Passion for Swiss equities

zMonthly SMC Fund 05/2024

Monthly report May 2024 of the zCapital Swiss Small & Mid Cap Fund (class A)

The fund gained 3.4% in May (SPI Extra +3.3%). We increased our exposure to Temenos, Sulzer and SGS, while selling some shares in Lindt & Sprüngli, Clariant and Schindler.

The losses suffered by global stock markets since the end of March were already recovered in the month under review. Some even reached new highs. The continued recovery in equity markets was driven by positive corporate results and weaker US economic data. The latter revived hopes of an imminent cut in key interest rates.

In the US in particular, the government has high financing needs due to massive new borrowing. Recent auctions of longer-dated bonds have been correspondingly slow. Sooner or later, rising financing costs are likely to become a negative factor for equity markets as well.

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