As the conflict in the Middle East began to ease and energy prices fell significantly in the wake of peace negotiations, investors’ risk appetite also turned positive. Another key driver was the renewed momentum surrounding the growth themes of digitalization and artificial intelligence (AI). As shown in the table below, international stock markets therefore posted double-digit gains in the second quarter. Emerging-market equities, in particular, surged by 24 %, marking their strongest quarterly gain since 2009. Monetary policy, by contrast, varied by region. Rising inflation prompted the European Central Bank (ECB) to raise its key interest rate by 0.25 % as a precautionary measure. The U.S. Federal Reserve and the Swiss National Bank, on the other hand, left interest rates unchanged.

As already mentioned, there was a strong rebound in the international financial markets in the second quarter of 2026. All investment strategies benefited from this positive environment. Following the losses in the first quarter, they are now all showing significantly positive returns again.

Calculation LMM; reference date 01. 04. – 30. 06. 2026

Note: the figures are before costs
Calculation LMM; Period 01. 04. – 30. 06. 2026