valid from 15.04.2025
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Model portfolios – Swiss focus
The past month has been dominated by the US government's tariff policy. On ‘Liberation Day’, the US government announced significant punitive tariffs against its trading partners, sending the financial markets into turmoil. The stock markets in the US, but also worldwide, suffered significant losses and safe investments were in demand. After the rather surprising suspension of countervailing tariffs on a large number of countries, the financial markets have now calmed down somewhat. However, the losses on the stock markets, particularly in the US, remain high. Our recently strengthened defensive positioning has proven to be the right approach. Uncertainties remain high and are likely to continue to weigh on the economic outlook. We are therefore maintaining our defensive positioning and remain underweighted in both the US equity market and the overall equity quota. By contrast, we are staying invested in the Japanese yen, which is considered defensive, and are maintaining our overweight in Swiss real estate funds, which have so far proven their worth in these turbulent times.
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