Monthly report March 2024

The stock markets continued their record-breaking run in March, repeatedly reaching new highs. Rising capital market interest rates and surprisingly high inflation figures in the USA did nothing to dampen the positive mood. Both the US Federal Reserve and the European Central Bank took a wait-and-see approach to interest rate changes. The Swiss National Bank caused a surprise by lowering the key interest rate by 25 basis points to 1.5 %. SNB President Jordan cited inflation, which has been within the target range for some time, as the reason. As a result, the Swiss franc weakened sharply against the US dollar and the euro.

Our fund also made gains over the course of the month and we realized selective profits. At the same time, we have further expanded our hedges and are prepared for major market distortions.