Colin&Cie sets the course for further growth

During the first half of 2026, geopolitical tensions caused significant disruptions across global financial markets. Once again, the period demonstrated that discipline and a long-term investment approach remain essential in phases of heightened volatility. With the same strategic perspective, Colin&Cie has continued to strengthen and expand its organization. Further details can be found in our semi-annual report. This article constitutes marketing material.

Review of the first half of 2026 - Financial markets

Following three very strong years, equity markets began 2026 on a positive note before the Iran-Conflict abruptly altered market sentiment at the end of February. Rising energy prices weighed on equity markets, while higher inflation expectations and interest rates put pressure on bond markets. The commencement of peace negotiations between Iran and the United States temporarily eased energy prices and inflation concerns. As a result, euro-denominated bonds recovered their first-quarter losses and delivered a modest positive return by the end of June. Swiss franc-denominated bonds, by contrast, remained slightly negative amid the continued low interest rate environment.

Despite ongoing uncertainty surrounding the Iran conflict and elevated market nervousness, global equity markets showed notable resilience and momentum during the second quarter of 2026. Emerging market equities delivered the strongest performance among major asset classes. Gold declined by 10% during the first half of the year. Currency movements among the U.S. dollar, euro and Swiss franc remained largely insignificant.

Review of the first half of 2026 - Colin&Cie mandates

Both capital-preservation mandates with higher bond allocations and growth-oriented mandates with varying equity exposures achieved solid to distinctly positive returns during the first half of 2026.According to the Morningstar peer groups analysed by Colin&Cie as at 30 June 2026, which reflect comparable investment strategies employed by other banks and asset managers, Colin&Cie’s results ranked among the very best. Expressed as a percentage, the equity strategies outperformed the respective peer group average.

This outperformance resulted not only from the favourable market environment during the second quarter but also from Colin&Cie’s tactical asset allocation decisions before and immediately after the outbreak of the Iran conflict. Key contributors included an overweight position in emerging market equities and an increase in equity exposure at attractive valuations during the market correction in spring. Alternative investments also contributed positively to overall performance through their stable price development. As intended, geopolitical developments had no material impact on the performance of this asset class.

Review of the first half of 2026 - Colin&Cie Group

Alongside its core activities as an independent asset manager, Colin&Cie successfully completed a broad range of regulatory, organizational, business development and personnel goals during the first half of the year.

External audits in Switzerland and Luxembourg were concluded without any remarks, confirming the effectiveness of Colin&Cie’s compliance framework and the reliable implementation of its governance standards and control mechanisms.

At the same time, the Group continued to strengthen its organizational structure in line with its growth trajectory. The Board of Directors of the Swiss entity was expanded through the appointment of Walter Wichert as an independent external member. The Executive Management Team was further reinforced through the appointment of Chief Risk Officer Leendert van Hoeken and Chief Financial Officer Christian Cimini, enhancing the Group’s focus on risk management, stability and financial governance. In addition, the Center of Competence further refined internal processes and responsibilities in the areas of holistic wealth advisory services and investment selection.

Growth continued across all five locations during the first half of 2026. In Zurich, Kerstin Theodoridis joined the advisory team, while the extensive modernization of the Schaffhausen office underscores our close connection to the city, our long-term commitment to the region, and our dedication to quality.

In line with our commitment to reliability and continuity, succession planning has played a central role in recent months. As part of a proactive and forward-looking approach, discussions were conducted with all relationship managers for whom retirement may become relevant in the years ahead. The objective was to carefully balance the interests and expectations of all stakeholders, including clients, advisors and the firm itself, and to develop solutions that ensure continuity and stability for everyone involved. The highly positive feedback received confirmed the responsible and respectful nature of this approach. Based on these discussions, an attractive succession framework and a binding contractual structure have been established. This ensures that future retirements can be managed through well-organized transition processes, preserving continuity and maintaining the high level of service our clients expect.

Outlook - Colin&Cie Group

Against this backdrop, the outlook remains encouraging. With a strong existing footprint, additional locations under consideration, further planned hires of relationship managers, and experienced teams across management, advisory and business management functions, Colin&Cie looks to the future with confidence. The continued strengthening of the organization and the ongoing expansion of advisory capabilities provide a solid foundation for sustainable growth and long-term stability.

Finally, we would like to thank our valued clients for the trust they have placed in us during the first half of 2026. We look forward to continuing our successful partnership in the years ahead.

On behalf of the Colin&Cie Group
Thomas Warnecke
CEO & Founder

Disclaimer - legal notice

This publication was produced by the Investment Office of the Colin&Cie Group. The information and opinions contained in this document are based on sources we believe to be reliable. However, we cannot guarantee the reliability, completeness or correctness of these sources. All information and quoted rates are only up-to-date at the time of this publication and are subject to change at any time without notice. The content is based on numerous assumptions made by the Colin & Cie Group. It should be noted that different assumptions can lead to materially different results. The forecasts and assessments are only current at the time this publication is prepared and can change at any time without prior notice. Past performance of an investment is not a guarantee of future results. Certain investments can experience sudden and substantial losses in value. This information and views do not constitute a solicitation, offer or recommendation to buy or sell investment instruments or to carry out any other transactions. We recommend interested investors to consult their personal advisor before making decisions on the basis of this document so that personal investment goals, financial situation, individual needs and risk profile as well as further information can be duly considered as part of a comprehensive consultation. This publication does not consider individual or future investment objectives, tax circumstances, or the specific needs of any particular investor. Colin&Cie and its affiliated companies may hold positions in the mentioned asset classes or financial instruments or manage them on behalf of clients. The information contained in this publication is marketing material that is distributed for advertising purposes only.