LCI Monthly Strategy Review – September 2026

Investment Strategy
Written By Markus Schoch

Performance Overview

September was a difficult month for bonds and a mixed one for equities. Government, corporate and high-yield bonds fell in all three reference currencies, with cat bonds the one steady positive, and 14 of the 15 peer composites lost ground (only Peers Equity USD rose, +0.44%). Regional equity returns diverged: US, Japanese, Korean and Brazilian equities gained, while Swiss, European, Indian and Indonesian equities fell.

The US dollar was the dominant force, gaining roughly 3.3% against the CHF and 2.4% against the EUR (implied from gold’s return in each currency). That was a tailwind for every CHF and EUR book and a drag for the USD books. 29 of 30 strategies posted a negative month; only LCI Equity CHF S finished marginally positive (+0.03%), and the range ran down to -2.89% for LCI Equity USD SE.

Relative to peers the cycle was strong: 20 of 30 strategies beat their peer composite by 15 bps or more, 2 were in line and 8 lagged. All six fixed income books were ahead of peers, by 25 to 197 bps.

Performance - September 2026

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

Semi-Passive (S) Active-Enhanced (SE)
StrategyMonthvs BenchYTDvs Bench StrategyMonthvs BenchYTDvs Bench
LCI Fixed Income CHF S -1.42% +165 bps -1.77% +340 bps LCI Fixed Income CHF SE -1.39% +168 bps -1.23% +394 bps
LCI Yield CHF S -1.06% +107 bps +2.05% +192 bps LCI Yield CHF SE -1.20% +93 bps +1.51% +138 bps
LCI Balanced CHF S -0.69% +39 bps +5.94% +125 bps LCI Balanced CHF SE -1.01% +8 bps +4.28% -40 bps
LCI Growth CHF S -0.33% +124 bps +9.90% +429 bps LCI Growth CHF SE -0.81% +76 bps +7.09% +148 bps
LCI Equity CHF S +0.03% +159 bps +13.94% +491 bps LCI Equity CHF SE -0.62% +94 bps +9.93% +90 bps
LCI Fixed Income EUR S -0.70% +197 bps +0.28% +336 bps LCI Fixed Income EUR SE -0.82% +185 bps +0.24% +332 bps
LCI Yield EUR S -0.55% +152 bps +3.77% +276 bps LCI Yield EUR SE -0.79% +127 bps +2.69% +168 bps
LCI Balanced EUR S -0.39% +91 bps +7.29% +304 bps LCI Balanced EUR SE -0.76% +54 bps +5.15% +91 bps
LCI Growth EUR S -0.23% +86 bps +10.85% +292 bps LCI Growth EUR SE -0.73% +36 bps +7.62% -30 bps
LCI Equity EUR S -0.07% +37 bps +14.43% +373 bps LCI Equity EUR SE -0.70% -26 bps +10.11% -60 bps
LCI Fixed Income USD S -1.81% +54 bps -1.14% +57 bps LCI Fixed Income USD SE -2.09% +25 bps -1.34% +36 bps
LCI Yield USD S -1.97% +2 bps +1.76% -113 bps LCI Yield USD SE -2.29% -30 bps +0.67% -222 bps
LCI Balanced USD S -2.14% -88 bps +4.64% -108 bps LCI Balanced USD SE -2.49% -123 bps +2.66% -306 bps
LCI Growth USD S -2.30% -92 bps +7.48% -35 bps LCI Growth USD SE -2.69% -131 bps +4.63% -321 bps
LCI Equity USD S -2.46% -290 bps +10.30% -338 bps LCI Equity USD SE -2.89% -333 bps +6.56% -712 bps

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

Year-to-Date

YTD returns range from -1.77% (LCI Fixed Income CHF S) to +14.43% (LCI Equity EUR S). Four strategies are negative for the year, all of them CHF or USD fixed income books, though each is still ahead of its peer group. 19 strategies are ahead of peers YTD and 11 are behind.

