Monday, 1 December 2025 Reading time : 3 minutes

There are roughly twenty trading days left in the financial year 2025. After several turbulent months, the Swiss stock market has performed solidly throughout November. The leading Swiss index SMI has gained 14.2% since the beginning of the year (as of 28 November, including dividends). The index has thus recovered from the slump in April, when the announcement of the new US tariff policy caused uncertainty on the global financial markets. However, the SMI remains slightly below its annual high at the beginning of March. 

The Swiss stock market's performance is remarkable also by international standards. The European benchmark index, the EuroStoxx 50, has risen by 20.1% since the start of the year, while the US index S&P 500 has risen by 17.3%. 

The picture is quite mixed when it comes to individual Swiss stocks, with Holcim performing strongly in 2025. The equities of the building materials producer have risen by almost 75% over the year, putting them at the top of the SMI. Other outperformers include shares in the sanitary technology company Geberit (+24.5%) and the computer accessories manufacturer Logitech (+22.1%). 

Sika ranks at the bottom of the SMI, with its equities losing a quarter of their value (-25.9%). Private equity specialist Partners Group (-20.6%) and eye care group Alcon (-16.8%) are also performing poorly.

Huber + Suhner stand out in the broader market. The company has benefited from its data centre business, which has boosted its share price: at the end of November, the equities were trading at over CHF 146.00, almost twice the price at the beginning of the year. The orthopaedic company Medacta (+45.6%) and the online bank Swissquote (+42.8%) also performed above average. At the opposite end of the range are Clariant (–24.4%), Georg Fischer (–20.9%) and Aryzta (–20.5%).

Combining the respective winners and losers in a barrier reverse convertible may open up yield potential. The barrier provides some protection against price losses, while investors benefit from the coupon, which is paid out regardless of the performance of the underlying assets.

Reverse Convertibles on Swiss Winners and Laggards

10.10% p.a. BRC auf Geberit, Holcim, Logitech
Barrier: 69%
Valor: 151 090 986

9.80% p.a. BRC auf Alcon, Partners Group, Sika
Barrier: 72%
Valor: 151 090 987

9.10% p.a. BRC auf Huber + Suhner, Medacta, Swissquote
Barrier: 66%
Valor: 151 090 989

10.70% p.a. BRC auf Aryzta, Clariant, Georg Fischer
Barrier: 64%
Valor: 151 090 990

Indicative terms

 

Disclaimer
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