Tactical adjustments: Increased allocation to gold

Equities remain slightly overweight, with a focus on quality, tactical expo-sure to energy, and a clear preference for Switzerland. Bonds remain slightly underweight. Structural risks persist at the long end, while selective opportunities exist in corporate bonds.
Alternative investments remain an important component of diversify-cation. The gold position has been increased at the expense of emerging market equities and continues to serve as a stabilising element.





