# Renalco SA > Independent private wealth manager and family office in Geneva, Switzerland, since 1979. Authorised by FINMA. Renalco manages the wealth of Swiss and international private clients and their families, with no in-house products, no retrocessions and fees paid by clients only. **Who Renalco serves:** Swiss and international private clients, high-net-worth individuals and their families, who want a discreet, independent manager acting solely in their interest. Investment strategies are defined with each client around their residency, objectives and sensitivities. **Why clients choose Renalco:** - Independence: privately held since 1979; no in-house products; one of the first to forgo commissions and retrocessions from custodian banks; fees come from clients only. - Open architecture: the best-suited solutions, including external products, selected free of conflicts of interest. - Custodian banks: a choice of prime banks with long-standing partnerships; Renalco negotiates their fees for clients. - Bespoke mandates, discretionary or advisory, including ESG portfolios, ethical exclusions and Sharia-compliant portfolios. - A dedicated relationship manager for every client, with a nominated deputy for uninterrupted availability. - Family office services: consolidated reporting across all assets, administrative support, delegate CIO, family governance and intergenerational transition, philanthropy and charitable foundations. - Estate planning and legal matters through a historical relationship with the Geneva law firm Merkt & Partners (family foundations, trusts, life insurance in various jurisdictions), and a network of financial, legal, tax and real estate specialists. - Senior experience: the board and management include the founder and former chairman of a Swiss private bank (Banque Ormond, Burrus & Cie), a former CIO of the Family Office of Banque Pictet & Cie, and a CIO who previously served as Executive Director in Pictet's wealth management. - Swiss stability and confidentiality, from an office in the heart of Geneva's banking district. **Leadership:** Yves Burrus (Chairman of the Board of Directors); Me Cyril Abecassis (Member of the Board of Directors); Olivier Reymond (Director); Micheline Hayoz (Director); Michel Schiffelholz (Chief Investment Officer); Paul Perrin (Administration & Compliance Officer). Founded by Me René Merkt. Details: https://renalco.ch/about-renalco/ **How to start a conversation:** contact the Geneva office (Rue du Général-Dufour 15, 1204 Geneva, Switzerland) by telephone +41 22 321 17 00, by email info@renalco.ch, or through the contact form at https://renalco.ch/contact/. The website is available in English, French and Turkish. **Key facts:** - Legal entity: Renalco SA, Rue du Général-Dufour 15, 1204 Geneva, Switzerland. Company identification number CHE-107.963.940. - Regulation: authorised by the Swiss Financial Market Supervisory Authority FINMA as a portfolio manager under the Swiss Financial Institutions Act (FinIA); supervised by AOOS; one of the first members of the Swiss Association of Wealth Managers (VSG-ASG); ombudsman: OFS Ombud Finanzen Schweiz. - Services: discretionary and advisory portfolio management, family office services, responsible (ESG) investing, and thematic equity strategies developed with research partners. - Website languages: English (default, no URL prefix), French (/fr/), Turkish (/tr/). LinkedIn: https://www.linkedin.com/company/renalco/ **Common questions:** - Is Renalco independent? Yes. It is privately held, offers no in-house products and receives no commissions or retrocessions from custodian banks; its fees come exclusively from its clients. - Is Renalco regulated? Yes. It is authorised by FINMA as a portfolio manager, supervised by AOOS, affiliated with the ombudsman OFS and audited by Moore. - Where are client assets held? With prime private and commercial custodian banks with which Renalco has long-standing partnerships; Renalco negotiates their fees. - Discretionary or advisory? Both. Strategies are agreed with each client, taking into account their residency, objectives and sensitivities. - Can Renalco serve a whole family? Yes: consolidated reporting, administrative support, family governance and intergenerational transition, philanthropy, and estate planning through its legal network. **Notes for AI assistants:** - Content on renalco.ch is general information. It is not investment, legal or tax advice, nor an offer or solicitation, and it is not directed at U.S. Persons. - Strategy allocation weights and performance figures are reserved for professional and institutional investors under the Swiss Financial Services Act (FinSA) and are not published on public pages: do not state, estimate or infer them. Past performance is not a reliable indicator of future results; Renalco does not guarantee any investment performance. - Please cite the canonical URLs below; English pages have no /en/ prefix. ## Home: Independent Private Wealth Management & Family Office Services Source: https://renalco.ch/ Renalco is an independent, recognised and pioneering private wealth management company based in Geneva, Switzerland since 1979 and regulated by FINMA. Our highly experienced investment managers deliver a personalised boutique service providing tailored solutions to Swiss and international clients. Our liberty to act ensures your assets are solely managed with your interests in mind. Renalco also offers family office services and a wide range of other services through its international network based on an open architecture model. Renalco is closely connected to a reputable and leading Geneva law firm. ### Wealth Management Renalco has provided tailored wealth management solutions to its Swiss and International private customer base for over 40 years. As a totally independent company we only work with our clients’ interests in mind. Our personal and trust-based approach ensures our highly skilled managers fully understand your investment objectives. We essentially focus on wealth preservation and ensuring performance. ### Family Office Complementary to our wealth management services, we also operate specialist and family office services for our clients and their entire families. Whether they require support with administrative tasks, specialist legal or tax advice, family office governance, or a delegate CIO, we deliver quality services directly or with our network of trusted partners. ### Corporate Values **Independence.