Monthly Report, November 2025
- Matthieu
- Nov 4
- 3 min read
Editorial
AI – after the euphoria, hysteria?
It's all about artificial intelligence.
The top 5 largest market capitalizations.
From the Oracle deal...
To companies with no revenue.
What consequences can we expect for the markets?
While US tech valuations are already at historic highs, it is mainly current expectations regarding the future profitability of AI that are causing doubt. At this rate, the party will be over in just a few months.
- by Kim Muller, CIO (Switzerland)
Assessment of the economic situation
The US economic growth in Q3 is expected to remain strong, with the Atlanta Fed estimating it at 3.9%. If the shutdown continues, Q4 figures could disappoint. In Europe, growth remains weak but is improving.
The US government shutdown drags on.
Precious metals, calm down...
The Fed cuts interest rates again by 0.25%, but...
What about the SNB's monetary policy?
The SNB has just announced that it returned to positive figures for the first nine months of the year, posting a profit of CHF 12.6 billion. At the end of June, the situation was very different, with the Swiss central bank closing the half-year with a negative result of CHF -15.3 billion. Behind this upturn is mainly gold, which rose by CHF 22.9 billion over the quarter. This new situation once again raises hopes for a dividend payment, which would be a nice “Christmas present” for public finances.
Financial markets during the month
The AI theme is sweeping all before it, but massive bond issues by Oracle and Meta are raising some questions. Gold is consolidating its latest surge, while green energy is becoming “investable” again.
The Nikkei 225 significantly outperforms the Topix.
Oracle's massive debt growth raises questions.
The end of purgatory for green energy?
Our convictions
Comments on investment decisions
AI is on everyone's lips but is leading to some excessive valuations. On the Japanese market, favour ETFs on the Topix rather than the Nikkei 225. Gold ended the month higher but is entering a consolidation phase that could last several months. Mining stocks are once again aattractive compared to gold. The dollar is “attempting” a rebound.
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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