OASI: performance

(*) The performance of the cash portfolio is calculated using IRR. The cash management department manages this portfolio for all three schemes. As there is no decision-making level per scheme within the management structure, we consider it appropriate to present the aggregated result for the three social insurance schemes here.

Principles: Returns for all portfolios are calculated using the Time Weighted Return (TWR) method, with the exception of the treasury portfolio, for which a Linked Internal Rate of Return (LIRR) method is applied. Net returns include gains and losses (realised or unrealised), income (dividends, interest, securities lending fees), transaction costs (brokerage fees, stamp duty, custody fees and other taxes), as well as management fees for externally managed mandates.

The OASI's investment assets stood at CHF 40.2 billion at the start of 2025. For this social insurance scheme, seasonal fluctuations in liquidity levels are most pronounced; this is explained, on a monthly basis, by the time lag between the receipt of contributions and the payment of pensions. Payments of contributions from the Confederation, meanwhile, are concentrated mainly at the start of the year.

In 2025, the OASI’s liquidity level averaged CHF 1 535 million.

At the end of the period, the OASI's investment assets stood at CHF 44.6 billion.

The return on the social insurance’s investments was 5.89%. Over a five-year period, the annualised return stood at 1.82%. As the volatility realised during the year was 3.7%, the resulting risk-adjusted return (Sharpe ratio) amounts to 1.6.