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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.

Asset allocation update: moving bonds to cash while other asset classes remain unchanged. The portfolio maintains its exposure to equities (70%), Swiss real estate (15%) and gold (5%), with a cash position of 10%.