Market Minute: Swiss equities conferences / Focus on small caps

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.

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