Defensive healthcare and consumer staples globally

Conservative portfolio for investors who hate fluctuations: 13 stocks from pharmaceuticals, medical technology, household goods, beverages and food that are also sold when oil is above USD 100 and Fed interest rates are at 4%. Target: 6-8% total return p.a. over 5+ years with beta below 0.7, a third of which comes from dividends. Weighting 50% USD, 30% CHF, 20% EUR; no position over 10%, rebalancing annually in January. Risks: US price regulation (Medicare negotiations), volume weakness in US consumption (PepsiCo warning 2026-07-09), brand erosion through private labels, USD/CHF exchange rate. The portfolio is NOT a growth portfolio, contains no biotech bets, no tobacco stocks and no GLP-1 speculation (Novo Nordisk deliberately left out after -70% from high, Morningstar 2026-08-13). Macro framework 2026-10-04: Fed increased to 3.75-4.00% on 2026-09-16 for the first time since 2023 (XTB/ZDFheute 2026-09-16), ECB deposit rate at 2.5% since 2026-09-10 (ZDFheute 2026-09-10), SNB at 0 % (FuW 2026-09-24). Brent by 100 USD (aktien.news 2026-10-04).