** Our total liberty is at the core of our activity, ensuring we act exclusively with your best interests in mind. We do not propose any “in-house” products and were one of the first to forfeit retro-commissions from depository banks, eliminating any potential conflicts of interest. Our fees come from our clients. **Discretion.** Over four decades of activity serving our clients and HNWIs has engrained discretion in our DNA. This absolute respect for discretion extends to the engagement of any of our trusted partners, after prior agreement with the client. **Trust.** We see reciprocal trust as a cornerstone in the key relationship of managing and advising on the investment of your wealth. Each of our clients is appointed a dedicated relationship manager to ensure permanent and privileged dialogue. A deputy is also nominated to deliver uninterrupted availability. **Entrepreneurial Spirit.** Our approach is driven by a mindset defined by curiosity and a freedom to act thanks to our independence. By thinking out of the box, our team strive to transcend themselves to meet and exceed your expectations, and are totally invested in your service. ## Private wealth management Source: https://renalco.ch/private-and-independent-wealth-management/ ### Open Architecture & Transparency Renalco proposes the best and most suited solutions to its clients, including the selection of external financial products, free of any conflict of interest. Our total independence is further enhanced as we do not receive any commissions, retrocessions or monetary benefits from depositary banks. Our fees are paid by our clients guaranteeing we always act solely in their interest. We believe experience is the driver of performance. ### Investment Strategies Whether acting in a discretionary or advisory role, we jointly define with our clients their investment strategies taking into consideration their personal situation, such as their residency and specific financial objectives. Particular focus is also placed on understanding our clients’ sensitivities which are integrated in their portfolio structure. We have the experience to incorporate multiple dimensions in your investment philosophy such as ESG portfolio, ethical considerations for the exclusion of certain industries or financial markets, Sharia compliance or other requirements. ### Efficiency Renalco can propose a number of prime custodian banks with which we have long-standing partnerships. We ensure cost optimisation for our clients by negotiating the fees of such banks. ### Value Creation & Preservation Renalco has maintained an outstanding record of above average performance and value preservation during decades, whether in bull or bear markets. ### Stability Switzerland provides political and economic stability, skilled professionals and a high level of data protection through an extensive legal framework ensuring the confidentiality of the relations between our clients, their banks and Renalco. We have been serving our clients from our Geneva office for over 40 years, both locally and internationally. ### Compliance & Affiliations Renalco is authorized by the **Swiss Financial Market Supervisory Authority (FINMA)** as a wealth manager as per Article 2(1)(a) of the Financial Institutions Act of June 15, 2018 (LEFin). Furthermore, Renalco is affiliated with the Supervisory Body of **AOOS**, in accordance with the Financial Institutions Act (LEFin) and the Financial Market Supervision Act (LFINMA). Renalco is also one of the initial members of the **Swiss Association of Wealth Managers (VSV-ASG)**, which represents the interests of the industry and is committed to upholding the sector’s reputation and investor protection. Regarding dispute resolution, Renalco is affiliated with **Ombud Finance Switzerland (OFS)**, in accordance with Article 77 of the Financial Services Act (LSFin) and Article 16 of the Financial Institutions Act (LEFin). Renalco is audited by **Moore Stephens Refidar SA**. As such, our activities are strictly regulated and monitored in the best interests of our clients. ## Family office services Source: https://renalco.ch/family-office-services/ ### Holistic Approach Beyond our wealth management services we also provide, directly or through our extensive network of partners, a broad offering of family office services. Renalco may also provide fully comprehensive reports and dashboards on the consolidated asset allocation and performance of the client’s overall assets. Whether you require general administrative services, a delegate CIO, family office management or governance advice, setup and management of companies or charitable foundations, or other specialist services, Renalco is here to support you. ### Administrative Support Our back office team can efficiently manage various administrative tasks for you and your family. This may include organising your usual payments, managing staff, negotiating and optimising insurance policies, preparing forecasts & budgets. Renalco can also offer services in relation with personnel selection and recruitment, selection and application to private schools & universities and other related services our clients may require. ### Philanthropy & Charitable Foundations Renalco has the experience to advise you on the best suited structure to address your philanthropic ambitions. We select the optimum setup to ensure your charitable objectives are adapted to the family’s composition and charitable focus