Largest cushions: Equity CHF S (+491 bps), Growth CHF S (+429 bps), Fixed Income CHF SE (+394 bps). Largest deficits: Equity USD SE (-712 bps), Equity USD S (-338 bps), Growth USD SE (-321 bps).

Best Performer / Worst Performer

iShares MSCI Brazil was the best-performing security across the range: +6.4% in CHF, +5.5% in EUR and +3.0% in USD. It is held in all 24 multi-asset and equity strategies at 0.5% to 2.5%, so its contribution was modest, at most +16 bps (LCI Equity CHF S). Among the equity ETFs, Japan (+4.5% in CHF) and Korea (+4.4%) were next; inside the SE satellite, KKR Private Markets Equity (+4.6% in CHF) and Apollo Private Markets (+3.9%) stood out.

At the other end, the SPX lookback put spread was the weakest security, losing about 40% (-39.9% in CHF, -40.5% in EUR, -41.9% in USD) as US equities edged higher; held only in the multi-asset and equity SE sleeves at 0.18% to 0.71%, it cost 7 to 30 bps. Among the core holdings, Amundi MSCI Indonesia was the weakest (-6.4% in CHF, -7.2% in EUR, -9.4% in USD), costing at most 24 bps (LCI Equity USD S). The largest single detractor by contribution was Xtrackers Euro Stoxx 50 in the USD books: -4.6% in USD, costing 114 bps in LCI Equity USD S.

FX Impact

  • CHF books: FX added +26 to +158 bps, almost entirely from unhedged USD exposure, with JPY a secondary contributor.

  • EUR books: +24 to +135 bps, again led by USD and JPY, with a small CHF drag.

  • USD books: 0 to -107 bps, as the strong dollar cut the value of EUR, CHF and GBP holdings; 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-August in all 30 strategies. The SPX lookback put spread (95%-80%, expiring November 2026) added to the multi-asset and equity SE sleeves in August remains in place at 0.18% to 0.71% depending on the equity weight.

Editorial Note

With no rebalancing, September is a clean read on positioning. The defensive satellite (gold, silver and the SPX put spread) did not pay off: the SE sleeves trailed their S twins in 14 of 15 pairs, by 12 to 65 bps, with gold and silver falling even in dollar terms and the put spread losing about 40% as US equities edged higher. The other pressure point is the USD range: 7 of the 8 strategies that lagged peers are USD books (the eighth is LCI Equity EUR SE). Whether the dollar’s strength persists is the variable to watch, because it drives both the USD-book FX drag and the precious-metals weakness.

