Monthly report December 2025

Anticipating a further interest rate cut in the US, the stock markets also started the last month of the year on a positive note. And Fed Chairman Powell gave investors an early Christmas present by cutting US key interest rates by a further 25 basis points. His announcement that he would be buying USD 40 billion worth of short-term US government bonds every month in future was also welcomed by investors. The European Central Bank and the Swiss National Bank did not change their policies. 

2025 was a very successful year for our equity fund, and we were able to delight our investors with an impressive performance. The numerous economic and geopolitical challenges of the past year led to high volatility on the markets. This showed that our active management with a focus on quality stocks was absolutely the right approach. At the same time, our hedging strategies and constant variation of the investment level repeatedly protected us from setbacks. Active fund management, coupled with sensible hedging, will continue to be the right recipe in 2026!