Yes, each of our strategies also invests abroad. The discussion about foreign currency risks is often very superficial and non-transparent. For example, Nestlé, a Swiss share, generates only about 1% of its sales in Swiss francs. In the risk assessment, however, this share is allocated 100% to the Swiss franc. On the other hand, Apple also generates sales in CHF, but is allocated entirely to the USD.

From our point of view, it is important to create the awareness that foreign currencies are indispensable for an investment. These offer both opportunities and risks. It is also not enough to “hedge” the foreign currencies. What is often ignored is that you pay the interest rate difference between the two currencies for a hedge. Historically, in case of Swiss investors the costs of hedging have exceeded the benefits.