Monthly report February 2026 of the zCapital Swiss ESG Fund (class A)
The fund gained 4.3% in the month under review. We slightly increased our positions in Logitech, VZ Holding and Kardex. Conversely, we trimmed our positions in Novartis and Roche.
At the beginning of the month, scepticism about the economic viability of huge investment plans led to a sharp correction in the share prices of certain US tech companies. This uncertainty quickly spread to other sectors. The Supreme Court ruled that the reciprocal tariffs introduced by the Trump government were unconstitutional. The response from the Oval Office was prompt. Trump issued an executive order imposing a 10% tariff on imported goods. The stock markets reacted calmly overall.
The strong Swiss franc is putting pressure on Swiss companies to cut costs. We therefore anticipate announcements regarding the relocation of production and office job transfers in the coming months. For small and mid-cap companies, the peak of the annual reporting season is approaching. In the short term, however, the situation in the Middle East and the oil price will determine the direction of the stock markets. This points to sharply rising volatility and falling share prices.
