Questions and answers about Tramondo, family office services and our funds
Clear answers to the questions clients and investors ask us most.
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Answers to the questions clients ask us most: about Tramondo, mandates, funds and costs. Search by keyword or choose a topic.
Working with Tramondo
1.1What does Tramondo Investment Partners do?
Tramondo Investment Partners AG is an independent Swiss investment manager based in Zug, with an office in Zurich. It is the investment arm of a multi-family office group that has close to 50 years of history. Tramondo manages wealth for private clients and families, trustees and foundations, family offices and institutional investors, and runs its own range of six funds. Within the group, Dr. J. Bollag & Cie. AG adds legal, tax, trust and structuring expertise.
1.2Who are Tramondo's clients?
Tramondo works with entrepreneurs, families and private clients in Switzerland and abroad, with trustees and foundations, with family offices and independent asset managers, and with institutional investors such as pension funds.
1.3What ways of working with Tramondo are there for private clients?
Private clients can choose a discretionary mandate, where Tramondo makes the investment decisions within an agreed strategy; an advisory mandate, where the client decides with Tramondo's analysis and recommendations; retirement and vested-benefits solutions; or a Portfolio Health Check of an existing portfolio. Family office services from Dr. J. Bollag & Cie. AG can be added.
1.4How does a discretionary mandate work at Tramondo?
Tramondo agrees an investment strategy with you that fits your needs, your asset structure and the risk that suits you. Within that framework, Tramondo makes the day‑to‑day investment decisions, monitors the portfolio actively and reports to you regularly. The focus is on robust, highly liquid investments with an emphasis on quality and on limiting setbacks in difficult markets.
1.5How does an advisory mandate work at Tramondo?
In an advisory mandate you make the investment decisions. Tramondo supports you with analysis, market assessments and concrete recommendations, and only carries out a transaction with your consent. You also benefit from a broad investment universe, cost‑efficient products and reduced transaction fees.
1.6What retirement and vested‑benefits solutions does Tramondo offer?
Tramondo's retirement solutions let you invest pension and vested-benefits money in a way similar to pension funds: you choose from investment modules that can be bought or sold at any time, with access to cost‑efficient investment trusts and institutional share classes, an electronic client portal and an all‑in fee.
1.7What is Tramondo's Portfolio Health Check?
In the Portfolio Health Check, Tramondo's investment team analyses your existing portfolio thoroughly. You receive concrete, easy‑to‑implement recommendations on how to align your investments with your objectives and reduce costs. The Health Check is free of charge and without obligation.
1.8How does the first conversation with Tramondo work?
Working with Tramondo follows three phases. It starts with a confidential conversation about your objectives, your situation and your time horizon, in Zug, in Zurich or wherever suits you. If both sides see a fit, Tramondo designs a strategy and agrees the mandate with you in writing. From then on, your relationship manager stays your main point of contact, with regular reviews as your circumstances change.
1.9Who will be my contact at Tramondo?
You have one senior relationship manager as your central point of contact. Behind them is a multidisciplinary team: the Investment Committee and portfolio managers, and, when needed, the legal, tax and trust specialists of Dr. J. Bollag & Cie. AG.
1.10Is there a minimum investment amount at Tramondo?
The starting amount depends on the service you choose and on your situation. Tramondo discusses it with you in the first, confidential conversation.
1.11How do I contact Tramondo?
You can reach Tramondo at +41 41 710 76 76 or info@tramondo.ch. Meetings take place by appointment at the head office in Zug (Unter Altstadt 10, 6302 Zug) or at the Zurich office (Stockerstrasse 38, 8002 Zurich).
1.12How long has Tramondo existed?
Tramondo Investment Partners AG was founded in 2015 as a spin‑off of the multi-family office Dr. J. Bollag & Cie. AG, which Dr. Josef Bollag founded in 1978. Today Tramondo is the investment arm of the multi-family office group, which has close to 50 years of history.
