May 8, 2024 Finad Market ViewMay 2024
Global equities ended their five-month rally in April. The MSCI World Index fell by 3.7% (total return in USD) last…
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Publications
May 8, 2024 
April 8, 2024 FINAD Market View
April 2024
The S&P 500 marked its largest first-quarter gain in five years. While momentum has recently slowed as equities react to…
March 5, 2024 FINAD Market ViewMarch 2024
Global equities continued their upward momentum in February, with US mega-cap tech stocks leading the market.
February 6, 2024 FINAD Market ViewFebruary 2024
We continue to observe a Goldilocks market environment with only a moderate slowdown in US growth, supported by debt-financed fiscal…
January 12, 2024 FINAD Market ViewJanuary 2024
At the beginning of the new year, markets consolidated the gains achieved during the substantial Goldilocks rally of the past…
December 1, 2023 FINAD Market View December 2023
A steep drop in yields on the back of slowing growth and inflation sparked one of the strongest November S&P…
November 3, 2023 FINAD Market View November 2023
Geopolitical escalation and the continued yield curve bear steepening have pushed the S&P 500 below important medium-term support levels with…
October 6, 2023 FINAD Market View
October 2023
Equities have been declining across the board since the start of August as bond yields are surging to new highs…
September 8, 2023 FINAD Market ViewSeptember 2023
Equity markets retraced in August, erasing exuberant sentiment that had prevailed in July.
August 4, 2023 FINAD Market ViewAugust 2023
US equity markets performed better than most experts (including us) expected.
July 7, 2023 FINAD Market ViewJuly 2023
The first half of 2023 has defied consensus expectations, shifting from credit crunch and recession fears to a soft-landing consensus…
June 9, 2023 FINAD Market ViewJune 2023
AI-related stocks have contributed virtually all of the S&P 500's YTD return and have evoked a "recession is canceled" market…
May 11, 2023 FINAD Market View May 2023
We continue to view equities as priced for policy and growth outcomes that are too optimistic, namely rate cuts in…
April 17, 2023 FINMA licenses FINAD
Zurich, April 14, 2023 – Until recently, Swiss asset managers were not subject to FINMA supervision. This is changing with…
April 6, 2023 FINAD Market View
April 2023
The Fed liquidity backstop to help US banks suffering from deposit outflows has calmed the banking turmoil and ignited hopes…
March 3, 2023 FINAD Market View
March 2023
Recent hot macro data in developed markets has put a dent in the "immaculate disinflation" narrative. It seems to us…
February 6, 2023 FINAD Market View
February 2023
2023 got off to a much better start than most (including us) expected, and sentiment has flipped drastically to expectations…
January 6, 2023 FINAD Market View
January 2023
It is no secret that 2022 was an historically bad year for global stocks and bonds, with unprecedented market-value losses…
December 12, 2022 FINAD Market View
December 2022
The result of the recent risk rally is that financial conditions have eased substantially. This is exactly the opposite of…
November 7, 2022 FINAD Market View
November 2022
Following the deeply oversold and depressed market sentiment at the end of September, October saw a forceful equity counter-trend rally…
October 11, 2022 FINAD Market View
October 2022
The S&P 500 Index is facing its third straight quarter of losses for the first time since 2008-09. On the…
September 29, 2022 How foundations make better financial decisions
Die Anforderungen an Stiftungen steigen ständig. Wir beraten und entlasten Familienstiftungen und gemeinnützige Stiftungen mit unseren Dienstleistungen.
September 14, 2022 How Foundations Invest based on SRI and ESG Criteria
Most charitable foundations want (or need) to invest sustainably. That is why they are concerned with SRI and ESG, but…
September 5, 2022 FINAD Market View
September 2022
Even though peak US inflation is likely behind us, the FED will not stop tightening monetary policy until inflation is…
August 19, 2022 “Independent advisors ease the burden on nonprofit foundations seeking to invest sustainably”
Everyone wants to invest sustainably, but doesn’t know how. Martin Enz advises foundations that invest according to ESG or SRI…
August 8, 2022 FINAD Market View
August 2022
The S&P 500 (+9.2% in USD) and the Bloomberg US Aggregate Bond Index (+2.1% in USD) had their best month…
July 22, 2022 Are Real Estate Investments Really Able to Hedge Against Inflation?
