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There are countless companies on the market offering investors asset management services. Keeping a clear overview is challenging. We make sure that you have what you need to make informed decisions: interesting background information, detailed product descriptions, investment strategies and expert opinions. Interesting and informative.


Marktkommentar - Aufblühen

Medien

Marktkommentar - Aufblühen

"Wie zerronnen, so gewonnen" könnte man zur Entwicklung der Börsen im ersten Quartal kalauern. Allen voran waren es die Aktien, welche rasch damit begannen, die Schreckensbotschaften aus den Depot-Auszügen des vergangenen Jahres zu relativieren. Obligationen, Gold und alternative Anlagen trugen ebenfalls dazu bei, das Wohlbefinden der Investoren stetig zu verbessern.


Blooming

Investment Report

Blooming

The first quarter saw a broadly based recovery. All asset classes contributed to an all-round positive investment return. True, the global economy is cooling down, but for the time being, a recession does not seem to be around the corner. Financial markets are oscillating between hope and fear.


Ist der Crash in Raten vorbei?

Medien

Ist der Crash in Raten vorbei?

Einen Crash auf Raten haben die Finanzmärkte im vierten Quartal erlebt. Damit wurde 2018 zu einem der schlechtesten Anlagejahre seit der Finanzkrise vor zehn Jahren. Kaum eine Anlageklasse hat positive Renditebeiträge geliefert.


Crash in instalments

Investment Report

Crash in instalments

The financial markets suffered a crash in instalments during the fourth quarter, turning 2018 into one of the worst investment years since the financial crisis ten years ago. Hardly any asset class managed to deliver a positive return contribution. This was in spite of the economic environment not being so dire. Are economists blind or are exchanges exaggerating on the downside?


Kräfte sammeln für die nächste Etappe

Medien

Kräfte sammeln für die nächste Etappe

Die vergangenen Monate verliefen an den Finanzmärkten relativ ruhig, bevor nun jüngst der erste Herbststurm aufgezogen ist. Die massgeblichen Aktienbörsen tendierten im dritten Quartal unter geringen Schwankungen seitwärts oder leicht aufwärts.


Gather strength for the next mountain stage

Investment Report

Gather strength for the next mountain stage

On the surface of it, the summer months passed rather quietly. The major exchanges were trending sideways, like most of the European ones for example, or more or less upwards, such as Switzerland, Japan and the USA. A rumbling could be heard from emerging countries like Turkey and Argentina, as well as from gold that shone only faintly.


Zwischen heiter und wolkig

Medien

Zwischen heiter und wolkig

Die vergangenen Wochen waren reich an Einflüssen über die sich die Finanzmärkte freuen oder echauffieren konnten. Zu den positiven Faktoren ist der Gipfel zwischen US-Präsident Trump und Nordkoreas Machthaber Kim Jong Un zu zählen.


Area of low pressure with occasional showers

Investment Report

Area of low pressure with occasional showers

Economically sunny, politically overcast, is a good summary of financial markets during the second quarter. In places, equities managed to recover some ground from the dive in the first quarter, whereas bond prices partially continued their slide. Gold found few friends, alternative investments attracted little attention.


Value Aktien CH

Medien

Value Aktien CH

Unsere nach Value-Kriterien zusammengestellte Aktienselektion für die Schweiz präsentiert sich in neuer Zusammensetzung. Neu aufgenommen wurden unter anderem die Aktien von Adecco, Bobst, Feintool International und Orior.


Value-Aktien

Medien

Value-Aktien

Unser nach Value-Kriterien strukturiertes Aktienportefeuille für Europa erspriesst in frischem Grün. Neu unter den am günstigsten bewerteten Titeln sind Repsol (Öl), Babcock Int., Aurubis, Meggitt (Industrie)sowie der britische Versorgungswert SSE. Im Konsumsektor ist Tate & Lyle neu dabei, aus der Finanzbranche Legal & General, Aegon, ABN Amro und Sydbank.


Zurück zur Realität

Medien

Zurück zur Realität

Nichts könnte den Wetterumschlag an den Börsen besser illustrieren als ein Blick auf die Volatilitäts-Indizes, die Seismografen der Finanzmärkte.


Das Einmaleins der Blockchain

Medien

Das Einmaleins der Blockchain

Bitcoin und Blockchain beherrschen als Thema die Schlagzeilen und mit ihnen die grossen Chancen und Visionen, wie sie etwa Rechtsanwalt Thomas Nägele und Philipp Marxer von Salmann Investment Management vor Augen haben:


Trump against the Rest of the World

Investment Report

Trump against the Rest of the World

The calm is over. While investors, particularly those in equities, once again relished a fair tailwind in January, February saw them being overswept by a cold front and rudely brought back to reality with a thump. International trade disputes as well as rising interest rates have put an end to the stock exchange party for the present. However, the economic environment continues to remain positive, which should help markets.


