Geldanlage: Wie vorsichtige Anleger jetzt 100.000 Euro investieren können

Recent selling activity in bond markets presents an opportunity for cautious investors seeking to invest 100,000 euros in a portfolio tailored for them. Bonds currently offer higher yields, with German 10-year federal bonds yielding 3.4 percent and corporate bonds with good credit ratings providing more than four percent. Many investors still favor equities, while gold has lost value amid high inflation and rising interest rates over recent months.

The Handelsblatt interviewed investment strategists from the Zurich Cantonal Bank (ZKB), DJE Kapital, and Union Investment to determine how they would invest 100,000 euros in a conservative portfolio with a five-year horizon.

Union Investment recommends a bond allocation of 45 percent, using a strategic asset allocation approach that adjusts the asset mix at the start of each year. They do not exclude government bonds from the defensive portfolio, even though their value has dropped recently. Instead, they see them as a stabilizer in the portfolio. Currently, about one-third of Union Investment's portfolio is made up of equities, with roughly 35 percent allocated to equities in a defensive portfolio.

DJE Kapital, on the other hand, emphasizes the attractive yields offered by bonds. Moritz Rehmann, a fund manager at DJE Kapital, suggests a 75 percent bond allocation and a 25 percent equity allocation for a hypothetical conservative portfolio with a five-year investment horizon. He argues that bonds can not only stabilize a portfolio but also contribute their own value due to rising interest rates.

Rehmann also recommends considering foreign bonds, such as those from the US, Norway, or New Zealand, to increase currency diversification. However, investors should be aware of currency exchange rate risks.

The Zürcher Kantonalbank (ZKB) prefers a higher allocation to equities, with about half of the portfolio in stocks and one-third in bonds. Investment chief Anja Hochberg cites the current tactical asset allocation for long-term investors and the attractive valuations of emerging market equities, particularly technology stocks. She sees growth opportunities, particularly in the IT sector, and believes that gold, commodities, and bond investments can help mitigate stock market risks.