The financial markets are looking for a new equilibrium. After the sharp rise in inflation figures last year, financial experts expect the first signs of an easing in the coming months. At the same time, they assume a weaker economic development. Interest rates have already reacted to this with a decline, especially in the USA. With regard to future interest rate hikes, the central banks will closely observe the further development of inflation and economic figures.

In the 1st quarter, most investment strategies were able to achieve a plus. After an interim high in the first quarter, bond yields declined. This led to a performance increase in interest rate strategies. Equity markets also benefited. The world equity index achieved a plus of around 7 % in CHF (around 6 % in EUR) in the first quarter. Gold showed a significant increase of over 6 % (in CHF and EUR). Overall, investment strategies with a higher equity exposure were able to outperform.

Calculation LMM; Period 01.01.– 03.31.2023

Note: the figures are before costs
Calculation LMM; Period 01. 01.– 03.31.2023