Equity markets closed the fourth quarter with a final spurt, especially on Swiss and US equities, raising annual returns to around 30 %. Only emerging market equities are lagging behind in the annual comparison, although this statement has to be seen in relative terms, as emerging market equities also rose by 20 % in 2019. Conclusion: The US / China trade conflict and the slowdown in the global economy did not worry equity investors.The other asset classes also ended the past year on a positive note. Falling interest rates and the expansive central bank policy boosted the bond markets and gold benefited as a safe haven in uncertain times.

Reference date: 31.12.2019


The exchange rates of the main currencies have fluctuated within narrow ranges, and thus the returns of the investment strategies in euros and Swiss francs are also comparable. The year 2019 can be summarized as follows: The higher the equity exposure, the higher the investment return. Investment strategies with a balanced orientation showed a positive performance above 10 %. In the fourth quarter, only the interest rate strategies showed negative returns, as interest rates rose slightly.