LCI Monthly Strategy Review – October 2026

Investment Strategy
Written by Markus Schoch

Performance Overview

October was a risk-off month for equities and precious metals, and a positive one for bonds. Asian and emerging-market equities fell hardest, while Swiss equities led the gainers. Bond sleeves gained overall in all three reference currencies: the three semi-passive Fixed Income books returned +0.40% to +1.33%. Gold and silver fell sharply, by 7.2% and 19.7% in USD.

The Swiss franc was the strongest of the three reference currencies, gaining roughly 1.4% against the USD and 2.8% against the EUR, while the USD gained about 1.4% against the EUR (implied from gold’s return in each currency). That was a drag on every CHF book and a tailwind for every EUR book. 7 of 30 strategies posted a positive month, from +1.33% (LCI Fixed Income USD S) down to -2.56% (LCI Equity CHF SE).

Relative to peers the cycle was weak: 7 of 30 strategies beat their peer composite by 15 bps or more, 3 were in line and 20 lagged. All 10 CHF books lagged, by 78 to 411 bps, against CHF peer composites that rose in all five risk profiles. The EUR and USD equity-heavy books held up better: all four Growth EUR and Equity EUR strategies and both Equity USD strategies beat peers.

Performance - October 2026

Semi-Passive (S)  |  Active-Enhanced (SE)

Semi-Passive (S) Active-Enhanced (SE)
StrategyMonthvs BenchYTDvs Bench StrategyMonthvs BenchYTDvs Bench
LCI Fixed Income CHF S +0.40% -78 bps -1.38% +267 bps LCI Fixed Income CHF SE -0.73% -191 bps -1.95% +211 bps
LCI Yield CHF S -0.22% -107 bps +1.83% +85 bps LCI Yield CHF SE -1.18% -204 bps +0.31% -67 bps
LCI Balanced CHF S -0.83% -112 bps +5.06% +7 bps LCI Balanced CHF SE -1.64% -193 bps +2.57% -242 bps
LCI Growth CHF S -1.44% -295 bps +8.32% +112 bps LCI Growth CHF SE -2.10% -361 bps +4.84% -236 bps
LCI Equity CHF S -2.05% -361 bps +11.60% +88 bps LCI Equity CHF SE -2.56% -411 bps +7.12% -360 bps
LCI Fixed Income EUR S +0.59% -84 bps +0.87% +257 bps LCI Fixed Income EUR SE -0.24% -166 bps +0.00% +171 bps
LCI Yield EUR S +0.33% -17 bps +4.11% +259 bps LCI Yield EUR SE -0.39% -89 bps +2.29% +77 bps
LCI Balanced EUR S +0.07% +14 bps +7.37% +319 bps LCI Balanced EUR SE -0.55% -48 bps +4.58% +40 bps
LCI Growth EUR S -0.19% +80 bps +10.64% +378 bps LCI Growth EUR SE -0.71% +28 bps +6.87% +1 bps
LCI Equity EUR S -0.44% +71 bps +13.93% +449 bps LCI Equity EUR SE -0.86% +29 bps +9.16% -28 bps
LCI Fixed Income USD S +1.33% -3 bps +0.17% +54 bps LCI Fixed Income USD SE +0.18% -118 bps -1.17% -80 bps
LCI Yield USD S +0.53% +7 bps +2.30% -107 bps LCI Yield USD SE -0.40% -86 bps +0.27% -310 bps
LCI Balanced USD S -0.26% +15 bps +4.36% -93 bps LCI Balanced USD SE -0.98% -57 bps +1.66% -363 bps
LCI Growth USD S -1.06% -79 bps +6.35% -120 bps LCI Growth USD SE -1.56% -129 bps +3.00% -455 bps
LCI Equity USD S -1.86% +245 bps +8.25% -54 bps LCI Equity USD SE -2.14% +217 bps +4.28% -450 bps

Returns in reference currency. Positive figures in green, negative in red. Source: La Côte Invest.

Year-to-Date

YTD returns range from -1.95% (LCI Fixed Income CHF SE) to +13.93% (LCI Equity EUR S). 3 strategies are negative for the year, all of them fixed income books (Fixed Income CHF S, Fixed Income CHF SE, Fixed Income USD SE); 2 of them are still ahead of their peer group. 16 strategies are ahead of peers YTD and 14 are behind.

Largest leads over peers: Equity EUR S (+449 bps), Growth EUR S (+378 bps), Balanced EUR S (+319 bps). Largest gaps to peers: Growth USD SE (-455 bps), Equity USD SE (-450 bps), Balanced USD SE (-363 bps). 10 of the 14 strategies behind peers YTD are SE sleeves.

