Portfolio December 2025

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.

Alex Müller, Chief Investment Officer, takes a brief look back at 2025 and talks of a rollercoaster ride that ended well. In the latest edition of “Portfolio”, he gives his assessment of the situation for investors in 2026 and highlights the potential opportunities.