,"height":1697,"mimeType":30,"filesize":2177,"filename":2178},{"url":2180,"width":1688,"height":1689,"mimeType":30,"filesize":2169,"filename":2181},{"url":2180,"width":1688,"height":1689,"mimeType":30,"filesize":2169,"filename":2181},{"url":2184,"width":56,"height":57,"mimeType":30,"filesize":2185,"filename":2186},{"id":2190,"alt":2191,"landscape":3069,"portrait":28,"folder":1708,"thumbnailUrl":2201,"updatedAt":2219,"createdAt":2220},{"id":2193,"updatedAt":2194,"createdAt":2195,"url":2196,"thumbnailURL":28,"filename":2197,"mimeType":30,"filesize":2198,"width":75,"height":1658,"focalX":33,"focalY":33,"sizes":3070},{"thumbnail":3071,"sm":3072,"md":3073,"lg":3074,"og":3075},{"url":2201,"width":37,"height":38,"mimeType":30,"filesize":2202,"filename":2203},{"url":2205,"width":43,"height":1666,"mimeType":30,"filesize":2206,"filename":2207},{"url":2209,"width":48,"height":1671,"mimeType":30,"filesize":2210,"filename":2211},{"url":2213,"width":75,"height":1658,"mimeType":30,"filesize":2198,"filename":2214},{"url":2216,"width":56,"height":57,"mimeType":30,"filesize":2217,"filename":2218},"9. 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Diese Zahlen sind die Zölle, die den Handelspartnern der Vereinigten Staaten auferlegt wurden und die der Präsident an jenem 2. April in scharfen Worten darstellte. 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