Monthly report October 2024 of the zCapital Swiss Dividend Fund (class A)
In October the Fund fell by 2.7% (SPI -3.3%). We added to our holdings in Nestlé, Novartis, Givaudan, Inficon, Julius Baer and Logitech and took profits on our Accelleron position.
The escalation in the Middle East weighed on global stock markets at the beginning of the month. In the US, inflation figures were slightly higher than expected. Markets took it in their stride that further aggressive rate cuts were therefore likely off the table. Positive impulses from the US reporting season ensured a buoyant stock market environment, with some indices reaching new all-time highs. In Switzerland, sentiment was more subdued in the light of quarterly figures.
Equity markets seem to be pricing in a Trump victory in the US presidential election. This could lead to rising inflation and higher government debt. As a result, treasury rates jumped, and gold as well as bitcoin hit new highs. However, the threat of import tariffs is a bad scenario. Led by the automotive industry, the global economy has continued to cool over the past two months. This will not fail to leave its mark on Swiss companies.