In recent years, inflation in Switzerland has been so low that many investors have neglected to hedge against inflation. This…
July 21, 2022 Should Foundations be Managing their own Assets?
Any charitable foundation which spends more for its purpose than what it generates from its assets is not going to…
July 19, 2022 Living on Wealth: How to Rely Exclusively on Your Private Means
Have you ever thought about the possibility of being able to live without a fixed income, and how much money…
July 15, 2022 Real estate: directly or indirectly, that is the question
Almost half of all rental apartments in Switzerland belong to private individuals. The ratio has fallen from 57 to 49…
July 11, 2022 FINAD Market View
July 2022
The bear market continued in June, making the first half-year of 2022 one of the worst in history, both for…
July 11, 2022 When You Inherit, You Should Plan for the Medium and Long Term
A big inheritance can change your life, but not necessarily. What needs to change, for sure, is your financial planning.…
July 8, 2022 The best day to start with your financial planning is today
Home bookkeeping is the simplest form of financial planning: by juxtaposing income and expenditure, families hope to be left with…
July 6, 2022 Family Business Succession Planning: How to Hand Over your Life’s Work
Establishing and developing a business, or taking over and further expanding one, is a lifetime achievement. Thus, succession can become…
July 4, 2022 Private Equity: A Sensible Investment Alternative During Challenging Times
Low interest rates, high stock prices and uncertain outlook are the factors which lead many investors to look for alternatives…
May 2, 2022 FINAD Market View
May 2022
“Don’t fight the Fed” now means playing defensive not offensive. Until now, the growth slowdown that began in mid-2021 has…
April 4, 2022 FINAD Market View
April 2022
The current macro environment arguably remains the most dangerous for risk assets since the financial crisis and March 2020. Most…
March 8, 2022 FINAD Market View
March 2022
Another very volatile month for the financial markets, during which essentially only commodities and haven assets rose in price. Russia’s…
February 7, 2022 FINAD Market View
February 2022
Equities had a rough start in the new year as the S&P 500 dropped by 5% in January.
December 6, 2021 FINAD Market View
December 2021
Equity markets made new highs in November, but recently got spooked by the discovery of the “Omicron” variant of COVID-19.…
November 1, 2021 FINAD Market View
November 2021
Our take in September that market sentiment had deteriorated too dramatically and that equities would return to all-time highs, turned…
October 4, 2021 FINAD Market View
October 2021
The bigger picture remains one of a slowing global recovery. However, given a possible peak of the Delta variant in…
September 6, 2021 FINAD Market View
September 2021
Recent macro data confirmed our assumption that global economic growth has peaked in Q2 and has been on a slowing…
August 9, 2021 FINAD Market View
August 2021
In July, we saw a brief growth scare, confirming the assumption that the fastest rate of economic expansion may be…
July 5, 2021 FINAD Market View
July 2021
The US Big-Tech sector is leading the quality and growth factors higher, as nominal yields retreat despite a hawkish surprise…
June 7, 2021 FINAD Market View
June 2021
The US may have already seen peak recovery, while Europe should reach it in Q3. In the meantime, China continues…
May 12, 2021 What are the benefits of having multiple managers to select from?
