Monthly report April 2026 of the zCapital Swiss ESG Fund (class A)
The fund increased by 4.6%. Bossard is a new addition to the portfolio. We expanded our positions in Novartis, Emmi and Galenica, while reducing our holdings in Inficon, Huber+Suhner and SIG Group.
Geopolitical tensions in the Middle East dominated financial markets in April. Positive and negative news followed one after the other. Towards the end of the month, European equity markets gave back some of the month’s gains, while some American indices reached new all-time highs.
The situation in the Middle East has barely changed in the last month. Negotiations between the two warring parties have reached a deadlock. Whether a sensible solution will be found and when remains unclear. Market uncertainty therefore remains high. In addition, the availability of jet fuel, rising freight costs, and supply chain problems are coming increasingly into focus.
