In tranquility lies strength

In June, the national banks woke up from their lethargy and actively declared war on high inflation. The financial markets reacted nervously and volatility remained high. In particular, the Swiss National Bank’s interest rate move -- it raised the key rate by 0.5% -- came as a big surprise. However, many market participants still seem to remain on the sidelines, hoping to learn more about business developments as the reporting season gets underway. In addition to the results, particular attention will be paid to the visibility for the course of 2022 and beyond. Companies that can score here will find favor with investors. We have remained true to our conservative bias while starting to selectively buy quality stocks. We continue to maintain our hedges.