Enterrprise-Picking Schafft Mehrwert Im Auf Und Ab

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delullil~mo
Juni 12
Das Fondsmagazin der Borsen-Zeitung
'EDITORlAL
Bei d!el'lldeutscl1en fon,ds ges.eUschaffen, is! ,eiilIElewlLIsstseinswalilld!el ba r_lllrliIlrner I1IfIleh Antiide:r r Pl'odlllkte gebelfl
Z.U,.
d "5i~die alten, be:iIlcllilma~kiofie'l'Itiemteril
,el'kenn-
am Bedarf Ulnd all clef Nacli1fwage' der I<lund!en vorbeigelhel1, lDe'nn

<In den Borsen sillild scbuld d ara n" da ss dle An-
nil:h! m.!IHHe IKursallnddage
I'eger aus FOI'Idlsf~(j:d'ltll'tierill I,Jllrild vie:lif01lc'h woh I nii!::ht wieder l:!1rli:(:kk(l<Il11rlnernl; Was h ilft e U!iIProdllikt;. dla,setwas welil,igereini:lii
f!.t a!llsder l!1de~. we!il!illdo(:h

leb€!ins:zie~f! WUfl
ell"! guter tel I dies angelegtelill Geldes 'fults-chi is!'? Sbtlltdt'ls's,~n won~n die AIil,leger Sichieriuflit, um bestimmte
den RllIh(!>tall'lld, (ilIa>S~'I[.IGliumde:r KUrl,d>erOGier iliil,Jlme fini'nlZi~l~eln zu kion" ' nen, 5ie' bralUCneil'l $omu! plla'li1lba,~e 1~1nanzen.lDa her gehen d i,e Ge,1 d,eueit der
Der deutsche Sparer wird endlich erhort

Von SI~K1ESTOl11ENIIB:n(l in SpareiunlllOigein5,owklV:er:s~dil:enmgen, del"! we~tweiten Der Anteilll dler Ilrnrvestlmentfo:ndls an
Pi na mra n ~age!1 i:st in nur fu nf J<l!li!ren vo:n e:[!')em Vieirtelauf kna pp Ober ein FOnfte:1gesch m'OIZi~fiI.llUlm d iesElIl Abwartstrend ZII!J stoPPEll1,
ltirei,eren immer mehr Fondsgese:lllsc~aftel'll spar$nwmillhrliliche Prodlill~e mit garnrllft~ertel1lfllKa'Pit a ~erh'alt lund verspmchsner Remllite. Der dellJt$che Spa-
rer wird e'ndll~ch e'IMrt Es dl~alflgt sidll abrdings die Ilf'lrageauf; inwiefem siich dlarlil'lllllliirlllrQrlldS noch Win ,eilnelr lelbens\,liers~:chlerung unt:elrscheklet, der~'rl Anbuete:~ mlii!l ga:l'llz alMlm~hlel'll VE!rtlruebsalrg!l[.Ilrtu~nteli1wi'e Kapii~allerhalt undl festef1l'l Zi~s:sab: dureh die Lalndle zieherl, Die' Investmeme)(pe:rte'l1 kion" tern, ste konnten milt ihre:r EKperl!i~seeln >O)uint!Ohel"! mehr FlJefildlte tlk lhre Kundelill l1e~<lUishol,ert Nlillil b~hailllpt:ell naturlich <lUicll die Anlageexpelltefil der Versidli erer vo:n skh, dia,s'S ullli.!'leStrateg,le dlie be'.ste ist, um die Re:ndlite;!;l!! ma><ilmierEl'n. Ob V@rsi1cher@:roder Ass.e1: M,alnaEl~r - aktu@111 herrscht wel~ und brelt wegen delr Kmuseglr(l,~ RaUo5Iiig:keit,. wO 1'III00Ichhaitiggl!Jte Rer!diteinl zu hlOI!eI'II sind> M<!lrnd'iI:eAn lagestrate'gel1l waffnemJehrlkh.