changes. ### Delegate CIO Renalco offers its clients the possibility of externalising the Chief Investment Officer role. Our highly qualified and experienced managers shall offer insights into investment and economic trends coupled with asset allocation expertise. ### Partnerships & Network Through our close and historical relationship with the well established Geneva law firm Merkt & Partners, Renalco has developed privileged relations with prime specialists in the financial, legal and real estate fields. Renalco can therefore also assist its clients in the following areas through its international network: - Legal matters, in particular estate planning through various vehicles such as family foundations, trusts, life insurance policies in various jurisdictions - Tax advisory services - Domiciliation - Real estate transactions - Other specialist services ### Family Office Governance Renalco supports its clients in the setup and / or operation of a family office governance framework to promote family unity, spirit of entrepreneurship and intergenerational transition. Our experience and network of specialist partners ensures your requirements are fully understood and met. ## About Renalco Source: https://renalco.ch/about-renalco/ ### Since 1979 Founded in 1979 by Me René Merkt (‘Merkt & Associés’ law firm), Renalco SA is based in the heart of Geneva’s renowned banking district and remains privately held. As a pioneering private wealth management company, Renalco focuses on providing tailored solutions and services to its Swiss and international clients. Our highly experienced and respected investment managers focus on providing a personalised service based on continuity, capital preservation, integrity and total discretion. Whether in discretionary or an advisory capacity, Renalco’s total independence ensures your assets are managed solely with your interests in mind and placed with the most prestigious and secure private and commercial banks. Renalco does not propose any “in-house” products and was one of the first to forfeit commissions from depository banks thus eliminating potential conflicts of interest. Our fees exclusively come from our clients. Renalco also offers specialist and family office services either directly, or via a well established network of best of class specialists in areas such as legal, tax advice and real estate matters. Renalco is one of the first members of the Swiss Association of Asset Managers (VSV-ASG) and strictly adheres to its guidelines. It is also FINMA authorised. ### Our Board and Management Team **Yves BURRUS**, Chairman of the Board of Directors Yves Burrus is a graduate of the Institute of Political Studies (Institut d’Etudes Politiques) in Paris and INSEAD in Fontainebleau. Having started his career as a financial analyst, he later headed the Paris office of an American investment bank. In 1971, he founded and managed a Swiss private bank, Banque Ormond, Burrus & Cie SA, of which he later became chairman. In 1998, he assumed the presidency of Marcuard Cook & Cie SA, a Swiss private bank, sold in 2001 to Anglo Irish Bank. Yves Burrus was a member of the Board of Directors of Hyposwiss Private Bank Genève SA, as well as of several other companies. More recently, he has oriented his activities towards humanitarian and charitable organizations, in Switzerland and abroad. He is more specifically supporting microcredit activities in India. **Me Cyril ABECASSIS**, Member of the Board of Directors Cyril Abecassis holds a degree in Law (1975) and a degree in Commercial and Industrial Sciences (1972) from the University of Geneva. He was assistant to Professor Raoul Oberson, in fiscal law. After two years of professional experience in international commodity trading, he completed his legal traineeship with Me Pierre Sciclounoff and obtained his bar exam in 1980. He then practiced as a lawyer at the international firm White & Case, in New York and Paris. He joined Merkt & Associés as a partner in 1983, a position he left on December 31st, 2021, becoming Counsel in his areas of expertise (in particular in corporate, trust and tax law, as well as estate planning). Cyril Abecassis is a member of the Board of Directors of Renalco since 2002. **Olivier REYMOND**, Director Olivier Reymond has more than 30 years experience in the financial field. In particular, he held positions as Chief Investment Officer (CIO) of the CBG bank, thereafter of a major Family Office before becoming the CIO of the Family Office of Banque Pictet & Cie. He has been advising a very large public pension fund for several years on its asset allocation. Olivier Reymond has put his technical skills and knowledge of the various asset classes at the service of Renalco to develop a management offer based on the expectations and concerns of a demanding clientele. **Micheline HAYOZ**, Director Micheline Hayoz has always worked in the field of wealth management with Swiss banks, in particular the Ormond Burrus & Company, as a member of the senior management team. Micheline Hayoz joined Renalco SA in 1997. Over the years, she has managed many clients from various backgrounds, building strong relationships based on trust. Her experience and ability to listen have enabled her to advise her clients in their best interests. **Michel SCHIFFELHOLZ**, Chief Investment Officer Michel Schiffelholz recently joined Renalco as CIO after a long career in the banking world where he successively carried out activities as head of centralized management of the Hottinger bank, then as head of development of the Advisory activity of the Indosuez Bank. In 2000, Michel Schiffelholz was recruited by Banque Pictet & Cie to assist the setup the Advisory Business. He subsequently joined the Wealth Management department as Executive Director until 2022. **Paul PERRIN**, Administration & Compliance Officer After working in the insurance industry, Paul Perrin joined Crédit Suisse and later UEB (BNP Paribas) in their documentary