Ruth Schönleber
Member of the Board, Partner
Ruth Schönleber
Member of the Board, Partner
Ruth Schönleber brings over 30 years of expertise in digital transformation, marketing, and corporate management. As a founding partner and board member of innovative companies like Averdas AG, Invenum GmbH, and ALPORA AG, she develops forward-looking strategies in marketing, sales, and operations. Her career includes leadership roles at Hewlett-Packard and BMC Software, where she excelled in sales, strategic partnerships, and customer management. She has also served as a board member in the tourism sector. With a degree in Business Informatics (FH) and fluency in English, Ruth is a highly regarded consultant and leader in digital business models, innovation management, and strategic planning. An avid sailor and skier, she enjoys spending time with her ambitious hunting dog.
The Averdas Factor Framework by Investment Universe
The Averdas Factor Framework by Investment Universe
A monthly overview of market conditions across the investment universes covered by the Averdas Productivity Indices.
- US The market pulled back due to higher bond yields and narrower leadership. AI technology stocks performed well, but many other sectors and smaller companies were pressured. The Fed raised rates by 25 bps to 3.75%-4.00%, its first increase since 2023, due to high inflation and rising energy costs. This raises concerns that rates will remain high. However, strong activity and continued AI spending support select companies.
- European stocks were affected by higher energy prices, rising government bond yields, and political uncertainty. Economic data remained resilient. Meanwhile, the ECB raised its policy rates by 25 basis points as inflation risks increased. Energy and technology stocks provided support, and the region's diversified sector structure balanced the concentrated exposure to US and Asian technology stocks.
- Asia benefited from strong demand for semiconductors, AI infrastructure, and technology exports. Taiwan and South Korea were more resilient than other markets, while China and Australia were weaker. Higher oil prices, a stronger US dollar, and rising global yields created pressure, particularly for energy-importing economies. Asia's long-term growth and technology exposure are attractive, but the region can be volatile when investors reassess AI valuations or global financing conditions.
- Emerging markets ex-Asia: The region fared better than the US and Asia this month. Commodity exposure and attractive valuations provided support, but the stronger dollar, higher rates, and oil prices created challenges. Emerging markets were varied; some markets performed well while others faced pressure. Continued diversification is important.
- Overall: The main market drivers were higher energy prices, rising bond yields, a stronger dollar, and more restrictive central bank policy. Oil prices rose and bonds also rose. Economic activity was strong. September was a slow period, but the long-term outlook remains strong. Selectivity and diversification are key. AI technology is one of the strongest areas, but market sectors lagged. Asia continues to provide the strongest structural growth exposure. Europe and EM ex-Asia also provide exposure. Interest rates may remain high due to energy prices and fiscal pressures.
Source: Averdas Ag. Data as of 30. September 2026. Calculation: Total return.Currency: (EUR/(USD)
