I manage my money myself.
I want to learn more about BlackRock.
Qualified investors
“By accessing this website you, as a client or potential client, accept to receive information on this website in more than one language.”
Please read this page, as it explains certain restrictions imposed by law on the distribution of this information. The information contained in the following pages is only available to qualified investors with domicile/registered seat in Switzerland. The content in the following pages is advertising.
By clicking on the button "I agree" you certify that you are a qualified investor within the meaning of Art. 10 para 3 of the federal Act on Collective Investment Schemes of 23 June 2006, as amended (CISA), at the exclusion of qualified investors with an opting-out pursuant to Art. 5 para. 1 of the Swiss Federal Act on Financial Services of 15 June 2018, as amended (FinSA), domiciled in Switzerland and that you have read, understood and accepted the legal terms and conditions following below. Qualified investors are:
The following pages contain information on the foreign collective investment schemes managed by entities of the BlackRock Group, which have been approved by the Swiss Financial Market Supervisory Authority (FINMA) for offering to non-qualified investors in Switzerland in accordance with Article 119 CISA (“Approved Funds”), on collective investment schemes which have not been approved by FINMA (“Not Approved Funds”), Swiss domiciled iShares ETF Funds and BlackRock Investment Funds Switzerland as well as further financial instruments permitted for offering to retail and professional clients (such as iShares Exchange Traded Products).
The Representative of the Approved Funds in Switzerland within the meaning of Article 120 and 123 et seq CISA is BlackRock Asset Management Schweiz AG, Bahnhofstrasse 39, CH -8001 Zurich. The Paying Agent of the Approved Funds in Switzerland within the meaning of Article 121 CISA is State Street Bank International GmbH, Munich, Zurich Branch, Kalanderplatz 5, PO box, CH-8027 Zurich. The prospectus, the key information document or equivalent, the Articles of Association (as applicable) and the annual as well as the semi-annual reports (as applicable) of the Approved Funds are available free of charge from the Representative in Switzerland.
The Fund Management Company of the Swiss domiciled iShares ETF Funds and BlackRock Investment Funds Switzerland is BlackRock Asset Management Schweiz AG, Bahnhofstrasse 39, CH-8001 Zurich. The prospectus including the integrated fund contract, the key information document or equivalent, and, if applicable, the annual as well as the semi-annual reports of the Swiss domiciled iShares Funds and BlackRock Investment Funds Switzerland are available free of charge from the Fund Management Company in Switzerland.
Place of fulfillment and jurisdiction for units of Approved Funds offered or advertised in Switzerland is the registered office of the Representative in Switzerland.
It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction.
The information contained herein is intended exclusively for persons in jurisdictions where the publication or access to this website is legally permissible and not prohibited. Persons affected by such prohibitions are expressly prohibited from using this website.
The financial instruments described on the following websites are managed by companies of the BlackRock group and can only be marketed in certain countries. You are responsible for knowing the legislation applicable to you and your country. For further information, please refer to the prospectus or other brochures created by us that deal with our financial instruments.
The following pages do not constitute an offer or solicitation to sell shares in any of the financial instruments referred to on this site, by anyone in any jurisdiction in which such offer or solicitation would be unlawful or in which the person making such an offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such an offer or solicitation.
Specifically, the financial instruments described are not available for offer to or investment by US investors. The shares will not be registered under the US Securities Act of 1933, as amended (the "Securities Act") and, except in a transaction which does not violate the Securities Act or any other applicable US securities laws (including without limitation any applicable law of any of the States of the USA) may not be directly or indirectly offered or sold in the USA or any of its territories or possessions or areas subject to its jurisdiction or to or for the benefit of a US Person.
Applications to invest in any financial instrument referred to on this site must only be made on the basis of the offer document relating to the specific investment (e.g. prospectus, key information document or equivalent, when implemented or other applicable terms and conditions). As a result of money laundering regulations, additional documentation for identification purposes may be required when you make your investment. Details are contained in the relevant prospectus or key information document.
The information contained on this site is subject to copyright with all rights reserved.
You may download copies of the information provided on this website. However, this does not entitle you to copy, reproduce, forward, or distribute this information in whole or in part. The information provided is solely for your personal, non-commercial purposes (this does not apply to our contractual partners).
The information contained on this site is published in good faith but no representation or warranty, expressed or implied, is made by us or by any person as to its accuracy or completeness and it should not be relied on as such. No information on this site constitutes investment, tax, legal or any other advice. Please note that some of our web pages are subject to access restrictions. The restrictions are noted on the respective page. We assume no liability for access by unauthorized users.
