Model portfolios – Swiss focus

valid from 18.08.2026

Underweight in US equities neutralized

The economic outlook for the US has brightened somewhat recently. After the noticeable cooling of the US economy, signs of a medium-term recovery are mounting. Various sentiment indicators are also painting a friendlier picture again. This matters for equity markets: historically, an improvement in the US economy has mostly gone hand in hand with positive performance in global equity markets. Additional support comes from the strong US earnings season. Corporate results were, on the whole, convincing. In particular, it became clear that the substantial investments in artificial intelligence are increasingly translating into higher profits. Against this backdrop, the valuation of the US equity market also appears more reasonable: measured by the forward price-earnings ratio, the valuation looks significantly less demanding. These developments argue for a somewhat stronger commitment to the US equity market and for closing our underweight. Accordingly, we are also raising our overall equity allocation to neutral.

Interest income

Liquidity 3%, income 68%, equities 15%, alternative investments 14%
Source: PostFinance

Income

Liquidity 3%, income 53%, equities 30%, alternative investments 14%
Source: PostFinance

Balanced

Liquidity 3%, income 33%, equities 50%, alternative investments 14%
Source: PostFinance

Growth

Liquidity 3%, income 13%, equities 70%, alternative investments 14%
Source: PostFinance

Capital gains

Liquidity 3,5%, income 0%, equities 88%, alternative investments 8,5%
Source: PostFinance
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