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.

Interest income

Liquidity 4%, equities 11%, fixed income 73%, alternative investments 12%
Source: PostFinance

Income

Liquidität 4%, Aktien 26%, Obligationen 58%, Alternative Anlagen 12%
Quelle: PostFinance

Balanced

Liquidity 5%, equities 46%, fixed income 37%, alternative investments 12%
Source: PostFinance

Growth

Liquidität 6%, Aktien 63%, Obligationen 19%, Alternative Anlagen 12%
Quelle: PostFinance

Capital gains

Liquidity 7%, equities 81%, fixed income 0%, alternative investments 12%
Source: PostFinance
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