Monthly report June 2026 of the zCapital Swiss ESG Fund (class A)
The fund increased by 2.0%. While we increased our positions in Sika and Partners Group slightly, we took profits in Inficon and Belimo.
The tech sector rally was cooled by semiconductor giant Broadcom's disappointing outlook. In addition, market sentiment was affected by a strong US labour market report, as investors speculated about higher interest rates. A memorandum of understanding signed by the US and Iran that intends to end the conflict provided some relief. Towards the end of the month, volatility in the tech sector increased again and money moved into defensive sectors. This benefited the Swiss equity market.
We expect the half-year financial results of Swiss companies to be mixed. Geopolitical conditions are likely to remain challenging. In the short term, however, lower oil prices and a stronger US dollar should provide some relief. US markets in particular are becoming increasingly nervous. A sharper pullback on the Nasdaq cannot be ruled out, which would also weigh on the Swiss market.
