Monthly report June 2025 of the zCapital Swiss Dividend Fund (class A)
The fund lost 1.1% in the month under review (SPI -1.9%). As Holcim shareholders, we received Amrize shares in the form of a dividend in kind. We have increased our holdings in Nestlé, ABB, SGS and Logitech. Conversely, we realised gains on Accelleron, Sulzer and Holcim.
Stock markets got off to a positive start in June. US and China reached a preliminary trade agreement. Additionally, the slower rise in US consumer prices ensured the recovery continued. However, this was only briefly interrupted by the tensions in the Middle East following Israel's attack on Iran.
Since the beginning of the year, the US dollar has fallen by 12% against the Swiss franc. Asian currencies have also dropped significantly. This will have a significant negative effect on export companies. The deadline for the postponed reciprocal tariffs is 9 July. The market assumes that this deadline will be extended further. Although stock markets are currently optimistic, we see considerable risks for the second half of the year.
