valid from 17.06.2025
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Model portfolios – Swiss focus
Defensive stance confirmed
The financial markets continue to defy the US trade conflict, but geopolitical tensions also appear to be causing only short-term nervousness. However, the economic outlook remains challenging, particularly in the US. Import tariffs remain elevated and the deadline for suspending retaliatory tariffs is approaching. Against this backdrop, we remain defensively positioned and are sticking to our cautious stance on the US equity market. In Switzerland, we find the money market increasingly unattractive, which is why we are completely unwinding our position in the Swiss money market and holding it as cash. We are also completely reducing our overweight in the Japanese yen. On the one hand, the currency has weakened significantly against the Swiss franc, and on the other hand, risks in Japan are increasing, not least due to high government debt and rising inflationary pressure.
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Balanced

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