Best and Worst Performers

The SPX lookback put spread was the best-performing security across the range: +16.8% in CHF, +20.2% in EUR and +18.5% in USD, as US equities fell. It is held only in the 12 multi-asset and equity SE sleeves at 0.18% to 0.71%, so it added 3 to 14 bps (most in LCI Equity EUR SE). Among the core holdings, UBS MSCI Switzerland 20/35 was the standout (+6.7% in CHF, +9.8% in EUR, +8.2% in USD); held in all 24 multi-asset and equity strategies at 1.6% to 15%, it added up to +101 bps (LCI Equity CHF S). Inside the SE satellite, SCSL Global Private Equity rose +2.6% in CHF.

At the other end, silver was the weakest security: -20.8% in CHF, -18.5% in EUR and -19.7% in USD. Held at 2% in all 15 SE sleeves, it cost 37 to 42 bps; gold (-8.5% in CHF) at 8% cost a further 47 to 68 bps. Among the core holdings, Amundi MSCI Korea was the weakest (-17.7% in CHF, -15.3% in EUR, -16.6% in USD), costing up to 71 bps (LCI Equity CHF S). The largest single detractor by contribution was Xtrackers Euro Stoxx 50 in LCI Equity USD S: -3.5% in USD at a 25% weight, costing 88 bps.

FX Impact

  • CHF books: FX cost 11 to 101 bps, as the franc gained against both the USD and the EUR, with USD and EUR exposure contributing similar drags and JPY a minor one.

  • EUR books: FX added +14 to +121 bps, led by USD, with CHF and GBP as secondary contributors.

  • USD books: -22 to +5 bps, as dollar strength against the EUR roughly offset its weakness against the CHF; EUR was the largest single drag.

LCI Fixed Income USD S has no foreign-currency exposure and shows no FX effect.

Portfolio Changes

No changes during the month: weights are identical to end-September in all 30 strategies. The SPX lookback put spread (95%-80%, expiring 20/27 November 2026) remains in the 12 multi-asset and equity SE sleeves at 0.18% to 0.71% depending on the equity weight.

Editorial Note

With no rebalancing, October is again a clean read on positioning. The defensive satellite worked in two directions: the SPX put spread did its job as equities fell, adding 3 to 14 bps, but precious metals cost 84 to 109 bps, far more than the hedge returned. As a result the SE sleeves trailed their S twins in all 15 pairs, by 28 to 115 bps. With the put spread expiring in late November, whether to roll the hedge is the positioning decision to watch, alongside the franc’s strength, which weighed on every CHF book this month.

Strategy Performance

Semi-passive (S), active-enhanced (SE) and peer group for every risk profile · as at 31 October 2026

