Q3 2026 Investment Outlook: We Stay Invested

Our Investment Outlook: Broaden, Lock In, Insure

Equities: Broadening Opportunities

Equity market gains are extending beyond large technology companies into financials, industrials, healthcare and infrastructure. We continue to favour AI-related opportunities in semiconductors, power infrastructure and data centres, while expanding our geographical exposure to Europe, Japan and selected emerging Asian markets.

Fixed Income: Capturing Attractive Yields

Higher government bond yields have created compelling opportunities for long-term investors. Our focus remains on high-quality investment-grade bonds, particularly in Europe, and intermediate maturities offering attractive income with controlled interest-rate risk.

Gold and Real Assets: Portfolio Resilience

Gold remains a strategic allocation amid geopolitical uncertainty and fiscal concerns. We also see opportunities in copper and infrastructure, supported by electrification and growing energy demand. Diversifying alternatives continue to play an important role in managing portfolio risk.

Looking Ahead

Our outlook for Q4 2026 remains cautiously constructive. While economic growth continues to demonstrate resilience, elevated bond yields, inflationary pressures and geopolitical risks require disciplined portfolio management.

At Orion Capital, our strategy remains centred on three principles: stay invested, broaden diversification and strengthen portfolio resilience.

Read our full Q3 2026 Investment Commentary for detailed market analysis, asset allocation views and our outlook into 2027.

Disclaimer: This content is for general information and marketing purposes only and does not constitute investment advice or a personal recommendation. Investments involve risk, including potential loss of capital. Views are subject to change.

—-

Managing Wealth Through Periods of Market Uncertainty

Periods of heightened uncertainty and structural change require careful assessment, disciplined risk management, and a clear understanding of individual objectives and constraints.

If you are interested in discussing how the current macroeconomic and market environment may affect your portfolio, or in learning more about our investment philosophy, risk management approach, and asset allocation framework, we invite you to contact us for an introductory conversation.

Any discussion is conducted for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell financial instruments. Investment decisions are made exclusively within the framework of a formal asset management or advisory agreement and based on an individual assessment of suitability and appropriateness.

Contact us to learn more about our approach.

This document has been prepared by an independent asset manager for information purposes only . It does not constitute an offer, a solicitation, or a recommendation to buy or sell any financial instruments, nor does it constitute investment advice, legal advice, tax advice, or any other form of personal recommendation within the meaning of the Swiss Financial Services Act (FinSA ) and related ordinances . The information and views expressed in this document are of a general nature and do not take into account the individual financial situation, investment objectives, risk tolerance, or specific needs of any particular investor . Any investment strategy or positioning described herein is provided for illustrative purposes only and should not be considered as a model portfolio or a binding investment proposal . Investment decisions should be made exclusively on the basis of the applicable asset management agreement, investment mandate, or advisory agreement concluded with the independent asset manager, and in accordance with the agreed investment strategy, risk profile, and regulatory constraints . Where appropriate, investors are encouraged to seek independent professional advice before making any investment decisions . The views, assessments, and opinions expressed reflect the author’s judgment at the time of publication and are subject to change at any time without prior notice . They are based on publicly available information believed to be reliable ; however, no representation or warranty, express or implied, is made as to the accuracy, completeness, or timeliness of such information . Past performance is not a reliable indicator of future results . Any forward - looking statements, including statements regarding expected market developments, asset allocation preferences, or anticipated returns, are inherently subject to risks, uncertainties, and assumptions . Actual results may differ materially from those expressed or implied . Investments in financial instruments involve risks, including the potential loss of the invested capital . Market values may fluctuate due to changes in economic conditions, interest rates, foreign exchange rates, creditworthiness of issuers, liquidity conditions, political developments, or other factors . Certain investments may involve higher volatility, leverage, or illiquidity and may not be suitable for all investors . References to specific securities, asset classes, regions, or sectors are made solely for explanatory purposes and do not constitute a recommendation or endorsement . The independent asset manager does not guarantee the performance of any investment strategy or outcome described in this document . This document is intended exclusively for the recipient and may not be reproduced, distributed, or forwarded to third parties, in whole or in part, without prior written consent. It is not intended for distribution in jurisdictions where such distribution would be contrary to applicable laws or regulations . To the extent permitted by applicable law, the independent asset manager, its partners, employees, and affiliated parties disclaim any liability for losses or damages arising from the use of, reliance on, or interpretation of this document.