Geldanlage: So haben 450.000 Deutsche im September investiert

In September, 450,000 German investors with Flatex Online Broker shifted their portfolios, according to exclusive data provided to Handelsblatt. Among the top 200 largest stock positions, 22 showed net inflows of at least 5%. The highest inflows were seen in a German company listed on the MDax index. Flatex analyzed the portfolios of all its German clients to evaluate these movements.

By comparing changes in positions with stock prices during the same period, they determined whether stocks were bought or sold. If a stock rose 10% but the position only increased 5%, the net flow was negative, indicating a sale. The graphic shows which stocks were most frequently bought in September. Thyssenkrupp, an industrial conglomerate, led with a 22.1% net flow, followed by Energy Fuels, a Canadian mining company, with 19.4%.

Uber came in third with a 16.3% net inflow. Real estate companies LEG and Vonovia also appeared among the stocks with the largest net inflows. Chris-Oliver Schickentanz, Chief Investment Officer at Capitell Vermögensverwalter, suggests Thyssenkrupp's rise could be due to rumors of a buyer for its elevator division and potential special dividends.

Financial experts Andreas Hackethal of the University of Frankfurt observe two opposing investor strategies. They show anticyclical investments in Uber and Energy Fuels, following steep price declines, and pro-cyclical investments in Thyssenkrupp, where the stock has been performing well for months with a positive surprise from the steel division.

Thus, there is no uniform market sentiment, but two groups with different action rules. This is also supported by recent research, which shows that one in seven German investors use momentum strategies, while more than half employ anticyclical investing. Thyssenkrupp's subsidiary TKMS experienced a swing in sentiment. In July, it had the highest net flow among Flatex investors after a major Canadian contract.

In August, however, the stock showed the strongest net outflows. Analysts attribute these movements to profit-taking. The largest outflows in September were seen in data storage provider Seagate Technology and mail-order pharmacy Redcare Pharmacy, both with over 25% net outflows. Analyst Schickentanz attributes Seagate's sales to takeover rumors, citing media reports that the company is considering acquiring a unit of Japanese tech giant TDK for magnetic head production.

Flatex investors' shifts in their portfolios reflect the sectors where they are placing their bets. Immobilien (real estate) and Reisen & Freizeit (travel and leisure) sectors led the pack, followed by industrials, which make sense due to AI profits and rising infrastructure spending globally. However, financial expert Hackethal suggests anticyclical buying of real estate and travel stocks after price declines is a factor.

In contrast, industrials like Thyssenkrupp were pro-cyclically bought. The data does not indicate a broad sector rotation. Among the sectors with negative net flows, energy and oil stand out, with a median net flow of -5.3%, nearly three times worse than the next category, payments and fintech (-1.9%). Analyst Schickentanz believes many investors are taking profits after record oil and gas prices, hoping for a calming of tensions in the Gulf region after US midterms in early November.

However, he cautions that it is risky to withdraw from energy-related sectors, which could serve as portfolio safeguards. Flatex degiro Head of Business Development Tobias Spreiter notes that some energy and commodity values seem to show a return to restraint, possibly due to global politics or investors wanting to lock in profits after strong recent gains.