This short report investigates the stock market behaviour of Swiss companies during the COVID-19 pandemic. Results suggest that family firms performed better during the outbreak and post-lockdown periods than their widely-held counterparts. Moreover, we document a smaller increase in trading volume during the crisis for family firms compared to widely-held companies. In size-sorted subsamples, the volume difference appears more marked for smaller firms. We explain these findings by family firms, especially smaller ones, predominantly attracting investors with a long-term horizon. Such investors are less likely to sell amid market turmoil, making family firms less liquid and sensitive to market fluctuations.