valid from 14.07.2026
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Model portfolios – Swiss focus
No need for adjustment
In recent months, shares in semiconductor manufacturers have been characterised by a strong rally. In recent weeks, this narrative has come under pressure, despite some heavyweights such as Samsung continuing to post strong results. In June, we took timely tactical profits on emerging market equities that are heavily exposed to the chip industry. Furthermore, the ongoing and once again escalating Iran-US conflict has weighed on sentiment. The already fragile framework agreement is proving to be even less viable than the financial markets had assumed. We therefore remain cautiously positioned overall and are slightly underweight in equities. By contrast, we continue to view gold and Swiss property positively. We still regard gold as an appropriate hedge against inflation and geopolitical risks. In the case of Swiss property, the dividend yield remains attractive compared with the Swiss money market, which is why we are maintaining our overweight position in this asset class.
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