“Investors’ confidence has not been shaken by persistent geopolitical uncertainties,” said CEO Adrian Shatzmann.
The Swiss funds of funds resisted turbulence in the first half of 2025: thanks to solid capital influx, the global market recorded a slight growth to reach around 1.6 billion of Swiss francs. Investors again bet more on shares after the United States initially suspended the customs duties they had announced. The depreciation of the US dollar had a negative impact on the performance of Swiss funds.
The Swiss Fund market continues to display a dynamic development and has reached a volume of 1,599,690 million francs at the end of the first half of 2025. This corresponds to an increase of 26,320 million francs, or 1.65%, compared to the end of 2024. Conditions on the financial markets were difficult for investors: in the middle of the first half, the announcement American imports, then their postponement, resulted in high volatility on the stock markets. Nevertheless, during the period under review, 29,379 million Net Sunting francs of new capital were injected into the Swiss funds market, an increase of 1.83%. Despite the gains recorded by the main stock market indices, the Swiss funds underwent slight loss of performance in the first half, mainly due to the strong depreciation of the US dollar.
The net influx of new capital has concentrated on the asset classes (+16,063 million francs) and obligations (+8,453 million francs). The asset classes monetary market (+5707 million francs), raw materials (+1805 million francs) and alternative investments (+50 million francs) also displayed a positive development. On the other hand, the strategic funds (-2592 million francs) and real estate (-66 million francs) have suffered outings.
“The first half of 2025 was very difficult for investors due to unpredictable developments in American trade policy,” said Adrian Shatzmann, CEO of Asset Management Association Switzerland (ASSS). “Given the turbulence, net influx of new capital with a preference for actions are an encouraging sign. Investors’ confidence was not shaken by persistent geopolitical uncertainties. ”
With a market share of 34.7% (late 2024: 35.4%), UBS remains clearly the market leader. However, the evolution shows that the redemption of Credit Suisse and the integration of its funds continue to cause upheavals on the market and that other providers such as Swisscanto (late 2024: 10.7%), BlackRock (late 2024: 9.2%) and Pictet (late 2024: 5.7%) again increased their market share 2025.
Evolution until the end of the first half of 2025 of indices and currencies chosen: Dow Jones +3.64%, S&P 500 +5.5%, Euro Stoxx 50 +8.32%and SMI +2.76%, SBI -0.56%and Bloomberg Barclays US Aggregate Bond Index +4.02%. The euro lost 0.65% compared to the Swiss franc, while the dollar lost 12.63%.
The statistic of Swiss Fund Data Ag and Morningstar is based on the FINMA approval list and identifies all Swiss law funds as well as all foreign funds authorized to distribute in the public in Switzerland, including their classes of institutional shares. Foreign funds exclusively reserved for qualified investors are not represented in this statistic, being placed only private and thus not being able to receive the approval of Finma.