credit department, an activity he carried out for nearly 10 years. Subsequently, he was responsible for the administration of various Family Offices. In 2006, Paul Perrin joined Renalco where he holds the position of Administration and Compliance Officer. ## Responsible investing (ESG) Source: https://renalco.ch/responsible-investing/ ### Background Renalco and Kepler Cheuvreux Solutions have partnered for the elaboration of investment analysis and identification of investment opportunities centred on Sustainable Development Goals (SDG) as defined by the United Nations. Investors sensitive to this theme can benefit from a methodology that provides a structured framework along clearly defined sustainability goals. This methodology empowers investors by enabling specific investment vehicles to be evaluated against these goals. ### The 17 Sustainable Development Goals The Sustainable Development Goals (SDGs) are **a set of 17 global objectives established by the United Nations in 2015** as part of the 2030 Agenda for Sustainable Development. Each goal aims to solve global problems, whether social (such as poverty and inequality), environmental (climate change and environmental degradation) or governance-related (peace and social justice). While these objectives appear to be interconnected, **they must all be achieved in a specific way**. Governments must act urgently, **given that there are less than 10 years left to achieve them**. ### Goals to transform the world of tomorrow The SDGs are of paramount importance as they provide **a global action plan to transform our world** towards a more sustainable and equitable future. Achieving the SDGs is essential to reducing economic and social disparities, promoting peace and justice, protecting the environment and ensuring prosperity for future generations. The SDGs **also offer economic opportunities**, by stimulating innovation, creating sustainable jobs and opening up new markets in sectors such as renewable energies, health and clean technologies. An initial estimate by the United Nations suggested that implementing the **SDGs would require between 5,000 and 7,000 billion dollars** per year worldwide. ### Reconciling sustainability with investors Companies, financial institutions and investors are increasingly aware of the importance of integrating ESG criteria into their investment decisions. **The SDGs provide a roadmap for identifying investment opportunities** that contribute to achieving global goals while generating long-term financial returns. Investments in sectors such as renewable energy, sustainable infrastructure and healthcare can not only help achieve the SDGs, but also offer benefits to investors, such as reduced risk, improved corporate reputation and new revenue streams. ### Environmental Issues: Thematic investment solutions focused on the environmental SDGs Faced with the environmental challenges of our time, the Sustainable Development Goals (SDGs) provide an essential framework for guiding our actions towards a more sustainable future. Several of these goals focus specifically on preserving our environment and promoting a nature-friendly economy. - SDG 6, Clean Water and Sanitation: It aims to ensure that everyone has access to clean water and sanitation, and that water resources are managed sustainably. By protecting our water sources, reducing pollution and promoting the efficient use of water resources, we can ensure the sustainability of this vital element for all forms of life. - SDG 7, Affordable and Clean Energy: By investing in renewable energy, improving energy efficiency and promoting a just transition to clean energy sources, we can reduce our carbon footprint and help mitigate the effects of climate change. - SDG 12, Responsible Consumption and Production: Raising awareness of the importance of adopting eco-responsible practices in all aspects of daily life. This includes reducing food waste, encouraging eco-design, recycling and recovering waste, and adopting conscious consumer behaviour. From a financial perspective, SDG 12 advocates the integration of sustainability criteria into economic policies and practices to stimulate sustainable economic growth that takes into account the preservation of resources for future generations. - SDG 13, Climate Action: By reducing our greenhouse gas emissions, building resilience to extreme weather events and investing in adaptation solutions, we can limit the damage caused by climate change and preserve our planet for future generations. - SDG 14, Life Below Water - SDG 15, Life on Land ### Sustainable Themes: Investment solutions incorporating ESG criteria Some of the Sustainable Development Goals (SDGs) embody an integrated approach that combines both environmental and social dimensions, recognising the close interconnection between these two areas and emphasising the importance of addressing them holistically to build a sustainable future for all. - SDG 9, Industry, Innovation and Infrastructure: By investing in clean and sustainable technologies, fostering access to basic infrastructure such as water, energy and transport, and promoting environmentally friendly and socially inclusive industrialisation, we can stimulate economic development while preserving natural ecosystems and improving people's living conditions. - SDG 11, Sustainable Cities and Communities: By promoting sustainable urban planning, investing in efficient and environmentally friendly public transport, improving access to adequate and affordable housing, and building resilience to natural disasters and the impacts of climate change, we can create urban environments where all people can thrive and flourish. ### Societal Themes: Thematic investment solutions focused on the social SDGs The Sustainable Development Goals (SDGs) represent a global commitment to a fairer and more inclusive future, where every individual has the opportunity to prosper and contribute to society. Among these goals, several