Investment compass – March 2023

The monthly newsletter 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.

A heavy blow

The US bank crisis is the direct effect of the Federal Reserve’s sharp rise in interest rates. Capital market interest rates appear to have reached an upper limit for the moment. But that doesn’t mean the central banks will give up the fight to rein in high inflation.

Financial stability cannot be achieved with high inflation.


Volatile financial markets

The upturn on the financial markets at the start of the year is over, and interest rate pressure looks set to continue. We are maintaining our defensive positioning and taking profits on real estate investments. 

Market overview

Sobriety sets in after stock market rally

Low levels of confidence and the economic slowdown are having an increasing impact on the financial markets. Optimism is giving way to sobriety. Both equities and bonds are losing ground.


Limited growth prospects

The global economy continues to weaken. Stubbornly high inflation rates are dampening growth prospects.

Model portfolios

Defensive positioning maintained

Persistent interest rate pressure makes higher-risk investments difficult.

“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.

The newsletter is aimed at customers domiciled in Switzerland. The legal information and information on the protection of personal privacy apply.