d er Fondlsgeseilbdlilaften:
si nd geradlezlU eat-
An,leger kOlrlWlten aktl!!lelll
nlchtgut ab:5(:hlne~de:rl; seneern

di~ grof!,'ten IKOIltastroph:el'llV!er" 1-" kti kaUefill'; Us unld
\1·01',
l'e:digJil:11il d:Ulrcilil ~~I'II;~, g)ui:e Positio,nuemtll8
meidenl.llhe~B·t esflrank ~md firei be:] der Del[.lisdli1e:n Bank. Arnlgesiehts des BtlJrenmalrkt'S be,~den ~efilten I ieBe'O sic h d u rch elne ges(hkkte di,e Sd1:mer:zel"ll~ndern, tont es VOrl dJer Meag. SEE!M$ie:t:M<lil1lagemeint Filna:nciier,e de ~'~ch:iqulielr steillen aulfdenl foligendel'll' Seiterll lhre Kon~epte wi.el[i!:'ngai!~:ment'S Abw.'htstrelild ~nalll!sgewahlitell'! U!1te:rnehmeil'! an den"Alktielil.- urld Alnlleihemij~kt~n zu ,~nlt:zie:hei1.
li!lelfel1lllkonne:n,. sich dern
I,Iltimo 3o.6.20~ 2
GASTBEETRAG
DidlieI'LeMenestrel" Gri1mder von Financiere de l'Eehiquier, uber die eefolgreiche Auswahl von Unternebmenstltela
Enterprise-Picking schafft
Hilit im BchJI'~ttbel mehr als 2:2%, mll~k" Un'temenmen aus Buropa sind in W.f~ rives [nv~lmem e.t\lva auf I'Iasis gezie~re[l blldllcher Verifass!;I[lg,. Ungel3,c!]!fIt desSOOck.pjWIlg5 .hiJiJ~g:ef.l weLtS~im selben sell driiclrel1L :Euoo- und SmartSschu1denDie Zeitraum ein.!itl1 ZUwaclls von mehr als Imse wilt:weit auf die ,~enkl1rse, Ue;gen auf 45%rmf - und dies bel ge.rlJ1l~arerVola.• Ulltern'filimen.oowertungen hi:st:o:rusch.en Tief$~den, was slch bel tilUtat des PorifoHo~ ($ie!he Gro£ik)" ~t!irop1hlS1:he.n Ul'lternehmen beso.!'ld@i'S ehlfltomt U!.gl i(sie:he 'Graik, Seire 5). Werooi iiliniIi.ehr:rloongeri Ktlrs-Gew.irm'Diot;1; aller tlnsidler-heuten, die ~[1 de!'! 1terhillQ:iis:ren im M~r.i:20091Il1l!tig ge!]1l g W;;lJ; 'li!_;_~d elngestiegen 1St, iro!'L!l:res~ch un aJ:lhaJten.d \I'OL<!!ill@!~ F]tl<l~m.a_rl;:Je'l 2:1:lr:!t Al:Jscllrudk irommen, ist: es urn das WtttIDIIgende.nJ<ihr tiber R~wifLllle\i'\ln $Crn3ruwac~Ui;lm. weltweit gulltu~stel~~. ijber 50% freuen, UnO! allein $ahon die Riickkefu':!AI fuken Pre'~ kQmm,t iiIm!!FUr 2012 rechTilen lixpe!iterl <lHeu" ffir chen. KI:In:~t.eigerullig'eri ;gleic.h. dtWll2. mit 8% 'lMIci1snrllrl., und !ltiJclI. die USA so-Hen, :rwar rn(lde,[3t, alberv,reitet W'3cti!J~ell,)~e ak~.el~e Krise ~,tU[l et$1Le:r Denj~{rn.ugen. deren grOJate SQrge El!IECipa [ ~St, :»el.g.esagt: Se.lb:s! Wl!!'11:'1 d:[e w;e$ili. Ulilie eane SUI.at:S. und ~l:'Imse - auf iITS Stocken ge. Urnem.ehmerue:bene dagsgen sell es sel- di.e:1ll Vo~rtS{!haftei'l. tern. 2;111'''1)rbesser aus .. Seit dem KoIl8p5 ]I]l rarsn, warnSt die We]rwirtsclJa:l'rr weiJre:r ~ gestG:t:z,t VO!Ji der Nadwrage in, den Jahr' 2008 haben Fil':m~n rnreBilaru.e1ll Scltwe:l1oo]andem. Viel wichtige:r sls deutllich sanierl: UriC! sieh neu <lJlllgestellt Iksollders inrt:el'J1!atkllllll. 1lll.lsgerlchre~e das Herkunftsland elnes Unremehmens
Biif$en-zeitl;Jlng,
30.6,20'1'2
D.ie ScltwinCieli erregenden.