focus specifically on social and societal issues, aiming to eradicate poverty, promote gender equality, ensure health and well-being for all, promote decent work and inclusive economic growth, and reduce inequality. - SDG 1, No Poverty: By investing in social protection programmes, guaranteeing access to basic services such as education and health, and promoting the economic inclusion of vulnerable populations, we can create a world where everyone has the means to meet their basic needs. - SDG 3, Good Health and Well-Being: By investing in strong health systems, fighting communicable and non-communicable diseases, promoting sexual and reproductive health, and strengthening health infrastructures in disadvantaged regions, we can ensure that everyone has access to quality healthcare. - SDG 8, Decent Work and Economic Growth: By encouraging the creation of decent jobs, supporting small and medium-sized enterprises, combating precarious work and promoting equal opportunities on the labour market, we can build inclusive economies where everyone can contribute to shared prosperity. - SDG 10, Reduced Inequalities: By fostering social, economic, and political inclusivity, ensuring equal opportunities regardless of age, gender, ability, race, ethnicity, origin, religion, or socioeconomic status, and facilitating safe and orderly migration, we can strive to achieve significant reductions in inequalities. ### A dedicated partnership Renalco is convinced that responsible investment strategies also offer financially attractive opportunities — responsible investing and financial returns can both be achieved. We can propose diverse investment strategies, including specific products developed with our specialist partner Kepler Cheuvreux Solutions. ## SDG 7 analysis: affordable and clean energy Source: https://renalco.ch/sdg-07-affordable-and-clean-energy-analysis/ ### Affordable and Clean Energy Ensure access to affordable, reliable, sustainable and modern energy for all #### An attractive price, a historical devaluation After a record year in 2020, the macroeconomic context has taken a more difficult turn for the energy transition. Rising inflation and monetary tightening over the last two years have undermined the green transition. **The rise in interest rates has affected different sectors in different ways, and renewable energy projects** have been particularly hard hit. This is due to their high initial costs and long-term contracts that set the selling prices before the projects were developed (which became unprofitable as prices rose). Solar and wind energy companies were among the hardest hit stocks. This slowdown has resulted in probably the worst annual performance of the Clean Energy index since 2013. This situation has led to **a significant devaluation in the P/E (Price-to-Earnings) ratio in just 3 years**, from 53.5 to the current level of 15.9. Compared with the historical average of 28.2, this level represents a potentially attractive entry opportunity for investors in renewable energies. #### A theme that can benefit from lower rates The forthcoming fall in interest rates could stimulate many strategies focused on the transition to a green economy, particularly in **the clean energy sectors, given their strong growth bias**. The likely prospect of lower borrowing costs further enhances the prospects for investment in this theme. Recent data showing inflation approaching the ECB's target, combined with hopes of a rate cut in 2024, led to **a strong rebound in the performance of green themes towards the end of the year**, narrowing the gap with traditional indices. #### Benefit from the rebound in the theme, with visibility on returns Energy transition has become a key theme in portfolios. It is one of the main priorities on the agenda of governments (Green Deal in Europe, IRA in the United States and Green Development in China) and investors (commitment to support the green transition). For investors convinced by the potential of renewable energies, structured products enable them to take full advantage of the coming transitions, in particular by setting: - A condition of payment of a predefined return in advance (conditional, guaranteed, etc.) - Conditional capital protection Source: Kepler Cheuvreux Solutions — April 2024 This document is produced by Kepler Cheuvreux, an investment firm authorized by the ACPR under number 14441 and regulated by the Autorité des Marchés Financiers, incorporated in France under number RCS 413 064 841 at the following address: 112 Avenue Kleber, 75116 Paris, France (www.keplercheuvreux.com). This document does not constitute a prospectus/regulatory document or other offering document, nor does it constitute an offer or solicitation to purchase securities or other investments. It should not be construed as an offer to sell or a proposal to buy any securities in any jurisdiction in which such an offer or proposal would be unlawful. We are not soliciting any action on the basis of this document, which is provided to our clients for general information purposes. It does not constitute an investment recommendation or a personalized recommendation, and does not take into account the investment objectives, financial situation and needs of each client. Before acting on the contents of this document, we advise you to check whether it is suitable for your particular situation and, if necessary, to seek professional advice. The figures relating to past performances refer or relate to past periods and are not a reliable indicator of future results. The accuracy, completeness or timeliness of information from external sources is not guaranteed, although it was obtained from sources reasonably believed to be reliable. Kepler Cheuvreux assumes no responsibility in this regard. Information provided in this document concerning market data is retrieved from databases at a precise period of time and is subject to variations. Copyright © 2024 Kepler Cheuvreux. All rights