CHF strategies since 31 December 2015 · 10.8 years

Performance and risk

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Target allocationPerformanceRisk
Strategy lineFixed IncomeEquityAlternativesTotal ReturnReturn p.a.1 MonthYear to Date1 Year3 Years p.a.5 Years p.a.10 Years p.a.Volatility p.a.Max DrawdownSharpe Ratio
Fixed Income
Semi-passive (S)100%––0.2%0.0%0.4%−1.4%−1.6%2.1%−1.6%−0.4%4.1%−15.6%0.00
Active-enhanced (SE)80%–20%18.9%1.6%−0.7%−1.9%−1.4%4.3%0.3%1.2%4.2%−13.5%0.38
Peer group100%––−14.2%−1.4%1.2%−4.1%−4.4%0.1%−3.2%−1.7%3.9%−17.6%−0.36
Yield
Semi-passive (S)75%25%–27.6%2.3%−0.2%1.8%2.1%5.6%0.6%2.1%5.8%−16.1%0.39
Active-enhanced (SE)60%20%20%43.7%3.4%−1.2%0.3%1.2%7.0%2.0%3.2%5.4%−13.9%0.63
Peer group75%25%–9.7%0.9%0.9%1.0%1.7%5.1%−1.0%0.8%6.6%−18.7%0.13
Balanced
Semi-passive (S)50%50%–61.1%4.5%−0.8%5.1%5.9%9.2%2.9%4.6%8.0%−16.9%0.56
Active-enhanced (SE)40%40%20%72.8%5.1%−1.6%2.6%3.9%9.7%3.7%5.1%7.1%−14.7%0.73
Peer group50%50%–26.4%2.2%0.3%5.0%6.0%7.9%0.8%2.4%6.9%−17.8%0.32
Growth
Semi-passive (S)25%75%–101.8%6.6%−1.4%8.3%9.7%12.8%5.1%7.1%10.5%−18.8%0.63
Active-enhanced (SE)20%60%20%106.6%6.9%−2.1%4.8%6.7%12.4%5.5%7.1%9.0%−15.8%0.77
Peer group25%75%–46.6%3.6%1.5%7.2%9.2%10.4%1.8%3.9%9.8%−21.3%0.36
Equity
Semi-passive (S)–100%–150.6%8.8%−2.1%11.6%13.6%16.5%7.3%9.5%13.0%−22.7%0.67
Active-enhanced (SE)–80%20%145.9%8.6%−2.6%7.1%9.4%15.2%7.2%9.0%10.9%−18.8%0.79
Peer group–100%–73.0%5.2%1.6%10.7%13.6%13.5%3.3%5.8%11.5%−23.2%0.45
Risk / return since inception
Active-enhanced (SE)Semi-passive (S)Peer group
-5%0%5%10%0%5%10%15%Volatility p.a.Return p.a.Fixed Income – Semi-passive (S): volatility 4.1%, return p.a. 0.0%Fixed Income – Active-enhanced (SE): volatility 4.2%, return p.a. 1.6%Fixed Income – Peer group: volatility 3.9%, return p.a. −1.4%Yield – Semi-passive (S): volatility 5.8%, return p.a. 2.3%Yield – Active-enhanced (SE): volatility 5.4%, return p.a. 3.4%Yield – Peer group: volatility 6.6%, return p.a. 0.9%Balanced – Semi-passive (S): volatility 8.0%, return p.a. 4.5%Balanced – Active-enhanced (SE): volatility 7.1%, return p.a. 5.1%Balanced – Peer group: volatility 6.9%, return p.a. 2.2%Growth – Semi-passive (S): volatility 10.5%, return p.a. 6.6%Growth – Active-enhanced (SE): volatility 9.0%, return p.a. 6.9%Growth – Peer group: volatility 9.8%, return p.a. 3.6%Equity – Semi-passive (S): volatility 13.0%, return p.a. 8.8%Equity – Active-enhanced (SE): volatility 10.9%, return p.a. 8.6%Equity – Peer group: volatility 11.5%, return p.a. 5.2%
Cumulative return vs peer group
Active-enhanced (SE)Semi-passive (S)
020406080Fixed IncomeFixed Income – Active-enhanced: +33+33Fixed Income – Semi-passive: +14+14YieldYield – Active-enhanced: +34+34Yield – Semi-passive: +18+18BalancedBalanced – Active-enhanced: +46+46Balanced – Semi-passive: +35+35GrowthGrowth – Active-enhanced: +60+60Growth – Semi-passive: +55+55EquityEquity – Active-enhanced: +73+73Equity – Semi-passive: +78+78

Excess cumulative return, in percentage points

What the CHF range shows
  • ◆The active-enhanced line runs a constant 20% allocation to alternatives, funded pro-rata from the fixed income and equity sleeves — the structural difference behind the risk figures.
  • ◆Equity shows the widest lead over the peer group (+73 points cumulative).
  • ◆The active-enhanced line ran at lower volatility than peers in 3 of 5 risk profiles, and at a shallower maximum drawdown in 5 of 5.
  • ◆Every LCI line is ahead of its peer group on cumulative return, annualised return and Sharpe ratio.

Calendar-year returns

Swipe sideways for all years →

Calendar yearCurrent year
Strategy line2016*2017*2018*2019*2020*2021*2022*2023*202420252026
YTD
Fixed Income
Semi-passive (S)3.4%1.8%−2.5%4.2%2.2%−0.8%−12.8%3.3%2.2%1.8%−1.4%
Active-enhanced (SE)4.6%3.0%−2.2%6.6%4.2%0.6%−11.0%3.2%6.3%5.5%−1.9%
Peer group1.2%0.6%−3.4%2.3%1.9%−2.2%−12.7%1.9%−1.0%1.2%−4.1%
Yield
Semi-passive (S)4.3%5.8%−4.3%9.1%3.1%4.4%−13.2%5.6%5.3%4.7%1.8%
Active-enhanced (SE)5.3%6.2%−3.6%10.6%4.9%4.8%−11.3%5.1%8.9%7.8%0.3%
Peer group1.8%6.2%−7.3%8.7%1.8%4.5%−16.0%3.4%2.0%5.9%1.0%
Balanced
Semi-passive (S)5.1%10.0%−6.1%14.2%3.7%9.8%−13.7%7.9%8.4%7.7%5.1%
Active-enhanced (SE)6.0%9.5%−5.1%14.7%5.5%9.1%−11.7%6.9%11.4%10.1%2.6%
Peer group1.4%7.6%−9.2%11.5%3.4%6.2%−15.0%3.1%6.3%6.5%5.0%
Growth
Semi-passive (S)5.9%14.2%−8.0%19.4%4.1%15.4%−14.3%10.1%11.6%10.7%8.3%
Active-enhanced (SE)6.7%12.9%−6.5%18.8%5.9%13.6%−12.1%8.7%14.1%12.4%4.8%
Peer group2.3%12.5%−10.5%15.8%1.8%11.8%−17.9%5.5%5.8%10.2%7.2%
Equity
Semi-passive (S)6.5%18.6%−9.9%24.7%4.4%21.2%−15.0%12.4%14.9%13.8%11.6%
Active-enhanced (SE)7.3%16.4%−8.0%23.1%6.2%18.2%−12.6%10.6%16.7%14.7%7.1%
Peer group2.1%15.6%−11.6%19.6%3.0%16.3%−19.1%6.4%8.2%12.3%10.7%
Years ahead of the peer group
Active-enhanced (SE)Semi-passive (S)
0246810Fixed IncomeFixed Income – Active-enhanced: 1010Fixed Income – Semi-passive: 99YieldYield – Active-enhanced: 99Yield – Semi-passive: 77BalancedBalanced – Active-enhanced: 1010Balanced – Semi-passive: 1010GrowthGrowth – Active-enhanced: 1010Growth – Semi-passive: 1010EquityEquity – Active-enhanced: 1010Equity – Semi-passive: 1010

