Passion for Swiss equities

zMonthly Dividend Fund 07/2023

Monthly report July 2023 of the zCapital Swiss Dividend Fund (class A)

In July the fund gained 1.2% (SPI +0.4%). We increased our positions in Givaudan, Nestlé, Roche and PSP Swiss Property. On the other hand, we realised gains in Inficon.

At the beginning of July, equity markets came under pressure from poor economic data in China. Strong US labour market data also weighed on markets. The sentiment brightened in the middle of the month. The decline in US inflation in June raised hopes that the cycle of interest rate hikes would soon come to an end. Towards the end of the month, the reporting season for the first half year picked up speed. Swiss corporate results have been mixed so far.

With interest rates at 5.5% in the US and 4.25% in Europe, central banks are approaching the interest rate peak. In our view, the peak has not yet been reached. Core inflation is still too high. Recessionary signals are needed before the interest rate turnaround is initiated.

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