Monthly report January 2026 of the zCapital Swiss Dividend Fund (class A)
In January, the fund saw an increase of 1.9% (SPI unchanged). We realised gains on Swiss Life, VAT Group, Roche, Inficon, Novartis and Luzerner Kantonalbank. We increased our holdings in Nestlé, VZ Holding, TX Group and Partners Group.
Most global indices rose again during the first few days of January. However, Donald Trump's aggressive claim to Greenland caused uncertainty. He threatened to impose new tariffs on eight European countries if they opposed his demand. At the WEF in Davos, he backtracked and withdrew his threat to impose tariffs. His promise not to use military force also led to an easing in financial markets.
In Davos, President Trump reaffirmed America's strong focus on its own interests. This signals the end of the rules-based world order. In response to these changes, investors are increasing their diversification into tangible assets. With global M2 money supply growth at around 8%, tangible assets such as equities remain the preferred option. In the short term, however, the strong Swiss franc is weighing on the domestic stock market.
