Passion for Swiss equities

zMonthly Dividend Fund 05/2024

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

The fund increased by 4.9% in the reporting month (SPI +6.1%). We slightly increased our positions in Kühne + Nagel, Swisscom, Galenica and SGS. On the other hand, we realised gains on Mobilezone.

The losses suffered by global stock markets since the end of March were already recovered in the month under review. Some even reached new highs. The continued recovery in equity markets was driven by positive corporate results and weaker US economic data. The latter revived hopes of an imminent cut in key interest rates.

In the US in particular, the government has high financing needs due to massive new borrowing. Recent auctions of longer-dated bonds have been correspondingly slow. Sooner or later, rising financing costs are likely to become a negative factor for equity markets as well.

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