After a surprisingly positive first half-year on the capital market for many market participants, the tide has turned in the third quarter. In the USA, the Fed's signal that it would probably leave interest rates at a higher level for longer than generally expected drove yields on 10-year US government bonds to 4.5 %, their highest level since 2007. Partly weaker economic data and continuing inflationary pressure caused increasing volatility. The global equity index lost 3.4 %, while bonds fell by 3.6 %. Gold, the classic “safe haven”, also lost 3.7 % in value.
(Note: All in USD in Q3 2023)

In the third quarter, all of our strategies recorded a negative performance. Since the beginning of the year, however, all of our strategies have also remained in positive territory and it is still true that the higher the equity exposure, the better the performance in the current year. The results for the first nine months range between +1.2 % and +6.5 %
(note: reference currencies CHF and EUR).

Calculation LMM; Period 01.01.– 09.30.2023

Note: the figures are before costs
Calculation LMM; Period 01. 01.– 09.30.2023