Investment Society Lausanne - Annual Report 2025

1.0 - Who We Are and How We Work

The Investment Society Lausanne is a student-run, non-profit investment fund established in 2019, operating on the UNIL-EPFL campus. As the largest fund of its kind in the Lausanne region, it offers students from the University of Lausanne (UNIL) the opportunity to gain hands-on experience in investment management. The society's mission is to unite students passionate about investment, help them develop practical skills applicable to real markets, and prepare them for careers in the buy-side industry. Additionally, the society collaborates with industry professionals and firms on research projects and facilitates access to career opportunities within the investment sector.

Organizational Structure and Operations

Members of the Investment Society are organized into seven specialized teams, each focusing on a specific sector:

• Basic Materials and Energy: Focuses on commodities such as petroleum, natural gas, minerals, and other natural resources.

• Financial Services: Covers industries like banking, insurance, asset management, and financial technology (fintech).

• Industrials: Encompasses sectors including aircraft manufacturing, shipbuilding, machinery, and related fields.

• Consumption and General Public Services: Addresses consumer-oriented industries and public service sectors, including cosmetics, electronics, and other essential services.

• Healthcare: Focuses on healthcare services, pharmaceutical companies, medical equipment manufacturers, and related fields.

• Technology and Network Equipment: Dedicated to telecommunications, network equipment sectors, semiconductors, software programming, and information technologies.

• Digital Assets: Centers on cryptocurrencies, blockchain technologies, decentralized finance (DeFi), and related areas such as NFTs and digital infrastructure.

Each team comprises analysts led by an elected portfolio manager. Together, they analyze markets, select stocks, manage equities and pitch investment ideas across sectors. This structure allows members to specialize in specific industries, gaining in-depth knowledge and practical experience in managing real financial assets.

Educational Initiatives

The society emphasizes education through practical involvement and collaboration. Members engage in activities such as investment bootcamps and think tanks, often in partnership with industry professionals. These initiatives are designed to bridge the gap between academic knowledge and real-world application, equipping students with the skills necessary to excel in the investment industry.

Values and Legacy

The Investment Society Lausanne is guided by core values of passion, commitment, diversity, community and integrity. These principles drive the society's decisions and actions within and beyond the organization. Since its inception, the society has grown significantly, boasting now over 40 active members, managing assets under management (AuM) of CHF 25,000, and engaging more than 800 event participants in 2025. The dedication and perseverance of its founding members have established a legacy of excellence, with alumni advancing to prominent roles in the finance industry.

Our Alumni

2.0 - 2025 Equity Market Recap

Technology

In 2025, the technology sector underwent a fundamental metamorphosis, transitioning from the hype of generative text to the industrial reality of "Agentic AI." Unlike their predecessors, these autonomous systems demonstrated the ability to execute complex, multi-step enterprise workflows without human intervention, effectively shifting the value proposition from novelty to measurable productivity gains. This software evolution, however, collided violently with physical constraints, triggering a hardware "supercycle" defined by acute scarcity. The global supply chain for HBM3E memory chips reached a breaking point by the third quarter, with major Asian manufacturers selling out their entire production capacity for the year. This supply-demand imbalance drove a 40% surge in global data center hardware costs, forcing a bifurcation in the market between well-capitalized hyperscalers and smaller players priced out of the infrastructure race.

Simultaneously, the geopolitical concept of "AI Sovereignty" reshaped the global map. The European Union’s aggressive push for domestic independence materialized in landmark partnerships designed to reduce the bloc's critical reliance on American tech giants. This trend of nationalization extended to infrastructure, as nations commissioned "Sovereign Clouds" to ensure data control within their borders. In Asia, the semiconductor containment war saw a surprising counter-strike: despite tightening sanctions, Chinese foundries shocked global markets with the November release of the Kirin 9030 chip. The launch proved domestic viability in legacy nodes, while Malaysia and Vietnam capitalized on the tension, emerging as the neutral "Switzerland of Data Centers" and attracting billions in capital expenditure from firms seeking to bypass geopolitical choke points.

Financials

The financial narrative of 2025 was irrevocably defined by the volatility of "Liberation Day" on April 2. President Trump’s announcement of a universal 10% tariff triggered a historic flash crash, wiping 1,600 points off the Dow Jones Industrial average and sending the S&P 500 tumbling 4.8% in a single session. This policy shock effectively ended the "immaculate disinflation" trade, forcing a violent repricing of risk assets as markets adjusted to a new regime of protectionist inflation.

