Keeping a cool head
Successful investment begins where short-term headlines lose their significance.
Investment compass – July 2026
The monthly publication includes a topical editorial, our positioning including the conclusions from the analyses, a market overview of the most important asset classes, an assessment of the current economic situation in various regions, and our current model portfolios.
We’ve had many exciting moments to follow this summer, but we still prefer to make our investment decisions with a cool head.
Positioning
Caution despite encouraging first-half performance
Equity markets made broad-based gains in the first half of the year, but high expectations and geopolitical risks still signal the need for caution.
Market overview
Financial markets show a positive trend
Overall, the financial markets were generally favourable last month. While the equity markets benefited from a broad-based recovery, geopolitical developments led to volatile interest rates on the bond markets.
Economy
Switzerland bucks the global trend
The global economy remains challenging, but the Swiss economy appears to be gradually recovering.
Model portfolios
No need for adjustment
The semiconductor rally over the past few months is faltering, while the conflict between Iran and the US is causing renewed uncertainty. We remain cautiously positioned in equities and are focusing on gold and Swiss real estate.
“Investing with foresight” short video
Watch this video to find out what impact developments in the Middle East are having on shipping through the Strait of Hormuz and oil prices.
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