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Strategy Monitor

Strategy Performance

Semi-passive (S), active-enhanced (SE) and peer group for every risk profile · as at 30 September 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%−1.4%−1.8%−1.4%1.7%−1.9%−0.5%4.1%−15.6%−0.00
Active-enhanced (SE)80%–20%19.8%1.7%−1.4%−1.2%0.4%4.4%0.2%1.2%4.2%−13.5%0.40
Peer group100%––−15.2%−1.5%−3.1%−5.2%−5.4%−0.5%−3.5%−1.9%3.9%−17.6%−0.39
Yield
Semi-passive (S)75%25%–27.9%2.3%−1.1%2.0%3.8%5.2%0.7%2.1%5.8%−16.1%0.40
Active-enhanced (SE)60%20%20%45.4%3.5%−1.2%1.5%4.2%7.0%2.2%3.2%5.4%−13.9%0.65
Peer group75%25%–8.8%0.8%−2.1%0.1%1.9%4.0%−1.1%0.6%6.6%−18.7%0.12
Balanced
Semi-passive (S)50%50%–62.5%4.6%−0.7%5.9%9.2%8.6%3.3%4.6%8.0%−16.9%0.57
Active-enhanced (SE)40%40%20%75.7%5.3%−1.0%4.3%8.1%9.7%4.2%5.2%7.1%−14.7%0.76
Peer group50%50%–26.0%2.2%−1.1%4.7%7.1%6.8%1.0%2.3%6.9%−17.8%0.31
Growth
Semi-passive (S)25%75%–104.7%6.8%−0.3%9.9%14.8%12.2%5.8%7.1%10.5%−18.8%0.65
Active-enhanced (SE)20%60%20%111.1%7.1%−0.8%7.1%12.1%12.4%6.2%7.2%8.9%−15.8%0.80
Peer group25%75%–44.5%3.5%−1.6%5.6%9.7%8.5%1.9%3.7%9.9%−21.3%0.35
Equity
Semi-passive (S)–100%–155.9%9.1%0.0%13.9%20.6%15.7%8.4%9.7%13.0%−22.7%0.70
Active-enhanced (SE)–80%20%152.3%8.9%−0.6%9.9%16.2%15.1%8.2%9.2%10.9%−18.8%0.82
Peer group–100%–70.4%5.0%−1.6%9.0%14.4%11.1%3.6%5.5%11.5%−23.2%0.44
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. 1.7%Fixed Income – Peer group: volatility 3.9%, return p.a. −1.5%Yield – Semi-passive (S): volatility 5.8%, return p.a. 2.3%Yield – Active-enhanced (SE): volatility 5.4%, return p.a. 3.5%Yield – Peer group: volatility 6.6%, return p.a. 0.8%Balanced – Semi-passive (S): volatility 8.0%, return p.a. 4.6%Balanced – Active-enhanced (SE): volatility 7.1%, return p.a. 5.3%Balanced – Peer group: volatility 6.9%, return p.a. 2.2%Growth – Semi-passive (S): volatility 10.5%, return p.a. 6.8%Growth – Active-enhanced (SE): volatility 8.9%, return p.a. 7.1%Growth – Peer group: volatility 9.9%, return p.a. 3.5%Equity – Semi-passive (S): volatility 13.0%, return p.a. 9.1%Equity – Active-enhanced (SE): volatility 10.9%, return p.a. 8.9%Equity – Peer group: volatility 11.5%, return p.a. 5.0%
Cumulative return vs peer group
Active-enhanced (SE)Semi-passive (S)
020406080100Fixed IncomeFixed Income – Active-enhanced: +35+35Fixed Income – Semi-passive: +15+15YieldYield – Active-enhanced: +37+37Yield – Semi-passive: +19+19BalancedBalanced – Active-enhanced: +50+50Balanced – Semi-passive: +36+36GrowthGrowth – Active-enhanced: +67+67Growth – Semi-passive: +60+60EquityEquity – Active-enhanced: +82+82Equity – Semi-passive: +86+86

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 (+82 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

