September review
Miravest delivered a net return of +0.91% in CHF in September, despite a more demanding market environment. Economic growth remained resilient, but higher energy prices revived inflation concerns and put pressure on bond markets. Geopolitical tensions remained an important source of uncertainty, particularly through their impact on energy and inflation. China continued to send mixed signals, while currency movements also influenced returns for a CHF-based investor.
What drove performance
The strongest contributions came from technology and digital infrastructure, where demand linked to artificial intelligence, semiconductors and data centres remained robust. Energy investments also contributed positively as oil prices rose, providing useful protection against geopolitical and inflation risks.
These gains were partly offset by weaker Swiss and European investments, particularly financial and cyclical businesses. Consumer, luxury and healthcare holdings were mixed, while gold was a modest detractor. Overall, the month reflected the benefits of having several different sources of return across regions, currencies and asset classes.
Portfolio positioning
During September, we selectively increased exposure to healthcare, insurance, consumer staples, China and Japanese financials. This broadened the portfolio after strong gains in parts of the technology sector.
We remain positive on the long-term opportunities created by AI, semiconductors, electrification and power infrastructure, while becoming increasingly selective on valuation. Energy and gold continue to provide diversification against geopolitical and inflation risks, and meaningful liquidity gives us both resilience and the ability to invest when markets create attractive opportunities.
Outlook
The final quarter begins with a wide range of possible outcomes. Geopolitical tensions could again disrupt energy markets and inflation, while the U.S. midterm elections add uncertainty around fiscal, trade and regulatory policy. More fundamentally, the key question is whether corporate earnings can continue to grow while interest rates remain elevated.
We therefore remain constructive but selective: invested in structural growth themes with attractive long-term prospects, diversified against the main macroeconomic and geopolitical risks, and with sufficient liquidity to take advantage of volatility. Our priority remains long-term capital growth without becoming dependent on any single economic, political or market outcome.
This update is provided for information purposes only and does not constitute investment advice, an offer, or a personal recommendation. Past performance is not a guide to future results. Prospective investors should review the fund’s full documentation and seek independent advice appropriate to their circumstances before investing.