You may leave the BlackRock Asset Management Schweiz AG website when accessing certain links on this website. In doing so, you may be proceeding to the website of a third-party that is not regulated. BlackRock Asset Management Schweiz AG has not examined any of these websites and does not assume any responsibility for the contents of such websites nor the services, products or items offered through such websites.
BlackRock Asset Management Schweiz AG shall have no liability for any loss or damage arising out of the use or reliance on the information provided including without limitation, any loss of profit or any other damage, direct or consequential.
Past performance is no guarantee of current or future performance. The value of investments and the income from them may go down as well as up and are not guaranteed. You may not get back the amount you invested. Rates of exchange may cause the value of the investments to go up or down. Fluctuation may be particularly marked in the case of a higher volatility financial instrument and the value of an investment may fall suddenly and substantially.
For your protection, telephone calls are usually recorded. BlackRock Asset Management Schweiz AG shall have no liability for any data transmission errors such as data loss or damage or alteration of any kind, including, but not limited to, any direct, indirect or consequential damage, arising out of the use of the services provided herein.
If you are in doubt about the meaning of any information provided please consult your financial or other professional adviser. The opinions expressed on this website do not necessarily reflect the views of the entire BlackRock group or parts thereof and do not constitute investment or other advice.
Any research on this website was created by BlackRock and may also have been used for its own purposes.
BlackRock Asset Management Schweiz AG is responsible for the content of this website in Switzerland.
© 2025 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS and iSHARES are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
Market take
Weekly video_20250331
Nicholas Fawcett
Senior Economist, BlackRock Investment Institute
Opening frame: What’s driving markets? Market take
Camera frame
Major US policy shifts are exacerbating uncertainty and spurring policy responses globally.
We assess the possible macro and market impacts of US trade, immigration and fiscal policy. It’s difficult to make even near-term forecasts given the many moving parts: This week’s reciprocal tariffs are just one example. So we consider the range of outcomes.
Title slide: Doing the math on US policy shifts
1: Policy uncertainty a near-term risk
We think the average US effective tariff rate will settle near 10% – but it could take months to get there.
The longer uncertainty persists, the greater the risk that weakening sentiment hurts growth, in our view.
2: Trade and immigration policy impacts
Some external estimates see tariffs generating $300 billion in annual revenue. But they will likely push up on inflation and weigh on growth.
The US administration has also made it a priority to reduce net immigration. And a further slowdown in immigration could cut tax revenues, slow growth and push up on wages.
3: Fiscal policy to keep fiscal deficit large
Proposed US fiscal measures could boost growth. But external estimates also see them delivering persistent budget deficits and inflation pressures.
A continuation of the 2017 Tax Cuts and Jobs Act could modestly boost growth and inflation but widen the fiscal deficit.
Outro: Here’s our Market take
What’s the potential combined impact of the policy mix? We expect higher inflation and long-term bond yields, and a fiscal deficit above 5% in 2030. So we stay underweight long-term US Treasuries, preferring short-term bonds.
We see a path where growth can hold up if the artificial intelligence boost continues and deregulation provides an additional boost.
Mega forces like the AI buildout can also support US equity strength, in our view. So we stay overweight and see policy uncertainty easing over the next six to 12 months.
Closing frame: Read details: blackrock.com/weekly-commentary
Major US policy changes have upped uncertainty in a world of structural shifts. We see a path where growth holds up and stay tactically overweight US stocks.
Global stocks slid last week after US auto tariffs were announced and ahead of additional tariff details on April 2. US 10-year yields were flat at 4.25%.
The US administration is due to release details on “reciprocal” tariffs this week. We think the average US effective tariff rate will ultimately settle near 10%.
Major US policy shifts are exacerbating uncertainty and spurring policy responses globally, especially in Europe and Canada. It’s hard to gauge the ultimate macro and market impact given the various moving parts – with reciprocal tariffs a case in point this week. Yet when assessing possible impacts across policies, we see a path where artificial intelligence investment and potential deregulation could help boost economic growth. We stay overweight US stocks over six to 12 months.
US economic policy uncertainty index, 1990-2025
Source: BlackRock Investment Institute, with data from Economic Policy Uncertainty/Haver Analytics, March 2025. Note: The economic policy uncertainty index combines automated text searches of newspaper archives (measuring the frequency of policy-related uncertainty articles), the number of federal tax code provisions set to expire and disagreement among professional economic forecasters. The index is normalised with higher values indicating greater uncertainty. See https://www.policyuncertainty.com/methodology.html for more.
