Passion for Swiss equities

zMonthly ESG Fund 07/2022

Monthly report July 2022 of the zCapital Swiss ESG Fund (class A)

The fund increased by 4.4% in the month under review. We decided to acquire a small new position in Comet. We slightly added to our investment in Sika. At the same time, we reduced our exposures to Galenica and Skan.

Equity markets initially recovered somewhat from their weak performance in June, although the relentless rise in inflation numbers led to selling pressure. Both the ECB and the US central bank raised key interest rates in the fight against high inflation. Meanwhile, Europe’s energy crisis continues to become more acute. Global economic indicators likewise continued to deteriorate. Despite the adverse environment, equity markets embarked on a technical rebound from mid-month.

Nearly all firms have increased their inventories owing to worries about further supply disruption. That said, the tense situation in supply chains and logistics has eased slightly of late. Although order books remain full, we are seeing first signs of a fall in order momentum. The situation remains highly challenging overall.

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