Thursday, 11 December 2025 Reading time : 3 minutes

Investors in Partners Group have experienced a disappointing annual performance so far. The shares have lost almost 20% of their value this year, while the Swiss benchmark index SMI has gained almost 15% over the same period (as of 10 December 2025, including dividends). Among the blue chips, only Sika shares have performed worse, losing 25.7%.

However, Partners Group's business is performing well, as the half-year earnings published at the beginning of September demonstrated: the company increased its profit by 15% compared with the same period last year, doubled its income from performance fees, and attracted new client funds. 

But this success is not reflected in the stock market. Although the shares started the year with gains, they have not yet recovered from the price setback triggered by the announcement of the new US tariff regime at the beginning of April. In fact, Partners Group CEO David Layton believes that the volatile market environment could be one reason for investor caution. During a conference call with analysts in July, he stated that the uncertainty surrounding US tariff policy had reduced transaction volume on the private equity market. 

Nevertheless, Partners Group remains confident about its future business development and has confirmed its annual targets. Analysts also acknowledge the upside potential of the shares. According to Bloomberg, the 12-month price target is CHF 1,173.85. Based on the current price level, this equates to an increase of around 23%. Zürcher Kantonalbank's research rates the shares as 'overweight'.

Investors who believe that Partners Group will experience moderate price growth may be interested in the outperformance certificate on the private equity specialist. With this product, investors participate disproportionately in price gains, while upside participation is limited (cap level of 109.5%). The maximum return at the end of the six-month term is therefore 23.75%.

Product details
Upside participation: 250%
Cap level: 109.50% (maximum return 23.75%)
Term: 6 months
Valor: 134 140 532

Termsheet

Indicative terms

 

Disclaimer
This communication is for marketing purposes. It is neither an offer nor an invitation to submit an offer, to purchase or to subscribe to securities and does not constitute investment advice. You should consult your advisors before making an investment decision. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, financial condition, development or performance of the issuer to be materially different from any future results, financial condition, development or performance expressed or implied by such statements. The present document has not been drawn up by the research department as defined in the rules of the “Directives on the Independence of Financial Research” published by the Swiss Bankers Association, hence these rules do not apply to this document. If securities are mentioned in the communication, the base prospectus, the final terms and any key information document may be obtained free of charge from Zürcher Kantonalbank, Bahnhofstrasse 9, 8001 Zurich, VRIS, and from www.zkb.ch/finanzinformationen.
© 2025 Zürcher Kantonalbank. All rights reserved.