2017 was another successful year for market-oriented investors. Important stock indices, such as the DOW JONES INDUSTRIAL (from 20,000 to nearly 25,000 index points) and the DAX 30 (from around 11,500 to over 13,000 index points), have experienced a significant upward trend, despite the fact that the previous years were also very successful.
In the DAX 30, especially, Lufthansa has more than doubled its value, driven by market consolidation. The utility companies and Commerzbank AG have significantly compensated for a portion of the losses from the previous years. Defensive stocks such as Fresenius SE and Merck, on the other hand, lagged behind the index performance.
Die Aussichten für die wirtschaftliche Entwicklung sind weltweit stabil und gut. The outlook for economic development is stable and positive worldwide. This growth is driven almost exclusively by the development of wage sums, which is particularly dominated in the public sector by high collective agreements and significant staff expansion.
For 2018, we expect a generally more moderate development with high volatility and will continue to structure our investments broadly across regions and sectors. Dividends are expected to be one of the central topics in 2018.
We wish the friends of our company a relaxing holiday season, good health, and a successful year 2018. Stay loyal to us.
