Model portfolios – Swiss focus: Slightly defensive into the second half of the year

^{valid from 21.07.2021}

Thanks to generous monetary and fiscal policies, the global economy quickly absorbed the Corona-related slump. This is also reflected in the impressive dynamics on the stock markets. Now, however, there are signs of a normalisation of the upswing. A continuation of the spring rally seems unlikely in our view. For this reason, we are tactically maintaining our neutral equity quota as well as our underweight in Swiss real estate. However, we see upside potential in interest rates, which have fallen further in the past month. Our slightly defensive portfolio orientation is reflected in our overweight in the Japanese yen and gold.