Foreign currency bonds

In 2021, the yield in Swiss francs of the asset class "Foreign currency bonds" amounted to 0.0%. At the end of the year under review, the total value of these bonds was CHF 14 625 million, which corresponds to a 38.2% share of the market portfolio.

Portfolio adjustment

In the sub-segment "Emerging markets Government bonds in local currencies", compenswiss added Colchester as fund manager in 2021.

Mandates management

The Management Office passively administrates four sovereign bonds mandates, including an inflation-linked bond mandate. It also actively manages two Investment Grade corporate bond mandates in EUR and a distressed securities portfolio. These mandates represent 51% of the foreign currency bonds.

An external fund manager administrates the "Investment Grade USD corporate bond" mandate.

Investment funds

The "Emerging market bonds" segment is comprised of four investment funds, two of which invest in USD government bonds and two in local currency government bonds.

The "Sub-Investment Grade" segment includes four investment funds, two of which invest in collateralized corporate loans and two in high yield bonds.

The "Securitised bonds" segment is managed through two investment funds and focuses on the US market.

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