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Swiss Investor & Market Trends
Quarterly Outlook 10 minutes to read
Résumé: Swiss investors maintained a balanced approach in Q3 2026. Broad global ETFs remained key portfolio building blocks, while trading activity in individual stocks continued to focus on artificial intelligence, cloud computing and innovation-led growth themes. At the same time, gold and silver overtook cryptocurrencies in cross-asset trading activity, highlighting continued demand for diversification across asset classes.
Q3 2026: Diversification at the core, AI in focus
Key points- Diversification remained the foundation: Broad global ETFs continued to serve as the core of many portfolios, while targeted allocations to Swiss equities, technology and emerging markets complemented this foundation.
- AI and innovation drove stock selection: Individual-stock trading remained concentrated around artificial intelligence and digital infrastructure, highlighting ongoing interest in long-term innovation themes across semiconductors, cloud computing and software platforms.
- Investors expanded diversification across asset classes: Investor activity extended beyond equities into precious metals, currencies and digital assets, demonstrating a diversified approach to managing different market environments and opportunities.
1. Most-traded stocks by Swiss clients on Saxo
Artificial intelligence continued to dominate trading activity among Swiss Saxo clients. Investor interest extended across the technology ecosystem, spanning semiconductors, computing infrastructure, cloud platforms and enterprise software.
Alongside global technology leaders such as Nvidia, Microsoft and Palantir, Swiss investors continued to trade defensive domestic names including Nestlé and Novartis. The presence of SpaceX among the most-traded securities further highlights ongoing interest in companies associated with innovation, advanced technology and long-term growth opportunities.
Rank | Instrument | Main Theme |
1 | NVIDIA Corp. | AI computing and semiconductors |
2 | Space Exploration Technologies Corp. – SpaceX | Space economy |
3 | Microsoft Corp. | AI, cloud and enterprise software |
4 | Nestlé SA | Defensive consumer quality |
5 | Partners Group Holding AG | Private markets |
6 | Alphabet Inc. Class A | AI platforms and digital advertising |
7 | Micron Technology Inc. | AI memory and semiconductor infrastructure |
8 | Novartis AG | Pharmaceuticals and healthcare innovation |
9 | Meta Platforms Inc. | Digital platforms and AI |
10 | Amazon.com Inc. | Cloud computing, AI and e-commerce |
11 | D-Wave Quantum Inc. | Quantum computing |
12 | Apple Inc. | Consumer technology and digital ecosystem |
13 | Oracle Corp. | Cloud infrastructure and enterprise software |
14 | ServiceNow Inc. | Enterprise automation and AI software |
15 | Broadcom Inc. | Semiconductors and AI infrastructure |
2. Most-traded ETFs by Swiss clients on Saxo
While individual-stock trading focused on specific growth opportunities, ETF activity remained centred around broad diversification.
Rank | ETF | Main Theme |
1 | Vanguard FTSE All-World UCITS Acc ETF | Global developed and emerging markets |
2 | iShares Core MSCI World UCITS ETF | Global developed markets |
3 | iShares (CH) Swiss Dividend ETF | Swiss dividends and income |
4 | iShares MSCI All Country World UCITS ETF | Global developed and emerging markets |
5 | iShares Core MSCI EM IMI UCITS ETF | Broad emerging markets |
6 | iShares Core SPI (CH) ETF | Broad Swiss equities |
7 | Vanguard FTSE All-World UCITS Dist ETF | Global developed and emerging markets |
8 | UBS Core MSCI World UCITS ETF | Global developed markets |
9 | UBS Core SPI® ETF | Broad Swiss equities |
10 | UBS Core MSCI World UCITS ETF hCHF | CHF-hedged global equities |
11 | VanEck Semiconductor UCITS ETF | Semiconductors and AI infrastructure |
12 | Vanguard FTSE Global All-Cap UCITS ETF | Global equities across market capitalisations |
13 | State Street SPDR MSCI All Country World UCITS ETF | Global developed and emerging markets |
14 | iShares S&P 500 Information Technology Sector UCITS ETF | US technology and AI |
15 | Vanguard S&P 500 Dist UCITS ETF | US technology |
This list includes only ETFs approved for distribution to non-qualified investors in Switzerland.
Takeaway: ETF activity continued to focus on broad global market exposure, suggesting that diversification remains a core portfolio principle for many investors. Swiss equity ETFs maintained a strong presence alongside global holdings, while selective allocations to semiconductors and technology indicate continued interest in structural growth themes such as AI. Currency-hedged solutions also remained popular among investors seeking to manage exchange-rate risk.Explore automated ETF investing with Saxo's ETF savings plan "AutoInvest".
3. Most-traded FX pairs by Swiss clients on Saxo
Foreign exchange trading remained focused on major currency pairs during Q3.
