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.

Interest income

Liquidity 13%, equities 12%, fixed income 65%, alternative investments 10%
Source: PostFinance

Income

Liquidity 11%, equities 27%, fixed income 52%, alternative investments 10%
Quelle: PostFinance

Balanced

Liquidity 9%, equities 48%, fixed income 33%, alternative investments 10%
Source: PostFinance

Growth

Liquidity 8%, equities 66%, fixed income 16%, alternative investments 10%
Quelle: PostFinance

Capital gains

Liquidity 5%, equities 85%, fixed income 0%, alternative investments 10%
Source: PostFinance
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