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Market Commentary August 2026

The half-year results published by listed Swiss real estate companies in August once again highlighted the different approaches to portfolio management. While some companies pursue a capital recycling strategy, others focus on continuously enhancing the value of their existing portfolios, creating value from within rather than relying primarily on asset disposals. Although capital recycling initially appears to be an active value-creation strategy, it essentially begins as a portfolio reallocation: a lower-yielding asset is sold, and the released capital is reinvested in a higher-yielding property. Whether this ultimately improves the portfolio's overall risk-return profile, however, is far less certain. Genuine value is only created if the asset manager succeeds in repositioning the newly acquired property, unlocking its long-term earnings potential and thereby enhancing the portfolio's risk-adjusted returns. Achieving this objective inevitably involves operational, financial and market-related risks, which are often underestimated when the focus is placed solely on a successful capital transaction. As has often been the case, August proved to be a challenging month for both real estate investments and global equity markets. Investor sentiment remains cautious, with markets awaiting fresh catalysts. Experience suggests that geopolitical conflicts are rarely resolved within a matter of weeks or months. Consequently, elevated geopolitical risk premiums are likely to remain a feature of financial markets for the foreseeable future. Against this backdrop, the outlook for the Swiss real estate market remains fundamentally constructive. The Swiss National Bank's policy rate currently stands at 0%, while demand for residential property continues to exceed supply, particularly in the country's economically strongest regions. We therefore expect Swiss real estate to remain well supported over the remainder of the year. Looking ahead, the ability of management teams to actively create value is likely to be a more important driver of performance than the general direction of the market itself.

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