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Monthly Report, February 2026



Editorial


We certainly weren't bored in January!

  • A hyperactive market buffeted by geopolitics.

  • Trump breaks all the rules in Davos.

  • The market goes “crazy” over precious metals.


What consequences can we expect for the markets?

This “frenzy” of media announcements and erratic market movements requires us to stay the course and not give in to rash investment decisions. The year is still long and opportunities abound.

- by Kim Muller, CIO (Switzerland)


Assessment of the economic situation

The latest economic data from the US and Europe point to an acceleration of the upturn seen in recent months. Geopolitical turmoil is not (for the moment) hampering these positive figures.

  • Economic growth rebounds in Europe and the US.

  • The United States Mint suspends sales.

  • Trump names his candidate for Fed chair.


What about the SNB's monetary policy?

Inflation in Switzerland fell sharply in 2025, averaging 0.2% compared with 1.1% in 2024. Prices for imported goods fell by 1.6% while domestically, prices rose by only 0.7% on average. Against this backdrop, the strength of the franc once again had a deflationary effect and will remain one of the SNB's main areas of concern in order to avoid a deflationary spiral. A return to negative interest rates cannot be fully ruled out in 2026 but is obviously not desirable.


Financial markets during the month

Equity markets are positive in January, but US stocks continue to underperform the “rest of the world”. Precious metals are in all their forms, as mistrust of fiat currencies continues.

  • Mag 7 “fatigue” weighs on US indices.

  • After a “Greenlandic” spike, the market is calming down.

  • Silver goes almost “crypto-like”.


Our convictions


Comments on investment decisions

The geopolitical chaos orchestrated by Donald Trump is in full swing. Equity markets started the year on a positive note, but the rotation toward cyclicals and value stocks continues. The precious metals market soared, then collapsed under the weight of speculative positions. The dollar continues its downward spiral.

  • Equities.

  • Bonds.

  • Precious metals and listed real estate (REITs).

  • Currencies.


Performance Summary

  • Equity.

  • Bonds, currencies and commodities.




Disclaimer

This document has been prepared using sources believed to be reliable but should not be assumed to be accurate or complete. The statements and opinions it incorporates were formed after careful consideration and may be subject to change without notice. The author and distributors of this document expressly disclaim any and all liability for inaccuracies it may contain and shall not be held liable for any damage that may result from any use of the information presented herein. Past performance is not indicative of future results. Values of an investment may fall as well as rise. This document is intended for information purposes only and should not be construed as a recommendation, an offer, or the solicitation of an offer to buy or sell any investment products or services. The use of any information contained in this document shall be at the sole discretion and risk of the user. Prior to making any investment or financial decisions, an investor should seek individualized advice from his/her financial, legal, and tax advisors that consider all of the particular facts and circumstances of an investor's own situation.


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