Of 10 full calendar years

Worst calendar year
Active-enhanced (SE)Semi-passive (S)Peer group
−20%−15%−10%−5%0%Fixed IncomeFixed Income – Active-enhanced (SE): −11.0%−11.0%Fixed Income – Semi-passive (S): −12.8%−12.8%Fixed Income – Peer group: −12.7%−12.7%YieldYield – Active-enhanced (SE): −11.3%−11.3%Yield – Semi-passive (S): −13.2%−13.2%Yield – Peer group: −16.0%−16.0%BalancedBalanced – Active-enhanced (SE): −11.7%−11.7%Balanced – Semi-passive (S): −13.7%−13.7%Balanced – Peer group: −15.0%−15.0%GrowthGrowth – Active-enhanced (SE): −12.1%−12.1%Growth – Semi-passive (S): −14.3%−14.3%Growth – Peer group: −17.9%−17.9%EquityEquity – Active-enhanced (SE): −12.6%−12.6%Equity – Semi-passive (S): −15.0%−15.0%Equity – Peer group: −19.1%−19.1%
Year by year
  • ◆Across the ten full calendar years, the active-enhanced line finished ahead of its peer group in 49 of 50 profile-years; the semi-passive line in 46 of 50.
  • ◆2022 was the hardest year for the peer group: the active-enhanced range averaged −11.7% against −16.1% for peers.
  • ◆Best single year: Equity S at +24.7% in 2019.
  • ◆2026 is a part year to 31 October and is shown separately; it is not annualised.