1.13Does Tramondo work with international clients?
Yes. Tramondo advises private clients and families in Switzerland and abroad, including families with international interests, and its relationship managers bring experience with clients from different regions. Within the group, Dr. J. Bollag & Cie. AG also supports cross-border matters.
Your bank and your assets
2.1Where are my assets held when Tramondo manages them?
Your assets stay in an account in your own name at a custodian bank. Tramondo manages the mandate with a limited power of attorney; any transfer out of your account needs your consent.
2.2Can I keep my own bank when I work with Tramondo?
Yes. Tramondo works with a number of established custodian banks and can also integrate the bank you already use. Your bank looks after your assets; Tramondo brings the investment expertise.
2.3Which custodian banks does Tramondo work with?
Tramondo works with several renowned custodian banks, with which it has negotiated preferential terms for brokerage, custody and currency exchange. If you prefer, the bank you already use can be integrated.
2.4How is Tramondo paid?
Tramondo is paid by a base fee only, invoiced transparently every quarter; the model depends on the service. Any retrocessions are passed on to you, and there are no front‑end loads, so Tramondo's interests stay aligned with yours. Preferential terms negotiated with custodian banks often cover a significant part of the fee.
Family office services from Dr. J. Bollag & Cie. AG
3.1What are Tramondo's family office services?
With its family office services, Tramondo coordinates the management of a family's assets with its wider legal and tax matters. Within the group, Dr. J. Bollag & Cie. AG provides legal, tax, trust and structuring expertise, and Tramondo provides the investment management. One dedicated point of contact coordinates both.
3.2Who is Dr. J. Bollag & Cie. AG?
Dr. J. Bollag & Cie. AG is a Swiss multi-family office founded by Dr. Josef Bollag in 1978. It belongs to the same group as Tramondo and provides legal, tax, trust and structuring expertise to entrepreneurial families, trusts and foundations. Tramondo is the group's investment arm.
3.3Which services does Dr. J. Bollag & Cie. AG provide, and which does Tramondo provide?
Dr. J. Bollag & Cie. AG provides legal advice, tax advice, accounting, trusts and fiduciary services, wealth structuring, succession planning, family governance, asset protection and support with cross-border matters. Tramondo provides portfolio management, investment strategy, private label fund solutions, consolidated reporting, independent second opinions and cost reviews.
3.4Why does Tramondo combine investments with legal and tax advice in one group?
Questions of wealth rarely stop at the portfolio: succession, family governance, asset protection and cross-border matters all affect how wealth should be invested. When specialists who share the same objectives work closely together, solutions fit together and things stay simpler for the family.
Our investment approach
4.1How does Tramondo invest?
Tramondo makes independent investment decisions and follows a disciplined process: research with a long‑term perspective, risk before return, and portfolio construction with ongoing risk management. It favours transparent, high‑quality and liquid investments, and positions portfolios actively rather than following an index.
4.2Who makes the investment decisions at Tramondo?
Investment decisions are taken by Tramondo's Investment Committee, chaired by the Chief Investment Officer, who is responsible for strategic and tactical allocation. The committee includes the CEO and senior portfolio managers, and the portfolio management team implements the decisions.
4.3How does Tramondo manage risk?
Risk management is part of every step. First, Tramondo works out with you which risks you can and want to take. Within that framework, it looks for attractive investment opportunities and pays attention to the portfolio's resilience and liquidity, possible concentrations of risk and how holdings interact. Diversification means understanding risks, not simply adding holdings.
4.4What does "benchmark‑independent" mean at Tramondo?
It means Tramondo positions portfolios according to its view of the investment environment rather than copying the weights of a market index. This gives the freedom to hold more cash or reduce riskier assets when risks rise, and to concentrate on high‑quality securities when opportunities appear.
4.5Does Tramondo use artificial intelligence or quantitative research?
