Pension funds reported a positive performance in November, with Swiss funds averaging a return of 1.46%, driven by a strong rally in US equities following the presidential election results. The year-to-date return reached 7.76%, with small pension funds slightly outperforming large ones. The election outcome alleviated market uncertainties, benefiting both equity and bond markets, while global equities surged by 4.73%. Looking ahead, a combination of economic growth and potential interest rate cuts may support continued market gains, despite ongoing geopolitical tensions and trade policy uncertainties.
