The escalating conflict between the USA plus its ally Israel and Iran has significantly exacerbated the geopolitical risks in the Middle East, causing noticeable volatility on financial markets in recent weeks. Joint air strikes have hit key military and political targets, including the country’s leadership. So far, this has not resulted in a power vacuum. The leadership continues to function, and the government and military retain their capacity to act for the time being. At the same time the situation is escalating regionally, with Israeli operations against Hezbollah in Lebanon and drone attacks on other states in the Gulf by Iran.

Swiss Prime Site shares have made significant gains in relative strength versus the SPI benchmark index, showing positive technical trend and momentum indicators. From a technical analysis perspective, we expect further upside for Swiss Prime Site as well as a continuation of the intact relative outperformance versus the SPI and new record highs on an absolute basis.

Although financial markets began the new year with a tailwind, the backdrop remains challenging. Dynamic developments in the tech sector continue to drive repeated bouts of volatility, while economic activity and corporate earnings are supportive of risk assets. In addition, the escalation in the Middle East is likely to add uncertainty. The strong market swings show clearly that risk-mitigating diversification remains important.

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.

Having a dividend strategy once again paid off in the Swiss equity market last year. The SPI Select Dividend 20 Index generated an overall return of almost 20%, marking a further extension of its outperformance versus the broad Swiss Performance Index over the last ten years. Prospects are also positive for 2026. Distributions will likely go on rising and reach a new record level. In addition, at 2.8% the average dividend yield for the Swiss equity market remains at an attractive level – particularly in the current low interest-rate environment. We recommend reinvesting income in dividend stocks, firstly to benefit from the compound interest effect and secondly to profit from their minimal volatility and stabilising effect in a portfolio context. Many Swiss dividend stocks offer an attractive combination of yield level, dependability and growth. Our favourite is Zurich Insurance, which has now joined our top picks list. But if the focus is on a sharp increase in dividend yield, then Helvetia Baloise, Swisscom and Stadler deserve a mention. Furthermore, Sunrise, Clariant and Holcim are the favourites when it comes to tax-exempt distributions and high dividend yields.

At a number of Swiss equities conferences in mid-January, companies reported a persistently cautious investment and demand environment. However, most seem to be more upbeat about a more positive trend in 2026. Many companies are well positioned in growth markets (AI/data centres, electrification, e-commerce, pharmaceuticals) and have crisis-proof cost management in place in order to adapt their business structures rapidly to the new market and tariff environment. We expect to see operational progress in 2026 among Swiss small caps in particular and that this will result in improved profits. This outlook and an average valuation level militate in favour of further upside potential. Factoring in the valuation and short-term business trend, we see small caps Siegfried (top pick) and Landis+Gyr as well as the large cap Roche (top pick) as particularly interesting investment ideas. By contrast, we are adopting a more cautious stance on Interroll and Sonova shares.

The Swiss equity market has achieved an upside breakout after several months of consolidation, with all three technical momentum indicators confirming the positive technical picture. From a technical analysis perspective, we expect further upside potential for the Swiss equity market and are taking the opportunity to highlight the technical merits of our top five stocks: Holcim, ABB, Galderma, BB Biotech and Sandoz.

The events of the last 12 months have once again brought it home to investors that a broadly diversified portfolio offers good protection in times of political uncertainty and general market turbulence. Our “Review & outlook” publication provides you with in-depth information on our assessments of possible developments over the coming year.

Equity markets have held up well in 2025 – despite high tariffs, wars and plenty of uncertainty. “Driving on sight” will continue to be important in 2026. Positive stimuli thanks to monetary policy, economic programmes and solid corporate profits will be competing against political uncertainty and high investor expectations.

As part of our 2025 review and 2026 outlook, we have made changes to our Top Picks list for Swiss equities. The changes, which include a stronger focus on healthcare and small-cap stocks, reflect the fact that the investment climate and 2026 outlook have improved thanks to reduced risks in connection with US tariff and healthcare policies. The new entries are Alcon (ophthalmology) and Dätwyler (pharmaceutical packaging), both of which are poised for a new product and growth cycle. On the other hand, Schindler is fairly valued after a strong rally and has been removed from the Top Picks list.

“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.

BB Biotech AG’s share price is breaking out of a head and shoulders pattern and confirming a long-term bottom formation. From a technical analysis perspective, we expect further upside for BB Biotech AG as well as a continuation of the intact relative outperformance versus the SPI.

An exciting, opportunity-laden investment year is drawing to a close. Financial markets have remained remarkably resilient in the face of geopolitical turbulence and a hyperactive US administration. Economic momentum is subdued, yet companies are doing well. Equities remain our no.1 choice.

Shares in Galderma and Logitech have made significant gains in relative strength versus the SPI benchmark index, with both stocks showing positive technical trend and momentum indicators. From a technical analysis perspective, we expect further upside for Galderma and Logitech as well as a continuation of the intact relative outperformance versus the SPI.

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.

At the UBS Best of Switzerland Equities Conference at the end of September, companies reported that economic growth continued to be dogged by uncertainties on trade as well as inflation. Throughout the summer months, consumers and producers alike remained cautious in terms of their investment decisions. A number of firms are nevertheless cautiously optimistic on account of their structural strength and transformation, Germany’s investment initiative and the ongoing boom in investment for data centres. At the same time, companies are having to contend with a weak Chinese economy. In view of the economic backdrop and company presentations, we have divided our feedback and assessment on individual firms into three categories: “Optimistic”, “Realistic” and “Cautious”. Taking into account valuations and short-term business momentum, we regard SGS, Georg Fischer and Bachem as attractive investment ideas; however, we think there are grounds for caution on shares in Straumann and Aryzta.

It was a hot summer – for financial markets and geopolitics alike. US companies delivered good first-half numbers, while the Trump administration hit the headlines on an hourly basis. Swiss National Day was a total wash-out, however: 39% tariffs on exports to the US came as a shock, and this autumn the economy is expected to cool alongside the weather.

Equity markets experienced a rollercoaster ride in a turbulent first half of the year. The tension is set to continue as the impact of tariffs hits home, the economic slowdown continues and the US administration’s tax package is on the home straight. For Swiss investors, opportunities are few and far between right now.

The new US Administration under President Donald Trump has ushered in a turbulent market environment. Equity markets initially breathed a sigh of relief following the postponement of the planned tariffs, but there are plenty of reasons to anticipate a continuation of the uncertain environment and headwinds for the economy. Our positioning remains defensive for the time being.

The announcement of new tariffs by US President Donald Trump triggered sharp falls on the equity markets. Initially the US stock market above all was badly affected by the sell-off. But last Friday the European bourses and Swiss stocks also took a beating. The sell-off has been continuing today, and the past months’ encouraging gains have vanished into thin air. We had already reacted to the growing economic and political uncertainties by aligning ourselves more defensively. Currently we are continuing to take profits and reducing our equity exposure.