Amidst this chaos, the era of free money officially concluded. The Bank of Japan’s decisive rate normalization began unwinding the global carry trade, a decades-old liquidity source for global markets, which tightened financial conditions worldwide but significantly boosted net interest margins for Japanese lenders. In the search for stability,

capital exhibited a classic "flight to safety," with Swiss private banks recording their highest net new asset inflows in five years as investors fled geopolitical uncertainty. Conversely, the Middle East’s Sovereign Wealth Funds pivoted from passive minority stakes to active, aggressive deal-making. By year-end, these funds had established themselves as the dominant liquidity providers in sectors ranging from Asian technology to European infrastructure, effectively setting the floor for global asset valuations.

Basic Materials & Energy

Energy security became the dominant theme of 2025, driven by the insatiable power demands of the AI revolution. This precipitated a "Nuclear Renaissance," as uranium producers saw valuations soar to record highs. Tech giants, realizing that intermittent renewables could not support 24/7 data center operations, signed unprecedented base load power agreements, repricing nuclear energy as a critical technology asset rather than a legacy utility. This demand for firm power exposed the limitations of other green initiatives; notably, the green hydrogen sector faced a harsh reality check. Major European industrial conglomerates were forced to scale back or cancel ambitious hydrogen projects due to spiraling capital costs, refocusing their decarbonization efforts strictly on heavy industry where no other alternatives existed.

In the commodities arena, a fierce "Critical Minerals" race intensified across Africa, with Western mining majors clashing with Chinese state-backed entities for control of copper and cobalt assets in the DRC and Zambia. Meanwhile, precious metals decoupled from real interest rates in a historic divergence. Gold and Silver rallied not due to Federal Reserve policy, but driven by massive physical accumulation from BRICS central banks and Chinese retail investors seeking a hedge against their deepening domestic property crisis. Silver, in particular, faced a distinct industrial supply deficit, exacerbated by its soaring usage in the new generation of solar panels and advanced electronics.

Industrials

The industrial landscape was reshaped by the protectionist walls erected on "Liberation Day." As the US imposed new trade barriers, Europe’s defense sector decoupled from the broader economic gloom, entering a "Supercycle" driven by existential necessity. Major defense contractors reported order backlogs stretching into the 2030s, fueled by rigid NATO spending targets and the rapid replenishment of stockpiles following continued support for Ukraine.

While Europe rearmed, China’s industrial machine executed an aggressive "Go Global" strategy to offset domestic weakness. Despite the new tariff regimes, Chinese EV manufacturers aggressively expanded production into neutral territories, capturing market share from legacy automakers through sheer price competitiveness and rapid model iteration. On the factory floor, the tariff-induced cost spike accelerated the adoption of automation, moving humanoid robotics from experimental prototypes to active pilot programs in major automotive and logistics hubs.

Beyond Earth, the space economy matured into a reliable industrial vertical, with Rocket Lab and SpaceX cementing their dominance in launch services and satellite constellations.

Healthcare

The pharmaceutical landscape in 2025 was dominated by the commercial expansion of the "Obesity" trade into a broader cardiovascular platform. The GLP-1 drug class cemented its status as a systemic healthcare solution, receiving widespread reimbursement approval for treating heart disease and sleep apnea. This shift drove double-digit revenue growth for the duopoly leaders, despite fierce pricing negotiations with governments in the EU and Asia who sought to cap the budgetary impact of these blockbuster treatments.

Innovation also surged in the East, where China’s biotech sector graduated from generic manufacturing to true discovery. Leading Chinese firms secured multi-billion dollar out-licensing deals with Western pharma giants, validating their R&D capabilities on the global stage. In Europe, the "Silver Economy" became a critical investment theme as rapidly aging demographics forced a restructuring of care networks, stabilizing the valuations of private care operators after years of regulatory volatility.

Concurrently, the fight against tropical diseases saw breakthroughs with new Dengue and Malaria vaccine rollouts, opening major revenue streams in the Global South. Underlying all these advances was the structural integration of AI-driven drug discovery, which slashed early-stage development timelines by nearly 30% across the industry.

Consumption & General Public Services

The global consumer story in 2025 was defined by a sharp "K-Shaped" divergence. While US luxury spending remained resilient, European houses LVMH and Kering faced a structural slowdown in China, forcing a strategic pivot toward other emerging markets. This shift in Chinese behavior, away from conspicuous consumption, coincided with a broader "trade down" dynamic in Europe, where price sensitivity drove market share gains for hard discounters and ultra-fast fashion giants, challenging mid-tier retailers.

In contrast, Latin America experienced an e-commerce boom, with Mercado Libre and Amazon deepening their logistics penetration into unbanked regions. Sustainable tourism also reached a tipping point; backlash against over-tourism in Spain and Italy triggered restrictive new regulations, pushing the industry toward higher-value, lower-volume service models. Ultimately, 2025 underscored the fragility of the middle-class consumer in traditional markets, while highlighting the explosive digital adoption in the developing world.