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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%−1.8%
Active-enhanced (SE)4.6%3.0%−2.2%6.6%4.2%0.6%−11.0%3.2%6.3%5.5%−1.2%
Peer group1.2%0.6%−3.4%2.3%1.9%−2.2%−12.7%1.9%−1.0%1.2%−5.2%
Yield
Semi-passive (S)4.3%5.8%−4.3%9.1%3.1%4.4%−13.2%5.6%5.3%4.7%2.0%
Active-enhanced (SE)5.3%6.2%−3.6%10.6%4.9%4.8%−11.3%5.1%8.9%7.8%1.5%
Peer group1.8%6.2%−7.3%8.7%1.8%4.5%−16.0%3.4%2.0%5.9%0.1%
Balanced
Semi-passive (S)5.1%10.0%−6.1%14.2%3.7%9.8%−13.7%7.9%8.4%7.7%5.9%
Active-enhanced (SE)6.0%9.5%−5.1%14.7%5.5%9.1%−11.7%6.9%11.4%10.1%4.3%
Peer group1.4%7.6%−9.2%11.5%3.4%6.2%−15.0%3.1%6.3%6.5%4.7%
Growth
Semi-passive (S)5.9%14.2%−8.0%19.4%4.1%15.4%−14.3%10.1%11.6%10.7%9.9%
Active-enhanced (SE)6.7%12.9%−6.5%18.8%5.9%13.6%−12.1%8.7%14.1%12.4%7.1%
Peer group2.3%12.5%−10.5%15.8%1.8%11.8%−17.9%5.5%5.8%10.2%5.6%
Equity
Semi-passive (S)6.5%18.6%−9.9%24.7%4.4%21.2%−15.0%12.4%14.9%13.8%13.9%
Active-enhanced (SE)7.3%16.4%−8.0%23.1%6.2%18.2%−12.6%10.6%16.7%14.7%9.9%
Peer group2.1%15.6%−11.6%19.6%3.0%16.3%−19.1%6.4%8.2%12.3%9.0%
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 30 September 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%––15.9%1.4%−0.7%0.3%1.0%4.1%0.7%1.1%3.8%−10.9%0.36
Active-enhanced (SE)80%–20%36.3%2.9%−0.8%0.2%2.0%5.9%2.6%2.6%3.7%−7.7%0.78
Peer group100%––−4.0%−0.4%−2.7%−3.1%−2.8%2.1%−1.6%−0.8%3.8%−15.3%−0.10
Yield
Semi-passive (S)75%25%–49.8%3.8%−0.5%3.8%5.9%7.4%3.5%3.8%5.6%−10.8%0.68
Active-enhanced (SE)60%20%20%66.8%4.8%−0.8%2.7%5.5%8.4%4.8%4.8%4.9%−9.0%0.98
Peer group75%25%–22.4%1.9%−2.1%1.0%2.9%6.3%0.7%1.7%6.9%−18.6%0.27
Balanced
Semi-passive (S)50%50%–92.0%6.2%−0.4%7.3%10.9%10.7%6.3%6.5%7.9%−14.6%0.79
Active-enhanced (SE)40%40%20%102.9%6.7%−0.8%5.2%9.0%11.0%7.0%6.9%6.7%−12.2%1.01
Peer group50%50%–41.8%3.3%−1.3%4.2%6.7%8.7%2.8%3.5%7.3%−16.6%0.45
Growth
Semi-passive (S)25%75%–144.0%8.6%−0.2%10.8%16.0%14.1%9.2%9.1%10.4%−18.5%0.83
Active-enhanced (SE)20%60%20%145.6%8.6%−0.7%7.6%12.7%13.5%9.2%9.0%8.6%−15.4%1.01
Peer group25%75%–64.2%4.7%−1.1%7.9%11.5%11.6%3.9%4.9%10.7%−22.6%0.44
Equity
Semi-passive (S)–100%–207.4%10.9%−0.1%14.4%21.3%17.5%12.0%11.7%13.0%−22.6%0.84
Active-enhanced (SE)–80%20%195.6%10.5%−0.7%10.1%16.3%16.1%11.4%11.0%10.6%−18.4%0.99
Peer group–100%–91.4%6.2%−0.4%10.7%15.1%14.1%5.4%6.7%12.7%−24.9%0.49
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. −0.4%Yield – Semi-passive (S): volatility 5.6%, 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 7.9%, return p.a. 6.2%Balanced – Active-enhanced (SE): volatility 6.7%, return p.a. 6.7%Balanced – Peer group: volatility 7.3%, return p.a. 3.3%Growth – Semi-passive (S): volatility 10.4%, return p.a. 8.6%Growth – Active-enhanced (SE): volatility 8.6%, return p.a. 8.6%Growth – Peer group: volatility 10.7%, return p.a. 4.7%Equity – Semi-passive (S): volatility 13.0%, return p.a. 10.9%Equity – Active-enhanced (SE): volatility 10.6%, return p.a. 10.5%Equity – Peer group: volatility 12.7%, return p.a. 6.2%
Cumulative return vs peer group
Active-enhanced (SE)Semi-passive (S)
050100150Fixed IncomeFixed Income – Active-enhanced: +40+40Fixed Income – Semi-passive: +20+20YieldYield – Active-enhanced: +44+44Yield – Semi-passive: +27+27BalancedBalanced – Active-enhanced: +61+61Balanced – Semi-passive: +50+50GrowthGrowth – Active-enhanced: +81+81Growth – Semi-passive: +80+80EquityEquity – Active-enhanced: +104+104Equity – Semi-passive: +116+116