AChterh9!h:n-
fshnenan den B5t$en ~~~.recke:n Anl.e,ger,. die sich zunehmend fernhalten VOn ,Mti,ell und co, EHes: ~Stt>ei]wel3fl ,aru.ehrlacl1VQ~]l'.:iehba:r;:Zu goo!! ist die lfu.ge1NTI:!isheitijberdell Ausg:mg de, eu-
liOpaisc'he[l StaatssclmLdenkrise und der 8loIDalen W3.ci1srumse:lilt\Vi.ckiJUllg_ Gut,

we'r sich ron dell .sorgen nlcht beirren !iiss~uad auf Rlkten schaur, Ob AkJti.en
oo:ler AnJ!~i1'l.en: Di.e ,~!.!ro[l1hlsche Unternehrnenslandschaft vediigt iibetei:rn.e

exzellente winllcl:illft:l!icliie Ve:ffi1liS'~II.I[lg
Fokuss.ie'IfUlI1i!l aul eil'ilzeJllI1le'lntemehmen l

160
sclhlagt 111'iI,a,ex
.
Weritel'l'twick~lJl'I8 des .Ec:lilnQllJier'M~ jiOl~ 1m Vergl!eici'l :zumStox:.:: 6QO
Mel! bietet l;angfr]Sligariell.l:iemn .~I'!. w~tOl'e:IIL so gute Biilsti.~g;sdl;afiOen Vl'lie

~~~-t11 ZuvQt.
~chiql.l~el M,,!jor
lAO .
Mit del gezi.e1te.n Atlswahldier ri.cbtlgen Untem.e.hmerl - I>ei es Aklien. ode.
A!;Ilt:Lhen - kQ!]!1el;l ~eger nkht !l!.!f den Markt sl;':hl'lg.en,:ron.dem d~t!.iliC:h Scltwankungen mdllzieron" Ge:rn.dl'! in turbuleneen Marktenwie heute i$t aktives E!:!terp.f]~Pid:ill!g ~<!ssll\1,e~ t~ves!" me~ts vo.rlltz:le'.h@n. ZI:lm.Ve.rgl!elcll: Se:i e:Llrnerrt lnvesnnenr in den E!UrostOiDI 600
vor sleben Jan[eI1 haben Anlege:r bis heu.[€
!OO~, , ~--------------------ti----+--~~-7~--4r--~
, , ,
80 ~ .
'-" . S,to'xx Eu~C!pe600 60 ~~·~······]·················r·················I·················I·················I·················j···············l········ 2!D()$ ~()!D6 20C17 2;Q08 ~O()9 21C1:1(l~®1l 2012
fas:tt 6% W.f~oren., Oalbev lag
ave VoIOlti"
Mehrwert im Auf und Ab

leuroiPia~:S(he Unliernelillltllen sind unlterDewe'Ret
KlIn;·Hlmh"Verhaltlil~s von Firl1l1~mill E.lIro;j)@IUlrndIUSA Bonitii;tsnQt~1l nicht h.erum. Denn gure QuaJliJttil Dr seers ihre[lflrei~: Sc slnd Irn.veSIIn.e[Jt-G-n.de-.Anlelhe:11L nur mil! ~ll'Iem d.!i!urlich.en Ail>:><::hiIag hsben, zu 4.:5
4,O
Rlsi.lroreichere H:igh.Yteld-Anleihen Mnge,g:en, me z, B. dieclies deutsclietl RtifeLhmtel!l~rs <:ol1itin~I'lt<!J, mit elner Rendi.re von m.ehr oils 6%. kOru'lien eim.oo Zll$iitzliclli!lll Pe:rfOl"l'lliln(le.I3~lrag lieFern.
2','5
:u
:1..:5: ],0 J~iij""'"
,_
000000
or
StoIC!!: Europe,
0 0 0 0 0 0 0 •••••••••••
600
00
o~
000
0 0 0 0 0 0 0 0 ••••••••••
0 0 0 0 0 0 0 0 ••••••••••
0000000
o.
"T'"
00000000
T'.
