Asset allocation decisions - November Barometer 2026
62/ 100Switzerland
Summary
Pictet's Strategy Unit has turned more cautious for November, cutting equities from overweight to neutral as tighter financial conditions and geopolitical uncertainty worsen the risk-return trade-off. Within equities it tilts defensive, upgrading healthcare to overweight while reducing financials, and upgrades the Swiss franc to overweight as a hedge against further political upheaval. The implication is a defensive, hedge-aware allocation rather than an outright risk-off call.
Highlights
Tighter monetary conditions have led us to reduce our exposure to equities from overweight to neutral.
We favour a more defensive tilt within our equity allocation, upgrading healthcare stocks to overweight while reducing exposure to financials.
Contrarian Viewpoints
- Market consensus may still treat tighter financial conditions as temporary and keep equities overweight; Pictet's neutral call cuts against that.
- A Swiss franc hedge may drag on performance if political risk eases.
Investment Implications
- Neutral on global equities (Global Equities)
- Bullish on Swiss franc (CHF) as a political-risk hedge