Nicolas Peter looks back on a pleasing year: investors achieved impressive returns despite the weaker performance of the Swiss stock market. The US market in particular shone with a performance of 28%.
We remain optimistic for equities in 2025 - albeit with more volatility. The US market impresses with strong earnings growth, while the Swiss market scores with solid dividends. Gold remains an important portfolio component, supported by central bank purchases, falling interest rates and rising debt.
The Aquila Investments team is looking forward to an exciting new year!

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In the latest Aquila Focus, Nicolas Peter, Head of Investment & Wealth Management at Aquila AG, takes stock of the last few months and provides an outlook for the end of the year. The equity markets have been strong in recent quarters, while the bond market has also stabilized. The yellow metal once again played a key role: gold has recorded an impressive gain of over 20% since the beginning of the year, driven by geopolitical tensions, persistently high inflation and continued central bank purchases.
Looking ahead to the final weeks of the year, gold remains a key component in portfolios. The gold price could continue to benefit from the uncertainties surrounding the global economy and potential interest rate cuts. In particular, the upcoming US presidential elections and possible new monetary policy measures could lead to increased volatility on the markets. Despite these uncertainties, we are optimistic about the year-end spurt, but are proceeding with caution, as geopolitical risks and economic weaknesses could still challenge the markets.

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In the latest Aquila Focus, Nicolas Peter, Head of Investment & Wealth Management at Aquila AG, looks at investor reaction to increased AI investment and the shift from large-cap to small-cap stocks. Despite strong gains in the first half of the year, the market is volatile and investors are critical of Google's increased AI spending. At the same time, US small caps are back in investors' focus.

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In the latest Aquila Focus, Nicolas Peter, Head of Investment & Wealth Management, discusses the triple comeback: hopes for interest rate cuts, meme stocks are back and positive news from Roche.

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In the latest Aquila Focus, Nicolas Peter, Head of Banking & Investments, discusses the continuing rally in US tech stocks and the lack of an interest rate cut in the USA for the time being.

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In the Christmas edition of Aquila Focus, Nicolas Peter, Head of Investments and Banking, ventures an outlook into the new year.

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In the latest Aquila Focus, Nicolas Peter, Head of Banking & Investments, discusses economic growth in Europe and the US and explains our current tactical allocation.

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In the latest Aquila Focus, Nicolas Peter, Head of Banking & Investments, discusses the events of the past few weeks and how we have reduced risk in our portfolios.

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Eventful and, from an investor's perspective, once again nerve-wracking days and weeks lie behind us. Nicolas Peter, Head of Banking & Investments, explains the events in the latest Aquila Focus.

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