Monthly report February 2025 of the zCapital Swiss Dividend Fund (class A)
The fund rose by 2.8% in February (SPI +2.4%). We initiated a position in TX Group in February. We also bought shares in VAT Group, BKW, Julius Bär and Hiag Immobilien. On the other side, we reduced our positions in Nestlé, Roche, Cembra Money Bank, Novartis, SGS, Logitech and Zurich IG.
In the face of constant new tariff threats, US consumers adjusted their inflation expectations upwards. In addition, consumer prices for January rose much more than expected. Fed Chairman Powell therefore made it clear that there was no rush to lower interest rates quickly. The stock markets were unimpressed by this. Uncertainty emerged towards the end of the month, with weak US economic data and investor concerns over Trump's unpredictable policies.
The new German government is likely to be a coalition between the CDU/CSU and the SPD. However, negotiations are likely to be difficult. All parties recognise the need to pull the country out of economic stagnation. More business-friendly politics in Germany would benefit many Swiss companies. At the moment, however, stock markets are being driven mainly by Trump's statements and tweets.
