valid from 16.06.2026
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Model portfolios – Swiss focus
Realising tactical gains
At the start of June, the financial markets came under pressure. On the one hand, well-founded concerns about higher capital market interest rates in many industrialised nations acted as a dampener; on the other hand, there was the realisation that even strong quarterly results from companies in the artificial intelligence sector are no longer sufficient to meet high expectations. Most recently, the prospect of a framework agreement between Iran and the US, as well as the prospect of the Strait of Hormuz reopening, gave the markets a boost again. However, it remains to be seen whether these hopes will materialise. By contrast, two of our tactical positions have been particularly clearly vindicated this year: the overweight in emerging market equities and the preference for global value stocks over the US equity market. Both positions focused on market segments that have performed particularly well so far. Against this backdrop, we are now taking profits on these positions and reducing them to their strategic weightings. Overall, however, we remain cautious regarding the sharply rising equity markets, particularly with regard to the US equity market.
Interest income
Income
Balanced
Growth
Capital gains