Monthly report April 2025 of the zCapital Swiss Dividend Fund (class A)
The fund lost 0.8% (SPI -1.9%). We added to our positions in Roche, Givaudan, Zurich and ABB, while slightly reducing our exposure to Nestlé.
US President Trump announced sweeping tariffs on "Liberation Day" at the beginning of the month. This triggered sharp drops in global equity markets and put US government bonds under severe pressure. As a result of this market reaction, Trump suspended reciprocal tariffs for all countries except China for 90 days. The trade war with China completely derailed. Nevertheless, equity markets recovered.
Uncertainty surrounding Trump's policies is effectively freezing investment and changing the flow of goods. Macroeconomic data is currently difficult to interpret because inventories in the US were filled before the tariffs were introduced. This increases the likelihood that the data will deteriorate further. The coming weeks will remain nerve-wracking for the markets and will depend on Trump's whims.
