Even the lowest valuations in more than a year relative to global shares aren’t tempting investors to back Swiss equities. Mostly comprised of firms seen as havens such as drugmaker Novartis AG and food company Nestle SA, the Swiss Market Index is among the world’s biggest losers this quarter. Amid a rebound that has favored so-called cyclical stocks such as miners and energy producers over defensive shares, Switzerland’s equity gauge has tumbled almost twice as much as the Stoxx Europe 600 Index in 2016.

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