Long-standing global trade and foreign policy frameworks are being upended as the US has raised tariff rates and catalyzed big policy responses elsewhere. Current levies on steel and aluminum, auto import tariffs revealed last week and details on “reciprocal” tariffs due April 2 are in focus now. We think the average US effective tariff rate will settle near 10% – but it could take months to get there. Until then, we expect multiple changes to the mix of tariff rates. Investors have not faced this kind of trade uncertainty for decades and it has morphed into elevated economic uncertainty. See the chart. Unusually high policy uncertainty is driving a wedge between data based on sentiment surveys and data based on actual activity: US consumer confidence hit a four-year low in March, even as activity holds up.
We think policy uncertainty will ease over the next year. Yet prolonged uncertainty increases the risk weakening sentiment hurts growth. At this stage, it’s hard to forecast the policy outcomes with any confidence given many moving parts and competing objectives. We think it’s more useful to assess the orders of magnitudes across different policy outcomes and how they could be reconciled: We assess growth, inflation and deficit impacts across trade, fiscal and immigration policy using a range of external estimates. On trade, we think tariffs are set to be a permanent feature of US trade policy and a tool to raise revenue. While some external estimates see $300 billion in annual revenue from tariffs, they will likely push up on inflation and weigh on growth. The government is also aiming to cut costs to save around $1 trillion per year but nearing that would mean deep cuts to major federal programs. External estimates project only up to $300 billion of savings each year.
Yet those revenue gains could be offset by proposed policies that imply lower government revenues. The US administration has proposed a continuation of the 2017 Tax Cut and Jobs Act that set out tax cuts for individuals and businesses and is due to expire in 2026. A continuation would widen the fiscal deficit by up to $450 billion, the Congressional Budget Office and Joint Taxation Committee project, while also providing a small boost to growth and inflation. The administration has also made it a priority to reduce net immigration. If immigration slows back to pre-pandemic levels, currently elevated wage pressures would likely persist, GDP growth would slow slightly, and tax revenues would fall a little.
We expect this policy mix to reinforce persistent inflation pressures and higher long-term yields – and leave the fiscal deficit above 5% looking out to 2030. What matters for risk assets amid higher rates: whether growth can hold up. We see a path where it could if the AI growth boost of the past two years persists and if deregulation spurs an additional boost. We think US stocks can resume their global leadership due to resilient growth and mega forces – like AI. We stay underweight long-term US Treasuries, favoring short- and medium-term bonds.
US policy shifts have conflicting economic impacts. We see a path for resilient growth and mega forces to support US equities, keeping us overweight tactically. We stay underweight long-term bonds, preferring shorter-term bonds.
The S&P 500 slid 1.5% last week before the April 2 US tariff announcement. Europe’s Stoxx 600 fell more than 1% last week, in part reflecting the news of US tariffs being levied on global auto imports. But Europe is still outperforming this year, with gains of nearly 7% compared with the S&P 500’s 5% drop. US 10-year Treasury yields ended the week flat at 4.25%, falling back from one-month highs after soft US consumer spending data for February.
This week all eyes are on the US administration’s planned April 2 date to release more details about “reciprocal” US tariffs that match many of those imposed on US products by other countries. The much higher rates currently planned for Mexican and Canadian imports and on autos globally could be cut after negotiations, while new ones could be introduced elsewhere. We think the average US effective tariff rate will ultimately settle near 10%, the highest since the 1940s.
Past performance is not a reliable indicator of current or future results. Indexes are unmanaged and do not account for fees. It is not possible to invest directly in an index. Sources: BlackRock Investment Institute, with data from LSEG Datastream as of March 27, 2025. Notes: The two ends of the bars show the lowest and highest returns at any point year to date, and the dots represent current year-to-date returns. Emerging market (EM), high yield and global corporate investment grade (IG) returns are denominated in US dollars, and the rest in local currencies. Indexes or prices used are: spot Brent crude, ICE US Dollar Index (DXY), spot gold, MSCI Emerging Markets Index, MSCI Europe Index, LSEG Datastream 10-year benchmark government bond index (US, Germany and Italy), Bank of America Merrill Lynch Global High Yield Index, J.P. Morgan EMBI Index, Bank of America Merrill Lynch Global Broad Corporate Index and MSCI USA Index.
Japan Tankan business condition survey; euro area flash inflation
Additional US tariff details
China Caixin services PMI; US trade data
US payrolls data
Read our past weekly commentaries here.
