Monthly report November 2024 of the zCapital Swiss ESG Fund (class A)
The fund lost 0.4% over the month. We sold our entire holding in Bachem. We initiated a new position in Landis+Gyr. We have also slightly increased our exposure to Givaudan.
Financial markets were dominated by the US presidential election. Trump's promises to re-industrialise the country, reduce corporate taxes, cut red tape and impose sweeping import tariffs were received differently by stock markets. US equity markets reacted euphorically. On the other hand, fears of rising protectionism weighed on European equity markets in particular.
The economic situation in Germany and China has deteriorated further in recent weeks. Added to this are the uncertainties surrounding Trump's "America First" policy. As a result, the start to the new year will be slow for many manufacturing companies, and the year-end rally is unlikely to materialise. On the other hand, stocks of cyclical companies with healthy balance sheets could find solid ground after the sharp price corrections.
