The cash Insider's Swiss equity watchlist for 2026, as of 31 August 2026, holds twelve positions plus CHF 11,355 in cash, with a total marked-to-market value of CHF 139,072, up 4.1 percent.
Two holdings stand out as underperformers. Partners Group N fell 24.9 percent from its entry price of CHF 975.37 to CHF 732.80, leaving the position worth CHF 10,992 — the steepest loss in the portfolio. The venture-capital specialist has remained anchored at the bottom of the year's SMI standings despite first-half results broadly meeting analyst expectations. On the day of the results release, the share dropped more than seven percent, widely attributed to a narrowed target band for performance-linked remuneration, now set at just 20 to 25 percent of total income for the current year. Chief executive David Layton is also departing after eight years, succeeded jointly by Roberto Cagnati and Juri Jenker. Shares purchased by the executive team in the days following the results announcement totalled only CHF 540,000 — modest compared with earlier buybacks — and no share-repurchase programme has been announced. Meanwhile, co-founder Fredy Gantner's shareholder group has increased its stake to slightly above 5.2 percent of voting rights, up from 5.1 percent disclosed at the end of April.
Dätwyler I, another new addition to the watchlist, declined 17.1 percent from an entry of CHF 161.33 to CHF 133.80, carrying a current value of CHF 6,155.
On the positive side, Sandoz N rose 17.4 percent to CHF 67.92, worth CHF 13,176. During an investor day on Tuesday, the generics manufacturer outlined a target to double annual revenue to more than $22 billion by the end of 2035, alongside an operating core-margin (EBITDA) target exceeding 30 percent. The baseline is fiscal 2025, when Sandoz reported revenue of $11.2 billion and an operating core profit of $2.4 billion. Analyst Nicolas Pauillac of Kepler Cheuvreux calculated that the 2035 ambitions imply biosimilar revenue of $12.2 billion — well above his current estimate of $9.6 billion — with further upside unaccounted for from potential GLP-1 generics. Sandoz also committed to offering more than 100 biosimilars under its Bio100 programme by the end of 2040.
Other watchlist holdings as of 31 August: Amrize N (-19.2 percent, CHF 11,663), Lonza N (+7.1 percent, CHF 17,875), Nestlé N (flat, CHF 16,158), SGS N (+2.4 percent, CHF 14,100), Sika N (+21.4 percent, CHF 9,795), Belimo N (+11.1 percent, CHF 6,840), Julius Bär N (+20.8 percent, CHF 7,672), R&S Group N (+19.7 percent, CHF 4,990), and Skan N (+26.1 percent, CHF 8,282). All closing prices are as of 31 August 2026.
