The first quarter was challenging for risk assets. The tariffs announced by the US administration created considerable uncertainty in the financial markets. In Europe, however, positive economic data and the announcement of an expansionary fiscal policy created a positive mood. Stock markets in Europe, the UK and Switzerland rose, while those in Japan and the US came under pressure.

Bond markets around the world suffered from rising inflation expectations triggered by tit-for-tat tariff threats. Gold reached new all-time highs in both real and nominal terms, while the US dollar weakened.

Strategies with a higher fixed income exposure suffered losses in the first quarter due to rising interest rates. Both CHF and EUR investors also suffered currency losses in USD. Swiss equities outperformed European equities. The higher the proportion of North American equities, the higher the losses.

Calculation LMM; Period 01.01.2025 – 03.31.2025

Note: the figures are before costs
Calculation LMM; Period 01.01.2025 – 03.31.2025