Model portfolios – Swiss focus: Lower exposure to the yen

valid from 22.09.2021

The global economy continues to be robust thanks to strong figures from the US and Europe - robust enough to cushion the weakness in the Chinese economy. We maintain our neutral equity market positioning. Attention continues to be focused on US inflation. Starting from the current rates of over 5 per cent, this is unlikely to return quickly to the central bank's target of 2 per cent. Eventually, this will also be reflected in interest rates. We are therefore maintaining our underweight in global bonds. Thanks to high inflation rates in the USA and the Eurozone, the Swiss franc is no longer overvalued against the most important currencies in terms of purchasing power parity. This should limit the extent of SNB intervention and leave the Swiss franc more in the hands of market forces. As a result, the Japanese yen no longer proves to be a better insurance against market turbulence than the Swiss franc. We are therefore reducing our overweight in the Japanese yen.

Interest income

Liquidity 16%, equities 15%, fixed income 60%, alternative investments 9%
Source: PostFinance


Liquidity 13%, equities 30%, fixed income 47%, alternative investments 10%
Quelle: PostFinance


Liquidity 11%, equities 50%, fixed income 29%, alternative investments 10%
Source: PostFinance


Liquidity 10%, equities 70%, fixed income 10%, alternative investments 10%
Quelle: PostFinance

Capital gains

Liquidity 6%, equities 88%, fixed income 0%, alternative investments 6%
Source: PostFinance
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