Market Overview Q1 2026: Shocks, Rotation and New Opportunities
Our Co-CEO and Head of Finance, Hugo Studhalter, together with Chief Investment Officer Christoph Portmann, share their insights on the first quarter of 2026. The focus is on the impact of geopolitical developments and trade policy changes on global markets—and the resulting pronounced sector rotation.
The first quarter of 2026 was marked by heightened uncertainty and two major events: the reversal of key U.S. tariffs and the escalation of the Iran conflict. These developments led to the strongest sector rotation since the COVID crash and significantly increased market volatility.
Key takeaways at a glance:
- Global markets: Policy intervention shapes the environment
Trade policy changes and new U.S. tariff investigations created uncertainty—even though the effective burden is currently lower than at the beginning of the year. - United States: Clear divergence across sectors
Energy and defense stocks performed strongly, while technology and consumer sectors came under pressure. Rising energy costs and weakening consumer sentiment particularly weighed on consumer-related stocks. - Europe: Resilient but richly valued
Europe proved more resilient than the U.S., supported by strong performance in defense sectors. At the same time, valuations remain elevated, limiting upside potential. - Switzerland: Stability with structural headwinds
Large-cap companies continue to provide defensive stability, but the strong Swiss franc weighs on reported earnings. Switzerland remains a stable, though less dynamic, portfolio component. - Commodities & crypto: Geopolitics as a key driver
Oil prices rose significantly amid the Iran conflict, while gold corrected. Cryptocurrencies showed relative strength and increasingly behaved like high-risk technology assets. - Fineva strategy: Discipline as a key success factor
Recent market movements highlight the importance of diversification, quality, and a structured investment approach. Especially in volatile environments, disciplined execution remains essential.
Outlook:
Future market developments will remain highly dependent on geopolitical progress. A potential de-escalation in the Iran conflict could act as the most important catalyst for a broader market recovery in the second quarter.
The full presentation is available on our LinkedIn profile.
Disclaimer:
For legally relevant information, please refer to the disclaimer included in the presentation.