International financial markets continued to operate in a challenging environment in June 2026. Geopolitical risks, elevated inflation and the ongoing restrictive monetary policy created uncertainty. Nevertheless, the PULSE and PRO pension solutions once again delivered positive results during the reporting month.
Both solutions recorded pleasing performance in June. At the same time, their funding ratios continued to increase. PULSE and PRO therefore closed the first half of 2026 from a stronger financial position.
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Funding ratio as at the end of June 2026 (estimate)
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PULSE: 111.6%, +0.95 percentage points in June
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PRO: 107.5%, +0.76 percentage points in June
Performance as at the end of June 2026
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PULSE: +3.30% YTD, +1.00% in June
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PRO: +3.54% YTD, +0.92% in June
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Pictet 25 Plus benchmark: +2.58% YTD, +1.12% in June
Assessment and outlook
The development in June shows that both pension solutions performed well, even under challenging conditions. At the halfway point of the year, PULSE and PRO reported higher funding ratios and pleasing performance since the start of the year.
At the same time, the market environment remains shaped by geopolitical uncertainty, elevated inflationary pressure and restrictive monetary policy. Tellco pk therefore continues to pursue a long-term investment policy in the interests of its insured members.