From the start of the investment process there are various factors that have to be considered. This ranges from finding…
May 3, 2021 FINAD Market View
May 2021
We continue to take the view that markets are now transitioning to a mid-cycle environment, as the strongest recovery phase…
April 6, 2021 Performance Presentation of Private Equity Funds
Pitfalls in the Interpretation of Performance Indicators (Part 1 of 2) When looking at the current positive trend in the…
April 1, 2021 FINAD Market View
April 2021
Markets have taken a breather due to rapidly rising yields and a stronger US dollar. The global reopening has become…
March 9, 2021 FINAD Market View
March 2021
The recovery is progressing, with the US outpacing Europe, driven by stronger fiscal stimulus and a more efficient vaccine roll-out.…
February 8, 2021 FINAD Market View
February 2021
Executive Summary The last week of January was marked by a painful de-risking in the hedge fund world amid a…
January 19, 2021 FINAD Market View
January 2021
Executive Summary While most countries are now facing a rocky start to 2021 given the raging pandemic, the expected widespread…
December 4, 2020 FINAD Market View
December 2020
Executive Summary Vaccine news triggered a massive pro-cyclical rotation into stocks. The 90%+ efficacy of the vaccines is far better…
December 4, 2020 FINAD Bitcoin Special
Market Highlights Bitcoin is close to USD 20,000 and retook its old highs from 2017. Its total market capitalization is…
November 4, 2020 FINAD Market View
October 2020
Executive Summary Current market volatility is a function of rising numbers of COVID-19 cases and pre-election jitters. Polls indicate a…
October 6, 2020 FINAD Market View
September 2020
Executive Summary Markets have entered a window of volatility in the run up to the US Election. The momentum of…
September 25, 2020 He who makes arrangements, decides
What is the right time to settle the estate and what should be taken into account? Those who are young…
September 25, 2020 Europe must not become Japan
Since John Maynard Keynes, substantially increasing public debt in economic crises in order to channel it into investment and achieve…
September 7, 2020 FINAD CIO Monthly Review August 2020
The stock market had its best August since 1986. Whereas in the last couple of years equity mar-kets tended to…
August 26, 2020 Asset protection by a foundation
For many of our FINAD clients it is not only important to know that their assets are managed in the…
August 18, 2020 Real estate, agriculture and forestry abroad
Land is a non-renewable and therefore valuable commodity per se. Furthermore, standing on one’s own land has a special emotional…
August 17, 2020 FINAD CIO Monthly Review July 2020
The persistently positive performance of stock markets continued over the course of the month of July. Especially in China and…
August 10, 2020 Switzerland as a safe haven? Rights of inspection/access of the authorities
Switzerland has always been considered a safe haven. It is therefore not surprising that Lenin’s bank account, which he opened…
August 3, 2020 Tax aspects of relocating assets abroad from Austria
Tax-motivated asset relocation abroad is nothing new. The interplay between tax collection and tax avoidance is as old as tax…
July 27, 2020 Green recovery – ideological bubble or entrepreneurial opportunity?
1. political guidelines In December 2019 the President of the European Commission, Ursula von der Leyen, presented her political programme…
July 20, 2020 Financing the crisis – solidarity contribution, inheritance and wealth tax
Short-time work, hardship funds, Corona relief fund – many grants and financial support accompany us in the last few months…
July 14, 2020 Power of attorney and living will in Austria
Most people wish for a long, self-determined life. Unfortunately, however, illnesses and unforeseen events sometimes lead to the fact that…
July 14, 2020 Corona crisis – initial review and outlook
At the beginning of this year, a regionally limited epidemic in a Chinese province seemed to have little effect on…
July 14, 2020 Monthly Review June 2020
Fueled by improving activity data and central bankers being strongly committed to backstop the market, the month of June continued…
June 4, 2020 Monthly Review May 2020
The month of May saw a risk-on environment in financial markets, marked by the catch-up of lagging regions (Europe and…
May 11, 2020 Monthly Review April 2020
Equity markets recovered strongly in April and volatility declined significantly from peak panic levels in March. Major equity benchmarks closed…
May 1, 2020 FINAD CIO Market Commentary – May
We observe a growing divergence between financial markets and the real economy. It is important to understand that this divergence…
April 16, 2020 FINAD CIO Market Commentary
Markets have been rallying on the promise of more central bank asset purchases and hopes of lockdown relaxations while the…
April 10, 2020 FINAD CIO Market Commentary – April
Markets are showing a lot of optimism recently, fueled by data indicating that social distancing and lockdowns are working in…
April 4, 2020 FINAD CIO Market Commentary – April
By now everyone should be aware that we are in a deep global recession. Markets are now entering the next…
March 27, 2020 FINAD CIO Market Commentary
We are seeing the first back to back positive days for the S&P 500 and Dow Jones since early February…
March 24, 2020 FINAD CIO Market Commentary
While a lot has been happening, not much has changed. The next two to four weeks are crucial for this…
March 20, 2020 FINAD CIO Market Commentary
The extreme market volatility continues while the western world is shutting down to combat the pandemic and the tug of…
March 17, 2020 FINAD CIO Market Commentary
Another historic week of extreme market volatility is behind us. It truly felt surreal at times. The velocity of the…
March 12, 2020 On the importance of strategic asset allocation
The attentive reader of the current economic news notices that the media write mainly about the stock markets. Even in…
March 10, 2020 FINAD CIO Market Commentary
Recent developments The surprising failure of OPEC+ to reach an agreement on oil production cuts over the weekend dealt a…
February 27, 2020 FINAD CIO Market Commentary – February
The last few days have shown a dramatic increase in global concern about the COVID-19 Virus. With more than 80,000…
February 24, 2020 Consolidation and wealth reporting
The commander stands on the hill a little away from the action, just on the commander’s hill, where the fighting…
February 10, 2020 The Family Office as a lifelong companion
In an individualised and increasingly complex world, we need the calming influence of the pole. A consultant who creates added…
January 20, 2020 One of the strongest years for equities ever
In 2019, equity markets in “developed markets” grew between 20% and 30%. That wasn’t necessarily expected, after the 4th quarter…
January 13, 2020 What will make headlines in the next 30 years
13.4.2021 Donald Trump resigns. Five months after the controversial re-election in November 2020, Trump has to resign due to health…
January 12, 2020 Why Private Debt?