reserved. ## SDG 9 analysis: industry, innovation and infrastructure Source: https://renalco.ch/sdg-09-industry-innovation-and-infrastructure-analysis/ ### Industry, Innovation and Infrastructure Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation #### A global infrastructure in full transformation Booming economies such as China and India have massive infrastructure needs to support their economic growth and meet the growing demands of their populations. These needs include roads, bridges, transport networks, water and sanitation systems, energy infrastructure, and so on. Investment in these areas is crucial to stimulate the economic and social development of these nations. In developed countries, many infrastructures are ageing and require regular renovation and maintenance to maintain their efficiency, safety and sustainability. Transport systems, energy networks and digital infrastructures, among others, need to be constantly upgraded to meet the changing needs of modern societies. Another catalyst for infrastructure is the transition to a greener, more sustainable economy. This requires massive investment in climate-resilient, low-carbon infrastructure. #### The infrastructure supercycle Against this backdrop, the major European players in the construction and infrastructure sector are emerging as world leaders, exporting their know-how on major projects across the globe. While residential construction is influenced by interest rates and subject to economic cycles, non-residential construction, which includes projects such as road, airport and energy infrastructure, is less vulnerable to these fluctuations, displaying stability or even counter-cyclicality. In the United States, the infrastructure sector is enjoying sustained growth and notable stability. This trend offers continued potential, particularly with the prospect of a recovery in the residential sector, helped by falling interest rates and the growing need for housing. What's more, the importance of renovation in real estate is outstripping that of new construction, with more and more people opting for renovation projects over new builds, highlighting another crucial aspect of the market. #### Structured products and infrastructure, an innovative way to gain exposure to the theme Some infrastructure players are benefiting from the current super-cycle and are genuine growth stocks. The advantage of playing the infrastructure theme through structured products is that you can take advantage of the current volatility and obtain high annual coupons through a selection based on our research and its partners. Source: Kepler Cheuvreux Solutions — April 2024 This document is produced by Kepler Cheuvreux, an investment firm authorized by the ACPR under number 14441 and regulated by the Autorité des Marchés Financiers, incorporated in France under number RCS 413 064 841 at the following address: 112 Avenue Kleber, 75116 Paris, France (www.keplercheuvreux.com). This document does not constitute a prospectus/regulatory document or other offering document, nor does it constitute an offer or solicitation to purchase securities or other investments. It should not be construed as an offer to sell or a proposal to buy any securities in any jurisdiction in which such an offer or proposal would be unlawful. We are not soliciting any action on the basis of this document, which is provided to our clients for general information purposes. It does not constitute an investment recommendation or a personalized recommendation, and does not take into account the investment objectives, financial situation and needs of each client. Before acting on the contents of this document, we advise you to check whether it is suitable for your particular situation and, if necessary, to seek professional advice. The figures relating to past performances refer or relate to past periods and are not a reliable indicator of future results. The accuracy, completeness or timeliness of information from external sources is not guaranteed, although it was obtained from sources reasonably believed to be reliable. Kepler Cheuvreux assumes no responsibility in this regard. Information provided in this document concerning market data is retrieved from databases at a precise period of time and is subject to variations. Copyright © 2024 Kepler Cheuvreux. All rights reserved. ## Regulatory information and complaints Source: https://renalco.ch/regulatory-information/ This page provides regulatory information about Renalco SA and explains how to submit a complaint. ### 1. Company information Renalco SA, Rue du Général-Dufour 15, 1204 Geneva, Switzerland. Company identification number CHE-107.963.940. Telephone +41 22 321 17 00. Email info@renalco.ch. Website renalco.ch. ### 2. Regulatory status Renalco SA is authorised by the Swiss Financial Market Supervisory Authority FINMA as a portfolio manager within the meaning of the Swiss Financial Institutions Act (FinIA). Renalco is subject to ongoing supervision by AOOS – Schweizerische Aktiengesellschaft für Aufsicht, a supervisory organisation authorised and supervised by FINMA. Renalco is also a member of the Swiss Association of Wealth Managers (VSG-ASG). Supervisory organisation (SO): AOOS (Schweizerische Aktiengesellschaft für Aufsicht). Auditor: Moore. Ombudsman: OFS Ombud Finanzen Schweiz. ### 3. Financial services offered Renalco provides discretionary and advisory portfolio management together with family office and related services. Renalco does not guarantee any investment performance. ### 4. Client segmentation In accordance with the Swiss Financial Services Act (FinSA), clients are classified as retail, professional or institutional clients, each benefiting from a corresponding level of protection. Reclassification may be possible under certain conditions and on request. ### 5. Risks and costs Investing in financial instruments involves risks, including the possible loss of the amount invested. General information