--- title: "Semi-annual reports" description: "Führender unabhängiger Vermögensverwalter der Schweiz. Gegründet 1986 von Dr. Pirmin Hotz. Sitz in Baar, Kanton Zug. FINMA-bewilligt als Verwalter von Kollektivvermögen (Art. 24 FINIG). Familienbesitz, nicht zum Verkauf. Handelsregister: CH-170.3.018.685-4." url: "https://www.mailer.hotz-partner.ch/en/semi-annual-reports" date: "2026-06-06T09:26:15+00:00" language: "en-GB" --- # Semi-annual reports Outspoken – Transparent Our client letters with our view on current market topics. [ ![Annual report 2025](https://www.mailer.hotz-partner.ch/images/publikationen/Hotz_Publikation_75_1725px.jpg)3. January 2026 | Dr. Pirmin Hotz ### Annual report 2025 Anyone who knows or has followed the history of Donald Trump in broad brush strokes can hardly claim to be surprised. His mentor at a young age was Roy Cohn, his father’s lawyer. Fred Trump amassed a considerable fortune as a property developer in New York. What is remarkable is how his son manages to play with the world as if it were a puppet show. Read more ](https://www.mailer.hotz-partner.ch/index.php?option=com_content&view=article&id=455:2025-12&catid=15&lang=en-GB) [ ![Semi annual report 2025](https://www.mailer.hotz-partner.ch/images/publikationen/Hotz_Publikation_60_1725px.jpg)1. July 2025 | Dr. Pirmin Hotz ### Semi annual report 2025 The succession plan announced some time ago is gathering pace. My son Florian will be the first representative of the second generation to join the Hotz family business. The fundamentally important independence and unique investment philosophy of this remarkable company are secured for the long term. Read more ](https://www.mailer.hotz-partner.ch/index.php?option=com_content&view=article&id=437:2025-06&catid=15&lang=en-GB) [ ![Annual report 2024](https://www.mailer.hotz-partner.ch/images/publikationen/Hotz_Poblikation_26_1725px.jpg)3th January 2025 | Dr. Pirmin Hotz ### Annual report 2024 At the beginning of the year, markets assumed that the U.S. Federal Reserve (Fed) would announce a total of six interest rate cuts in 2024. Things turned out differently. Persistent inflation thwarted the monetary authorities’ plans, leading to the first rate cut not being made until September. Following the already promising previous year, many experts also assumed that there would be a significant correction on the stock market in 2024. This did not occur either. As of 10 December – the editorial deadline for this letter – we look back on an exceptionally gratifying stock market year. Read more ](https://www.mailer.hotz-partner.ch/index.php?option=com_content&view=article&id=409:2024-12&catid=15&lang=en-GB) [ ![Semi annual report 2024](https://www.mailer.hotz-partner.ch/images/publikationen/Hotz_Publikation_106_1725px.jpg)1. July 2024 | Dr. Pirmin Hotz ### Semi annual report 2024 The Swiss National Bank (SNB) surprised markets with its decision to cut interest rates on 22 March, becoming the first of the world’s leading central banks to do so. There are encouraging signs on the inflation front, but the fight against high inflation is proving to be stubborn. In the US, hopes that the Federal Reserve would announce a cascade of interest rate cuts this year have been dashed. Nevertheless, the first half of the year was marked by many strong corporate results and an exceptionally positive stock market performance. Swiss equities also performed well, although for once they were below average by international comparison. This was mainly due to the temporary weakness of heavyweights Nestlé and Roche, which were also unable to benefit from the weakening of the Swiss franc, although that should have boosted exports. Read more ](https://www.mailer.hotz-partner.ch/index.php?option=com_content&view=article&id=392:2024-06&catid=15&lang=en-GB) [ ![Annual report 2023](https://www.mailer.hotz-partner.ch/images/publikationen/Hotz_Publikation_83_1725px.jpg)3th January 2024 | Dr. Pirmin Hotz ### Annual report 2023 Until the autumn, equity markets proved to be very robust and there was hope that the negative year of 2022 would be followed by a year of above-average returns. However, the situation changed temporarily following Hamas’s surprise attack on Israel. In addition to the conflict in the Middle East, the war in Ukraine, persistently high inflation in leading industrial countries and rising interest rates have weighed on equity markets. The markets began to recover in late autumn. In this challenging environment, it is particularly important to pursue a long-term, storm-tested, high-quality investment strategy. Read more ](https://www.mailer.hotz-partner.ch/index.php?option=com_content&view=article&id=364:2023-12&catid=15&lang=en-GB) [ ![Semi annual report 2023](https://www.mailer.hotz-partner.ch/images/publikationen/Hotz_Publikation_81_1725px.jpg)3th July 2023 | Dr. Pirmin Hotz ### Semi annual report 2023 What was long considered unthinkable has become reality. Schweizerische Kreditanstalt (SKA), founded in 1856 by Alfred Escher, the powerful “railway king” of Zurich, has quietly given up the ghost. Several generations of managers have plundered and ruined Credit Suisse, as it is now called, through their incompetence. Read more ](https://www.mailer.hotz-partner.ch/index.php?option=com_content&view=article&id=352:2023-06&catid=15&lang=en-GB) [ ![Annual report 2022](https://www.mailer.hotz-partner.ch/images/publikationen/Hotz_Publikation_101_1725px.jpg)5th January 2023 | Dr. Pirmin Hotz ### Annual report 2022 Nachdem die weltweit grösste Geldflutung aller Zeiten während über einem Jahrzehnt keine spürbare Teuerung hervorgebracht hat, glaubten nur noch ein paar «Ewiggestrige» an die Geldtheorien, die einst an unseren Universitäten gelehrt wurden. Nun ist die Inflation mit voller Wucht zurück. Die entflammte Teuerung, Lieferkettenprobleme, Rezessionstendenzen und der Krieg in der Ukraine haben die globalen Finanzmärkte im vergangenen Jahr erheblich belastet. Im relativen Performance-Vergleich ist es eines der erfolgreichsten Jahre unserer Firmengeschichte. Read more ](https://www.mailer.hotz-partner.ch/index.php?option=com_content&view=article&id=351:2022-12&catid=15&lang=en-GB) [ Publications ](https://www.mailer.hotz-partner.ch/index.php?Itemid=296) [ Blog ](https://www.mailer.hotz-partner.ch/index.php?Itemid=297) ## Schema ```json { "@context": "https://schema.org", "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://www.mailer.hotz-partner.ch/en" }, { "@type": "ListItem", "position": 2, "name": "Semi-annual reports", "item": "https://www.mailer.hotz-partner.ch/en/semi-annual-reports" } ] } ```