Decisions
The investment committee has decided not to make any changes to the current investment solutions.
So far this year, riskier asset classes such as equities and high-yield bonds have experienced higher volatility compared to the previous two years. Despite ongoing global conflicts and continued negotiations around new US trade tariffs, the global economy and the majority of companies have proven resilient. As always, the best and most valuable companies continue to adapt to an ever-changing world.
The committee sees no compelling reasons that would significantly reduce the long-term return potential of a globally diversified portfolio including equities, Swiss bonds, and real estate funds.
New ETF for your own investment solution
Starting now, findependent clients who put together their own investment solution can choose an additional ETF:
SPDR MSCI World Small Cap
This ETF meets our strict selection criteria, complements the existing offering, and is suited for investors interested in small-cap companies, which are typically underrepresented in standard market-cap-weighted indices.
The ETF was added in response to strong customer demand.
Other topics
The committee also discussed the possibility of offering a low-risk investment solution without equities. However, this will not be pursued further at this time. Given Switzerland’s near-zero interest rate environment and the high valuations of top-rated CHF bonds and domestic real estate funds, investors can expect only minimal excess returns after costs, barely more than a savings account.
Increasing exposure to foreign bonds and real estate would introduce higher currency risk, which would likely offset the benefit of higher yields. Other accessible asset classes, such as precious metals or cryptocurrencies, are subject to high volatility, making them unsuitable for larger portfolio allocations.
In short: there’s little way around equities when it comes to reliable long-term returns.