Value-Investing funktioniert nicht immer, aber immer wieder

Medien

Value-Investing funktioniert nicht immer, aber immer wieder

Value-Investing, also der Anlagestil, der auf stark unterbewertete Aktien setzt, hatte es in den letzten Jahren schwer.


Wachsam bleiben

Medien

Wachsam bleiben

2017 geht als guter Börsen-Jahrgang in die Geschichte ein. Aktien hatten daran einen grossen Anteil.


Aktien global

Medien

Aktien global

Auch die fundamentalen Bewertungen sorgen für Stirnrunzeln.


Liechtensteiner Vermögensverwaltung erweitert die Geschäftsleitung

Investment Blog

Liechtensteiner Vermögensverwaltung erweitert die Geschäftsleitung

Mit dem CFA in der Tasche wird der Aktienspezialist nun Geschäftsleitungsmitglied beim unabhängigen Vermögensverwalter mit Sitz in Vaduz.


A good vintage

Investment Report

A good vintage

2017 will enter the history books as a good year for financial investors. Equities played a major part in this, but gold and hedge funds also managed to turn in a pleasing performance. It was by courtesy of bonds that the party was not spoiled. The economic outlook is good, supporting financial markets. Investors, however, are worried about high valuations.


Finanzmärkte zelebrieren goldenen Herbst

Medien

Finanzmärkte zelebrieren goldenen Herbst

"Alles wird besser!", scheinen uns die Finanzmärkte zuzurufen. An den Aktienbörsten gab es im dritten Quartal jedenfalls durchwegs Kursgewinne, welche die Gesamtperformance für die ersten neun Monate an vielen Plätzen in den zweistelligen Bereich gehievt haben. Hedge Funds und Gold lagen ebenfalls in der Gunst der Investoren. In ruhigen Gewässern dümpelten die Obligationen, welche wegen den tiefen Zinsen in Schockstarre verharren.

Alles gut also? Aus wirtschaftlicher Sicht ja. Die globeale Konjunktur befindet sich in einem breit abgestützten, synchronen Aufschwung. Die Schätzungen für das Wachstum des Bruttoinlandprodukts (BIP) wurden in den meisten Ländern nach oben korrigiert. Das gilt sogar für die früheren notorischen "Langsam-Fahrer" wie Frankreich, Italien, Japan und die Schweiz. Und die gute Entwicklung dürfte anhalten.


Ticking over like a well-tuned engine

Investment Report

Ticking over like a well-tuned engine

Once again, global economic growth made for good moods on the majority of financial markets during the third quarter and this support is likely to continue. Equities, gold and hedge Funds continued to rise. However, bond performance was patchy. The specialist funds employed by us performed very well, whereas regular bonds did not pull their weight.


On occasion, a high-speed train, other times, a commuter

Investment Report

On occasion, a high-speed train, other times, a commuter

The second quarter provided investors with further profits, with Swiss and European equities cutting a particularly fine figure. We undertook some major regroupings to our Swiss and Asian equity positions and we launched a new investment product.


Into spring with vigour

Investment Report

Into spring with vigour

Better economic data and rising corporate profits helped equity markets to rake in some nice profits during the first quarter. All signals are set on go.


Trump opens the floodgates

Investment Report

Trump opens the floodgates

The fourth quarter also kept the world in suspense and with that, the year closed true to course. In contrast to the Brexit decision, Donald Trump’s election as the next US president only briefly provoked discontent on financial markets. Within a day after the surprising result, equity markets had recovered from the setback again, and in the meantime, American stocks have even reached new highs. The US Dollar continued to strengthen, the Euro weakened marginally against the Swiss Franc and the Greenback. The European common currency only suffered minor injuries from Italy’s constitutional vote. As expected, the US Federal Reserve (Fed) increased the benchmark Fed Funds Rate (rate for overnight lending to banks) by ¼ of a percentage point to 0.5%.


Facelift of long-term strategy

Investment Report

Facelift of long-term strategy

During the third quarter, beautiful fruit ripened on the financial markets, in spite of imponderables such as Brexit, bank problems, the war in Syria, an OPEC production cut, and the presidential election campaign in the USA. Even the US Fed’s decision in September to leave key interest rates unchanged triggered nothing but a shrug of the shoulders on the markets. In the US (and with it the rest of the financial world), all eyes are now focused on the December Fed meeting. For this round of talks, financial futures currently imply a probability of a mere 52% in favour of a quarter-percentage point rise in rates.


