Model portfolios – Swiss focus: Moderately defensive positioning
The economic expectations of the stock markets remain high. The easing of the lockdown measures has ensured a rapid initial recovery. However, the global economy is still far from reaching its previous year's level. The bond markets also show a sceptical or even pessimistic assessment of the situation. We are therefore maintaining a defensive positioning of our portfolio, but are taking profits on gold investments and reducing our overweighting. We are also reducing our underweight in emerging market equities. These stocks are particularly dependent on the international economic situation. In our view, this strong positioning is no longer appropriate.