Investment compass – April 2022

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.

When something new emerges

People seek progress. Investors can benefit from this – in the long term, at least.

Positioning

Calm before the storm?

The sharp rise in interest rates caused small tremors on the bond market. The stock markets, meanwhile, still showed their robust side for the time being. As long as the central banks appear credible in fighting inflation, the markets should stay calm. However, defensive positioning remains advisable. 

We are now managing 1 billion Swiss francs in assets for our customers.

Market overview

Sharpest interest rate rise in decades


Bond prices have fallen dramatically due to the sharp interest rate hike last month. Equities, meanwhile, have recovered from the price slump at the beginning of the war.

Economy

Central banks lose control of inflation

The central banks have ignored the high inflation for too long. They now need to introduce even tougher measures to bring inflation back under control. 

Model portfolios

Defensive and diversified

Even after the recent rise in interest rates, an underweight in global bonds remains appropriate.

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