Swiss Equities

Latest edition · September 1, 2026

Swiss equities en 1665750 2

UBS Chief Investment Office tactically favors Swiss mid-cap equities over Swiss large caps, supported by stronger organic sales growth, expanding margins, and moderating relative valuations. Key single-stock top picks include Sonova, Lindt & Spruengli, and SGS, alongside broader exposure via the SMIM index.

UBS GWM CIO maintains a tactical preference for Swiss mid-caps over large caps, driven by four primary factors: superior organic sales growth in nine of the past ten years, greater scope for margin improvements as the global economy improves, attractive relative valuations that have moderated since 2018, and supportive index adjustments on 18 September that will increase SMIM's cyclical sensitivity relative to the SMI. While broad diversification via the SMIM index is recommended, UBS highlights Sonova, Lindt & Spruengli, and SGS as current Top Picks, alongside ten Most Preferred mid-cap single-stock selections.

Key takeaways from the latest edition

• 1.UBS tactically favors Swiss mid-caps over Swiss large caps due to superior organic sales growth, higher potential for margin expansion, and attractive relative valuations.
• 2.Ordinary annual index rebalancing on 18 September will make the SMIM more cyclically sensitive relative to the SMI, benefiting from global economic recovery.
• 3.UBS's current Swiss mid-cap Top Picks are Sonova, Lindt & Spruengli, and SGS, alongside broad recommended exposure via the SMIM index.

What this series covers

• Our view
• CIO Most Preferred selected Swiss mid-caps
• 12 month rating history
• Contact
• Producers, disseminators and their competent authorities
• Equity selection system
• Risk information

Edition archive

• Swiss equities en 1665750 2

  September 1, 2026

• Swiss equities en 1661805

  June 18, 2026

• Swiss equities en 1660169

  May 21, 2026