The world’s changing
The dollar’s weakness is leading to strong performance from emerging market investments.
Investment compass – November 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.
Emerging markets benefit when the dollar falters, which is exactly what we’re seeing at the moment.
Positioning
The air’s getting thinner
The upside potential on the equity markets is increasingly limited. We remain cautious in the expensive US market and see opportunities primarily in value stocks and emerging market investments as well as in gold and Swiss real estate.
Market overview
Optimism on the financial markets crumbles
The optimism on the financial markets was shaken by several setbacks last month. Investments in artificial intelligence in particular are being viewed with increasing scepticism.
Economy
Growth lacking breadth
Global growth is based on a small number of sectors within just a few economic regions. There’s a lack of broad-based impetus.
Model portfolios
Potential in emerging market bonds
The markets remain optimistic, but momentum is waning. We see new potential in emerging market bonds, which could benefit in particular from the weaker US dollar.
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