Market Minute − Top Picks list Switzerland – Update

The strong first-half 2026 results season buoyed equity markets in Switzerland as well as internationally, with pharmaceuticals, financials, technology and energy all exhibiting robust earnings growth. Our Top Picks list for Swiss equities benefited from this significantly, extending its outperformance since the start of the year. At the same time, inflation and growth risks are increasing due to the escalation in the Middle East and the sharp rise in oil prices. With that in mind, we are refining our Top Picks list: Givaudan and dormakaba have been dropped based on a strong share price recovery, fair valuation as well as heightened interest rate and valuation sensitivity; in their place we have added Helvetia Baloise – a high-dividend, quality stock with an attractive earnings growth profile.

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