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When market leadership rotates: why Swiss equities can be a valuable addition to any equity portfolio.

Since 2022 and the end of the ultra-low interest rate environment in Europe, the real estate sector has undergone a significant repricing. Yields have risen sharply, while transaction volumes and asset values have declined.

Long-term yields surged to multi-decade highs as robust US data and firm energy prices reinforced expectations of another US Federal Reserve (Fed) rate hike.

Impact investing in listed equities enables pension funds to align long-term returns with structural global transitions, combining scale, liquidity and active ownership with measurable real-world outcomes.

Switzerland’s apprenticeship model delivers benefits on both sides of the desk. For young people, it offers a high-quality start to a career with real responsibility and recognised qualifications. For the Bank, it creates a reliable pipeline of skilled colleagues.

In 2026, the five hyperscalers (Microsoft, Amazon, Alphabet, Meta and Oracle) will spend around USD 820 billion in capex, compared with USD 750 billion in operating cash flows. This means that their investments are exceeding available cash flows and that this funding gap has to be financed through debt.