Investment Outlook January 2026

Investment Outlook
back to Perspectives

Entering 2025, investors prepared for a challenging year amid looming tariffs, geopolitical tensions, persistent inflation and elevated US interest rates. But ultimately markets proved resilient. Global equities delivered a return of around 21 percent in USD terms, while USD-hedged investment-grade bonds gained nearly 5 percent.

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Nadja Bleuler

Chief Economist, Partner
About MFO
Marcuard Family Office was founded in Zurich in 1998 and is an independent, partner-led multi-family office.
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