Investment strategy
| Asset allocation |
Permissible bandwidth |
Target |
| Money market investment |
0.0% – 4.0% |
0.0% |
| Money Market CHF |
|
0.0% |
| Loans |
0.0% – 6.0% |
3.0% |
| Loans CHF |
|
3.0% |
| Swiss francs bonds |
11.0% – 17.0% |
14.0% |
| Domestic Bonds CHF |
|
12.0% |
| Foreign Bonds CHF |
|
2.0% |
| Foreign currency bonds |
33.0% – 41.0% |
37.0% |
| Selected Sovereign Bonds EUR |
|
1.0% |
| Selected Sovereign Bonds ex EUR, USD |
|
6.0% |
| Sovereign Bonds USD |
|
3.5% |
| Selected Inflation-Linked Bonds |
|
4.0% |
| Emerging Market Bonds Local Currency |
|
1.5% |
| Emerging Market Bonds USD |
|
1.5% |
| Corporate Bonds EUR |
|
3.5% |
| 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 |
|
3.0% |
| Private Debt |
|
2.0% |
| Equities |
24.0% – 32.0% |
28.0% |
| Equities Switzerland Small, Mid Caps |
|
1.5% |
| Equities USA Small Caps |
|
1.5% |
| Equities World ex Switzerland Small Caps |
|
2.5% |
| Equities Europe ex Switzerland |
|
5.0% |
| Equities Switzerland |
|
4.0% |
| Equities North America |
|
6.0% |
| Equities Pacific |
|
2.5% |
| Equities Emerging Markets |
|
5.0% |
| Real estate |
12.0% – 18.0% |
15.0% |
| Real estate Switzerland direct |
|
0.5% |
| Real estate Switzerland |
|
5.0% |
| Real estate USA |
|
1.0% |
| Real estate Asia not listed |
|
3.0% |
| Real estate Europe not listed |
|
3.0% |
| Real estate North America not listed |
|
2.5% |
| 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 3.1.2024