Yes. Tramondo has strengthened its investment team in recent years and works with specialist partners on quantitative research and AI‑based analysis tools. These tools support the research. Investment decisions are made by Tramondo's Investment Committee.
4.6How does Tramondo show its current market positioning?
Each monthly Market Compass ends with Tramondo's tactical stance for four asset classes (cash, fixed income, equities and alternative investments), each scored from 1 to 5, where 3 is neutral and 4 is an overweight.
Tramondo funds
5.1Which funds does Tramondo manage?
Tramondo manages six funds: Dynamic Equity Opportunities, Dynamic Equity Europe and Premium Equity Selection (equities), Defensive Income and Credit Opportunities (fixed income), and the Alternative Diversification Strategy (alternatives). Each is actively managed with the same discipline as Tramondo's mandates.
5.2Where are Tramondo's funds domiciled, and are they UCITS funds?
Five of the six funds are sub‑funds of Tramondo UCITS Funds, a collective investment scheme under Liechtenstein law that follows the European UCITS rules. The Alternative Diversification Strategy is an alternative investment fund (AIF), also domiciled in Liechtenstein. Tramondo is the investment manager of all six.
5.3Who can invest in Tramondo's funds?
Tramondo's funds are available in Switzerland to qualified investors as defined by Swiss law. Availability depends on your investor status and domicile, so please confirm your investor status with your advisor before investing.
5.4Where can I find factsheets and fund documents?
Each fund page offers the latest monthly factsheet, updated after each month‑end, and you can subscribe to receive the factsheets by e‑mail every month. The prospectus, the key information document and the annual and semi‑annual reports are available free of charge from Tramondo and from the Swiss representative, LLB Swiss Investment AG, Bahnhofstrasse 74, 8002 Zurich.
5.5What is Tramondo Dynamic Equity Opportunities?
Tramondo Dynamic Equity Opportunities is a global equity fund that invests in high‑quality companies and uses active risk management to limit setbacks in difficult markets. It was launched in April 2017 and converted into a UCITS fund in September 2021. Its USD‑I share class holds a five‑star Morningstar rating over five years.
5.6What is Tramondo Dynamic Equity Europe?
Tramondo Dynamic Equity Europe is a European equity fund. It invests actively in high‑quality companies outside Switzerland and follows disciplined risk control. It applies the approach of Tramondo's global equity strategy to Europe and was launched as a UCITS fund in February 2022.
5.7What is Tramondo Premium Equity Selection?
Tramondo Premium Equity Selection is a concentrated global equity fund that holds high‑quality companies benefiting from durable, long‑term trends. Formerly the Next Generation fund, it was renamed and its strategy realigned in January 2023. It is a UCITS fund.
5.8What is Tramondo Defensive Income?
Tramondo Defensive Income is a bond fund for conservative investors that gives cost‑efficient access to high‑quality corporate and government bonds worldwide, with credit and duration risk actively managed. Launched in 2017, it has been a UCITS fund since September 2022.
5.9What is Tramondo Credit Opportunities?
Tramondo Credit Opportunities is a bond fund that allocates actively across investment-grade and selected higher-yielding corporate bonds. Launched in 2020, it has been a UCITS fund since September 2022. Its USD‑I share class holds five‑star Morningstar ratings over three and five years.
5.10What is Tramondo Alternative Diversification Strategy?
Tramondo Alternative Diversification Strategy is a broadly diversified fund with alternative investments such as hedge funds, real estate, precious metals and commodities. It is designed to stabilise the overall portfolio and aims for returns independent of how equity markets develop. It is an alternative investment fund (AIF) domiciled in Liechtenstein, launched in February 2019 and renamed in June 2022. Its USD‑F share class holds a five‑star Morningstar rating over three years.
5.11Has Tramondo won awards?
