A turbulent start to the year
The start of the year highlights how geopolitical escalations are weighing on the global environment.
Investment compass – January 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.
Amid global tensions, diversification remains the most reliable form of protection.
Positioning
Cautious positioning maintained
Equity markets, particularly in emerging economies, made a positive start to the year despite tense geopolitical conditions. Gold continues to prove a good hedge.
Market overview
Good start despite negative news
Financial markets have enjoyed a good start to the new year. They appear to have largely ignored adverse geopolitical and political events so far.
Economy
Subdued start to the year
Whereas the US labour market continues to cool, China remains in a downturn. Meanwhile, there are positive signs in the fight against inflation.
Model portfolios
Strong start to the year despite tensions
Most equity markets made a positive start to the new year, especially emerging market investments, where we’re maintaining our overweight. We also remain overweighted in tangible assets such as gold and Swiss real estate.
“Investing with foresight” short video
In our video, our CIO provides an update on the current situation on the financial markets and explains events in just a few minutes.
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