Not amused

Investment Report

Not amused

One thing we have to give the Britons credit for, they are always good for a Big Bang. The first dates back to 1986 when Margret Thatcher’s government deregulated the London financial markets. The majority of market participants perceived this positively as in the years following, the Bang helped to increase the importance of the financial centre on the Thames and to narrow the gap between itself and its major rival on the Hudson River. As a result, prosperity increased throughout the country. However, after Big Bang 2.0, triggered by the unexpected result of the Brexit vote, the sentiment today along the banks of the Thames is very different. Long faces are the order of the day or, borrowing a famous English saying: „The financial community is not amused“. The mood was not lightened any further by the rating agency Standard & Poor’s decision to downgrade Britain’s “AAA” rating to “AA” with a “negative outlook”.


Energy drink urgently required

Investment Report

Energy drink urgently required

Equities markets did not succeed in making a custom-made start to the New Year. A cocktail of worries caused headaches and dragged prices down. The cocktail’s ingredients ranged from fears of a collapse in Chinas economic growth via Renminbi devaluation, to fears of rapid interest rate hikes in the USA, and a sobering realisation that neither attractive commodity prices, nor ultra-low interest rates had succeeded in giving wings to the global economy.


Leap year

Investment Report

Leap year

So, it has arrived now, the first interest hike in the USA since 2006 and, as we expected, it has been received fairly well by financial markets. And no, it is not the quarter-percent by which the US Central Bank (Fed) increased the so-called Fed Funds Rate that placed this step in the limelight. Much rather, it is what preceded it and the current environment. Never before has the Fed Funds Rate been kept so low for so long, and never before have they been nominally as low as they were now.


Autumn storms above the rooftops

Investment Report

Autumn storms above the rooftops

With the change of season, a cold front has also hit the exchanges. Contrary to Reinhard Mey’s song from 1972, the “autumn storms above the rooftops” in this case isn’t about love, rather the frustration of investors at the rekindling volatility and losses on financial markets. The third quarter lived up to its historically notorious reputation once again. Hardly any asset class managed to escape falling prices.


Shaken, not stirred

Investment Report

Shaken, not stirred

The escalation of the Hellenic drama, as well as the wave of terrorist attacks, unsettled investors during the second quarter and gave certain markets or market segments a thorough shaking. The fundamental framework, however, has hardly changed and, apart from politically-motivated imponderables, indicates a continuation of the reasonably fair overall climatic conditions for financial investments.


La hausse amène la hausse

Investment Report

La hausse amène la hausse

“La hausse amène la hausse”. The old stock exchange adage has not lost any of its validity. True, equities have been rising for quite some time now, but more recently it appears that they have risen mostly because they were rising. The bull-market is feeding upon itself. There are plenty of reasons for and against the equity markets’ current healthy shape. Optimists point to the liquidity glut provided by central banks, the low interest rates that make alternatives to equities appear unattractive, and the recovery of the economy, a light spring breeze that most recently has even reached the Eurozone. The pessimists invoke the high fundamental valuation of equities, the numerous geopolitical uncertainties, as well as the still unresolved indebtedness of many countries, as their counterarguments.


GOLD – Never say never!

Investment Report

GOLD – Never say never!

Some of our interested readers may well remember our commentaries on the subject of gold from the years 2006 and 2009. At that time, we were very close to being carried away and saying “never”. But today, our Swiss and Euroland clients now find gold in their portfolios after all.


Pleasant déjà vu

Investment Report

Pleasant déjà vu

A year back, we quoted Mark Twain’s “It is difficult to make predictions, especially about the future.” Today we may confidently reiterate this, nothing has changed in this respect, nor will it in the future.


Markets climb the Wall of Worry

Investment Report

Markets climb the Wall of Worry

“Bull markets like to climb the Wall of Worry”, this well-known saying accurately describes the mood of the moment. Headlines abound in droves that are capable of spoiling the day for investors and consequently, are good reasons for every logicallythinking non-market operators’ sweeping sadness about financial markets. In spite of all this, equities have done rather well during the course of the year so far (which in its own right is again rather disconcerting to our sceptical peers). Quotes for bonds continue to rise briskly despite the thin air of the high altitudes. Only gold, silver and oil, usually sought-after assets in times of crises, were left out in the cold and are experiencing falling prices.


Financial markets defy all adversities

Investment Report

Financial markets defy all adversities

The second quarter caused a few worry lines, putting the wind-up on financial markets without much success. Particularly at the political level, there is a lot of rumbling to be heard. In the Ukraine, the annexation of the Crimean peninsula threw up high waves that have not quite subsided yet. In Eastern Ukraine, the bloody power struggle between pro-Russian and pro-Western forces continues, keeping financial markets under latent strain. With the Syrian conflict having expanded into the southerly neighbour Iraq, and the aggressively and expansively-acting Isis, a worrying component has been added, further fanning the flames of the Middle Eastern wildfires. With the declaration of a new caliphate whose head, according to the current definition, has claim on the leadership of all Moslems, developments took on a new, dangerous dimension.