InvI: 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 Invl’s investment assets stood at CHF 3.9 billion at the start of the year, with significant amounts structurally held in current accounts with the compensation funds and the Confederation. At the end of 2025, investment assets stood at CHF 3.7 billion.

The return on investments reached 5.92% in 2025, and the cumulative return since 1 January 2011 – the start of the consolidation period – stands at 47%. Over a five-year period, the annualised return reached 1.9%. The average volatility of the investment portfolio was 3.6% in 2025, resulting in a risk-adjusted return (Sharpe ratio) of 1.6.