Publications

Letter from the CIO - September 2025

Towards Global Reflation, but Under Certain Conditions

Towards Global Reflation, but Under Certain Conditions

A moderate recovery in global growth appears to be taking shape, driven by emerging markets and Europe.

Equities are advancing, supported by defensive stocks, while bonds are diverging; gold is rising, and oil is
retreating.
Political uncertainty persists, particularly in light of the risk of White House interference in the Fed.

📌Download the full CIO Letter in PDF format here.




September 17, 2025

Publications

Letter from The CIO - December 2025

Investing with discipline: what 2025 has taught us

December 11, 2025

Publications

Swiss Economic Diplomacy in Transition

Multinational companies emerge as diplomatic actors, revealing a shifting hybrid economic governance.

December 01, 2025

Publications

Letter from the CIO - October 2025

Markets in Suspension: Between Euphoria and Caution

October 15, 2025