Private debt (PD) is an attractive asset class. This term is generally understood to include all forms of private lending.…
January 9, 2020 Totem and Taboo
Security is paramount. Today, few people would be surprised if children put on bicycle helmets when walking on foot. Ambiguous…
January 8, 2020 “Asset management requires full helicopter view”
Martin Enz on the new complexity in asset management, the lessons of the financial crisis and the success factors in…
January 8, 2020 Stock selection in the late phase of the economic cycle
For equity investors, 2019 was a highly gratifying year. The major stock indices recorded one of the strongest results of…
January 2, 2020 Asset management costs
There are many reasons why wealthy people entrust their money to a financial institution for management and do not manage…
December 27, 2019 Governance for Family Businesses
Family businesses, especially the ones run by the founder, are different from the ones run by managers. Issues such as…
December 15, 2019 Philanthropy: The art, joy and idea of giving
In the Webster Dictionary of Language, the definition of philanthropy can be read as: “Affection for humanity manifests itself especially…
December 6, 2019 Advanced wealth management – The Family Office
Assets need holistic management. Holistic wealth management does not start with investment forms and investment tips, financial market forecasts or…
December 2, 2019 Private Equity – A win-win-investment
In times of low bond yields and continuing uncertainty on the global equity markets, alternative investment instruments are once again…
November 13, 2019 Next Generation
Family businesses are characterized by their cross-generational thinking. Accordingly, securing the long-term sustainability and thus the survivability of family businesses…
November 12, 2019 Do you have an overview of your assets?
Bank statements flutter into your house all the time: debit and credit advices, transaction vouchers, income statements and then the…
June 1, 2017 Impact Investing – investing assets sensibly
Sustainability – Corporate Social Responsibility – Socially Responsible Investments – Corporate Citizenship – Philanthropy – Impact Investing: buzzwords that are…
May 1, 2017 The rights of the Advisory Board
In most Austrian private foundations, substantial parts of family assets are held. However, the family itself is excluded from the…
May 1, 2017 Functioning reporting system – basis for decisions!
The role of the foundation’s board of directors is changing increasingly: from a greeting from God-August to an owner representative…
February 1, 2017 Trade in organs under foundation law
Many documents, especially older ones, stipulate that the members of the foundation board are appointed for an indefinite period. In…
February 1, 2017 What are the benefits of the charity package?
As the fantasy name “non-profit package” already expresses, it is a kind of subject reform that is designed for broad…
October 1, 2016 The most common errors in foundations
Even if the topic “power in the foundation” is defined very differently for private foundations and federal foundations, the following…
November 1, 2015 Active foundation management – an unrealistic goal?
Part 1: The foundation board as a key organ The Board of Trustees is given the essential role in the…
July 1, 2015 Judicial control of foundations
A private foundation is a legal entity that does not belong to anyone and is therefore ownerless. This construction leads…
May 1, 2015 Right of revision
One of the most important ways for the founders to exert influence on the private foundation is by exercising their…