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

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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%0.3%
Active-enhanced (SE)3.9%0.3%0.8%8.6%3.3%3.0%−7.7%6.1%8.4%5.6%0.2%
Peer group2.1%0.9%−3.1%2.9%2.6%−2.2%−12.3%4.1%1.6%3.4%−3.1%
Yield
Semi-passive (S)4.4%2.1%−1.5%12.2%2.1%6.9%−10.3%9.9%8.7%4.8%3.8%
Active-enhanced (SE)5.4%2.2%−0.3%12.8%3.8%7.9%−7.4%8.5%10.7%7.7%2.7%
Peer group3.2%5.7%−7.0%8.9%3.1%5.2%−15.9%6.6%4.3%8.1%1.0%
Balanced
Semi-passive (S)6.2%4.5%−2.9%17.5%2.5%13.2%−10.0%12.9%11.5%7.6%7.3%
Active-enhanced (SE)6.8%4.1%−1.5%17.0%4.2%12.9%−7.1%11.0%13.0%9.8%5.2%
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%10.8%
Active-enhanced (SE)8.3%6.0%−2.7%21.5%4.5%18.0%−6.9%13.5%15.3%11.9%7.6%
Peer group4.3%11.5%−10.4%15.3%3.9%12.2%−18.2%9.6%7.8%12.4%7.9%
Equity
Semi-passive (S)9.6%9.3%−6.1%28.7%2.6%26.5%−9.6%19.2%17.3%13.2%14.4%
Active-enhanced (SE)9.7%7.9%−3.9%26.0%4.6%23.4%−6.7%15.9%17.7%14.0%10.1%
Peer group4.8%14.3%−11.9%19.0%4.9%16.5%−19.7%11.1%10.4%14.2%10.7%
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 30 September 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%––35.3%2.8%−1.8%−1.1%0.3%5.8%1.2%2.5%4.6%−14.8%0.61
Active-enhanced (SE)80%–20%57.3%4.3%−2.1%−1.3%1.0%7.7%3.0%3.9%4.7%−12.1%0.91
Peer group100%––18.5%1.6%−2.3%−1.7%−0.8%4.0%0.3%1.3%3.8%−13.3%0.42
Yield
Semi-passive (S)75%25%–72.9%5.2%−2.0%1.8%4.4%9.5%3.9%5.0%6.5%−16.6%0.80
Active-enhanced (SE)60%20%20%90.8%6.1%−2.3%0.7%3.9%10.5%5.2%5.9%6.1%−13.9%1.01
Peer group75%25%–53.5%4.0%−2.0%2.9%5.2%8.6%2.7%3.9%7.2%−17.8%0.56
Balanced
Semi-passive (S)50%50%–118.7%7.5%−2.1%4.6%8.6%13.2%6.6%7.5%9.1%−19.1%0.83
Active-enhanced (SE)40%40%20%129.7%8.0%−2.5%2.7%6.8%13.4%7.3%7.9%8.0%−16.1%1.00
Peer group50%50%–74.9%5.3%−1.3%5.7%8.6%11.6%4.4%5.4%8.0%−18.3%0.66
Growth
Semi-passive (S)25%75%–173.6%9.7%−2.3%7.5%12.7%17.0%9.3%10.0%11.9%−21.8%0.82
Active-enhanced (SE)20%60%20%174.8%9.8%−2.7%4.6%9.7%16.3%9.4%9.8%10.2%−18.2%0.96
Peer group25%75%–105.2%6.9%−1.4%7.8%11.5%13.4%5.5%7.0%11.2%−22.3%0.61
Equity
Semi-passive (S)–100%–238.6%11.9%−2.5%10.3%17.0%20.9%11.9%12.4%14.9%−24.5%0.80
Active-enhanced (SE)–80%20%226.4%11.5%−2.9%6.6%12.7%19.2%11.5%11.7%12.5%−20.4%0.92
Peer group–100%–261.0%12.6%0.4%13.7%18.5%22.2%12.3%13.1%14.0%−24.1%0.90
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. 2.8%Fixed Income – Active-enhanced (SE): volatility 4.7%, return p.a. 4.3%Fixed Income – Peer group: volatility 3.8%, return p.a. 1.6%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 9.1%, return p.a. 7.5%Balanced – Active-enhanced (SE): volatility 8.0%, return p.a. 8.0%Balanced – Peer group: volatility 8.0%, return p.a. 5.3%Growth – Semi-passive (S): volatility 11.9%, return p.a. 9.7%Growth – Active-enhanced (SE): volatility 10.2%, return p.a. 9.8%Growth – Peer group: volatility 11.2%, return p.a. 6.9%Equity – Semi-passive (S): volatility 14.9%, return p.a. 11.9%Equity – Active-enhanced (SE): volatility 12.5%, return p.a. 11.5%Equity – Peer group: volatility 14.0%, return p.a. 12.6%
Cumulative return vs peer group
Active-enhanced (SE)Semi-passive (S)
−50050100Fixed IncomeFixed Income – Active-enhanced: +39+39Fixed Income – Semi-passive: +17+17YieldYield – Active-enhanced: +37+37Yield – Semi-passive: +19+19BalancedBalanced – Active-enhanced: +55+55Balanced – Semi-passive: +44+44GrowthGrowth – Active-enhanced: +70+70Growth – Semi-passive: +68+68EquityEquity – Active-enhanced: −35−35Equity – Semi-passive: −22−22

