In October 2025, global financial markets proved robust overall. Despite continued mixed macroeconomic signals and geopolitical tensions, risk assets performed positively. In the United States, equity indices continued their upward trend, supported by solid corporate earnings in the technology sector as well as hopes for further interest rate cuts by the Federal Reserve. The Fed lowered its key interest rate by 25 basis points while simultaneously emphasising its data-dependent approach.
In Europe, declining inflation rates supported market developments, while the STOXX 600 reached a new all-time high. In China, investor confidence remained subdued due to weak property and export data, but showed slight signs of stabilisation thanks to targeted fiscal stimulus.
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Tellco pension solutions continue their path of success
In this market environment, the Tellco pension solutions once again developed very positively:
- PULSE (return-oriented): +5.21% YTD, +1.17% in October
- PRO (security-oriented): +3.20% YTD, +0.80% in October
- Benchmark Pictet 25 Plus: +2.78% YTD, +0.95% in October
Tellco pk PULSE: Above-average performance in a dynamic market environment
The return-oriented pension solution Tellco pk PULSE was able to shine in October both in absolute terms and relative to the benchmark. With its higher equity allocation, the strategy benefited significantly from the global market momentum. The robust development in the technology sector as well as the improved risk sentiment provided additional support.
Tellco pk PRO: Stability as a success factor
The security-oriented pension solution Tellco pk PRO also presents itself as a reliable solution. It demonstrates that a balanced positioning can play to its strengths especially in phases of contradictory market signals. The stable development and low volatility offer a steady performance trajectory combined with attractive long-term performance.
Solid strategies for volatile times
October once again confirms that Tellco pk PULSE and Tellco pk PRO offer suitable and at the same time high-performing solutions for different needs. Both solutions are clearly above the benchmark since the beginning of the year, thereby underscoring the investment strategy.