Time to take profits
Time to take profits on emerging market equities and value stocks.
Investment compass – June 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.
The price gains in the emerging markets were mainly driven by tech companies.
Positioning
Caution despite recovery
Markets are recovering after the easing in the Middle East. However, high valuations and inflation risks call for caution.
Market overview
Headwinds for financial markets
The financial markets came under renewed pressure at times. Alongside growing concerns over inflation and higher interest rates, the vulnerability of the AI rally also became evident: due to its limited market breadth and high expectations, it is highly sensitive to disappointments.
Economy
Inflationary pressure on the rise
The short-term growth outlook has stabilized, bringing inflation concerns increasingly to the forefront.
Model portfolios
Taking tactical profits
Our tactical positioning has paid off this year. After the strong performance of emerging market equities and global value stocks, we’re taking these profits and remain cautious towards equity markets overall.
“Investing with foresight” short video
Watch the video to find out what impact a potential easing of tensions in the Middle East might have on the equities markets, and in which markets it makes sense to take profits.
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