Market Comparison July 2025: Encouraging Performance of the Pension Solutions PULSE and PRO

In July 2025, sentiment on the international financial markets eased. Political uncertainties diminished somewhat, particularly in the USA. New trade agreements between the US government, Japan, and the EU reduced the risk of another trade conflict, while a comprehensive stimulus programme from the US Congress further strengthened confidence in the economy.

Equity markets developed positively worldwide – technology stocks and smaller companies in particular benefitted from strong quarterly figures and optimistic growth expectations. In China, the economy also showed robust momentum, while emerging markets received additional support from rising commodity prices and the global AI boom.

On the other hand, rising interest rates weighed on the global bond markets. Government bonds suffered from high levels of public spending, and central banks held back on cutting rates. In the United Kingdom, unexpectedly higher inflation led to further increases in yields. Real estate investments, by contrast, developed steadily and generated positive contributions.

How did our pension solutions perform in this environment? A look at the July figures shows the answer.

Performance as of End of July 2025

• PULSE (return-oriented): +2.44% YTD, +0.80% in July
• PRO (safety-oriented): +1.22% YTD, +0.50% in July
• Benchmark Pictet 25 Plus: +0.58% YTD, +0.65% in July

Both solutions are in positive territory, albeit with different focuses and investment strategies.

• Tellco pk PULSE is return-oriented and achieved an above-average performance in the market comparison. Both in July and since the beginning of the year, PULSE outperformed the Pictet 25 Plus benchmark, benefitting in particular from the positive development of global equity markets.
• Tellco pk PRO pursues a safety-oriented strategy and also delivered a very solid performance: since the beginning of the year, results have been clearly above the benchmark, and in July they moved at a similar level. This outcome confirms the robust orientation of our safety-focused solution – with an emphasis on stability and continuity.

Both strategies confirmed their strengths in July, showing that Tellco provides suitable and forward-looking solutions for different pension needs.