Monthly report May 2026 of the zCapital Swiss Dividend Fund (class A)
The fund increased by 2.0% in May (SPI +3.3%). During the month under review, we increased our positions in Holcim, Roche, Galenica, Partners Group and BKW. Conversely, we reduced our exposure to Inficon.
In May, the situation in the Middle East continued to have a significant impact on global financial markets. Periods of hope for a swift agreement were repeatedly followed by setbacks. Despite the challenging environment, stock markets have proven to be highly resilient. In particular, technology-focused stock markets performed exceptionally well. Defensive markets such as Switzerland were less able to capitalise on this.
Although markets have long anticipated the imminent reopening of the Strait of Hormuz, a swift negotiated solution remains uncertain. Meanwhile, optimism continues to dominate the stock markets, led by the boom surrounding artificial intelligence. Rising inflation figures and the accompanying higher long-term interest rates seem to be of little concern. This poses risks, in our view.