3.0 - The Investment Society Lausanne in 2025

Introduction

In 2025, the Investment Society Lausanne focused on strengthening its structure, expanding educational opportunities, and fostering connections between students and industry professionals. The year was marked by leadership transitions, collaborative partnerships, and a series of events designed to provide practical insights into finance and investments. Our investment activities, led by dedicated teams and enhanced by fruitful partnerships, have not only strengthened our community but also delivered exceptional financial results.

Board leadership and transition

The spring semester began under the leadership of Pierre Siomash as President and Hippolyte Metzger-Otthoffer as Vice-President, with João Vieira serving as Head of Investments. Their priorities included improving communication channels, organizing events, and continuing the Macro Review initiative.

In July, following their departure for academic exchanges, Amaury Chartier assumed the role of President, supported by Neil Matthey as Vice-President.

In september, during the recruitment period we decided to increase the number of our analysts to enhance team spririt and quality research, leading to a team of 39 active members. Our goal since then was to continue what has been started in the spring semester, while implementing new concepts.

Partnership

Partnerships with industry professionals played an important role in providing members with practical exposure. A notable collaboration is with RH Asset Management SA, providing members with opportunities to learn long-term value investing directly from professionals with two key events every year (Equity Bootcamp, Think Tank). Our second partnership is Swissquote, it has been several years that our portfolio has been growing on their platform so becoming partners ment a lot for us. We hope it is the beginning of a longterm partnership that will help us to continue our expansion and developing new projects while helping them develop their brand awareness among students.

Events

Organizing events is one of the society’s core missions after managing our portfolio, complementing our weekly private activities. Events allows opportunities for all students to engage in public sessions. We recognize that many students seek a bridge between academic learning and the professional world, and our goal has been to provide high-quality events on campus for those interested in finance and investments. In 2025, we increased the number of events significantly, and each conference attracted more than one hundred participants.

The spring semester began with a conference in partnership with Swissquote, featuring Thomas Veillet as the main speaker. His presentation offered valuable insights into macroeconomic perspectives and generated strong interest among attendees. Our collaboration with RH Asset Management added two major initiatives to the calendar. The first was the Think Tank weekend, an interactive event where participants pitched investment opportunities in front of a jury, with an internship opportunity awarded to the best proposal. Later, RH Asset Management organized the Equity Bootcamp, a practical workshop designed to teach participants how to identify undervalued stocks and apply fundamental analysis techniques.

The spring program concluded with a technical session on trading options and volatility, led by Eric Barthe, which provided attendees with advanced knowledge of derivatives and risk management.

The fall semester featured three main events. In October, we welcomed Frédéric Portmann, Executive Director at Pictet Wealth Management, who shared his expertise on portfolio construction and the importance of private equity.

The second event addressed career development with a session titled “Beyond the CV: The Secret Code of Recruitment” presented by Nathalie Brodard, offering practical advice on interview preparation and strategies for standing out in competitive job markets.

The year concluded with a conference hosted by Société Générale, featuring Kais Adsi, Head of EQD Trading Germany; Enrico Vietti, Head of Market Sales Switzerland; and Dominique Boehler, Head of Public Distribution Switzerland. Their discussion on global market trends and listed products, along with a trading demo provided a comprehensive perspective to close the year.

Blog

Our blog has expanded its perspectives and content. One key initiative introduced in September 2024 was the Monthly Macro Review, a concise one-page summary designed to provide our members with a clear narrative of financial market trends. This ensures that our investment proposals remain aligned with real-time market dynamics. We recently celebrated the one-year anniversary of this consistent Macro Review. For the occasion, we developed a refreshed design, giving it a polished look while keeping the content unchanged.

In addition, the blog section of our website has been enriched with new articles. Some of our most active members, passionate about writing, have contributed pieces on diverse topics such as: “Banking Consolidation in Italy: A New Era of Strategic Mergers”, “The New Age of Tariffs: Economic Tool or Political Weapon?” or “Daniel Křetínský: A Long-Term Contrarian Investor Across Sectors”. There is now a total of 7 articles on various topics that you can explore under the Blog section of our website.

Marketing and visual identity

This year was also marked by the introduction of a new graphical identity, initially developed by our Head of Marketing, Mélanie Gillo, in the spring and further refined by Elia König during the fall semester. These changes include new visuals for social media that reflect the spirit and core values of our society, aiming to enhance our impact and visibility both online and on campus.

