Portfolio

The monthly address highlights a persistent negative trend on the stock markets, with Swiss stocks down despite a slight rebound. In the face of uncertainty, it is advisable to prioritize a cash reserve, while keeping an eye on investment opportunities, particularly in Canada and in real estate.

The monthly asset allocation reveals notable changes, including a strong rise in Swiss equities with an impressive jump in the SMI. European markets also show an upward trend, while US equities maintain their positive momentum, although their prices seem disconnected from economic reality.

The monthly asset allocation update reveals a marked downward trend, particularly in Swiss and European equities, prompting a major clean-up in portfolios. Faced with this instability, new investment strategies, particularly in Swiss real estate and equities, should be considered to optimize returns in times of volatility.

Tactical asset allocation reveals an unfavourable trend in the Swiss market, with the SPI index losing against its US counterpart, the S&P. While Japanese equities stand out as a strong investment opportunity, it is crucial to navigate cautiously in an environment marked by the overvaluation of long bonds.

This month, markets remain mostly overvalued with a better outlook for Europe, while tactical allocation favors liquidity in the face of stagnant bonds. Alternative and long-short strategies are struggling to perform, calling for patience for a possible recovery.

In this monthly asset allocation review, the analysis suggests reducing positions in European and Swiss equities, while emerging markets and Japan remain attractive. The outlook remains positive for US equities, although their valuation remains high, and Swiss real estate maintains its place as a fixed allocation in the portfolio.