Monthly report December 2025 of the zCapital Swiss Dividend Fund (class A)
The fund increased by 17.0% in 2026 (SPI +17.8%). We participated in a share placement in VZ Holding, thereby establishing a new position. We made further purchases in Kühne+Nagel, Helvetia Baloise and Givaudan. Conversely, we reduced our exposure to VAT Group, Julius Bär and Luzerner KB.
At the beginning of the month, stock markets rose across the board in anticipation of an imminent interest rate cut by the US Fed. The key interest rate was reduced by 25 bp. However, the announcement that liquidity would be pumped back into the financial system through the purchase of US Treasury bills was more important. US inflation figures were significantly lower than expected and were received positively by the markets.
Analysts are estimating earnings growth of 9% for the SPI in 2026, a figure that we consider to be ambitious. The biggest risk is a slowdown in the US economy, unless the AI boom can counteract this. Overall, we expect similar issues to influence the markets in the new year, with a US president who will continue to cause surprises and unrest. In this environment, it is worth maintaining a diversified portfolio of quality stocks.