Tramondo won the Fund Manager category at the WealthBriefing Swiss Awards 2026 and has been named one of Switzerland's top 50 independent asset managers by Citywire six years in a row. Morningstar rates three Tramondo funds, across three asset classes, at five stars: Credit Opportunities (USD‑I, over three and five years), Dynamic Equity Opportunities (USD‑I, over five years) and Alternative Diversification Strategy (USD‑F, over three years).
Regulation and safety
6.1Is Tramondo regulated?
Yes. Under the Swiss Financial Institutions Act, Tramondo Investment Partners AG is authorised by the Swiss Financial Market Supervisory Authority FINMA as a manager of collective assets and is supervised by FINMA. Its auditors are PricewaterhouseCoopers AG. You can check Tramondo's authorisation in FINMA's public register of authorised institutions.
6.2Which ombudsman office is Tramondo affiliated with?
Tramondo is affiliated with FINOS, the Swiss financial ombudsman office recognised by the Federal Department of Finance (Talstrasse 20, 8001 Zurich). An ombudsman office is a neutral body that mediates between clients and financial service providers, at little or no cost to the client. Clients can also find this in Tramondo's client information sheet under the Financial Services Act.
6.3Which associations is Tramondo a member of?
Tramondo is a member of the VSV‑ASG, Switzerland's leading association of independent wealth managers, and of the Alliance of Swiss Wealth Managers, which it joined in January 2023.
6.4How safe are my assets if something happens to Tramondo?
Your assets are held in an account in your name at your custodian bank, not at Tramondo. Tramondo only has a limited power of attorney to manage the portfolio and cannot transfer money out of your account without your consent.
6.5How does Tramondo ensure compliance?
Tramondo works with SwissComply, a specialist compliance partner, for its regulatory and compliance requirements as a FINMA-licensed manager of collective assets.
Institutional investors
7.1What does Tramondo offer institutional investors?
Tramondo offers cost‑efficient investment solutions for independent asset managers, family offices, pension funds, foundations and other institutions: discretionary mandates, Tramondo's own funds, and managed accounts or other structures where regulation, compliance or investment policy call for them, with transparent reporting and independent monitoring of costs.
7.2Can Tramondo work alongside our existing advisors and custodians?
Yes. Tramondo works through clear frameworks with the advisors, investment committees and custodian banks an institution already has, and can provide consolidated reporting across custodians and entities.
7.3Does Tramondo offer managed accounts?
Yes. Where a fund is not the right vehicle for regulatory, compliance or investment reasons, Tramondo implements managed accounts and other investment structures for professional investors.
7.4Can existing family offices work with Tramondo?
Yes. Tramondo works with family offices that want investment specialism alongside their own team, through mandates, managed accounts or Tramondo's funds, with consolidated reporting across custodian banks.
Research and publications
8.1What is the Tramondo Market Compass?
The Market Compass is Tramondo's monthly view on the markets. Each edition reviews the past month, explains Tramondo's tactical positioning and gives a short outlook, with a full PDF for download. It appears in English and German at the start of each month.
8.2What is the Tramondo Navigator?
The Navigator is Tramondo's annual outlook, published every December. It sets out the views on the economy, equities, fixed income, alternatives and currencies for the year ahead, with a full PDF for download.
8.3How can I receive Tramondo's publications?
You can subscribe to Tramondo's publications by e‑mail and receive the Market Compass every month, the Navigator every December and the reading lists twice a year. All editions are also published under Insights on the website.
8.4What are the Tramondo reading lists?
Twice a year, in summer and at year‑end, Tramondo's team recommends a selection of books on economics, markets, psychology and strategy. The reading lists have appeared since 2020 and continue the Book Club reviews that began in 2019.
Investing concepts explained
9.1What is market breadth, and why does it matter?
Market breadth shows how many stocks take part in a market move. An index can rise on the strength of a handful of large companies; when most stocks rise with it, the trend is broad and better supported. Tramondo watches breadth as one of several inputs in its risk management.
9.2Is a low price‑to‑earnings ratio a reason to buy a stock?
