Model portfolios – Swiss focus

valid from 19.05.2026

AI drives, caution advised

Last month, concerns about the ongoing conflict in the Middle East took a back seat as euphoria surrounding artificial intelligence returned to the stock markets. This benefited stock markets with a high proportion of technology stocks in particular, notably the U.S., but also South Korea and Taiwan. Despite relative calm on the conflict front, energy prices remain elevated and continue to drive up inflation expectations, which put pressure on bond markets over the course of the month. Subdued consumer sentiment and higher price levels continue to cloud the economic outlook. In this environment, we remain cautiously positioned and are focusing on global value stocks, which are more attractively valued compared to U.S. stocks. Despite slight losses last month, we are holding onto gold and remain overweight in emerging market stocks and Swiss real estate.

Interest income

Liquidity 3,5%, income 68%, equities 14,5%, alternative investments 14%
Source: PostFinance

Income

Liquidity 2,75%, income 53%, equities 29,25%, alternative investments 14%
Source: PostFinance

Balanced

Liquidity 4%, income 33%, equities 49%, alternative investments 14%
Source: PostFinance

Growth

Liquidity 4,5%, income 13%, equities 68,5%, alternative investments 14%
Source: PostFinance

Capital gains

Liquidity 5,5%, income 0%, equities 86%, alternative investments 8,5%
Source: PostFinance
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