Equities

The "Equities" asset class generated a return of 16.7% for the year under review. At the end of 2021, the total value of equities amounted to CHF 9 957 million, which corresponds to a total exposure of 26.0% of the market portfolio.

Mandate management

The "Equities" asset class is managed according to regions and market capitalisations.

The segments "Large cap equities Europe, North American and Asia Pacific" are subject to indexing mandates (replication of the benchmark). The segments "Emerging markets equities" as well as "Small and mid cap equities World" are invested via two investment funds, also passively managed.

In the category of "Small and mid cap equities", two Swiss equity mandates and one US equity mandate are actively managed.

Apart from the "Large caps Switzerland" mandate, all other segments of the equity asset class are outsourced to external managers.

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