Monthly reporting October 2024

Surprisingly, the upcoming US presidential elections had little impact on the financial markets for most of October. Although the outcome of the election is completely open and the election barometers sometimes see Donald Trump and then again Kamala
Harris in the lead, the stock markets continued to rise and repeatedly reached new highs. It was only in the last few trading days that nervousness emerged on the markets and increasingly weighed on the equity and bond markets. The reporting season for the third quarter also brought light and shade. While the majority of US companies reported better-than-expected results, some companies in Europe made negative headlines. And in Switzerland, too, many stocks lost ground despite solid figures. In these times in particular, we see it as our job to be prepared for all scenarios. For many of our positions in the fund, we consider the recent falls at the end of the month to be clearly exaggerated and expect a rapid countermovement.