Not on its own. A low price‑to‑earnings ratio often reflects slowing earnings, while many of the strongest stocks traded at high ratios because their earnings were growing fast. Tramondo looks first at the growth and quality of earnings and sales, and treats valuation as one factor among several.
9.3Should you buy shares in an IPO on the first day?
Tramondo's view is that patience usually pays: on the first day there is no trading history and pricing can move sharply. A lower‑risk approach is to wait until the shares have formed their first base after listing, when price and volume data give a clearer picture.
9.4How should you invest in long‑term themes?
Tramondo follows five rules for thematic investing: spread the investment across a theme's value chain; think in decades, not months; judge results over a full market cycle; hold high‑quality companies, often still led by their founders; and stay humble, selling positions that no longer qualify.
9.5What does margin debt say about the stock market?
Margin debt is money investors borrow to buy securities. When it grows very fast, it has often signalled heated markets; when it starts to fall, investors are reducing their borrowing. Tramondo watches it as one measure of market sentiment.
9.6Why can long‑term bonds be attractive when interest‑rate rises end?
At the end of a cycle of rising interest rates, long‑term bonds combine relatively high coupons with the chance of price gains if yields fall later. Tramondo builds historical patterns like this into its tactical allocation.
9.7Do seasonal patterns matter in the stock market?
Markets are driven by people, so some patterns recur, such as typically firmer markets around holidays and in certain months. Tramondo uses seasonality to judge short‑term risk and reward, as one input among several.
9.8Does "Sell in May and go away" work?
Rarely. Since 1970, the S&P 500 has gained only about 1.5% on average from May to October, against 6.9% from November to April. But the summer months were still positive on average, so selling in May would hardly have paid off. Tramondo watches seasonal patterns closely, but never bases a decision on them alone: company data, chart analysis and market dynamics count as much.
9.9Does a strong January point to a good year for stocks?
Historically, it often has. Since 1945, the S&P 500 has returned about 10.9% on average in years that began with a positive January, against about 2.1% after a negative January and 7.4% in an average year. It is a statistical tendency, not a rule, and Tramondo reads it together with company data, chart analysis and market dynamics.
9.10Why does April often behave differently in the stock market?
April has been one of the strongest months: since 1950, the S&P 500 has gained about 1.5% in April on average, twice its average month of 0.7%, and the Euro Stoxx 50 about 1.9% since 1987. In the US, the second half of April is usually stronger than the first. Many private investors sell shares to pay their taxes before the 15 April deadline, and buying returns once it has passed.
9.11Is September the weakest month for stocks?
In the US, historically yes. Since 1950, the S&P 500 has lost about 0.7% in September on average, the only month with a negative average. Reasons include the pause in share buybacks before the reporting season, quarter‑end rebalancing and new share and bond issues after the summer. Weak Septembers have often been followed by a stronger final quarter, especially in US midterm election years.
9.12Does a strong first half mean a good second half for stocks?
Often, yes. Since 2000, when the MSCI World index ended the first six months higher, it also rose in the second half in 75% of cases, and in almost 90% after a first‑half gain of more than 5%. After a negative first half, the odds were even. Past performance is no guarantee, but history suggests that a strong start is not in itself a reason to sell.
9.13Does the gold price follow a seasonal pattern?
To a degree. Gold has tended to rise most strongly from August to October and from December to January, and to move sideways for much of the rest of the year. Tramondo sees such phases as possible entry windows, while the longer‑term case for gold rests on structural demand, such as buying by central banks.
9.14Are rising interest rates bad for the stock market?
Not necessarily. Rate‑hiking cycles usually begin in a growing economy with solid company earnings. In 10 of 13 US hiking cycles between 1974 and 2022, the S&P 500 had a positive total return in the 12 months after the first rate rise, 6.1% on average. What markets dislike are sudden, unexpected moves, and long tightening phases can eventually weigh on earnings and valuations.
9.15How do markets behave when central banks pause rate rises?
