'We believe in ride sharing where Uber is the leader'

On the other hand, the Federal Reserve is facing a difficult environment, in which rising tariffs have pushed up inflation expectations while weighing on GDP growth. This creates a dilemma for the Fed, which faces a delicate balance between containing inflation and supporting the labour market.

Following the old adage "Don't fight the Fed", we expect future monetary policy to have a favourable effect on capital markets, unless there is political interference in the Fed's independence.

Until we see a turning point in the huge investments dedicated to the AI infrastructure, we believe there is still room for further expansion, although this could lead to an even more concentrated and polarised market than today. This does not mean that a strong correction is imminent, but simply that the market is riskier today than the situation prevailing three years ago.

In general, we tend to approach country allocation with caution. Large capitalisation companies are mostly global companies, with sales spread across continents. That said, we must admit, however, that we value the Swiss equity market at current levels. From a sectoral perspective, we would still tend to slightly underweight Big Tech and look for diversification in sectors that benefit from AI-related enthusiasm, such as certain industrials, energy management, materials and utilities, as well as particularly cheap sectors such as consumer staples and healthcare.

Alphabet: valuation remains positive, YouTube continues to grow steadily, and the Ai-related franchise is very solid thanks to Gemini, whose utilisation is increasing rapidly. While Search is not losing ground as fast as feared, thanks in particular to the integration of Gemini. Cummins: Turnover can be volatile, as is often the case for equipment manufacturers, but this is mitigated by the parts and maintenance business. We have always been impressed by its strong pricing power, stable margins and transparent management. Asml: High-performance semiconductors cannot be produced without Asml's Euv technology The Dutch company is almost at the top of the semiconductor industry's value chain. With the growing demand for advanced chips in data centres and numerous other applications, we believe Asml is well positioned to take advantage of current developments in computing power.

Roche: after the strategic decision to focus more on profitability and optimise the pipeline, shareholders are likely to see positive returns already in the short to medium term.

Uber Technologies: we strongly believe in the potential of ride-sharing, where Uber is the leader, and home food delivery, where the company holds a solid second position. Both activities are growing very rapidly among the younger generation, which suggests a sustained pace of adoption in the future.