The long-term consequences of the Iran war, rising US tariffs and the generally escalating conflict between China and the US are difficult to predict. Looking back at history, combined with extensive experience, can help us to better understand this “new investment era”.

The collapse of negotiations between the US and Iran has led to a military conflict centred on the latter. The economic risks are primarily driven by rising oil prices, which could push inflation higher if elevated levels persist over an extended period.

The past year was marked not only by the very strong rally in US technology stocks, but also by the generally unexpected strength of Eurozone equities, particularly in Germany.

In the third quarter, the US Congress passed a new fiscal law known as the One Big Beautiful Bill Act (OBBBA). This legislation encompasses a range of fiscal decisions that are not only significant for the United States, but also at a global level.

The good performance posted by Chinese equities in 2025 has come as a surprise to many. On the one hand, it represents a rebound from less favourable previous years; on the other, it also reflects a fundamental improvement – for which there are several reasons.

Since the beginning of the year, Eurozone equities have enjoyed an upturn that has exceeded the expectations of the market consensus.

In recent months, US equities, parts of the bond market and the US dollar, in particular, have been marked by high volatility and significant valuation corrections.

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The financial markets are facing major challenges. We are responding with a long-term approach, focussing on quality and stability and adjusting our portfolios slightly.

Switzerland is internationally renowned as a safe haven for assets and as a safe country to live in, not least thanks to its historically robust economy by international standards.