The price of big plans
High investment and government deficits are causing interest rates on the capital market to rise.
Investment compass – October 2026
The monthly publication includes a topical editorial, our positioning including the conclusions from the analyses, a market overview of the most important asset classes, an assessment of the current economic situation in various regions, and our current model portfolios.
High interest rates are the price of strong business investment and large government deficits.
Positioning
Return to a strategic focus
The removal of the overweighted position in Swiss real estate means we are once again in a neutral position in all asset classes.
Market overview
Higher interest rates for everyone, price gains for a few
Rising interest rates are weighing on bonds and gold. Tech-heavy markets are once again the main winners on the equity markets.
Economy
Inflation concerns take center stage
The global economy remains robust. The longer the oil supply is disrupted, the greater the focus on inflation concerns will be.
Model portfolios
Profit-taking in the higher interest rate environment
Higher capital market interest rates and the prospect of further interest rate hikes by the SNB are making Swiss real estate funds less attractive. We are taking profits and reducing the position to a neutral weighting.
“Investing with foresight” short video
In our video our CIO, Philipp Merkt, provides information on the main drivers of high interest rates on the capital market and explains the performance of Swiss real estate funds in just a few minutes.
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