Friday, 8 August 2025 Reading time : 3 minutes

US tariffs on Swiss imports have come into force while political negotiations continue. Although the trade conflict is fuelling uncertainty, opportunities are opening up for investors. In the current market environment, companies whose core markets lie outside the US may be of particular interest. These include the Bern-based utility company BKW and the distribution specialist DKSH.

Since the beginning of the year, BKW shares have gained around 23% (total return as of 7 August 2025), significantly outperforming the Swiss Performance Index (SPI), which has risen by only 7.1% over the same period. With a strong focus on the Swiss market, accounting for around 68% of total sales as of 31 December 2024, the company appears largely unaffected by the uncertainty surrounding the global trade conflict. This regional concentration offers stability and underscores BKW's solid position in its domestic market.

DKSH Holding, which specialises in international expansion services with a focus on Asia, also appears to be less affected by the current trade dispute. DKSH offers services in sourcing, marketing, sales and distribution, particularly in consumer goods and healthcare. A key advantage is that the US share of total revenue is only 2%, which should limit the impact of the trade conflict.

Reverse Convertible on BKW and DKSH
10.80% p.a. RC on BKW and DKSH
Tenor: 12 months
Strike: 100%
Valor: 147 479 832

Indicative terms

 

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