Model portfolios – Swiss focus

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Caution remains advisable

The past month on the financial markets was characterised by a constant shift between de-escalation and renewed escalation in the Middle East. However, the recently initiated peace negotiations highlight once again how far apart the positions of the conflicting parties lie and how difficult a sustainable solution remains. The route, which is central to oil transport, therefore remains disrupted. Consequently, there is a high risk that energy prices will remain elevated for longer and that inflationary pressure will rise once again. At the same time, sentiment indicators are deteriorating in many places. In the US, consumer sentiment has even fallen to an all-time low. The economic outlook therefore appears subdued overall. Against this backdrop, we remain cautiously positioned. We continue to underweight US equities and are instead focusing on global value stocks and emerging market equities. In addition, we are maintaining our overweight position in gold as a hedge in times of crisis and remain overweight in Swiss property funds, which we regard as stable tangible assets.

Interest income

Income

Balanced

Growth

Capital gains