Monthly report September 2026 of the zCapital Swiss Small & Mid Cap Fund (class A)
The fund lost 0.8% in September (SPI Extra -0.4%). Galderma and Sandoz were promoted to the SMI, while Swisscom and Kühne+Nagel were relegated to the small-cap segment. We have implemented these adjustments gradually. Skan and Sensirion are new additions to the portfolio.
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.
