Reject the CIO's proposed Nestlé / Novartis cut into US AI names. Counter-propose a small (+2%) tilt into Schindler and Siemens within European industrial automation.
The CIO's TAA call asks us to fund Nvidia and Microsoft by selling Nestlé and Novartis [1]. That directly violates the Räbers' written mandate and their repeated verbal preferences [2]. Eugen has, however, opened a small door to European industrial automation [3], which is the cleanest way to honour the macro thesis without breaking trust.
We are explicitly overriding the bank-wide TAA for this account based on a documented client preference. Schindler + Siemens chosen for: CIO Buy status, dividend continuity, and familiarity to a Swiss industrial-engineering family.
- ·Eugen's Feb 17 opening to automation has not cooled.
- ·The CIO desk accepts mandate-bias overrides logged through the standard channel.
- ?Whether Eugen wants any technology exposure at all this year, or whether 2026 stays defensive.
- ?Whether Lisa has views, she rarely engages on investment matters but is on the relationship.
- 01If US AI continues to outperform, Eugen may eventually regret the missed beta, this is a deliberate, reasoned choice not to chase it.
- 02Schindler and Siemens are not zero-risk, both have cyclical and China-exposure questions.
- 03Two new names introduce execution work for a client who values quiet.
- Implement the CIO TAA as writtenDirect violation of mandate language and four-time stated preference, near-certain client rupture.
- Hold and do nothingMisses Eugen's own opened door from Feb 17; we have a small mandate to do something thoughtful.
- Use a European industrial automation ETF instead of single namesCleaner operationally, but the Räbers prefer named, recognisable Swiss/European blue chips.
Eugen built his wealth in things he could touch. Buying him into Nvidia would not be a portfolio choice, it would be telling him we never listened. Schindler and Siemens are the modern grandchildren of his world.