Passion for Swiss equities

zMonthly SMC Fund 11/2023

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

The fund gained 4.8% in November (SPI Extra +5.8%). We built up a position in Bachem, after its shares fell back to more attractive valuation levels. We invested again in ams-Osram in the context of its capital increase. On the other hand, we reduced our positions in EMS-Chemie and Vontobel.

Weaker-than-expected industrial data and a cooling US labour market led to a significant decline in government bond yields, which in turn fueled equity markets. US inflation figures for October, which were slightly below expectations, provided another strong boost. Following the rally, some stock indices were trading close to their highs for the year.

Many market participants are currently betting on a soft landing with several interest rate cuts in 2024. Such aggressive rate reductions are only conceivable in the event of a significant economic slowdown. The result would be a period of falling earnings estimates, which in the past has usually led to lower share prices.

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