Latest Releases
Where are interest rates heading? The US economy is performing better than anticipated, but inflation is more persistent than expected. What impact will this have on Switzerland? You will find our thoughts on this the latest issue of Market Insights.
What a successful start into 2024 for investors! All asset classes, with the exception of bonds, made gains. This was not exactly a performance everyone would have expected. Risk concerns were brushed aside and signs were set for “risk-on” instead. Read more about this in these Market Insights.
The TMT boom peaked 24 years ago – and then it burst, setting off huge losses. With artificial intelligence, we are standing on the verge of the next technological revolution. Will we soon be facing another crash due to hasty growth?
Many Swiss companies are struggling with the strong franc. The euro and US dollar do not appear to be in a position to bring about major corrections – inflation and debt are far too high. Our CEO describes dealing with the current strength of the franc as a fitness programme.
After a horrible 2022, a recovery on the financial markets was to be expected, which actually materialised thanks to a high in summer and a late rally. The current environment is therefore “constructive” and gives us hope for a positive investment year in 2024.
Over the past two decades, global economic development has increased and led to strong international dependencies. Will a phase of de-globalisation now follow? If so, will it be substantial?
The cause for the rise in interest rates in recent weeks and months is not easy to see. Can artificial intelligence shed light on the matter? We asked ChatGPT. And we received an answer that is reassuring, anyway for analysts.
H4L: A new acronym is taking hold around the financial markets. The realisation that interest rates will remain high for longer has left a distinct mark on financial markets lately. Was that it on the interest rate front? And what else are investors to expect till the year’s end?
While the SNB tried to weaken the Swiss franc for years in the past, it has been deliberately strengthening it for the past year in order to cushion inflation. What is better for an economy – a strong currency or a weak one?
With few exceptions, the half-term review of financial markets is positive. What happens next is still uncertain, as opportunities and risks continue to balance each other out. The mist might clear sometime after September.
With few exceptions, the half-term review of financial markets is positive. What happens next is still uncertain, as opportunities and risks continue to balance each other out. The mist might clear sometime after September.
The current market environment offers arguments for optimistic as well as for pessimistic investors. This is often the case, but it is particularly pronounced at the moment. Ultimately, being ‘bullish’ or ‘bearish’ is down to weighing the positive factors against the negative ones.
The Corona pandemic has left national budgets deeply scarred. What are the implications of higher debt amid rising interest rates? That rather depends on the bonds’ maturity structure. Switzerland is positioned quite well in this respect.
The economy as well as markets did better than expected in the first quarter. However, the Silicon Valley Bank and Credit Suisse fared worse than feared, which almost led to a full-scale banking crisis. Albeit the dust may have settled a little lately, there is no cause for euphoria.
Central banks are meant to ensure price stability. That went well for many years. However, when monetary watchdogs went on to a policy of strictly preventing a downturn and raising inflation to the 2% target, they laid the foundation for today’s high inflation rates. The road back could be long and winding.
We are appointing Martin Scholl, the former CEO of Zürcher Kantonalbank, as an additional Member to our Board of Directors. With this election, we will be strengthening our Board of Directors’ competences in the areas of asset management and wealth management, thus setting a clear signal for the company’s future strategic development.
US debt has hit the statutory limit. This means, the US government cannot take on any new debt. The remedy would be for Congress to raise the debt ceiling. Usually, a matter of routine. However, with today’s deeply divided political landscape in the US, this may prove anything but routine and rife with potential to disrupt markets.
2022 was an “annus horribilis” for investors. All asset classes closed in the red for the year. The situation will calm down in 2023 and the Fed might even achieve the impossible. However, there is no reason to be euphoric.
Markets often seem to be emotional rather than rational. However, emotions are not included in the theory of efficient markets. Are markets now rational and efficient or are they irrational and inefficient?
It creates a leading independent asset management group covering a wide range of attractive asset classes. The current shareholders of Belvédère will acquire a stake in Fundamenta Group. Belvédère will be able to draw on the holistic real estate expertise of the Fundamenta Group and will continue to operate as an independent subsidiary with the same organisational structure under its current name.
Europe is at a structural disadvantage right now. But there are opportunities for bold investors.
In the latest special supplement to Finanz und Wirtschaft, Thomas Heller elaborates on why the euro is a blessing on the one hand, as it makes life easier, but at once also a curse, as its structural framework is based on a misconstruction. Interesting background information and details are available here (in German only).
Until recently, things were clear: China is huge, has opened up and is growing at an extraordinary pace. And there was little doubt that the country would keep gaining economic and political clout. Meanwhile, several cracks have opened up in these presumed certainties. Is China now friend or foe?
“But this time it’s different” – we have heard it said time and again, usually to justify an extraordinary market development. Most of the time, however, it is not different at all and general market principles prevail. Yet, this time it actually is different than usual …
We are proud to join the UN Global Compact Network Switzerland & Liechtenstein and underline our commitment to sustainability. We are committed to implement the ten principles of the UN Global Compact and we fulfil our social and environmental responsibility by establishing a value-based corporate culture.
The UN Global Compact is a worldwide pact between the UN and businesses to achieve a socially and environmentally more sustainable globalisation.
2 September 2022 – Market Insights – Germany is booming
An intentionally tantalising headline, for sure. You may find it even somewhat confusing, since the media have done everything to convince you of the reverse over the past weeks and months. The general anchor was Germany’s trade balance slipping into negative territory in May 2022 for the first time in 30 years, which means that the value of goods Germany imported exceeded its exports. There was even talk of the exporting world champion’s demise.
26 August 2022 – Interview with Thomas Heller
“No negative news are reflected in current stock prices.” In an interview with the BILANZ business monthly, Thomas Heller shares, among other things, his take on the prevailing optimistic mood among investors.
5 August 2022 – Market Insights – whatever it takes 2.0
“Is the eurozone facing a new debt crisis?” The editorial in the August issue of Market Insights addresses this question and sheds light on current market developments. In addition, the publication contains interesting commentary on world economy, interest rates, equities as well as performance assessments for other asset classes.
6 JULY 2022 – New COO at Belvédère Asset Management AG
As of 1st July 2022, Martina Kessler took on the role of Chief Operating Officer and became a member of the Executive Board. She has been Head Legal, Risk & Compliance within the COO division at Belvédère Asset Management AG since January 2018 and her scope of responsibilities has been growing continually over the past four years. Martina Kessler is a proven expert in all legal matters concerning the environment in which our company operates. With her appointment, all business areas of the company will be represented in the Executive Board.
4 JULY 2022
We are delighted to present the first issue of our new investment publication Market Insights. In our Market Insights we will help you put current market into perspective and provide an outlook on how financial markets might evolve going forward. It will be published monthly and is available in printed form or as an electronic newsletter.
