Investment strategy

Asset allocation Permissible bandwidth Target
Loans 2.0% – 8.0% 5.0%
Loans CHF   5.0%
Swiss francs bonds 11.0% – 17.0% 14.0%
Domestic Bonds CHF   12.0%
Foreign Bonds CHF   2.0%
Foreign currency bonds 35.0% – 43.0% 39.0%
Selected Sovereign Bonds EUR   1.0%
Selected Sovereign Bonds ex EUR, USD   6.0%
Sovereign Bonds USD   4.0%
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   2.5%
Corporate Bonds USD   6.0%
Senior Loans EUR   2.0%
Senior Loans USD   1.5%
High Yields EUR   1.0%
High Yields USD   1.0%
Mortgage Backed Securities USD   4.0%
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% 13.0%
Real estate Switzerland direct   0.5%
Real estate Switzerland   5.5%
Real estate North America   2.0%
Real estate Asia not listed   2.0%
Real estate Europe not listed   2.0%
Real estate North America not listed   1.0%
Gold 1.0% – 5.0% 3.0%
Gold   3.0%
  Currency allocation
Target
Swiss franc 76.0%
Euro 3.0%
US dollar 8.0%
Other major currencies 6.0%
Subsidiary currencies 7.0%
As of 1.1.2022