Passion for Swiss equities

zMonthly Dividend Fund 06/2022

Monthly report June 2022 of the zCapital Swiss Dividend Fund (class A)

Der Fund verlor 6.1% (SPI -7.3%). Im Berichtsmonat sind wir bei Kühne + Nagel erneut eingestiegen. Weitere Käufe tätigten wir bei Novartis, Nestlé, Swiss Re, Givaudan und VAT Group.

Inflation and central bank decisions were the predominant themes on financial markets in June. Investors reacted nervously to this. Due to the high inflation, leading central banks were forced to react. The biggest surprise was the 0.5% rate hike on the part of the SNB. The monetary steps put equity markets under further pressure.

An eventful reporting season lies ahead of us. Companies which downgrade their forecasts or fail to issue any at all are consequently likely to be avoided by investors. By contrast, firms with impressive results and good visibility could potentially see a significant share price recovery. Thin trading volumes during the holiday season could spark additional volatility, which would create opportunities.

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