Rank | FX Pair | Main Theme |
1 | Euro / US Dollar | Global macro and monetary policy |
2 | US Dollar / Swiss Franc | Swiss currency and interest-rate dynamics |
3 | US Dollar / Japanese Yen | Interest-rate differentials |
4 | Euro / Swiss Franc | European and Swiss monetary policy |
5 | British Pound / US Dollar | UK and global macro exposure |
Takeaway: Trading activity reflects continued investor attention to central bank policy, interest-rate expectations and the role of the Swiss franc in global markets.
4. Most-traded Commodities and Crypto pairs by Swiss clients on Saxo
Precious metals and digital assets remained popular trading instruments among Swiss investors throughout the quarter.
Rank | Commodity & Crypto Pair | Main Theme |
1 | Gold / US Dollar | Precious metals and portfolio protection |
2 | Silver / US Dollar | Precious metals and industrial demand |
3 | Bitcoin / US Dollar | Digital assets |
4 | Ethereum / US Dollar | Digital assets |
5 | Gold / Swiss Franc | Precious metals and portfolio protection |
5. Best-performing Swiss stocks in Q3
The Swiss equity market delivered a mixed picture in Q3. SMI performance was relatively subdued with -2.6%, with Logitech and Sika standing out. While the overall SPI performed also negatively with -2.1%, selected mid- and small-cap companies showed stronger gains.
Top 10 performers in the SPI (Swiss Performance Index)
Rank | Instrument | Q3 Total Return | Main Theme |
1 | Komax Holding AG | 83.9% | Industrial automation |
2 | Bajaj Mobility AG | 67.9% | Mobility solutions |
3 | Adecco Group AG | 60.0% | Staffing and employment services |
4 | DocMorris AG | 53.1% | Digital healthcare |
5 | Clariant AG | 51.8% | Specialty chemicals |
6 | Tecan Group AG | 44.9% | Life sciences and diagnostics |
7 | Gurit Holding AG | 43.0% | Advanced materials |
8 | LEM Holding SA | 42.2% | Electrical measurement technology |
9 | OC Oerlikon Corporation AG | 41.8% | Industrial technology |
10 | Georg Fischer AG | 40.9% | Industrial and infrastructure solutions |
Bottom 10 performers in the SPI (Swiss Performance Index)
Rank | Instrument | Q3 Total Return | Main Theme |
1 | Addex Therapeutics Ltd | -49.0% | Biotech |
2 | Xlife Sciences AG | -47.2% | Life Sciences Venture Platform |
3 | Newron Pharmaceuticals | -38.3% | Biotech |
4 | R&S Group Holding AG | -33.9% | Electrical Infrastructure |
5 | Aryzta AG | -32.4% | Food & Bakery Solutions |
6 | Idorsia Ltd | -32.3% | Biopharmaceuticals |
7 | Lastminute N.V. | -27.0% | Online Travel |
8 | Amrize AG | -26.7% | Building Materials |
9 | MindMaze Therapeutics Holding SA | -26.3% | Neurotechnology & Healthcare |
10 | Calida Holding AG | -24.0% | Consumer Goods |
Top 10 performers in the SMI (Swiss Market Index)
Rank | Instrument | Q3 Total Return | Main Theme |
1 | Logitech International SA | +11.60% | Technology and digital peripherals |
2 | Sika AG | +9.00% | Construction and infrastructure |
3 | Swiss Re AG | +7.20% | Reinsurance and financial resilience |
4 | Roche Holding AG | +6.20% | Pharmaceuticals and healthcare |
5 | Lonza Group AG | +2.20% | Life sciences and biopharma |
6 | Geberit AG | +1.80% | Building technology |
7 | Swiss Life Holding AG | +0.60% | Insurance and wealth management |
8 | Cie Financière Richemont SA | +0.50% | Luxury goods |
9 | Alcon AG | +0.40% | Eye care and medical technology |
10 | UBS Group AG | +0.10% | Banking and wealth management |
Bottom 10 performers in the SMI (Swiss Market Index)
Rank | Instrument | Q3 Total Return | Main Theme |
1 | Amrize Ltd | -26.4% | Construction materials |
2 | Partners Group Holding AG | -11.1% | Private markets |
3 | Holcim AG | -8.4% | Construction materials |
4 | Nestlé SA | -8.3% | Consumer staples |
5 | ABB Ltd | -7.8% | Industrial automation |
6 | Galderma Group AG | -7.3% | Healthcare and dermatology |
7 | Zurich Insurance Group AG | -5.5% | Insurance |
8 | Novartis AG | -4.0% | Pharmaceuticals |
9 | Sandoz Group AG | -1.2% | Generics and biosimilars |
10 | Givaudan SA | -0.9% | Flavours and fragrances |
Takeaway: The combined SMI and SPI rankings highlight a highly selective market environment in Q3. While large-cap winners in the SMI delivered steady gains, some of the strongest performances came from mid- and small-cap companies, particularly in industrial technology, automation, specialty chemicals and healthcare-related businesses. At the other end of the ranking, biotechnology and life-science companies accounted for many of the weakest performers, underscoring the highly selective nature of the quarter. Company-specific developments played a greater role than broad sector trends.
Explore investment ideas and portfolio diversification in our Themes section.