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 (+70 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%−1.1%
Active-enhanced (SE)4.4%4.4%1.7%11.6%8.9%0.9%−8.7%7.2%6.2%12.8%−1.3%
Peer group2.4%3.0%−1.5%7.1%6.0%−1.6%−9.9%5.8%2.9%6.0%−1.7%
Yield
Semi-passive (S)4.6%7.7%−1.3%14.7%8.9%4.1%−12.1%11.4%5.9%13.2%1.8%
Active-enhanced (SE)5.3%8.5%−0.5%14.8%10.6%4.6%−9.4%10.4%7.7%16.4%0.7%
Peer group4.7%9.0%−5.3%12.5%6.6%5.2%−14.3%8.8%6.3%10.4%2.9%
Balanced
Semi-passive (S)5.6%13.0%−4.1%18.8%10.7%8.8%−13.1%15.4%7.9%18.1%4.6%
Active-enhanced (SE)6.1%12.7%−2.7%18.1%12.1%8.4%−10.2%13.6%9.3%20.2%2.7%
Peer group3.7%10.4%−7.5%14.7%11.0%5.9%−14.3%9.6%8.6%13.4%5.7%
Growth
Semi-passive (S)6.5%18.4%−7.0%22.8%12.1%13.7%−14.2%19.4%9.9%23.0%7.5%
Active-enhanced (SE)6.9%17.0%−5.0%21.3%13.4%12.3%−11.0%16.8%10.9%24.1%4.6%
Peer group6.6%16.0%−8.8%18.7%8.9%11.0%−17.3%12.8%10.5%14.1%7.8%
Equity
Semi-passive (S)7.3%24.1%−9.9%26.9%13.2%18.7%−15.4%23.6%11.8%28.2%10.3%
Active-enhanced (SE)7.6%21.5%−7.3%24.6%14.5%16.3%−11.9%20.1%12.5%28.0%6.6%
Peer group7.5%22.8%−9.0%27.1%16.1%22.2%−18.1%24.3%19.1%21.0%13.7%
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 30 September 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 30 September 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 30 September 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 · Data as at 30.09.2026

Markus Schoch
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LCI Monthly – Markets in September 2026