“Aaaaand …. breathe” – that could be the motto after the first five full weeks of the 2026 stock market year. All asset classes have seen sometimes sizeable movements since the turn of the year. Once again, Donald Trump provoked alarm in the world and capital markets. In particular, the US president’s appearance at WEF 2026 in Davos caused shock waves. Although he tried to de-escalate the dispute about Greenland when in Graubünden, the grab for the polar island, combined with recent tariff threats, attacks on the Fed and the rapid growth of the US debt mountain, have shaken confidence in the superpower. The “collateral damage” can be seen firstly in the movement of the US dollar. In January, the US Dollar Index – the barometer showing the relative value of the greenback against other major currencies – fell to its lowest level in almost four years. At the same time, US government bonds flew out of portfolios as investors turned increasingly to gold. The safe haven experienced a historic rally before significant profit-taking at the end of January.
Equity markets proved astonishingly robust in the face of this upheaval. In Switzerland, the SMI® climbed above 13,500 points for the first time. Elsewhere, too – whether on Wall Street or in Hong Kong, Frankfurt, Tokyo or Seoul – buyers flocked to the markets. In addition to the expansive monetary policy and hopes for an economic upturn, drivers also included the hot-button subject of artificial intelligence (AI). Valuations in the technology segment in particular have reached a relatively high level, however. Investors are reacting with the corresponding sensitivity as soon as a company causes concern. Take Microsoft, for instance: although the US software giant posted double-digit increases in sales and profit in the quarter just gone, Wall Street was bothered by its high capital expenditure and the group’s dependence on its AI investment, OpenAI. As a consequence, Microsoft’s share price dropped by almost a fifth within a week of its figures being presented.
Given its turbulent start to the year, stock market investors need more than ever to keep a cool head – the only way to make clever investment decisions. Moreover, diversification – spreading capital widely – is crucial. These two parameters are combined in the SaW SmartAdapt Portfolio. Alongside professional and diversified equity investment, this concept employs a scientifically based control technology that has been used by institutional investors for more than eight years. Adaptivv is responsible for the management side. Founded in 2016, the asset manager originated as a spin-off from ETH Zurich. The company, authorised by FINMA and supervised by OSFINcontrol, advises institutional investors, including pension funds. The Adaptivv Sensor was developed in close dialogue with this clientele. This application performs a weekly analysis of the market environment and controls the portfolio orientation dynamically on that basis.
Adaptivv has already developed more than ten strategies using this method. Although it concentrates on equities, the experts also add crypto currencies and gold to the portfolio mix. The particular idea is implemented in collaboration with Leonteq. The Zurich fintech paves the way for investment in the individual strategies using an exchange-traded product, or ETP for short. Thanks to its listing on Swiss stock markets, investors can jump in and climb out at any time – there are no long notice or tie-in periods. With an issue price of CHF 25, the ETP also enables low denominations to be held. Alongside liquidity and flexibility, the partnership between Adaptivv and Leonteq leads to low fees, with total expense ratios well below the level of many traditional funds. In short, investors profit from professional strategies on attractive terms – giving them more time to breathe deeply.
As of 9 February 2026; source: Reuters
As of 9 February 2026; source: ReutersPast performance is not a reliable indicator of future performance.