The updates range from Instagram posts to posters for conferences, article promotions, and most notably merchandising. We introduced quarter-zips and sleeveless jackets for our members to strengthen the sense of belonging and create a unified look for event photos.

Podcast launch

In early november, a new initiative has been implemented by two members, Hippolyte M-O and João Vieira called the IS Talks. In this podcast, they present companies that they find particularly interesting because of their business models, strategic positioning or special situations worth exploring.

The goal: to share clear, structured analysis and foster a passion for investing and critical thinking through a 10 minuties long podcast. This podcast is available on our website or directly on Spotify. It contains already four podcast with companies like Laurent-Perrier the Champagne brand, Orsero operating in the fruit and vegetables distribution or Colefax a British interior decoration company.

Trading Certificate listing

In 2025, 5 of our membersparticipated in the very first edition of the Campus challenge organized by Swissquote. This student challenge aims at developing in team a theme trading: choosing a theme and companies along with it, determining the strategy, weightings and management of the product. Our team worked on an product centered on monopolistic and oligopolistic companies. After being selected for the finals in Swissquote headquarters in Gland and finishing at the third place, their certificate has been chosen by the structured products’ team to be officially listed on the SIX (ISIN: CH1481470248). This certificate called Market Monopoly certificate is centered on dominant companies operating within monopolistic and oligopolistic markets – industries where limited competition allows established players to shape prices, control supply, and influenceglobal trends. Rather than seeking rapid disruption, this strategy focuses on firms whose scale, regulation, and brand strength create enduring barriers to entry.

Visit of the Vetropack Factory

The last topic the shaped the year for the society was the visit of the Vetropack production plant near Milan. Vetropack Holding is a Swiss based, family-controlled producer of glass packaging for the food and beverage industry. Founded in St-Prex, Switzerland, in 1911, the company's identity and profitability were, for three decades, defined by a highly successful "first mover" strategy. As shareholders of this company a delegation of the society had the opportunity to visit one of their factory in Boffalora, Italy and spend the week-end in Milan.

The visit offered our members a valuable opportunity to explore the operations of one of Europe’s leading glass packaging manufacturers and gain first-hand insights into the company’s production process, sustainability initiatives, and industrial strategy.

4.0 - Fund performance overview

Our fund, based in Switzerland, delivered an impressive performance in 2025, achieving a Time-Weighted Return (TWR) of 12.16% in CHF. As illustrated in the accompanying charts, the fund is predominantly invested in USD-denominated assets. Consequently, our performance in USD terms reached 28.34%, reflecting both our robust investment strategy and the significant currency impact.

This outstanding result allowed us to outperform the US market (S&P 500) over the same period, while maintaining consistency relative to the Swiss Market Index (SMI). These achievements underscore the strength of our approach and our ability to generate returnsacross different market environments.

Fund perf. USD in blue, SPX in orange

Source: Swissquote, TradingView

Fund perf. CHF in blue, SMI in orange

Source: Swissquote, TradingView

Fund sector weighting

Fund currency exposure

Conclusion

The year 2025 has been marked by change, improvement and challenges for Investment Society Lausanne. With a dynamic calendar of events, a strong leadership approach, a bold digital transformation, and good fund performance, we are poised for even greater success in the coming years. We remain committed to enhancing our community engagement, optimizing our investment strategies, and providing clear, actionable insights into the financial markets.

5.0 - Message from the Board and conclusion

2025 was more than a successful year, it was a defining moment for the Investment Society. This year marked a transition from growth to maturity, where our ambition to combine academic rigor with practical experience truly came to life. Through strategic partnerships, innovative projects, and a record number of events, we have strengthened our role as a leading platform for financial education on campus.

Our initiatives, from the launch of IS Talks to the listing of our first structured product reflect a clear vision: to create an environment where excellence and learning go hand in hand. With nearly 40 active members, a thriving investment fund, and a dynamic calendar of conferences, we have built a community that inspires curiosity, fosters collaboration, and delivers tangible results. This progress is not just about numbers or achievements; it is about setting a standard. Our goal is to become a symbol of quality and knowledge for HEC Lausanne, a benchmark for what student-led organizations can accomplish when driven by passion and integrity. Every pitch, every macro review, and every event contributes to this mission, shaping future leaders who are prepared to excel in the financial world.

As we look ahead to 2026, our ambition remains bold: deepen our educational impact, expand our partnerships, and continue to innovate. We are committed to creating opportunities that empower students, strengthen our reputation, and position the Investment Society as a cornerstone of excellence on campus.

Thank you to all members, partners, and supporters who have made this journey possible. Together, we are not only building an association, we are shaping a legacy.

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Written by Amaury Chartier and João Vieira