Historically, well. Since 1992, in periods when the US Federal Reserve held rates after a tightening cycle, US equities (S&P 500) returned about 20.6% a year on average and US bonds (Bloomberg US Aggregate) about 5.1%. A pause tends to reduce uncertainty and volatility. Tramondo studies such monetary cycles for its tactical allocation, knowing that no two cycles are the same.
9.16How do bonds perform after the first interest‑rate cut?
Historically, high‑quality bonds have done well. Since 1981, once the US Federal Reserve began to cut rates, bonds have outperformed equities on average, with or without a recession, and most clearly in a recession. Quality matters: bonds with higher credit risk (high yield) have not kept pace with those of high‑quality issuers (investment grade).
9.17Why do central banks own so many government bonds?
After a decade of high public spending, central banks in many countries bought government bonds to keep the market in balance. In Portugal, Japan, Ireland and the Netherlands, they held more than half of all outstanding government bonds in early 2024. If their demand fell while supply stayed the same, bond prices would come under pressure, so Tramondo follows such structural shifts closely.
9.18How long do bear markets last?
It depends mainly on the economy. Since 1929, bear markets in the S&P 500 have lasted about 12 months on average, with a fall of about 30%. Without a recession they were shorter and milder: about four months and 22%. Since 1965, corrections with a recession have averaged a fall of 36%, against about 15% without one. This is why Tramondo watches the risk of recession closely.
9.19What is a bear‑market rally?
A bear‑market rally is a sharp but temporary rise within a falling market, often after the market has become strongly oversold. Since 1929, the S&P 500 has seen 43 such rallies, gaining 17.2% on average over about 39 trading days. Telling a rally from a lasting turn takes more than the price: Tramondo also looks at trading volumes, company data and the economy.
9.20Are record highs a warning sign for the stock market?
Usually not. New all‑time highs have more often marked the start of a rally than its end. Since 1950, the S&P 500 has set about 20 record closes a year on average, outside major crises and bubbles. Momentum, the tendency of trends to continue, is part of Tramondo's market assessment, especially when market breadth stays healthy.
9.21Why do a few companies drive most of the stock market's return?
Because long‑term returns are very unevenly spread. A study of US stocks since 1926 found that a small number of companies created most of the market's gains, while just over half of all stocks lost money. In 2024, the "Magnificent Seven" alone contributed more than half of the S&P 500's return. For Tramondo, this makes disciplined stock selection and regular reviews of holdings all the more important.
9.22How much do dividends contribute to stock‑market returns?
A great deal over the long run. Since 1926, dividends have made up about a third of the total return of US equities, and around 75% of the S&P 500's return from 1980 to 2019. In Switzerland, the SMI rose about 72% from 2000 to early 2025 on prices alone, but about 240% with dividends reinvested. Tramondo balances dividend payers and growth stocks within a diversified portfolio.
9.23Do US elections move the stock market?
Less than many expect. Since 1960, the S&P 500 has gained about 10% on average in US presidential election years; the losses of 2000 and 2008 came from the dot‑com crash and the financial crisis rather than politics. Over the long run, returns under Republican and Democratic presidents have been similar. Elections can raise volatility for a while, but economic and earnings growth matter far more.
9.24Do commodities help diversify a portfolio?
They can, especially when equities and bonds fall together. In spring 2022, commodities moved against equities for the first time since the financial crisis of 2008/09: in April 2022, the S&P 500 lost 8.8% and US bonds about 4%, while commodities gained 5.6%. Tramondo sees commodities as a useful additional building block in mixed mandates.
9.25Why are central banks buying gold?
Mainly to diversify their reserves and depend less on the US dollar, given geopolitical risks and high US debt. Central banks bought more than 1,000 tonnes of gold in 2024, about a fifth of annual production. According to the European Central Bank, gold made up about 20% of official reserves at market prices in 2024, ahead of the euro (16%) and behind only the US dollar (46%).