Model portfolios – Swiss focus

^{valid from 17.03.2026}

Times of war increase uncertainty

At the start of the year, global equity markets appeared robust and largely shrugged off geopolitical tensions. In recent weeks, however, sentiment has deteriorated significantly. The trigger was the escalation of the conflict in the Middle East. Since the first attacks by Israel and the US on Iran, both equity and bond markets have come under noticeable pressure, with rising oil prices causing nervousness worldwide. Against the backdrop of increased uncertainty, we are slightly reducing our risk positions. Specifically, we are unwinding our overweight position in emerging market bonds and increasing our liquidity ratio instead. However, we continue to view emerging market equities as attractive, as they remain more moderately valued by international standards and thus offer upside potential. We are maintaining our overweight position in gold and Swiss real estate investments.

Interest income

Income

Balanced

Growth

Capital gains