valid from 16.09.2025
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Model portfolios – Swiss focus
Diversification with value and emerging market equities
Over the past month, signs of an economic slowdown in the US have become more pronounced. The latest labour market report in particular points to a slowdown in economic momentum. Disappointment is becoming apparent in some areas of the technology market: even industry leader Nvidia's quarterly figures barely met analysts' expectations, and the outlook signals that profit growth will not continue to rise indefinitely. We therefore remain overweight in US government bonds as a hedge against a noticeable downturn. We are maintaining a neutral position in equities, but continue to focus on the diversification potential of emerging market equities and global value stocks at the expense of highly valued US equities.
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