Investment strategy
Asset allocation |
Permissible bandwidth |
Target |
Loans |
2.0% – 8.0% |
3.0% |
Loans CHF |
|
3.0% |
Swiss francs bonds |
11.0% – 17.0% |
15.0% |
Domestic Bonds CHF |
|
13.0% |
Foreign Bonds CHF |
|
2.0% |
Foreign currency bonds |
35.0% – 43.0% |
38.0% |
Selected Sovereign Bonds EUR |
|
1.0% |
Selected Sovereign Bonds ex EUR, USD |
|
6.0% |
Sovereign Bonds USD |
|
3.5% |
Selected Inflation-Linked Bonds |
|
4.5% |
Emerging Market Bonds Local Currency |
|
1.5% |
Emerging Market Bonds USD |
|
2.0% |
Financial Bonds EUR |
|
2.0% |
Corporate Bonds EUR |
|
2.0% |
Corporate Bonds USD |
|
6.0% |
Senior Loans EUR |
|
1.5% |
Senior Loans USD |
|
1.5% |
High Yields EUR |
|
1.0% |
High Yields USD |
|
1.0% |
Mortgage Backed Securities USD |
|
4.0% |
Private Debt |
|
0.5% |
Equities |
22.0% – 30.0% |
26.0% |
Equities Switzerland Small, Mid Caps |
|
1.5% |
Equities USA Small Caps |
|
1.0% |
Equities World ex Switzerland Small Caps |
|
2.0% |
Equities EMU ex Finland |
|
4.0% |
Equities Switzerland |
|
3.0% |
Equities UK, Nordic |
|
1.0% |
Equities North America |
|
5.5% |
Equities Pacific ex Japan |
|
0.5% |
Equities Japan |
|
2.0% |
Equities Emerging Markets |
|
5.5% |
Real estate |
10.0% – 16.0% |
15.0% |
Real estate Switzerland direct |
|
0.5% |
Real estate Switzerland |
|
5.0% |
Real estate North America |
|
1.5% |
Real estate Asia not listed |
|
3.0% |
Real estate Europe not listed |
|
3.0% |
Real estate North America not listed |
|
2.0% |
Gold |
1.0% – 5.0% |
3.0% |
Gold |
|
3.0% |
Currency allocation
|
Target |
Swiss franc |
74.0% |
Euro |
2.0% |
US dollar |
9.0% |
Other major currencies |
7.0% |
Subsidiary currencies |
8.0% |
As of 3.1.2023