LCI Monthly Strategy Review June 2026
Performance Overview
June was a tale of two sleeves. Equity markets were broadly firm — led by the Eurozone (Euro Stoxx 50 +6.1% in CHF terms), Switzerland, Japan and India — while the US dollar strengthened against CHF, EUR, JPY and GBP, handing CHF- and EUR-referenced strategies a meaningful FX tailwind on their unhedged dollar holdings (and USD strategies a matching headwind). The decisive factor, though, was precious metals: silver fell ~21-24% and gold ~9-13% (reference-currency terms). Every SE (active-enhanced) sleeve carries an 8% gold / 2% silver position, so all six SE families were dragged roughly -110 to -120 bps by the metals block alone. The S (semi-passive) sleeves hold no metals and sailed through — the average S strategy returned +0.98% for the month versus -0.65% for the average SE strategy.
Performance - June 2026
Semi-Passive (S) | Active-Enhanced (SE)
| Semi-Passive (S) | Active-Enhanced (SE) | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Strategy | Month | vs Bench | YTD | vs Bench | Strategy | Month | vs Bench | YTD | vs Bench | |
| LCI Yield CHF S | +1.08% | +13 bps | +2.91% | +15 bps | LCI Yield CHF SE | -0.25% | -121 bps | +1.41% | -135 bps | |
| LCI Balanced CHF S | +1.54% | +41 bps | +5.58% | +115 bps | LCI Balanced CHF SE | +0.08% | -106 bps | +3.33% | -110 bps | |
| LCI Growth CHF S | +2.01% | +25 bps | +8.26% | +173 bps | LCI Growth CHF SE | +0.42% | -134 bps | +5.26% | -127 bps | |
| LCI Yield EUR S | +0.99% | +32 bps | +4.43% | +75 bps | LCI Yield EUR SE | -0.54% | -121 bps | +2.68% | -100 bps | |
| LCI Balanced EUR S | +1.33% | +134 bps | +7.21% | +270 bps | LCI Balanced EUR SE | -0.34% | -33 bps | +4.69% | +17 bps | |
| LCI Growth EUR S | +1.67% | +76 bps | +9.99% | +285 bps | LCI Growth EUR SE | -0.14% | -105 bps | +6.69% | -46 bps | |
| LCI Yield USD S | +0.17% | -22 bps | +3.33% | -89 bps | LCI Yield USD SE | -1.51% | -191 bps | +1.49% | -273 bps | |
| LCI Balanced USD S | +0.06% | +39 bps | +5.46% | +40 bps | LCI Balanced USD SE | -1.69% | -136 bps | +3.00% | -207 bps | |
| LCI Growth USD S | -0.06% | -15 bps | +7.53% | +57 bps | LCI Growth USD SE | -1.88% | -196 bps | +4.46% | -251 bps | |
Returns in reference currency. Positive figures in green, negative in red. Source: La Côte Invest.
Seven of nine S sleeves beat their benchmark; none of the nine SE sleeves did, entirely on the metals drag. The two S laggards (Yield USD S, Growth USD S) were marginal, both hedged S&P exposure into a soft US tape.
YTD Cushions
All 18 strategies remain positive year-to-date, from +1.41% (Yield CHF SE) to +9.99% (Growth EUR S). The S sleeves broadly retain healthy YTD cushions over benchmark — Growth EUR S +285 bps, Balanced EUR S +270 bps, Growth CHF S +173 bps. The SE sleeves’ June metals hit pushed most of their YTD relative into the red (Yield USD SE -273 bps, Growth USD SE -251 bps), though EUR SE sleeves are near flat to benchmark (Balanced EUR SE +17 bps).
Best Performer / Worst Performer
Best security (weight-agnostic, by return): Xtrackers Euro Stoxx 50, +6.1% in CHF-referenced sleeves. Other standouts: UBS MSCI Switzerland (+5.0%), Amundi MSCI India (+4.9%), Amundi MSCI Japan (+4.2%). Worst: Silver (-21% to -24%) and Gold (-9% to -13%) across the SE sleeves, followed by Amundi MSCI Indonesia (-4.9% to -8.2%).
FX Impact
The US dollar strengthened broadly:
CHF sleeves picked up +60 to +139 bps of FX (USD the main contributor).
EUR sleeves gained +40 to +80 bps.
USD sleeves paid the mirror image, -31 to -93 bps, as EUR, CHF and JPY holdings translated lower.
FX was the single largest reason the CHF/EUR S sleeves outran their benchmarks this month.
Portfolio Changes
Only the SE sleeves traded; all nine S sleeves were unchanged. Across all six SE families the same alternatives rotation was applied: gold trimmed 10.0% → 8.0%, the liquid real-estate ETF 5.0% → 2.5%, and Partners Group Global Value 5.0% → 1.0%; initiated silver (2.0%), an Immo Suisse Selection certificate (2.5%), and four private-markets funds — KKR, Apollo, SCSL Global Private Equity and The Partners Fund (1.0% each). Net effect: a broader private-markets and real-asset sleeve. The silver initiation landed just ahead of its sharp drawdown.
Editorial Note
June is a clean illustration of the S/SE design difference. The metals allocation that differentiates the SE sleeves cost them the month, while the same equity and FX backdrop carried the metals-free S sleeves ahead of benchmark. The move is a single-month drawdown in a deliberately diversifying sleeve, not a change in thesis — but the silver timing is worth a note in the next positioning review. YTD, every strategy is still in positive territory.