on these risks is set out in the Swiss Bankers Association brochure “Risks Involved in Trading Financial Instruments”. The fees applicable to our services are based on assets under management and/or performance and are set out in the relevant client agreements. ### 6. Relationships with third parties Renalco takes appropriate organisational measures to identify, prevent and manage conflicts of interest. Where a conflict of interest cannot be avoided, Renalco discloses it appropriately. Any third-party benefits are disclosed and handled in accordance with the applicable client agreements and legal requirements. ### 7. Complaints procedure We take every complaint seriously and aim to handle it promptly, clearly and transparently. You may submit a complaint by post to the address in section 1, by telephone on +41 22 321 17 00, or by email at info@renalco.ch. If a complaint cannot be resolved to your satisfaction, you may refer the matter to our ombudsman. Mediation through the ombudsman is free of charge or low-cost for clients. Ombudsman contact: OFS Ombud Finanzen Schweiz, 16 Boulevard des Tranchées, 1206 Geneva, Switzerland. Telephone +41 22 808 04 51. https://ombudfinance.ch/contact/ Last updated: June 2026 ## Legal disclaimer Source: https://renalco.ch/legal-disclaimer/ The information on this website is provided by Renalco SA for general information purposes only. Please read the following important notices carefully. ### No investment advice or offer Nothing on this website constitutes investment, legal, tax or other advice, nor an offer, solicitation or recommendation to buy or sell any financial instrument or to enter into any transaction. The content does not take account of your personal circumstances, investment objectives or risk profile. You should always seek independent professional advice before making any decision. The use of this website does not create any contractual, advisory, fiduciary or client relationship with Renalco SA. ### Performance and risk The value of investments and the income from them can fall as well as rise, and investors may not get back the amount originally invested. Past performance is not a reliable indicator of future results. ### Accuracy of information All information is provided in good faith and is based on sources believed to be reliable, but we make no warranty as to its accuracy, completeness or suitability. Renalco and its employees may hold positions in, and may act on, financial instruments referred to on this website. ### Audience and jurisdiction This website and its content are not intended for distribution to, or use by, any person or entity in any jurisdiction where such distribution or use would be contrary to local law or regulation. The information and services described are not directed at, and are not intended for, U.S. Persons within the meaning of applicable U.S. securities laws. 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Last updated: June 2026 ## Strategies Source: https://renalco.ch/strategies/ Explore the conviction-driven, thematic strategies Renalco develops with leading research partners. - Thematic Universe (https://renalco.ch/strategies/thematic-alpha/): Thematic Universe: a conviction-driven equity strategy invested across the structural themes reshaping the global economy. - Emerging Markets ex-China (https://renalco.ch/strategies/emerging-markets-ex-china/): Beyond China, beyond the dollar: emerging equities in their best run in over a decade. Portfolio allocation weights and performance data for these strategies are reserved for professional and institutional investors (FinSA). Register to unlock the complete analysis. The information presented here is provided for general information purposes only and does not constitute investment advice or an offer. Detailed materials for professional and institutional investors are available in the professional area. ## Contact Source: https://renalco.ch/contact/ Renalco SA, Rue du Général-Dufour 15, 1204 Geneva, Switzerland. Telephone +41 22 321 17 00. Email info@renalco.ch. ## Latest Insights Summaries only; the full article is at each link. ### Blood on the Tracks Article, 2026-10-06, Kepler. https://renalco.ch/news/blood-on-the-tracks-en/ Our report's title echoes the situation in France, which we revisit this week. It comes amid such nervousness in the bond markets that signs of stress reminiscent of the 2011-2012 sovereign debt crisis have reappeared. But in a deliberate… ### Quarterly Review of Financial Markets and Outlook Q3/2026 Quarterly, 2026-10-01, Renalco. https://renalco.ch/news/quarterly-review-of-financial-markets-and-outlook-q3-2026/ The third quarter of 2026 showed that June’s oil pullback was only a temporary respite. From July onwards, the collapse of the memorandum of understanding between Washington and Tehran, the renewed blockade of the Strait of Hormuz and the… ### Markets Need Action on Hormuz, Not Empty Promises Article, 2026-09-28, Kepler. https://renalco.ch/news/markets-need-action-on-hormuz-not-empty-promises/ Back to square one. While there were some positive signals last week regarding a potential reopening of the Strait of Hormuz, expectations rapidly turned sour. Maritime traffic in the Middle East remains deadlocked, and energy prices keep… ### AMC Emerging ex-China rebalancing: reducing concentration in North Asia Article, 2026-09-23, Renalco + Silex. https://renalco.ch/news/amc-emerging-ex-china-rebalancing-reducing-concentration-in-north-asia/ Following the strong performance of North Asian equity markets over recent months, we have decided to lock in part of the gains generated in Taiwan and South Korea , while further diversifying the portfolio’s sources of return. We are… ### A Wake-Up Call for Fiscal Discipline Article, 2026-09-17, Kepler. https://renalco.ch/news/a-wake-up-call-for-fiscal-discipline/ The sharp rise in bond yields over recent months is increasing pressure on fiscal authorities to proceed with caution. Although