EUR strategies since 31 December 2015 · 10.8 years

Performance and risk

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Target allocationPerformanceRisk
Strategy lineFixed IncomeEquityAlternativesTotal ReturnReturn p.a.1 MonthYear to Date1 Year3 Years p.a.5 Years p.a.10 Years p.a.Volatility p.a.Max DrawdownSharpe Ratio
Fixed Income
Semi-passive (S)100%––16.6%1.4%0.6%0.9%0.9%4.3%0.9%1.3%3.8%−10.9%0.37
Active-enhanced (SE)80%–20%36.0%2.9%−0.2%0.0%0.6%5.6%2.6%2.7%3.7%−7.7%0.77
Peer group100%––−2.7%−0.2%1.4%−1.7%−1.7%2.7%−1.2%−0.6%3.8%−15.3%−0.07
Yield
Semi-passive (S)75%25%–50.3%3.8%0.3%4.1%4.4%7.8%3.4%3.9%5.5%−10.8%0.69
Active-enhanced (SE)60%20%20%66.1%4.8%−0.4%2.3%3.1%8.3%4.5%4.7%4.9%−9.0%0.97
Peer group75%25%–23.0%1.9%0.5%1.5%2.0%7.1%0.5%1.9%6.9%−18.6%0.28
Balanced
Semi-passive (S)50%50%–92.1%6.2%0.1%7.4%7.9%11.4%6.0%6.5%7.8%−14.6%0.79
Active-enhanced (SE)40%40%20%101.8%6.6%−0.5%4.6%5.6%11.0%6.5%6.8%6.6%−12.2%1.00
Peer group50%50%–41.7%3.2%−0.1%4.2%4.5%9.3%2.4%3.5%7.2%−16.6%0.45
Growth
Semi-passive (S)25%75%–143.5%8.5%−0.2%10.6%11.4%15.0%8.5%9.1%10.3%−18.5%0.82
Active-enhanced (SE)20%60%20%143.8%8.5%−0.7%6.9%8.1%13.8%8.5%8.9%8.6%−15.4%0.99
Peer group25%75%–62.6%4.6%−1.0%6.9%7.8%12.3%3.1%4.8%10.6%−22.6%0.43
Equity
Semi-passive (S)–100%–206.0%10.8%−0.4%13.9%15.0%18.7%11.0%11.6%12.9%−22.6%0.83
Active-enhanced (SE)–80%20%193.0%10.3%−0.9%9.2%10.6%16.6%10.4%10.9%10.6%−18.4%0.98
Peer group–100%–89.2%6.0%−1.1%9.4%10.8%15.1%4.4%6.5%12.7%−24.9%0.47
Risk / return since inception
Active-enhanced (SE)Semi-passive (S)Peer group
-5%0%5%10%15%0%5%10%15%Volatility p.a.Return p.a.Fixed Income – Semi-passive (S): volatility 3.8%, return p.a. 1.4%Fixed Income – Active-enhanced (SE): volatility 3.7%, return p.a. 2.9%Fixed Income – Peer group: volatility 3.8%, return p.a. −0.2%Yield – Semi-passive (S): volatility 5.5%, return p.a. 3.8%Yield – Active-enhanced (SE): volatility 4.9%, return p.a. 4.8%Yield – Peer group: volatility 6.9%, return p.a. 1.9%Balanced – Semi-passive (S): volatility 7.8%, return p.a. 6.2%Balanced – Active-enhanced (SE): volatility 6.6%, return p.a. 6.6%Balanced – Peer group: volatility 7.2%, return p.a. 3.2%Growth – Semi-passive (S): volatility 10.3%, return p.a. 8.5%Growth – Active-enhanced (SE): volatility 8.6%, return p.a. 8.5%Growth – Peer group: volatility 10.6%, return p.a. 4.6%Equity – Semi-passive (S): volatility 12.9%, return p.a. 10.8%Equity – Active-enhanced (SE): volatility 10.6%, return p.a. 10.3%Equity – Peer group: volatility 12.7%, return p.a. 6.0%
Cumulative return vs peer group
Active-enhanced (SE)Semi-passive (S)
050100150Fixed IncomeFixed Income – Active-enhanced: +39+39Fixed Income – Semi-passive: +19+19YieldYield – Active-enhanced: +43+43Yield – Semi-passive: +27+27BalancedBalanced – Active-enhanced: +60+60Balanced – Semi-passive: +50+50GrowthGrowth – Active-enhanced: +81+81Growth – Semi-passive: +81+81EquityEquity – Active-enhanced: +104+104Equity – Semi-passive: +117+117

Excess cumulative return, in percentage points

What the EUR range shows
  • ◆The active-enhanced line runs a constant 20% allocation to alternatives, funded pro-rata from the fixed income and equity sleeves — the structural difference behind the risk figures.
  • ◆Equity shows the widest lead over the peer group (+104 points cumulative).
  • ◆The active-enhanced line ran at lower volatility than peers in 5 of 5 risk profiles, and at a shallower maximum drawdown in 5 of 5.
  • ◆Every LCI line is ahead of its peer group on cumulative return, annualised return and Sharpe ratio.

