Passion for Swiss equities

zMonthly SMC Fund 08/2023

Monthly report August 2023 of the zCapital Swiss Small & Mid Cap Fund (class A)

The fund lost 2.1% in August (SPI Extra -2.6%). We increased our holdings in Accelleron, Lindt & Sprüngli and Romande Energie. We slightly reduced our position in Clariant.

Equity markets started August with losses. Rising interest rates were partly responsible for the weakness. The downgrade of the US credit rating added uncertainty. In the second half of the month, fears about China's economic development came to the fore. In the last days of the month, however, strong half-year results from chipmaker Nvidia and weaker US economic data provided positive momentum.

In September, the focus is likely to shift to macroeconomic data. After the Jackson Hole meeting, there is no clarity on the next steps in interest rate policy. The fact is that inflation remains well above the 2% target in all major countries except China. The central banks' work is not yet done and markets are likely to remain nervous.

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