{
  "id": 13955937,
  "title": "Geldanlage: Aus dieser Branche ziehen viele Deutsche ihr Geld ab",
  "url": "https://urgent.news/2026/10/12/geldanlage-aus-dieser-branche-ziehen-viele-deutsche-ihr-geld-ab",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-12T12:23:00.000Z",
  "source": {
    "name": "Handelsblatt",
    "slug": "handelsblatt",
    "url": "https://www.handelsblatt.com/finanzen/anlagestrategie/aktien-wie-deutsche-anleger-im-september-ihr-geld-investiert-haben/100260026.html"
  },
  "original_language": "de",
  "account": "Many Germans are withdrawing their money from the stock market sector, according to data from online broker Flatex. In September, 450,000 of Flatex's 450,000 German clients repositioned their portfolios. Among the 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 the net cash flows (Net Flows) of the largest individual stock positions. These flows indicate whether shares were bought or sold. Flatex compared changes in positions with the stock price over the same period. For instance, if a stock rose by 10% but the portfolio position only increased by 5%, the Net Flow was negative: the stock was sold. The following chart shows which stocks were most frequently bought in September. Thyssenkrupp, a German industrial conglomerate, benefited the most with a 22.1% net flow, followed by the Canadian mining company Energy Fuels with 19.4%. The ride-hailing service Uber came in third with a 16.3% net inflow. Real estate conglomerates LEG and Vonovia also appeared among the stocks with the largest net inflows. Chris-Oliver Schickentanz, Chief Investment Officer at wealth manager Capitell, attributes Thyssenkrupp's inflow to rumors of a buyer for the elevator division and a potential special dividend. Financial professor Andreas Hackethal from the Frankfurt Goethe University sees \"two opposing strategies of investors.\" They invested in Uber and Energy Fuels anticyclically, after sharp price declines. In line with the trend, they bought Thyssenkrupp, whose share price had been doing well for months and whose steel division had surprised positively. There is no single market sentiment, but rather two groups with different action rules, according to Hackethal. This aligns with recent research showing that every seventh investor in Germany uses momentum strategies, while more than half use anticyclical investing. Thyssenkrupp's daughter company, TKMS, saw its shares experience both the highest net inflows and outflows in September. Seagate Technology and Redcare Pharmacy, which operate in data storage and pharmacy delivery respectively, saw the strongest net outflows, exceeding 25% in both cases. Analyst Schickentanz attributes Seagate's sales to takeover rumors. Media reports suggest Seagate is considering acquiring a unit of Japanese technology conglomerate TDK for the production of magnetic heads for hard disk drives, which could significantly worsen its financial profile. Flatex clients shifted their money primarily in the real estate and travel and leisure sectors. Schickentanz finds this surprising, as the real estate sector suffers \"massively under the sharply rising long-term interest rates,\" driving up financing costs and lowering property values. Travel and leisure stocks are not particularly attractive in times of rising costs and lower available income, according to Schickentanz. Industry stocks are more understandable, as they include AI profit makers and increasing global infrastructure spending, according to Schickentanz. Financial expert Hackethal attributes the purchases of real estate values and travel stocks like Uber to anticyclical buying after price declines. Industry values like Thyssenkrupp, on the other hand, were bought pro-cyclically. The data did not reflect a \"broad sector rotation.\" Among the branches with negative Net Flows, the sector that stood out was oil and gas. The nine oil and gas companies showed a median Net Flow of -5.3%, making the net outflow nearly three times larger than the next category, payment and fintech (minus 1.9%). Even in energy stocks, Flatex clients withdrew money in September. Schickentanz believes that many investors are now taking profits after record-high oil and gas prices, hoping that the situation in the Gulf region will calm down after the U.S. midterm elections at the beginning of November. However, it is \"risky\" to withdraw from energy-related sectors that could be used as portfolio hedges. Tobias Spreiter, Head of Business Development at Flatexdegiro, says that for some energy and commodity values, a certain restraint has returned. This could be related to world politics or indicate that many investors, following the strong price gains in previous months, now want to secure their profits instead of taking on additional risks. These stocks constitute the largest positions of Flatex clients. The following searchable table shows the 200 largest stock positions of Flatex clients in Germany, along with their Net Flow in September. The values are sorted by the invested wealth. Notably, for the largest of these positions (major US tech companies and values from the German Dax index), relatively little has changed in the Net Flow. The only outliers above 5% are Deutsche Bank (4.9%) and Meta (minus 4.7%).",
  "summary": "Exklusive Daten des Brokers Flatex zeigen verschiedene Anlagetrends bei deutschen Anlegern. Und dass zwei Branchen überraschend davon profitieren.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}