Monthly report September 2026 of the zCapital Swiss ESG Fund (class A)
The fund decreased by 0.4% in the month under review. We have added Skan to the portfolio. Additionally, we have increased our holding in Landis+Gyr and reduced our exposure to Tecan.
During the month under review, monetary policy and the renewed escalation in the Middle East dominated global financial markets. The US Federal Reserve raised its key interest rate for the first time since 2023. The combination of persistent inflation, geopolitical risks, and concerns about high government debt caused long-term capital market yields to rise further worldwide, leading to temporary headwinds in the equity markets.
Consumers worldwide are suffering from significantly higher petrol and diesel prices, as well as rising food costs. As disposable income falls, many households are having to tighten their belts. Consequently, shares in companies operating in the food and consumer staples sectors are under pressure. We therefore favour companies that will benefit from the increase in corporate investment.