Calendar-year returns

Swipe sideways for all years →

Calendar yearCurrent year
Strategy line2016*2017*2018*2019*2020*2021*2022*2023*202420252026
YTD
Fixed Income
Semi-passive (S)2.6%−0.2%−0.1%7.0%1.5%1.0%−10.6%6.8%5.9%2.0%0.9%
Active-enhanced (SE)3.9%0.3%0.8%8.6%3.3%3.0%−7.7%6.1%8.4%5.6%0.0%
Peer group2.1%0.9%−3.1%2.9%2.6%−2.2%−12.3%4.1%1.6%3.4%−1.7%
Yield
Semi-passive (S)4.4%2.1%−1.5%12.2%2.1%6.9%−10.3%9.9%8.7%4.8%4.1%
Active-enhanced (SE)5.4%2.2%−0.3%12.8%3.8%7.9%−7.4%8.5%10.7%7.7%2.3%
Peer group3.2%5.7%−7.0%8.9%3.1%5.2%−15.9%6.6%4.3%8.1%1.5%
Balanced
Semi-passive (S)6.2%4.5%−2.9%17.5%2.5%13.2%−10.0%12.9%11.5%7.6%7.4%
Active-enhanced (SE)6.8%4.1%−1.5%17.0%4.2%12.9%−7.1%11.0%13.0%9.8%4.6%
Peer group2.2%5.7%−8.6%12.1%5.6%8.0%−14.5%7.8%8.0%8.1%4.2%
Growth
Semi-passive (S)7.9%6.8%−4.5%23.0%2.7%19.7%−9.7%16.1%14.4%10.4%10.6%
Active-enhanced (SE)8.3%6.0%−2.7%21.5%4.5%18.0%−6.9%13.5%15.3%11.9%6.9%
Peer group4.3%11.5%−10.4%15.3%3.9%12.2%−18.2%9.6%7.8%12.4%6.9%
Equity
Semi-passive (S)9.6%9.3%−6.1%28.7%2.6%26.5%−9.6%19.2%17.3%13.2%13.9%
Active-enhanced (SE)9.7%7.9%−3.9%26.0%4.6%23.4%−6.7%15.9%17.7%14.0%9.2%
Peer group4.8%14.3%−11.9%19.0%4.9%16.5%−19.7%11.1%10.4%14.2%9.4%
Years ahead of the peer group
Active-enhanced (SE)Semi-passive (S)
0246810Fixed IncomeFixed Income – Active-enhanced: 99Fixed Income – Semi-passive: 77YieldYield – Active-enhanced: 88Yield – Semi-passive: 77BalancedBalanced – Active-enhanced: 88Balanced – Semi-passive: 77GrowthGrowth – Active-enhanced: 88Growth – Semi-passive: 77EquityEquity – Active-enhanced: 77Equity – Semi-passive: 77

Of 10 full calendar years

Worst calendar year
Active-enhanced (SE)Semi-passive (S)Peer group
−20%−15%−10%−5%0%Fixed IncomeFixed Income – Active-enhanced (SE): −7.7%−7.7%Fixed Income – Semi-passive (S): −10.6%−10.6%Fixed Income – Peer group: −12.3%−12.3%YieldYield – Active-enhanced (SE): −7.4%−7.4%Yield – Semi-passive (S): −10.3%−10.3%Yield – Peer group: −15.9%−15.9%BalancedBalanced – Active-enhanced (SE): −7.1%−7.1%Balanced – Semi-passive (S): −10.0%−10.0%Balanced – Peer group: −14.5%−14.5%GrowthGrowth – Active-enhanced (SE): −6.9%−6.9%Growth – Semi-passive (S): −9.7%−9.7%Growth – Peer group: −18.2%−18.2%EquityEquity – Active-enhanced (SE): −6.7%−6.7%Equity – Semi-passive (S): −9.6%−9.6%Equity – Peer group: −19.7%−19.7%
Year by year
  • ◆Across the ten full calendar years, the active-enhanced line finished ahead of its peer group in 40 of 50 profile-years; the semi-passive line in 35 of 50.
  • ◆2022 was the hardest year for the peer group: the active-enhanced range averaged −7.2% against −16.1% for peers.
  • ◆Best single year: Equity S at +28.7% in 2019.
  • ◆2026 is a part year to 31 October and is shown separately; it is not annualised.

