Investment compass – September 2023

The monthly publication includes a topical editorial, our positioning including the conclusions from the analyses, a market overview of the most important asset classes, an assessment of the current economic situation in various regions, and our current model portfolios.

Perseverance is needed

Our caution towards losses on the equity markets means perseverance is still called for, but looks set to pay off over the long term just like on the bond markets.

Investment calls for perseverance and patience.


End in sight

An end to the cycle of rising interest rates appears to be in sight. This means the gradual reduction of our underweighted position in fixed income has paid off.

Market overview

Financial markets in thrall to monetary policy

Last month, financial markets were in thrall to speculation over the monetary policy central banks will pursue in future, resulting in volatility. However, fears of recession are still only playing a minor role.


Outlook remains cautious

Economic development continues to face strong headwinds, particularly in China and Europe.

Model portfolios

Hope for clarity

The markets hope imminent central bank decisions will provide greater clarity. However, it seems relatively clear that the cycle of rising interest rates is nearer to the end than the beginning.

“Investing with foresight” short video

In his monthly video message, our Chief Investment Officer Philipp Merkt reports on the economic and financial markets, contextualizes developments and explains what you need to know as an investor in order to make the right decisions.


Investment compass

Information relevant to your investment decisions. The “PostFinance market view”, complete with our position on and assessment of the financial markets and the overall economic situation.


Information on investing

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