{"id":13964,"date":"2025-07-24T14:08:12","date_gmt":"2025-07-24T12:08:12","guid":{"rendered":"https:\/\/hqam.ch\/?p=13964"},"modified":"2025-08-18T11:40:25","modified_gmt":"2025-08-18T09:40:25","slug":"hqam-half-year-review-2025","status":"publish","type":"post","link":"https:\/\/hqam.ch\/en\/hqam-half-year-review-2025\/","title":{"rendered":"HQAM Half Year Review 2025"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"13964\" class=\"elementor elementor-13964 elementor-13957\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c6de011 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c6de011\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c0b47f9\" data-id=\"c0b47f9\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c712737 elementor-widget elementor-widget-text-editor\" data-id=\"c712737\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>1H 2025 Review<br><\/strong><strong>\u2018Shrug off everything and buy the dip\u2019<\/strong><\/p><p>Checking the Truth Social network and carefully reading through companies\u2019 earnings calls &#8211; that was where the attention of market participants was focused starting in January 2025. Trump\u2019s tariff maneuvering had a significant impact on market movements, stimulating a shift toward more defensive sectors and putting the Value style in the spotlight. Interestingly, the market soon entered \u201cTACO\u201d mode (Trump Always Chickens Out), quickly shrugging off negative news and resulting in a W-shaped rebound.   <\/p><p>Military conflicts around the world became another major factor influencing the markets, driving up gold prices and boosting returns of defense stocks, which were further supported by large planned government investments in the industry. Fears of recession and stagflation occasionally surfaced but had no severe or lasting negative impact on returns, as markets remained near all-time highs. Macro data has not yet raised alarm among investors, while interest rates continue to decline in Europe and remain in a &#8220;wait-and-see&#8221; phase in the U.S.   <\/p><p>Despite substantial volatility throughout the first half of the year, the U.S. stock market ended strongly, delivering a net total return of 6.1% (MSCI USA in USD). Initial concerns about tariffs were quickly proven to be overblown, giving way to renewed optimism surrounding AI and expectations of tax cuts. MSCI World (in EUR) ended half year period in red mainly because of USD\/EUR unfavorable movement.  <\/p><p>In both the U.S. and Europe, among the best-performing sector was Industrials (+13% in USD and +17% in EUR, respectively), driven by the standout performance of defense stocks. In Europe, the Financial sector, led by commercial banking giants, outperformed even Industrials with an impressive return of 23.2%. In the U.S., Communication Services (+11%) was the second-best performer, buoyed by heavyweights like Meta and Netflix, as well as strength among gaming companies.    <\/p><p>Conversely, the Consumer Discretionary sector lagged in both regions, declining by -3% (in USD) in the U.S. and -7% (in EUR) in Europe, weighed down by tariff exposure and shifting consumer trends in apparel, footwear, and retail.  <\/p><p>The Value investment style dominated primarily in Europe, outperforming other styles significantly as banks posted strong gains. Growth was the worst-performing style in Europe, hindered by recession concerns and trade war fears that pushed investors toward more defensive strategies.  <\/p><p>Defensive investing styles, including minimum volatility and dividends, also topped the performance charts in the U.S.. The Quality style, due to its growth bias, exhibited performance trends similar to Growth. <\/p><p>Looking ahead, we expect the next major market movements to be driven by news from the Federal Reserve, shifts in macroeconomic data, and developments in the geopolitical landscape.<\/p><p><em>Figure Performance (TR) 30.06.2025 by regions based on MSCI regional indices (Currencies: USA<br>\u2013 in USD, EU &#8211; in EUR, CH \u2013 in CHF, World \u2013 in EUR); * &#8211; H\u00e9rens Quality Portfolios <\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7374979 elementor-widget elementor-widget-image\" data-id=\"7374979\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"444\" height=\"225\" src=\"https:\/\/hqam.ch\/wp-content\/uploads\/2025\/07\/HYR-1.png\" class=\"attachment-large size-large wp-image-13956\" alt=\"\" srcset=\"https:\/\/hqam.ch\/wp-content\/uploads\/2025\/07\/HYR-1.png 444w, https:\/\/hqam.ch\/wp-content\/uploads\/2025\/07\/HYR-1-300x152.png 300w\" sizes=\"(max-width: 444px) 100vw, 444px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8c079df elementor-widget elementor-widget-text-editor\" data-id=\"8c079df\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"text-align: center;\"><strong>You can access the entire half year review via the link below.<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bed33f9 elementor-align-center elementor-tablet-align-center elementor-mobile-align-justify elementor-widget elementor-widget-button\" data-id=\"bed33f9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/hqam.ch\/wp-content\/uploads\/2025\/07\/Halbjahresbericht-1H-2025-GER.pdf\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">PDF<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2a9dffd elementor-widget elementor-widget-text-editor\" data-id=\"2a9dffd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>ADVERTISING<\/strong><br>This article has been prepared solely for information and advertising purposes and constitutes neither a solicitation nor an offer or recommendation to buy or sell any investment instruments or to engage in any other transactions.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"elementor-element elementor-element-9f9a118 e-flex e-con-boxed e-con e-parent\" data-id=\"9f9a118\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The latest Half-Year Review examines market disruptions, macroeconomic developments, and structural trends, highlighting Quality as a long-term investment approach.<\/p>\n","protected":false},"author":6,"featured_media":13960,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center 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