USD strategies since 31 December 2015 · 10.8 years

Performance and risk

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Target allocationPerformanceRisk
Strategy lineFixed IncomeEquityAlternativesTotal ReturnReturn p.a.1 MonthYear to Date1 Year3 Years p.a.5 Years p.a.10 Years p.a.Volatility p.a.Max DrawdownSharpe Ratio
Fixed Income
Semi-passive (S)100%––37.1%2.9%1.3%0.2%1.1%6.7%1.5%2.7%4.6%−14.8%0.64
Active-enhanced (SE)80%–20%57.6%4.3%0.2%−1.2%0.3%7.9%3.1%4.0%4.6%−12.1%0.91
Peer group100%––20.1%1.7%1.4%−0.4%0.1%4.6%0.6%1.5%3.8%−13.3%0.45
Yield
Semi-passive (S)75%25%–73.9%5.2%0.5%2.3%3.7%10.3%3.8%5.2%6.5%−16.6%0.80
Active-enhanced (SE)60%20%20%90.0%6.1%−0.4%0.3%2.2%10.7%4.9%6.0%6.1%−13.9%1.00
Peer group75%25%–54.2%4.0%0.5%3.4%4.1%9.5%2.4%4.0%7.2%−17.8%0.56
Balanced
Semi-passive (S)50%50%–118.1%7.4%−0.3%4.4%6.3%14.0%6.1%7.6%9.0%−19.1%0.82
Active-enhanced (SE)40%40%20%127.5%7.8%−1.0%1.7%4.0%13.5%6.7%7.9%8.0%−16.1%0.98
Peer group50%50%–74.1%5.2%−0.4%5.3%6.0%12.3%4.0%5.4%8.0%−18.3%0.65
Growth
Semi-passive (S)25%75%–170.7%9.6%−1.1%6.3%8.8%17.7%8.3%10.0%11.9%−21.8%0.80
Active-enhanced (SE)20%60%20%170.5%9.5%−1.6%3.0%5.7%16.3%8.4%9.8%10.2%−18.2%0.94
Peer group25%75%–104.6%6.8%−0.3%7.5%8.6%14.5%4.8%7.0%11.1%−22.3%0.61
Equity
Semi-passive (S)–100%–232.3%11.6%−1.9%8.2%11.3%21.5%10.5%12.4%14.8%−24.5%0.78
Active-enhanced (SE)–80%20%219.5%11.2%−2.1%4.3%7.4%19.2%10.1%11.7%12.5%−20.4%0.90
Peer group–100%–245.4%12.0%−4.3%8.8%10.6%21.8%10.3%12.8%14.1%−24.1%0.86
Risk / return since inception
Active-enhanced (SE)Semi-passive (S)Peer group
0%5%10%15%0%5%10%15%20%Volatility p.a.Return p.a.Fixed Income – Semi-passive (S): volatility 4.6%, return p.a. 2.9%Fixed Income – Active-enhanced (SE): volatility 4.6%, return p.a. 4.3%Fixed Income – Peer group: volatility 3.8%, return p.a. 1.7%Yield – Semi-passive (S): volatility 6.5%, return p.a. 5.2%Yield – Active-enhanced (SE): volatility 6.1%, return p.a. 6.1%Yield – Peer group: volatility 7.2%, return p.a. 4.0%Balanced – Semi-passive (S): volatility 9.0%, return p.a. 7.4%Balanced – Active-enhanced (SE): volatility 8.0%, return p.a. 7.8%Balanced – Peer group: volatility 8.0%, return p.a. 5.2%Growth – Semi-passive (S): volatility 11.9%, return p.a. 9.6%Growth – Active-enhanced (SE): volatility 10.2%, return p.a. 9.5%Growth – Peer group: volatility 11.1%, return p.a. 6.8%Equity – Semi-passive (S): volatility 14.8%, return p.a. 11.6%Equity – Active-enhanced (SE): volatility 12.5%, return p.a. 11.2%Equity – Peer group: volatility 14.1%, return p.a. 12.0%
Cumulative return vs peer group
Active-enhanced (SE)Semi-passive (S)
−40−20020406080Fixed IncomeFixed Income – Active-enhanced: +37+37Fixed Income – Semi-passive: +17+17YieldYield – Active-enhanced: +36+36Yield – Semi-passive: +20+20BalancedBalanced – Active-enhanced: +53+53Balanced – Semi-passive: +44+44GrowthGrowth – Active-enhanced: +66+66Growth – Semi-passive: +66+66EquityEquity – Active-enhanced: −26−26Equity – Semi-passive: −13−13

Excess cumulative return, in percentage points

What the USD range shows
  • ◆The active-enhanced line runs a constant 20% allocation to alternatives, funded pro-rata from the fixed income and equity sleeves — the structural difference behind the risk figures.
  • ◆Growth shows the widest lead over the peer group (+66 points cumulative).
  • ◆The active-enhanced line ran at lower volatility than peers in 4 of 5 risk profiles, and at a shallower maximum drawdown in 5 of 5.
  • ◆Peers lead in Equity on cumulative return — shown as reported.