_•
:~~2
1995
200~
2(11)$
2010
2012
Auch werm bei Altien de!'2let~ ga'ogere Ren.t'lUtepotenziale be-stelil.en. hilngt d:Le Strlli.t:ru:r eirtMjede[l Ponfo1ios vot der indWidueHen :Eillsle]]ung zum Ra,~ikQRen.di~NemaltMs abo Fur M:leget", d[!!
die Fmge" wo dieses se:inen Umsarz ~en€rt, Enterpri~~-Pi,c'ker kOOn:men mit Uilml"l1~hm.e.1ll aus dsr krlseng:ebf!l1ml. ten 'Rurowne sehr wohl punkren, 50' IaJ~gediese :akht "om, BillnenIDarkl abo hingen,oo:ndem am wachS1i!.!1n in den
iSI
Mob
I'lomll-Picker
~fumen
lndlzes
se'hlagen. II'I[olgedier neu.ilm R€g:l!lienmgsvorsdtrifte.n roE Balliken wlrd. die

KredflVe:rgaIDe :zullehmendre5mktu-
eiIte alll.sgewogen,e Zusammensel~lll:ilLg p.rnferleren, bletet sid skniell ,e:ine Gewichtung <lin von wpp 2.0% A&otien, 30% Hoch..:ins. lind 50% Invest·
ver, !8€:.~ del' Sucfu.e nach a ~'ttenI rive!'! a Rdinomzierulflg5"ITI...oglichlelten m!~el]

Uli!~eme:hmell zunehmend dell BOIlJdImarkt. U[l~emehme[ls2lnlefhen sind! fijI' kncl·Pkker eia eLnf..ches, :~ugleich ef-
SQhwellenlalldem ]iall1i:l:ip£ere~.. \!Qr allem markrfifheende Unternehmenaus EuJlO'P(I :h,;l!ben fr~.~~ettig j~!!'e Pr~se!'!:?;[_n den. Wa,&'stumsmii.!:cjj:en atl~ebfililJt. Auf &lh~1l~1!IIlder fii.ll! eln $te,tig wach$end!er Um~artzalltei1, .Beispiel. 'lJnikYer: [)er nlede:r])[n,disch-l1rimsehe I<ol'l,'l.em. liilnend irl .dJer KOrl5ilJmglimranene. envi!'tsd~<litet !."I.!ndS!) % seiner!~rlij!le ,tn den Scliwilllen]imoon. A~ch IJM geradle del1t~f! M<U'ktffihM gen:eri!lron einen G.mateil ihr,er Umsat:z.e au f3errtlilb ~rop ..s unci k»K!l.e!l! da:_mi~dJe Schw,ii· dl.e d.u'europ1iiscMIl Absa;ttm.Mk:te me,k !I]$!IIu~g]eichen. So srammen auch bel lJQl!lcs:W.ll,ge[lund 35%d1err Ums1irze r
<111.18
m.€m.Nlrade·Arlleihen. Dureh gezielte:s ElInerpri:se·PLo1ciug lst bei d~€[t!:rPorlfu" liootmlr.t'!.!r I:!lld ge:ge'~:n.e:n M<'I.Jik~bedi:_l'Igungen elne aJtlIaktive flibet;Srnu:Si$re:ndirte mOglid!i., Ob Aktie: eder At.Ilei~e- dieeuropili~clie Ull:ternetbl:nen~lBlnd$dlaft buertet
];amgfri$tig
fi~fet1.te-$ Diver:si.ffiZi.e:rung$.unstntment flit jede~ Pq.rnfu~io, da$ die Rendite

mitvertretbarem R.i~i~,o eptlmierr, Der
oriennertenAnlegern
derzek
IBaKx € 'Corpora.te 3-5 year Indexel:'Wa, der n9iupt.1lic:h1ich bOllJit1it5StaJrke.lnvsst!llef!.!-G.adecAll.leiltell e!;lllhiiiJl', legt se.it
J1ihl'lilsanfang um :melm: alss %
ZU. ArI-
iitlB.erst att:rllii:tive Anl3.ge:.~eie. 1N'erheuts !lufclii.e rimtige.rn Ul:'Itemelumen setzt., b.:.rm 1<I.ngms~gi.ibe:rd;I;!~chsch.Jljtilich
geslchts
sehr rlilldrigm:l ZUflsumfeldswerfe[l zlIhlretche sol~dJe e!.lxopiljsche Ullw'ne.h:.lllienS<I_rl!lci..he!'! Rendite:n zwisehen3 I:md 5% ab, Urn,
des aU~:In{lin
den Sohwelhm]iind.er,n.
