Quarterly Investment Letter 3rd Quarter 2025
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Protect what’s yours. Generation to generation.
Protecting your wealth is more complicated than ever. We help you navigate changing regulatory environments and unpredictable markets.
One advisor. One point of contact.
Whether you wish to delegate your investment decisions or play a more active role, we offer a best-in-class investment strategy and bespoke advisory services to meet your individual needs. And of course, we can assist you with private office services upon request and based on your individual needs.
Alternative Credit Letter February 2026
Default and Recovery Rates in European high-yield
European high-yield market review of 2025:
- The overall loss rate (1-Recovery) improved to 1.2%
- The overall recovery rate rose to 62%, surpassing the long-term median’s 41%
- The overall notional default rate was steady at 3.2%
- Financial Services were the hardest hit, with a 17% default rate due to weak debt servicing
Our people. Our partners. Our best investment.
Investing in expertise and entrepreneurialism helps our people take their client relationships to the next level.
In Memory of Hans-Joerg Rudloff
We are saddened to share the passing of Hans-Joerg Rudloff.
Why presence matters
Michael Künzi on Marcuard Heritage’s expansion to Abu Dhabi – Marcuard Heritage
