compenswiss Activity report 2023
Investments
Activity report 2023
2023
In brief
Market situation
With the effects of the pandemic subsiding, the global economy is gradually regaining its balance.
Economic, monetary and fiscal upheavals ultimately produced the highest level of inflation seen for decades. After most central banks had been forced to aggressively raise interest rates since 2022 to contain the rampant inflation, investors noticed that the tightening of monetary policy was beginning to bear fruit in 2023.
The higher interest rates increased borrowing costs for consumers and companies, which led to an economic slowdown and a reduction in profitability. When the dreaded recession did not materialise, inflation slowed down greatly, particularly in the manufacturing sector.
Changes in 10-year interest rates
Asset classes
Liquidity
Gold 
Real estate investments 
Money market instruments and loans 
Swiss franc bonds 
Equities Overview
Strategic allocation
The investment policy for the compensation funds must guarantee the solvency of the three social insurance schemes (OASI, InvI, LEC) at all times. To this end, the governing and executive bodies of compenswiss have set the target of a real return, i.e. above the rate of inflation and in line with market conditions.
Risk management programmes
As investments are broadly diversified across asset classes, segments and markets, risk management is undertaken centrally through hedging and risk control programmes that use derivative instruments. This approach significantly reduces transaction costs and enables consolidated control and monitoring of risks.
Useful information
compenswiss not only assumes its responsibility as an investor, by exercising its social rights, but also makes, since 2001, part of its investments in accordance with specific sustainability criteria.
Detailed investment performance
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