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CIO UPDATE

"In a good place"

Foreword
Dear reader
Jerome Powell, President of the US Federal Reserve Bank (Fed), pointed out on numerous occasions in recent months that the US economy was «in a good place». After the Fed’s latest interest rate cut, another US central banker said that monetary policy was «in a good place». I believe our investment portfolios are «in a good place». We have taken a balanced approach to risk with a slightly under-weight position on equities and an over-weight stance on other risk assets. By investing in high-yield and emerging market bonds, our portfolios can profit from the rising level of risk appetite among investors. In the event of a resurgence of geo-political tensions, we also are perfectly positioned with our gold diversification.
Yours faithfully
Philipp E. Bärtschi, CFA
Chief Investment Officer

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