Late summer
Late summer is showing itself at its best, but autumn will soon be here.
Investment compass – September 2025
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 US economic cycle has lost its shine.
Positioning
Cautious and diversified positioning unchanged
Despite the US economy’s period of weakness, the financial markets remain unruffled so far. We remain cautiously positioned.
Market overview
Financial markets keep their cool
Although there are growing signs of an economic slowdown, with the US labour market in particular showing weakness, the financial markets remain calm overall.
Economy
Spotlight on US economic weakness
The US economy is showing signs of weakness. This is focusing the global spotlight on the risk of a significant slowdown.
Model portfolios
Diversification with value stocks and emerging market equities
With the slowdown in the labour market, the risk of recession in the USA has increased again. We are therefore maintaining our overweighted position in US government bonds and continuing to diversify our equity portfolio in favour of global value stocks and emerging market equities.
“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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