There has been an increasing number of reports in recent weeks that various indices have reached new record highs. Swiss equities, US equities, the gold price, the silver price… the list goes on and on. Given this situation, does it make any sense to invest at the moment? Or should we be waiting for the next correction to get in at lower prices? We explain why now is still a good time to invest.

After a brief period of positive yields, interest rates on savings accounts and term deposits in Swiss francs have returned to near zero. Investors earn little to no return on their liquidity, while a gradual loss of purchasing power persists. In this publication, we outline how available liquidity can be deployed profitably and in a risk-optimised manner even in the current environment. Specifically, we present solutions that allow investors to achieve returns of around 2 to 3 percent in Swiss francs with a manageable level of risk.

“Hold on to your hats!” was the title of our outlook for 2025. Looking back, it was indeed an exceptionally turbulent year characterised by falling interest rates, tariff shocks, growing doubts about the stability of US government finances and the dollar, plus increased decoupling of AI technology and the real economy. Once again, staying calm was the right approach. The situation as we head into 2026 is constructive. We expect further growth across all key economic regions, although momentum will vary significantly from region to region. Additional rate cuts are conceivable in the US, Europe, and potentially Switzerland too. The geopolitical situation is likely to be calmer, although the US will remain a wildcard in what is a midterm election year. The AI investment boom is continuing. At the same time, we expect greater volatility and sector rotation. A broad-based portfolio is therefore a must. Above all: “Keep your eyes open!” – 2026 will offer further attractive opportunities; and “Keep your ears closed!” – political noise and crash predictions should not deflect us from our course.

Our Investment Office thinks equities will be an especially attractive asset class over the coming months – a view now embedded in its Tactical Asset Allocation. While mandate clients need not worry about implementing this assessment, those who take care of their investments themselves face a continuous stream of new challenges. Should an allocation be implemented via direct investments or investment funds? Should the focus be regional or global? In this publication we take a closer look at a global equity fund.

Our business policy is reflected in a responsible approach to the investment business. We have therefore made it our mission to apply explicit, binding guidelines for our investment products. Incorporating ESG criteria into the investment decision-making process is designed to reduce ESG risks in the portfolio while seizing ESG opportunities. With Zuger Kantonalbank, investors have access to a broad range of investment funds that take a responsible investment approach.