After the disappointing investment year of 2022, there was a significant turnaround in 2023. In the stock market, especially U.S. stocks, particularly technology stocks, experienced notable gains, driven in part by promising prospects related to artificial intelligence. Interest rates followed the inflation trend and retreated significantly towards the end of the year. Consequently, bonds also concluded with a significantly positive performance. In summary, most asset classes achieved positive performance, and in currencies, the strength of the Swiss Franc is noteworthy, while the U.S. Dollar exhibited weakness against many currencies.

Financial markets enjoyed a remarkable rally in 2023, recouping much of the previous year's losses across all investment strategies. Equity-based strategies posted the strongest gains, with those overweight in US or technology stocks benefiting in particular. Fixed income strategies outperformed in the last quarter and also posted significant gains. Strategies with CHF as reference currency suffered currency losses on their EUR and USD investments. EUR depreciated by around 6 % against CHF and the USD suffered by as much as 9 % against CHF.
 

Calculation LMM; Period 01.01.2023– 12.31.2023

Note: the figures are before costs
Calculation LMM; Period 01. 01.2023– 12.31.2023