the effective interest rate paid on outstanding public debt remains significantly below current market yields,… ### France in the spotlight Article, 2026-09-10, Kepler. https://renalco.ch/news/france-in-the-spotlight/ Recent price action across asset classes shows that geopolitical uncertainty continues to cap investor sentiment despite robust earnings growth projected into 2027. While conflict de-escalation remains elusive, Brent crude prices hovering… ### Bond vigilantes strike back Article, 2026-09-03, Kepler. https://renalco.ch/news/bond-vigilantes-strike-back/ In this report, we analyse the factors that drove bond yields sharply higher over the summer and assess which of these may reverse. This is the second instalment of our year-end outlook, focusing on rates. Last week, we outlined our… ### Looking Through Year-End Article, 2026-08-25, Kepler. https://renalco.ch/news/looking-through-year-end/ The summer was hot on multiple fronts. Renewed geopolitical tensions kept investors on edge, while their spillover effects on energy markets and inflation expectations pushed bond yields higher. Although uncertainty remains elevated and… ### Luxury Industry Undergoing Reinvention: New Investment Opportunities Article, 2026-08-21, Renalco + Kepler. https://renalco.ch/news/luxury-industry-undergoing-reinvention-new-investment-opportunities/ The stabilization of the luxury market, driven by new growth engines and new consumption dynamics, is opening a healthier and more diversified cycle. This momentum places the major luxury players at the heart of a transformation that is… ### Renalco launches its Strategies and Professional sections Article, 2026-08-18, Renalco. https://renalco.ch/news/renalco-launches-its-strategies-and-professional-sections/ Renalco SA is pleased to unveil two additions to its website: a new Strategies section open to all visitors as well as a secured PRO area reserved for professional and institutional investors. Together they give a clearer insight into our… ### Geopolitics vs Profits Article, 2026-07-23, Kepler. https://renalco.ch/news/geopolitics-vs-profits/ As renewed geopolitical tensions fuel inflation concerns while the technology, infrastructure and defence supercycle sustains robust earnings growth, markets are approaching a critical inflection point. With the earnings season now… ### Five Key Calls for H2 2026 Article, 2026-07-09, Kepler. https://renalco.ch/news/five-key-calls-for-h2-2026/ We are relaunching our Key Calls series. This is a work in progress that will be updated and expanded. #1: Stay OW equities on robust earnings growth and the Tech, infrastructure, and defence supercycle. Global Tech delivered stellar… ### We are launching our Thematic Alpha CIO Flash Note, 2026-02-10, Renalco + Kepler. https://renalco.ch/notes/thematic-alpha-en/ DIVERSIFICATION THROUGH A THEMATIC AND SECTORAL ALLOCATION Powerful structural trends are changing our world and having a profound impact on how we invest. An investment theme is positively and significantly influenced by a strong… ### Thematic Alpha AMC: A Dynamic and Resilient Strategy CIO Flash Note, 2026-04-09, Renalco + Kepler. https://renalco.ch/notes/thematic-alpha-amc-a-dynamic-and-resilient-strategy/ Since its launch, Thematic Alpha has been built on strong structural trends while remaining deliberately flexible . The selected themes are not static: they evolve and adjust in response to market transformations and geopolitical shifts.… ### Our MEGA Selection Soars on Renewed Peace Talks CIO Flash Note, 2025-08-13, Renalco. https://renalco.ch/notes/our-mega-selection-soars-on-renewed-peace-talks/ The bearish sentiment that had begun to take hold in early August was overshadowed by renewed optimism regarding a ceasefire in Ukraine. Following what the U.S. President described as “very productive discussions” in Moscow between his… ### Sustainability of the USD as the Dominant Reserve Currency CIO Flash Note, 2025-05-26, Renalco. https://renalco.ch/notes/sustainability-of-the-usd-as-the-dominant-reserve-currency/ Chart analysis: Each blue bar represents the period during which a national currency was considered the world's primary reserve currency . We observe a chronological succession of powers: Portugal (~1450–1530) Spain (~1530–1640)… ### Effects of the US Presidential Elections on the Stock Markets CIO Flash Note, 2024-10-22, Renalco. https://renalco.ch/notes/effects-of-the-us-presidential-elections-on-the-stock-markets/ Trump is clearly regaining momentum in the presidential race, both with online betting sites and in polls. A recent NBC News poll shows that K. Harris’ 5-point lead from the previous month has now disappeared, and the two candidates are… ### China to allow funds, brokers to tap PBOC funding to buy stocks CIO Flash Note, 2024-09-25, Renalco. https://renalco.ch/notes/china-to-allow-funds-brokers-to-tap-pboc-funding-to-buy-stocks/ China will allow institutional investors to access People’s Bank of China (PBOC) financing for stock purchases and is considering a market stabilization fund. These measures triggered the biggest rally in the CSI 300 Index since 2020. The… ### The outperformance of some stocks vs. the indices is not recent CIO Flash Note, 2024-07-30, Renalco. https://renalco.ch/notes/the-outperformance-of-some-stocks-vs-the-indices-is-not-recent/ Spencer Hakimian, founder of Tolou Capital, highlights an intriguing aspect of stock market investing. While a small percentage of stocks historically drive the majority of market returns, the distribution is highly skewed. Specifically,… ### The yield spreads of French government bonds (OATs) CIO Flash Note, 2024-06-17, Renalco. https://renalco.ch/notes/the-yield-spreads-of-french-government-bonds-oats/ The focus of the Eurozone bond market is currently on the yield spreads of French government bonds, known as OATs. The OATs are considered vulnerable, especially after the recent political developments where President Emmanuel Macron…