Model portfolios – Swiss focus

^{valid from 13.05.2025}

There were signs of progress in the trade conflict last month. An initial agreement was announced with the UK and talks were held between the USA and China in Geneva. The financial markets seem to welcome this development. However, it is also clear that even such agreements fall short of delivering real relief from tariffs. Although the newly negotiated tariffs are less extensive, import tariffs have risen significantly overall under the Trump administration. This means that higher inflation and lower growth can be expected in the US. Our positioning remains cautious in this environment. We continue to underweight the US equity market, favour global value stocks and maintain our overweight in defensive investments such as the Japanese yen and Swiss real estate funds.