Calendar-year returns

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Calendar yearCurrent year
Strategy line2016*2017*2018*2019*2020*2021*2022*2023*202420252026
YTD
Fixed Income
Semi-passive (S)3.6%2.7%1.5%10.7%6.9%−0.5%−11.3%7.4%4.0%8.6%0.2%
Active-enhanced (SE)4.4%4.4%1.7%11.6%8.9%0.9%−8.7%7.2%6.2%12.8%−1.2%
Peer group2.4%3.0%−1.5%7.1%6.0%−1.6%−9.9%5.8%2.9%6.0%−0.4%
Yield
Semi-passive (S)4.6%7.7%−1.3%14.7%8.9%4.1%−12.1%11.4%5.9%13.2%2.3%
Active-enhanced (SE)5.3%8.5%−0.5%14.8%10.6%4.6%−9.4%10.4%7.7%16.4%0.3%
Peer group4.7%9.0%−5.3%12.5%6.6%5.2%−14.3%8.8%6.3%10.4%3.4%
Balanced
Semi-passive (S)5.6%13.0%−4.1%18.8%10.7%8.8%−13.1%15.4%7.9%18.1%4.4%
Active-enhanced (SE)6.1%12.7%−2.7%18.1%12.1%8.4%−10.2%13.6%9.3%20.2%1.7%
Peer group3.7%10.4%−7.5%14.7%11.0%5.9%−14.3%9.6%8.6%13.4%5.3%
Growth
Semi-passive (S)6.5%18.4%−7.0%22.8%12.1%13.7%−14.2%19.4%9.9%23.0%6.3%
Active-enhanced (SE)6.9%17.0%−5.0%21.3%13.4%12.3%−11.0%16.8%10.9%24.1%3.0%
Peer group6.6%16.0%−8.8%18.7%8.9%11.0%−17.3%12.8%10.5%14.1%7.5%
Equity
Semi-passive (S)7.3%24.1%−9.9%26.9%13.2%18.7%−15.4%23.6%11.8%28.2%8.2%
Active-enhanced (SE)7.6%21.5%−7.3%24.6%14.5%16.3%−11.9%20.1%12.5%28.0%4.3%
Peer group7.5%22.8%−9.0%27.1%16.1%22.2%−18.1%24.3%19.1%21.0%8.8%
Years ahead of the peer group
Active-enhanced (SE)Semi-passive (S)
0246810Fixed IncomeFixed Income – Active-enhanced: 1010Fixed Income – Semi-passive: 88YieldYield – Active-enhanced: 88Yield – Semi-passive: 66BalancedBalanced – Active-enhanced: 1010Balanced – Semi-passive: 88GrowthGrowth – Active-enhanced: 1010Growth – Semi-passive: 88EquityEquity – Active-enhanced: 44Equity – Semi-passive: 33

Of 10 full calendar years

Worst calendar year
Active-enhanced (SE)Semi-passive (S)Peer group
−20%−15%−10%−5%0%Fixed IncomeFixed Income – Active-enhanced (SE): −8.7%−8.7%Fixed Income – Semi-passive (S): −11.3%−11.3%Fixed Income – Peer group: −9.9%−9.9%YieldYield – Active-enhanced (SE): −9.4%−9.4%Yield – Semi-passive (S): −12.1%−12.1%Yield – Peer group: −14.3%−14.3%BalancedBalanced – Active-enhanced (SE): −10.2%−10.2%Balanced – Semi-passive (S): −13.1%−13.1%Balanced – Peer group: −14.3%−14.3%GrowthGrowth – Active-enhanced (SE): −11.0%−11.0%Growth – Semi-passive (S): −14.2%−14.2%Growth – Peer group: −17.3%−17.3%EquityEquity – Active-enhanced (SE): −11.9%−11.9%Equity – Semi-passive (S): −15.4%−15.4%Equity – Peer group: −18.1%−18.1%
Year by year
  • ◆Across the ten full calendar years, the active-enhanced line finished ahead of its peer group in 42 of 50 profile-years; the semi-passive line in 33 of 50.
  • ◆2022 was the hardest year for the peer group: the active-enhanced range averaged −10.3% against −14.8% for peers.
  • ◆Best single year: Equity S at +28.2% in 2025.
  • ◆2026 is a part year to 31 October and is shown separately; it is not annualised.

How the peer groups are built

Each LCI strategy is compared with a peer group of third-party multi-asset funds in the same reference currency and risk profile. The funds are selected by La Côte Invest from well-known asset managers with a comparable risk profile and investment objective; we aim for a broad peer group and add funds over time. Historical peer returns use the funds in each group at each date. Peer returns are the weighted returns of these funds, net of all their fees. As at 31 October 2026 the peer groups comprise 55 funds (CHF 16, EUR 20, USD 19). The list of constituent funds is available on request.

Legal notice

Returns are those of La Côte Invest model portfolios, calculated monthly from the target weights and the returns of the underlying instruments in the reference currency, net of underlying instrument costs but gross of La Côte Invest’s advisory fee of 0.5% p.a.; peer group returns are net of all fund fees. Before 2024 the same strategies were implemented in client portfolios at previous institutions where Markus Schoch was head of investments; La Côte Invest’s own record starts in 2024. Figures are not those of actual client accounts. Target allocation as at 31 October 2026; peer rows are shown at the semi-passive allocation. Calendar years marked * (before 2024) reflect the strategies as implemented at previous institutions. Peer groups are composites of third-party multi-asset funds selected by La Côte Invest from well-known managers with a comparable risk profile and investment objective, using the funds in each group at each date; groups are extended over time. Past performance is not a reliable indicator of future results; the value of investments can fall as well as rise. For information purposes only; not an offer, solicitation or personal recommendation, nor investment, legal, tax or accounting advice.

La Côte Invest SA · Chemin de Chantegrive 28 · 1260 Nyon · Affiliated to ARIF (Association Romande des Intermédiaires Financiers) · Data as at 31.10.2026

Markus Schoch
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LCI Monthly – Markets in October 2026