Swiss equities have delivered strong returns so far in 2025 – up 24% in USD terms – with market dynamics shifting notably between the first and second quarters. In this podcast episode, Eleanor Taylor Jolidon and Maud Giese from UBP’s Swiss & Global Equity teams explore the drivers behind this performance and what investors might expect for the rest of the year.
They discuss how Q1 saw large inflows into the market, particularly through passive investment strategies, which favoured large caps and supported a rebound in names like Nestlé. In contrast, Q2 brought renewed momentum in the small and mid-cap space, underpinned by higher earnings expectations and a growing preference among investors for fundamentals-driven, active allocations.
Despite a challenging macroeconomic backdrop – including a strong Swiss franc and upcoming US tariffs – the team remains relatively constructive about the future. Many Swiss companies should be well-positioned to weather external shocks and Eleanor and Maud explain why a selective, active approach is more relevant than ever.
