Stefano Zoffoli

Chief Strategist, Balanced Mandate Team Leader (Portfolio manager for special mandates)

Stefano Zoffoli has headed the Balanced Mandate team since mid-2016, which is responsible for the administration of mixed institutional mandates and funds.

Before joining Zürcher Kantonalbank in 2016, he worked for the Swiss private bank Rüd Blass in Zurich from 2008, which was incorporated into Deutsche Bank in 2009. There he was responsible for managing special mandates and multi-asset funds in the Private Wealth department. From 1997 to 2008, he worked for Julius Baer Asset Management. He began his career as an economist at Credit Suisse, where he worked in Zurich, Hong Kong and Singapore between 1992 and 1996.

Stefano Zoffoli holds a Master of Arts degree in economics from the University of Zurich.

He often contributes to our blog with current market assessments.

Blog posts

Asset Allocation Update June 2025

So far, the erratic actions of the US government have not significantly harmed companies. However, the question now arises whether the high US budget deficit will be the next factor to unsettle the markets.

Companies and investors on hold

Some calm has returned to the markets this week and the equity markets have recovered slightly. Nevertheless, the situation remains tense. The effect of the trade tariffs will only be felt in the coming quarters.

Upcoming earnings season tests markets

Although the current situation looks more like an easing on the customs front, we are concerned about the upcoming earnings season. We therefore remain underweight in US equities.

What will happen after the breather?

The temporary suspension of the US tariff increases is a positive signal for the financial markets in the short term. Nevertheless, we have reduced risk .

Will the US government soon have to back down on tariffs?

President Donald Trump's administration wants to protect the domestic industry from foreign competition with import tariffs of around 22 per cent. We expect the announcements that have been made to be toned down.

Will the US government soon have to back down on tariffs?

President Donald Trump's administration wants to protect the domestic industry from foreign competition with import tariffs of around 22%. We expect the announcements that have been made to be toned down.

The US election has been decided. What this means for US debt

Donald Trump wins the US elections. But even under him, the US debt mountain is likely to continue to grow. The consequences of this - briefly explained in ten questions and answers.

Tactical Asset Allocation October 2024

A significant easing of monetary policy in the USA with further steps in the pipeline and continued high fiscal spending will put upward pressure on risky assets. We are therefore actively adapting our positioning to this new environment.

Tactical Asset Allocation September 2024

The US equity market is already trading at record levels again following the dip in August. However, attractive investment opportunities are now opening up outside the USA.

Tactical Asset Allocation August 2024

It's not just the Olympic Games in Paris that are getting everyone into a sporting mood – there's also a lot going on in the financial markets.

Tactical Asset Allocation July 2024

Tactics are not only required on the football pitch. European equities are catching up in terms of earnings momentum and have what it takes to win the championship.

Tactical Asset Allocation June 2024

Hopes of interest rate cuts, among other things, have put us in a good mood. Although we remain constructive on equities, we are keeping a close eye on our sentiment and positioning indicators.

Tactical Asset Allocation May 2024

Stubborn US inflation figures still do not allow for any interest rate cuts - this "higher for longer" is causing uncertainty on the stock markets.

Tactical Asset Allocation April 2024

Share prices continue to push upwards. But the air is getting thinner and thinner. We therefore remain cautiously optimistic.

Tactical Asset Allocation March 2024

The stock market party is still in full swing. We're joining in the celebrations, but stay sober.

Tactical Asset Allocation February 2024

Although the stock markets are exposed to various potential headwinds, they continue to enjoy a strong upswing from the IT sector. We are therefore increasing the equity allocation slightly.

Tactical Asset Allocation February 2024

Although the stock markets are exposed to various potential headwinds, they continue to enjoy a strong upswing from the IT sector. We are therefore increasing the equity allocation slightly.

How sustainable is the Fed's pre-Christmas gift?

With the prospect of interest rate cuts in the near future, the US Federal Reserve has given the stock markets a pre-Christmas present. We are taking this price momentum with us, but remain sceptical.

Our three investment trends for 2023

Zürcher Kantonalbank's Asset Management defined three key assumptions for the coming investment year. Two of them are positive. But there is also a risk factor.

Is the wage-price spiral about to appear?

As a result of higher commodities prices and supply chain problems as well as a surge in economic demand after the pandemic, prices for consumer goods are rising across the board. Upward pressure on wages is therefore increasing, too. This development has consequences for equities.