Our highest conviction views on tactical (6-12 month) and strategic (long-term) horizons, March 2025
| Reasons | ||
|---|---|---|
| Tactical | Reasons | |
| US equities | ReasonsPolicy uncertainty may weigh on growth and stocks in the near term. Yet we remain overweight as we see the AI buildout and adoption creating opportunities across sectors and driving equity strength over our tactical horizon. We tap into beneficiaries outside the tech sector. We see valuations for big tech backed by strong earnings, and less lofty valuations for other sectors. | |
| Japanese equities | ReasonsA brighter outlook for Japan’s economy and corporate reforms are driving improved earnings and shareholder returns. Yet the potential drag on earnings from a stronger yen is a risk. | |
| Selective in fixed income | ReasonsPersistent deficits and sticky inflation in the US make us underweight long-term US Treasuries. We also prefer European credit – both investment grade and high yield – over the US on more attractive spreads. | |
| Strategic | Reasons | |
| Infrastructure equity and private credit | ReasonsWe see opportunities in infrastructure equity due to attractive relative valuations and mega forces. We think private credit will earn lending share as banks retreat – and at attractive returns. | |
| Fixed income granularity | ReasonsWe prefer DM government bonds over investment grade credit given tight spreads. Within DM government bonds, we favor short- and medium-term maturities in the US, and UK gilts across maturities. | |
| Equity granularity | ReasonsWe favor emerging over developed markets yet get selective in both. EMs at the cross current of mega forces – like India and Saudi Arabia – offer opportunities. In DM, we like Japan as the return of inflation and corporate reforms brighten the outlook. | |
| Comments | ||
Note: Views are from a US dollar perspective, March 2025. This material represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding any particular funds, strategy or security. | ||
Six to 12-month tactical views on selected assets vs. broad global asset classes by level of conviction, March 2025
Our approach is to first determine asset allocations based on our macro outlook – and what’s in the price. The table below reflects this. It leaves aside the opportunity for alpha, or the potential to generate above-benchmark returns. The new regime is not conducive to static exposures to broad asset classes, in our view, but it is creating more space for alpha. For example, the alpha opportunity in highly efficient DM equities markets historically has been low. That’s no longer the case, we think, thanks to greater volatility, macro uncertainty and dispersion of returns. The new regime puts a premium on insights and skill, in our view.
Six to 12-month tactical views on selected assets vs. broad global asset classes by level of conviction, March 2025
| Asset | Tactical view | Commentary | ||
|---|---|---|---|---|
| AssetEquities | Tactical view | Commentary | ||
| Asset Europe ex UK | Tactical view |
CommentaryWe are neutral, preferring the US and Japan. We see room for more European Central Bank rate cuts, supporting an earnings recovery. Rising defense spending, as well as potential fiscal loosening and de-escalation in the Ukraine war are other positives. | ||
| AssetGermany | Tactical view |
CommentaryWe are underweight. Valuations and earnings momentum offer modest support compared to peers, especially as ECB rate cuts ease financing conditions. Prolonged uncertainty over the next government, potential tariffs, and fading optimism about China’s stimulus could dampen sentiment. | ||
| AssetFrance | Tactical view |
CommentaryWe are underweight. The outcome of France’s parliamentary election and ongoing political uncertainty could weigh on business conditions for French companies. Yet, only a small share of the revenues and operations of major French firms is tied to domestic activity. | ||
| AssetItaly | Tactical view |
CommentaryWe are underweight. Valuations are supportive relative to peers, but past growth and earnings outperformance largely stemmed from significant fiscal stimulus in 2022-2023, which is unlikely to be sustained in the coming years. | ||
Past performance is not a reliable indicator of current or future results. It is not possible to invest directly in an index. Note: Views are from a euro perspective, March 2025. This material represents an assessment of the market environment at a specific time and is not intended to be a forecast or guarantee of future results. This information should not be relied upon as investment advice regarding any particular fund, strategy or security. | ||||
This material is for distribution to Professional Clients (as defined by the Financial Conduct Authority or MiFID Rules) and Qualified Investors only and should not be relied upon by any other persons.
Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: 020 7743 3000. Registered in England No. 2020394. For your protection telephone calls are usually recorded. BlackRock is a trading name of BlackRock Investment Management (UK) Limited.
Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.
Capital at risk. The value of investments and the income from them can fall as well as rise and is not guaranteed. You may not get back the amount originally invested. Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time.
Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy.
This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been prepared in connection with any such offer.
© 2025 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, iSHARES, BUILD ON BLACKROCK and SO WHAT DO I DO WITH MY MONEY logo are registered and unregistered trademarks of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.
As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. Since 1999, we've been a leading provider of financial technology, and our clients turn to us for the solutions they need when planning for their most important goals.
BIIM0325U/M-4362586
Past performance is not a reliable indicator of current or future results. It is not possible to invest directly in an index. Note: Views are from a US dollar perspective. This material represents an assessment of the market environment at a specific time and is not intended to be a forecast or guarantee of future results. This information should not be relied upon as investment advice regarding any particular fund, strategy or security.