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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

Whether Trump or Harris – the national debt is rising. What questions arise now.

Regardless of who wins the US elections, the US debt mountain is likely to continue growing. The consequences of this for investors are briefly explained in ten questions and answers.

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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.

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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.

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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.

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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.

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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.

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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.

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Tactical Asset Allocation April 2024

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

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Tactical Asset Allocation March 2024

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

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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.

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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.

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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.

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Tactical Asset Allocation December 2023

Investors are already feeling the spring on the stock markets. However, in our opinion, this has come too early. We are expecting frostier months again and are therefore remaining slightly underweight in equities. However, we are placing more emphasis on gold.

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Tactical Asset Allocation November 2023

Five percent yield on US government bonds – not seen since 2007. We are capitalising on this attractive level and are overweight in bonds. We remain defensive on the equity side, but are buying more on the Swiss market.

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Tactical Asset Allocation October 2023

The picture painted by central banks after recent interest rate meetings is that interest rates are expected to remain higher for longer than previously assumed. In this context, we see opportunities in the bond sector, for instance.

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Tactical Asset Allocation September 2023

After a bull market lasting several weeks, the stock markets have now started to crack in August. We expect further price erosion. Read on to learn why.

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Tactical Asset Allocation August 2023

The sentiment on the financial markets shows little change within a month. The mood is still too euphoric and the market breadth has recently increased. The signs are more indicative of an approaching thunder­storm than continued sunshine.

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Tactical Asset Allocation July 2023

Sentiment and positioning are more euphoric than they have been for a long time. We are tactically holding on to our equity underweight.

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Tactical Asset Allocation June 2023

The last interest rate hike in this cycle (to 5.25%), was putting us at peak Fed. Will there be a rapid descent? We don't think so and are not expecting interest rate cuts until the beginning of 2024. Why? Because of the continued high core rate of inflation.

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Tactical Asset Allocation May 2023

The US leading indicator has correctly forecast the last eight recessions. It now points to an imminent recession. The equity markets have so far been unshaken by the growing risks of recession. We remain defensively positioned.

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Tactical Asset Allocation April 2023

The banking sector is showing the most turmoil since 2008. Nevertheless, the MSCI World is unchanged month-on-months. However, things look different on the bond markets, where the stress is certainly tangible. Who is right?

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Tactical Asset Allocation March 2023

The bear is waking up from hibernation. The currently priced-in Goldilocks scenario is far too optimistic. Therefore, we are significantly underweighing equities.

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Tactical Asset Allocation February 2023

The stock markets got off to a strong start at the beginning of 2023. What are the consequences for the tactical asset allocation in February 2023?

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Tactical Asset Allocation January 2023

Expectations are too high, prompting caution. Corporate earnings growth is overestimated, and expectations of a decline in U.S. inflation are too optimistic. We are positive on gold.

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Tactical Asset Allocation January 2023

Expectations are too high, prompting caution. Corporate earnings growth is overestimated, and expectations of a decline in U.S. inflation are too optimistic. We are positive on gold.

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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.

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Tactical Asset Allocation for December 2022

We are again significantly underweighting international equities. With one exception: Europe.

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Tactical Asset Allocation for December 2022

The euphoria is rather premature. We are once again reducing our equity exposure below the benchmark. Bonds will profit from falling inflation and an economic slowdown.

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Tactical Asset Allocation for November 2022

Buy or sell? This is the question that drives stock investors. And no matter which decision they make, the risks are difficult to weigh.

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Tactical Asset Allocation for November 2022

Buy or sell? This is the question that drives stock investors. And no matter which decision they make, the risks are difficult to weigh.

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Tactical Asset Allocation for October 2022

Hawks create new investment opportunities. We are taking advantage of the new opportunities as part of our October 2022 tactical asset allocation.

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Tactical Asset Allocation for October 2022

Hawks create new investment opportunities. We are taking advantage of the new opportunities as part of our October 2022 tactical asset allocation.

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Tactical Asset Allocation for September 2022

The run of equity and bond markets sincs mid-june was abruptly halted by Jerome Powell's speech in Jackson Hole. Our equity underweight and protection strategy have thus paid off.

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Tactical Asset Allocation for September 2022

The run of equity and bond markets sincs mid-june was abruptly halted by Jerome Powell's speech in Jackson Hole. Our equity underweight and protection strategy have thus paid off.

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Taktische Asset Allocation August 2022

The spectre of stagflation will persist and financial conditions will continue to worsen.We are taking advantage of the equity rebound in July and are underweighting equities before the seasonally weak months of August and September.

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Tactical Asset Allocation August 2022

The spectre of stagflation will persist and financial conditions will continue to worsen.We are taking advantage of the equity rebound in July and are underweighting equities before the seasonally weak months of August and September.

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Tactical Asset Allocation July 2022

The equity markets corrected sharply again in June. The risks of recession have increased significantly. This will keep weighing on the financial markets.

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Tactical Asset Allocation July 2022

The equity markets corrected sharply again in June (-6%). The risks of recession have increased significantly. This will keep weighing on the financial markets.

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Tactical Asset Allocation June 2022

In general, we are reducing the tracking error in June. For bond investors, there is some consolation after the sharp losses (-10% YtD): the earnings prospects are now significantly better than they have been.

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Tactical Asset Allocation June 2022

In general, we are reducing the tracking error in June. For bond investors, there is some consolation after the sharp losses (-10% YtD): the earnings prospects are now significantly better than they have been.

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Tactical Asset Allocation May 2022

The equity markets are threatened with further downward pressure. We remain underweight in equities. We have reassessed bonds, listed real estate funds, Swiss equities and Australia.

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Tactical Asset Allocation May 2022

The equity markets are threatened with further downward pressure. We remain underweight in equities. We have reassessed bonds, Swiss equities and Australia.

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Tactical Asset Allocation April 2022

The recovery rally in March was used to sell stocks. New headwinds are expected for equities.

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Tactical Asset Allocation April 2022

The equity markets rose significantly in the second half of March and have already made up a large part of the accumulated losses since the beginning of the year. We are therefore using this recovery rally to sell equities.

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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.

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Tactical Asset Allocation March 2022

Just as the coronavirus pandemic appears to be coming to an end, a war is unsettling the financial markets.

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Tactical Asset Allocation February 2022

Since the beginning of the year, growth stocks – in particular US technology stocks – have been on a downward flight due to the sharp rise in interest rates.

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