insights.

For three years, our Transition Materials strategy has been harnessing opportunities in commodities that are critical to the future economy.

To mark the 5-year anniversary of TNZ Equities, we consider how well the strategy paired climate alignment with benchmark-aware returns.

The new Chair wants to end forward guidance and shrink the central bank’s balance sheet – but signals continuity on monetary policy.

As government borrowing and AI-driven investment push up real yields, investors may need to rethink diversification and portfolio construction.

Regionalisation will not end globalisation, but it marks a structural shift towards a more selective and localised global economic model.

Markets are looking through geopolitical risk to focus on potentially greater corporate earnings due to AI-driven productivity. 

Higher long-term real yields are often attributed to monetary policy or a higher term premium; We consider the role of the cost of capital. 

Higher energy prices have removed the risk of disinflation in Switzerland, enabling the central bank to focus on currency stabilisation.