Tellco pk: Stable development in July

International financial markets remained broadly resilient in July 2026. A robust economic environment and solid corporate results supported the markets, while persistently high interest rates continued to create headwinds, particularly for bonds. Against this backdrop, the PULSE and PRO pension solutions recorded slightly positive performance.

Both solutions delivered positive performance in July and have continued to show encouraging development since the start of the year. Their funding ratios also remained at solid levels as at the end of July.

Funding ratio as at the end of July 2026 (estimate)

• PULSE: 111.5% 

• PRO: 107.4% 

Performance as at the end of July 2026

• PULSE: +3.45% YTD, +0.04% in July

• PRO: +3.85% YTD, +0.05% in July

• Pictet 25 Plus benchmark: +2.02% YTD, -0.55% in July

Assessment and outlook

Developments in July show that both pension solutions remained stable even in a challenging market environment. Positive momentum came particularly from equity markets, which were supported by a solid corporate earnings season and a continued resilient economic environment. At the same time, the elevated interest-rate environment weighed on bond markets.

With positive performance since the start of the year and solid funding ratios, PULSE and PRO remain in a stable position. Tellco pk continues to pursue a long-term investment policy in the interests of its insured members.