Passion for Swiss equities

zMonthly Dividend Fund 01/2024

Monthly report January 2024 of the zCapital Swiss Dividend Fund (class A)

The Fund gained 1.1% in the reporting month (SPI +1.4%). We increased our positions in Swiss Re, SGS, Cembra Money Bank, Holcim, Roche, Galenica and Swisscom.

The uptrend came to a halt at the turn of the year as surprisingly robust US labour market data caused government bond yields to rise. Solid economic growth and slightly higher than expected US inflation seem to have dampened hopes for rate cuts. US technology heavyweights helped US equity markets to new all-time highs.

Financial conditions have improved significantly in recent weeks, reducing the pressure on central banks to cut rates quickly. We are sceptical that a scenario of lower inflation, falling interest rates and a stable economy will materialise. Stock market volatility is likely to increase, not least as the reporting season heats up.

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