Anyone investing in the Swiss stock market usually looks at the well-known heavyweights first. Nestlé, Novartis and Roche do not just capture the headlines, though – thanks to their high market capitalisation, they also determine the performance of the major indices. Even so, it is worth not losing sight of the second tier. Small and mid caps can complement a portfolio with companies that frequently are more specialised, occupy attractive niches and offer higher structural growth prospects due to their smaller size. Switzerland in particular has many such specialists that enjoy internationally leading positions in their respective markets. At the same time, analysts and institutional investors often monitor second-line stocks less intensively than the big players. This can lead to valuation inefficiencies and hence opportunities for attentive investors. On the down side, smaller stocks tend to be much more volatile and sometimes less easily traded. Nevertheless, it is precisely this higher volatility that can make them interesting for structured products.
Leonteq is focusing on opportunities outside the major indices and expanding the available universe of Swiss underlying assets by a total of 20 small and mid caps. The bandwidth ranges from banks and financial services providers through industrial companies to technology and health stocks. New available underlyings include Berner Kantonalbank, Bossard, Burkhalter, Cie Financière Tradition, Cicor Technologies, Dottikon, EFG International, Implenia, Jungfraubahn, Komax, Kuros Biosciences, Luzerner Kantonalbank, Mobimo, mobilezone, R&S Group, Sensirion, St. Galler Kantonalbank, SKAN, VZ Holding and Zehnder. That gives investors access to a broad palette of business models that have little to no representation in the major Swiss indices. Leonteq has gathered nine stocks that look to be of particular interest into three share baskets and launched a highly promising return optimisation structure built on each of them.
The first product in this new investment universe highlights just how different the growth drivers of Swiss second-line stocks are. Komax is a leading provider of solutions for automated cable processing and is thus closely associated with the long-term trends of electrification and automation. Following a difficult 2025, the company has slashed its cost base and is targeting a return to double-digit EBIT margins from 2027. Kuros Biosciences is likewise growing rapidly with MagnetOs, its bone substitute: product sales climbed 72% to USDmn 146.1 in 2025, the company is aiming for growth of at least 35% for 2026 and a more than 50% increase to what would be USDmn 300 to 330 is in sight for 2027. R&S Group profits from the expansion and modernisation of European electricity grids. The transformer manufacturer is enjoying high demand just now, with the order book growing 56% to CHFmn 476.8 in 2025 while orders on hand increased 17% to CHFmn 325.7. Over twelve months the book-to-bill ratio was above the growth threshold of 1.0 in every single month. That means this trio combine turnaround, growth and infrastructure strengths.
The second and third baskets also bring different business models together. Cicor, an electronics manufacturer with a strong presence in medical technology and aerospace & defence, among other areas, increased its turnover by 19% to CHFmn 334.1 in the first half of 2026. Orders received grew even more dynamically, rising almost 40%. The second half is set to see revenue climb by 10% to 25%. Sensirion, a specialist in high-precision sensors, achieved a 23.8% jump in sales to CHFmn 342.4 and sees further growth potential of 5% to 12% in the current year. SKAN enjoys a leading market position in high-end isolator systems for aseptic pharmaceutical and biotech production. The company expects an increase in revenue in the upper ten per cent range for 2026. These are joined by three established business models: asset manager EFG International posted net profits of CHFmn 184.6 in the first half of 2026, with net new assets under management up a good 6% to CHFbn 5.7. Implenia is starting the next growth phase with a record just under CHFbn 8.5 in orders on hand – a rise of one quarter. Following the sale of its German arm, meanwhile, mobilezone is focusing entirely on Switzerland, where it posted its highest ever EBIT of CHFmn 36.5 in 2025.
Berner Kantonalbank AG
Financial
Regional Banks
Bossard Holding AG
Basic Materials
Misc. Fabricated Products
Burkhalter Holding AG
Capital Goods
Construction Services
Cie Financiere Tradition SA
Investment Services
Cicor Technologies Ltd
Technology
Electronic Instr. & Controls
Dottikon ES Holding AG
Healthcare
Biotechnology & Drugs
EFG International AG
Implenia AG
Jungfraubahn Holding AG
Services
Personal Services
Komax Holding AG
Misc. Capital Goods
Kuros Biosciences AG
Luzerner Kantonalbank AG
Mobimo Holding AG
Real Estate Operations
Mobilezone Holding AG
Communications Services
R&S Group Holding AG
Sensirion Holding AG
St. Galler Kantonalbank AG
SKAN Group AG
Medical Equipment & Supplies
VZ Holding AG
Zehnder Group AG
Source: Leonteq