j)l'OfitieN.Iil und Sohwmikung.en redm:ierun ,,1m Fol!,us solltcn. ellmp'ill~e U.Iilmr· nebrnen stehen, die vom 'il!klcilS1liJmill de!'! SdlweleJlla_llidJem prolitiere!'!, etn nac'hvollziehb<!l@s Geschafutnodlell. '!iltfwe~rn.U1rnd Marklfijhfflru[I lhrem Segallerdlngs liJfue[ljil.m:hsdhllriniriclte Ekttrii.ge e'Ln21ufan'rell" komrnen l'i:oIuj"pj,ckerr ment slnd ode:r siah2lufdembe~!eII '\!IOfeg U_rr1~j.nt!n Mix aus lIJ]O;rerschi.ed chen h dorllihb:l.beii.nde:n .
I.!It:imo 3o.6.20~ 2
lliMINTERVIEW
Jiirgen Meyer, Pondsmanager des "SE.BAktienfonds", fiber seinen
Auswahlprozess ben Unrernehmensaktien
Die Aktienmarkte sind nichts fur Schonwetterkapitane

lNiclreltaJ:s der i)ax. Es .p'$Siert I1atiirilicll
Herr Meyer,. Ste mam!g.en sti1i1: Mi~ te :;!oo6d'.e1il "SEI!! Akittenrornds" milt fUndi ,00 Mill. EUI'O.SeiMem ist es A!ktie,MIn1a rkt:gekiomm.er:l'. MOl I ern rHch - woll:en sre~mline:" 1iI>OC~ .Aiktie.nlma~ nilgE!~sein? O"S ietl:te JaJu<lelm:t !i\!'<Ji_f nkht die Oiptimale Zei.t fli:r Sc:hooawetterk3pitin.e. kh oohees g:a.n"Lp:rca,gmati$ciJ.; Hehe Kur!le Sind gut .fiix die ver~a,IJIFer; n.ioor.uge .Illirse sind. gut ftir ille Kaufer VOrl .Munrnerwiedendass sleh der Index. zeitWlalse b~ ellt\\\!'jclrelt als der ~ndls. Solang:e der FOuds sieh In drel VIertel der Zeit bEssere[ltwitclre·tt als se.in[mie:x,
iIT!imer wiedi(!:r
;!;UI
Rybchp"dij~.!i! am
erilJeuen mioh dje .~ibfli&Se Klllnde.n holfkndiCh al1ch.

I~I .IlIil,lils~kor1l5ept
- !.m~em
lien. Wir 11J;8Jbelt omentan e;ullen Kaum fermarl«. ldi. bun auchin vermelntlkh scl1.1ecin.el'lZe~mn gem!! IrlveSrol. U.w. tchgWaufue, fesI daran,diass das .~.ommen. de Jahrzehnt weir lukmtrver wiird als <las let:r;te.Oibn~ns.: Als Dip].·Phys[k;er und [).r...J:IiIg. des Stah]baus bin kh. kri.
sensieher a~$gebiMet ..~ah ,.."uoo·e kelne
es ~sei[leflM:Irl~ dQmin!elil;. Wir haben hre.r [Ill Deutsehl.am1 tl!ngewc;hnliciJ. v.leDe glob ale M:3!tlkdiiinrermi.t~liden Bi.lanzen. Vue]e davon finden simum. [)ax. Abe.rmcllt jedes U[llu!m~hm.el'l ir.n IJrux i~iI: aucl'i. eim. Marktfiliht:er: J:l.aJs~ffnet Chmcern., seMi}$iI: e~nen StM~9. Index wie ~. Dax zu schbg'>erl.
Illlel~dl~~g)i haltllill See laut Momingst(ll in den ,dlti~wm,~nAkil:r;erl~(l1iJlri!rl
rneiBt F<l,ir·¥aI'I,IE!. Pic:k~!i!g.s;r;e~"g!O!,"". de:r f;l!~re W,el'l: ei~ nes lhdemel1mens wilrdl von sein;er E[ge'n lCill~ itall'rentabil'iti'lt ltlestirrtlflllt. Kijnne:rl Sire lin r Konzept b~Ue niilil,er ,erit:iiiumrn? DM wan;, $0 Z:(i !rur:!: gegrnfen: Jedes herausragende Unternehmen kann tiM lange Ze.iwil:tme hinweg ents])pa,. cliI.el'ld hohe .8ig<!rllffipi.ruln![ld[terl er· WIIllrtsclulnell .. Alber nicht jede fimmzES:lltagsfliege, die in einem gl(ren Ja.h:r
mai1!S% Retl1Jr.1l011 Equity vemi(!:lil:t~.,Iit. ~'S~d!e3Wege:nin Ilaahhahlg profirables e
Al:ttie~f{)fldsmdlJ: m.• <l,ge:~. \~fl[J ich m mcht woll:te.
