Multi-asset portfolio

The Management Office administrates a highly liquid portfolio implemented through a combination of cash and derivatives to replicate the strategic allocation structure.

This mandate is designed to absorb relatively large flows over a short period of time or to hold them over the medium term. It is broadly diversified and useful for both cash flow and overall risk management. In 2021, the mandate generated a return of 3.4%.

At the end of 2021, the total value of this «Multi-Asset» portfolio amounted to CHF 1 002 million, which corresponds to a strategic share of 2.6% of the market portfolio.

Gold

Since 2019, this asset class consists exclusively of physical gold. It generated a return in Swiss francs of –0.1% for the year under review.

At the end of 2021, the value of gold amounted to CHF 1 170 million, corresponding to a 3.1% share of the market portfolio.

The Management Office administrates this mandate, and the gold stock is deposited in Switzerland.

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