Gold, real estate, and AI stocks remain popular among Swiss CIOs
Despite record high gold prices, Swiss chief investment officers continue to focus heavily on real assets such as gold, equities, and real estate, while CHF bonds and global government bonds are being largely avoided.
The latest edition of the semi-annual Swisscanto CIO Survey conducted by Zürcher Kantonalbank and Swisscanto shows how Swiss CIOs are planning their allocations for the next six months and which asset classes they prefer. Gold stands out as the most popular investment category, while Swiss bonds receive the least support. A total of 130 CIOs were surveyed between November 24 and December 8, 2025, of whom 51 responded.
Real values clearly have the advantage
Although the price of gold has doubled in the past two years, almost a third of respondents expect it to rise sharply again to over US$4,500 per ounce, and no one is underweighting gold in their portfolios. Listed Swiss real estate funds also remain in demand despite high premiums, with the majority expecting continued positive to moderate returns.
Bonds and currencies
Most CIOs are clearly underweighting Swiss franc bonds and global government bonds, as the expected returns are considered unattractive in the current environment. In terms of currencies, the Swiss franc remains the preferred currency, with 64 percent of respondents citing it, while the euro stands out as the most attractive foreign currency.
AI stocks and regional focus
In the field of artificial intelligence, 45 percent of respondents do not yet see an acute bubble, but the majority expect a possible correction between 2027 and 2030. In the stock markets, emerging markets and the US are considered the most attractive regions, while Europe and Japan are falling behind and Swiss stocks are in the middle of the pack.
Source: ZKB
