The research firm notes that Swiss stocks are currently more expensive than their British, French, German and Italian counterparts.

Even though Switzerland has seen its trade surplus dip from double-digit numbers to a forecasted surplus of 8.3% of GDP as its franc currency appreciates against the euro. That is to say Swiss stocks and EWL would be prime beneficiaries of franc weakness against as many developed currencies as possible. Nearly all of EWL’s largest holdings generate the bulk of their revenue in markets outside of Switzerland.

“Companies such as big pharma’s Novartis and Roche as well as Adecco, the world’s biggest staffing firm by sales, generate more than 95 percent of their sales from abroad, according to Morgan Stanley,” reports Reuters.

iShares MSCI Switzerland Capped ETF