U~rem€hmell .. I)<lfiibu, ob d" U"te[~ nel:lm.en e'jll hervm;l<!cgend;::stnl!'estJ:Il..ent sein lranll,. e~nttSCi1J,eto:en primsr seune Ma[kl$teHlI[Illg und d~e QuIll.li.lDii semes Wife kalmn m!'llil dler A~w~lni$bewelern renge~Qgelil'? Siekii!lnen daf;'!!us drel Scliliisse o:;~ehe!l!: M<lI1ia,gemellts. Die; nach_haltig e!;':;,;ie:lba;gtlllilg ,d'el'!'!il' <'I11~F(lrud:$ITiI<1I'rlag!O!i~·entmmlmen? Sie 5chln,eiden ~n d~e!5enn, ill Dle Kiurse sclitw!lnken itlJaiflLchma] nefI'll tii;genka:Jlita.Ire:l1dite lstein MaBd!aJfii:r, Me $~neU em. Unternehmenmaalmel ti~ alspJ'Qgn~1liz:iert. Dti Sie 'VQther Jahr ~~~r ab als d~1 11);;1)(, DO'l'~ er~ organi;scil wachsellklilln. Bei$piel; Bel Iluaht wi$sen,. Wal1l1 e~[1 SQlaherEilll1~m rt~.lJlntt· 1010'05ie d:{l~ln Z!III ijber 98 %<ll[If RASP und BMW oom]ien dle Kur.:;ent· Deutslchl.mdl [lin P~rffolio $eben. sich wiederholt, nutzt Ihnen das W~sserl lNfcklurlg dell lI<!rgs.l1;s:enen liS!h:~hnte ~1l.W. S£ein Al!!tien investieren. lean- wenig. b) \>Venn. :Sie, AltJtien. \!O]!. :!luterl m.u: S.chlo'la.ub.ngenrecl!t g~t n1it deren !.1f1.Jlen.bestm::n. ~st die ga.u:;:e Mi~:re aen Siediies~m K'1!lX&lichw.1lLl1kw':'ll,ge:nILIl.EJgenkapitililrendl:te von ca. 12 Dis rs %. m.:5g1kh !i!:n.cloomm~. D.te h.!i!fd~ VO~<l- selbst im Kuru .~I"Iwenigc:l:" ats vier' Jahren 3usg!!standm:l _ im operatl.van UGsehMt ve:re.~nfacllend ge~;a;gt;: Werln d.(l:r K<lil1f· filHiit. dar Marlkro lassr m.ome:lt~ aUe nodi. schneller, \/Orausgesetzt, .e} Sie alt:lU!~~e!l, lst I'njue~··!)nd hmgf:ristig preis derAktie stimmt; USI dte ELsen· kapi~l..lIe!ldj{e ein p~ A..ll!haJts:pu~lkt stnd! l_h_re_Il.Prl ..:!1::ilip~eItw!tgeblieben und "ber seh_'VQneilli_<1jf~ Hi_. dieje!'ligen, di.e ilm!r' S·t!'aOO:_giem:,gfrisngU7eu blsi- besiwm Ihre MU@ll noch. Id~ :manage l d<!flir, we1.che Rerldbe mil: eine:r Aktie langfrlstlgerzjelbar USI. mirrrr1erwei.le sef[ 2iei:trnJ:Mi:lel"l Ailftie[llheH.I!rn.l$Cheidend! is[ubrigell5 Fl.toflJ1;.
;1;008 ~ adaon
deutllkh s,hlec~ter a 15 Iter Index. :gelegen. Ha,ben Sie: dllrn,iJI5
in welchem Land eln Untemehrnen
set-
rum Fimlensi:tl bar, sondem inWiierem
fo[ld~, und melne [1o.ndshaben s~dh~n dtesen . iI<lh<e[l naeh Kosten besser ene-
lNVESTMENTANTEI1E
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Enterrprise-Picking Schafft Mehrwert Im Auf Und Ab

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