Model portfolios – Swiss focus

valid from 15.09.2026

Taking profits on gold

The environment on the financial markets has recently become more challenging. Renewed tensions in the Middle East have caused oil prices to rise significantly, thereby heightening inflation concerns. As a result, capital market interest rates have also risen worldwide. In the US, alongside the prospect of a prolonged period of restrictive monetary policy, concerns about high government debt are playing a particularly significant role. Higher interest rates have consequently created headwinds for both bonds and stocks. The environment for gold has also changed. Whilst the geopolitical and fiscal uncertainties that have supported the precious metal in the past remain, at the same time, the rise in interest rates and the prospect of further rises are increasing the opportunity cost of gold. Furthermore, price momentum of gold has slowed significantly since the highs reached in February. Following the strong performance since we established our overweight position, we are taking tactical profits and downgrading gold to neutral.

Interest income

Liquidity 3,5%, income 68%, equities 15%, alternative investments 13,5%
Source: PostFinance

Income

Liquidity 4%, income 53%, equities 30%, alternative investments 13%
Source: PostFinance

Balanced

Liquidity 4%, income 33%, equities 50%, alternative investments 13%
Source: PostFinance

Growth

Liquidity 4%, income 13%, equities 70%, alternative investments 13%
Source: PostFinance

Capital gains

Liquidity 4,5%, income 0%, equities 88%, alternative investments 7,5%
Source: PostFinance
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