Finan­cial guide

Follo­wing the strong AI rally, volati­lity in the stock markets is on the rise. Our Chief Invest­ment Officer, Simon Lutz, explains why targeted profit-taking and disci­plined rebalan­cing help reduce concen­tra­tion risk and position portfo­lios in a balanced way for the second half of the year.

Anyone who decides to make a lump-sum withdrawal on retire­ment is faced with a key question: how should the pension capital be invested to ensure security, income and asset preser­va­tion in the long term? We provide specific tips and present a helpful concept for decision-making.

Global stock markets have now risen for six weeks in a row, reaching new highs despite ongoing geopo­li­tical tensions in the Middle East. The rally is being driven by robust corpo­rate earnings growth and the incre­a­sing use of artifi­cial intel­li­gence, which is notice­ably changing business processes and effici­ency. Beneath the surface of the indices, however, there are clear sector diffe­rences. This pattern has inten­si­fied in recent years and opens up targeted oppor­tu­ni­ties for active investors.

Swiss small caps often offer more growth poten­tial than estab­lished large corpo­ra­tions. We show you why selected small caps can outper­form the SMI and which compa­nies are currently performing well.

Since the outbreak of war in Iran just over a week ago, the conflict has dominated the finan­cial markets. Concerns about oil and gas supplies from the Middle East have caused energy prices to rise sharply, with oil prices tempo­r­a­rily incre­a­sing by up to 60%. This has brought infla­tion risks back into focus. We assess the situa­tion and show how we are addres­sing these risks in our portfolio alloca­tion.

The recent escala­tion in the Middle East is causing increased volati­lity on the finan­cial markets. Rising oil prices, geopo­li­tical uncer­tain­ties and capital flows into safe invest­ments are shaping the market environ­ment. We classify the develo­p­ments and show why a robust and forward-looking portfolio struc­ture is crucial, especi­ally in geopo­li­ti­cally tense phases.

Why do wealthy investors consciously opt for indepen­dent asset manage­ment? Below you will find out how this model works, what signi­fi­cance FINMA autho­rization has and how the division of tasks between the asset manager and custo­dian bank works. We will also show you the specific advan­tages for discer­ning investors.

At first glance, the start of 2026 suggests a calm market, as the major stock market indices have barely moved. However, the apparent stabi­lity masks increased volati­lity and signi­fi­cant market develo­p­ments due to struc­tural changes in the global economy. For long-term investors, this is no reason to relax, but requires a targeted adjust­ment of portfo­lios and the explo­ita­tion of market distor­tions. In this context, we have reduced our gold positions after the strong rally to around USD 5,500 per ounce and instead expanded private infras­truc­ture invest­ments in order to streng­then the resili­ence and return poten­tial of our portfo­lios.

As the year draws to a close, we are looking ahead. An above-average invest­ment year is on the cards for 2026, supported by three funda­mental tailwinds: a globally expan­sive fiscal policy, the continued easing of monetary policy and rapid techno­lo­gical progress. In this issue, you can read what this means for asset alloca­tion and where we see the greatest oppor­tu­ni­ties and risks.

Techno­logy stocks have received a further boost in recent months. With a perfor­mance of almost 30% in USD since the begin­ning of the year, IT stocks are once again among the best performing sectors in the global stock market. Over the last three years, the annua­lized return is an impres­sive 35%, compared with 20% for the market as a whole. Follo­wing these strong price rises, valua­tions are under increased scrutiny and there is growing talk of a bubble. Right?

Last Friday, our Advisory Board member, Prof. Dr. Aymo Brunetti, presented his assess­ment of the current macroe­co­nomic situa­tion to the Tareno team. He paid parti­cular atten­tion to US economic policy and govern­ment debt.

The stock markets are climbing from one high to the next and seem to have already shrugged off the burden of US tariffs. However, the actual dampe­ning effect on growth and the labor market will only become fully apparent in the coming months. Caution is there­fore advised in the short term: selec­tive rebalan­cing and restraint in new invest­ments are sensible. On the other hand, there is no need to adjust the overall invest­ment strategy, as the outlook for equities remains attrac­tive in the medium to long term.

Funds offer easy access to global finan­cial markets. However, the range of diffe­rent products available is huge. Our guide shows you how to find the right fund for your needs.

Four months ago, US Presi­dent Donald Trump surprised everyone with the intro­duc­tion of so-called “reciprocal” tariffs, which immedia­tely led to massive reactions on the finan­cial markets. Fears of an escala­ting trade conflict and an economic downturn were clearly palpable.

Despite concerns about the erratic US trade policy and the growing US national debt, the stock markets are approa­ching new highs. Investors are well advised not to be guided by short-term headlines, but to invest speci­fi­cally in long-term growth areas at.

What should you do when perfor­mance disap­points despite favorable markets? An indepen­dent analysis often reveals where the real problem lies—whether in asset manage­ment, strategy, or product selec­tion. A practical example.

The markets recovered surpri­singly quickly from the stock market slump at the begin­ning of April. However, the unpre­dic­table US trade policy and its geopo­li­tical and economic effects remain a negative factor.

Donald Trump’s announce­ment of import tariffs last Wednesday triggered a stock market crash on the global finan­cial markets, as uncer­tainty about the progress of the trade war and its eco-nomic damage is high. Follo­wing the sell-off, we see more upside oppor­tu­ni­ties than downside risks and recom­mend staying invested. In mixed portfo­lios, we recom­mend gradu­ally bringing the equity alloca­tion back to the strategic level by making additional purchases. We see buying oppor­tu­ni­ties parti­cu­larly in quality stocks in growth markets.

Last Friday, our Advisory Board member Prof. Dr. Aymo Brunetti presented his assess­ment of the current macroe­co­nomic situa­tion to the Tareno team. In parti­cular, he focused on the economic policy risks associated with the new US admini­stra­tion. The econo­mist and professor also brought along some exciting graphics and state­ments on this topic.

In the first edition of our “Invest­ment Insight” series, you will learn exciting facts about the Tareno Schwiezer Aktien­perlen Fonds, its struc­ture and its perfor­mance since its launch in May 2023.

Last week, our team had the oppor­tu­nity to receive an in-depth assess­ment of the current global economic situa­tion from our Advisory Board member, Prof. Dr. Aymo Brunetti. The econo­mist and professor shared valuable insights on growth, infla­tion and the challenges of the coming years.

Mr. and Mrs. Durandi in search of the best invest­ment strategy: a customer story.

Investing your own assets is possible, but it takes time and exper­tise. In this article, you will learn about the diffe­rent invest­ment options available and how an experi­enced and award-winning partner like Tareno can help you.

Our latest article is all about finan­cial planning. Find out what exactly finan­cial planning is, for whom and why it is so important in order to be able to look to the future with as little finan­cial worry as possible.

Stock market highs collide with dark economic clouds: how does Tareno position itself as an indepen­dent asset manager in client portfo­lios?

In this letter, we first discuss the diffe­rence between specu­la­ting, gambling and investing, and then examine causes of this widespread downturn. Read more about this current topic in the follo­wing report.