Weekly Report 04/2026

Economy on track

Global stock markets continued their solid start to the new year. Support came from confident forecasts by TSMC and expanded investment plans by the world’s leading chip manufacturer. The administration of US President Donald Trump has concluded a trade agreement with Taiwan. Under the agreement, the country’s tariff rate will fall to 15% because the world’s leading chip manufacturer has committed to building at least five additional production facilities in the US state of Arizona.

TSMC also pulled up the shares of other companies such as chip equipment manufacturer ASML and the Rheintal-based VAT Group (+31% since the beginning of the year). At VAT, an increase in order intake (mainly from TSMC) to CHF 305 million (+28%) in the fourth quarter boosted the vacuum valve manufacturer’s share price. For the year as a whole, sales amounted to around CHF 1.073 billion (+14%). The EBITDA margin reached around 30%, which lifted market capitalization to a very high level of CHF 15.1 billion.

Otherwise, we remain cautious on the topic of AI. The phase in which you could buy “everything with AI” is over. In the first quarter of 2026, AI will shift from hype to responsibility: balance sheets, cash flow, and valuations will once again play an important role. More rotation and dispersion are to be expected, making diversification across sectors, regions, and real assets the most important risk management tool, as returns and political uncertainties are likely to continue to cause volatility.

Partners Group (+12%) got off to a good start in the new year. Despite difficult market conditions in 2025, the private market investment specialist achieved double-digit growth with $30 billion in new capital. Assets under management rose to $185 billion (+21%). Partners Group expects gross client demand of USD 26 to 32 billion for 2026. “We achieved our 2025 targets with double-digit growth in fundraising, investments and realizations, bucking the general industry trend in a challenging business environment,” said CEO David Layton. Market capitalization stands at CHF 29.1 billion. The dividend, which will be paid out on May 22, is expected to rise by around 10% and yield a return of more than 4%.

By contrast, the high-margin construction chemicals group Sika (-8%) experienced a weak final quarter. In the US, the shutdown caused numerous project delays, and in China, the construction industry remains in recession. However, the operating return on sales remains slightly above the impressive 19% mark. Despite the challenging conditions, the dynamic Sika gained market share in all regions and intends to continue growing significantly faster than the market. We therefore remain invested.

Geberit presented impressive figures, but this led to profits from recent months being realized and the shares falling (-1%). Despite a difficult market environment, the sanitary technology group clearly increased its sales (+4.8%) and gained market share in 2025 through innovations. According to initial calculations, the operating return on sales is likely to be slightly below an impressive 29.5%.