Monthly report September 2026

In September, geopolitics and central banks took center stage. Renewed fighting in Iran and the resulting attacks on key transportation routes and energy infrastructure led to new highs in oil prices. This, in turn, intensified inflation concerns and raised the question of how central banks should respond. In addition, a surprisingly strong U.S. jobs report underscored the robust economy. Against this backdrop, the U.S. Federal Reserve raised its benchmark interest rate for the first time since 2023 and signaled a restrictive monetary policy in the near future. The European Central Bank followed suit, while the Swiss National Bank left its interest rate unchanged. The United States’ immensely high national debt also became a major issue once again, leading to a rise in long-term capital market interest rates—to levels not seen in decades. Although the stock markets took a bit of a hit as a result, they remained very resilient overall in the face of this challenging situation.

Our fund has also consolidated, but our focus on fairly valued quality stocks, broadly diversified and active portfolio management, and sensible hedging strategies remains our guiding principle.

Auch unser Fonds hat konsolidiert, doch der Fokus auf fair bewertete Qualitätsaktien, einem breit diversifizierten und aktiven Portfoliomanagement, sowie sinnvollen Absicherungen, bleiben weiterhin unser Credo.