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Following a relatively lacklustre performance in 2023 and the Swiss National Bank’s recent interest rate cut, is now the time to revisit the Swiss equity opportunity set? In this Investment Rendez-Vous podcast, Eleanor Taylor Jolidon, co-head of UBP’s Swiss and Global Equity team, walks us through Swiss business models, current valuations and industries of particular interest.

Strong Q1 economic data from the US manufacturing, housing and employment sectors, combined with inflation of between 3.5–4% since mid-2023, have caused markets not to only price out the six rate cuts they had priced in up until the start of 2024, but, more recently, to also begin to question whether the Fed might forego rate cuts entirely in 2024.

As 2023’s concentrated market rally is extending into 2024, equity investors are worried about a potential consolidation or pullback.

There are signs that sterling is set to embark on an upward trend after several years in the doldrums.

The unexpected interest rate cut by the Swiss National Bank marks the beginning of a new cycle of global easing, paving the way for new investment opportunities in the broader market. This has bolstered the Bank’s confidence in the Swiss and UK markets, which have been lagging behind the US indices. In addition, we have locked in gains on gold, which was the top performer in March.

Our experts explore the origins of private debt—a market with a history spanning over 4,000 years, set to provide the next wave of opportunities for investors.

We believe that we are at a shift in regime for fixed-income markets as central banks prepare the ground for potential rate cuts following the most aggressive tightening cycle since the 1970s.

As the “Magnificent 7” generate risks in the segment, diversification within equities becomes key. Global small- and mid-cap (SMID) stocks, represented by the MSCI World SMID Cap Index, are emerging as a compelling option.

The beauty of working for a pure play is the core focus on wealth management, where the business is not subjected to the aggressive risk culture associated with investment banking, nor exposed to the cyclical corporate lending of commercial banking.

The importance of performance, the difficulty in putting forward green investments, who will lead UBP tomorrow: these are some of the many topics covered here by the Geneva bank’s CEO, Guy de Picciotto.

Driven by Prime Minister Narendra Modi’s economic programme, India has embarked on a phase of infrastructure investment akin to China’s in the 1990s. In our latest edition of UBP Headlines, our Group Chief Strategist Norman Villamin takes a deep dive into the booming Indian market, exploring its investment opportunities.

Investors may find the strong fundamentals and stable economic, political and social aspects of Switzerland attractive in terms of equity investments in a year which may be dominated by geopolitical newsflow.