Model portfolios – Swiss focus

valid from 19.08.2025

US stock market remains underweighted

Last month, the US trade conflict became clearer, albeit in an unpleasant way. The US punitive tariffs remain in place and will be significantly higher than the previous base tariff of 10 percent. However, this has hardly caused any setbacks on the financial markets so far. Instead, relief seems to prevail that the punitive tariffs are not even higher than those threatened in April. As a result, stock prices rose further in many places. Nevertheless, these tariffs will weigh on the global economy and the US economy in particular. This means that the downside potential remains high in the expensive US stock market, which is dominated by technology stocks. We therefore remain cautiously positioned and continue to underweight US equities in favor of global value stocks and emerging market equities in order to reduce valuation risks and strengthen the diversification of our positioning.

Interest income

Liquidity 1%, income 71,5%, equities 14%, alternative investments 13,5%
Source: PostFinance

Income

Liquidity 1%, income 56%, equities 30%, alternative investments 13%
Source: PostFinance

Balanced

Liquidity 1%, income 35%, equities 50%, alternative investments 14%
Source: PostFinance

Growth

Liquidity 1,5%, income 14,5%, equities 70%, alternative investments 14%
Source: PostFinance

Capital gains

Liquidity 3,5%, income 0%, equities 88%, alternative investments 8,5%
Source: PostFinance
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