Report of the Chairman of the Board of Directors and of the Director
Human resources policy
Risk management
Governance
Market Situation
Strategic asset allocation for the three social security funds
Asset classes > 
Performance
Overview of the aggregate accounts
Investments
Activity report 2025
2025
In brief
Market situation
The past year was marked by a complex macroeconomic environment, characterised by the gradual normalisation of monetary policy, a slight slowdown in global growth, inflation still above historical levels and significant geopolitical uncertainty.
Major central banks remained vigilant regarding inflation risk, which is still present. However, most proceeded with interest rate cuts during the year to support economic activity and respond to signs of weakness in the sectors most sensitive to interest rates.
The US economy showed remarkable resilience, driven by a strong labour market and robust household consumption. However, monetary tightening began to take effect, resulting in a slowdown in private investment and a contraction in manufacturing activity.
Changes in 10-year interest rates
Asset classes
Liquidity
Gold 
Real estate investments 
Money market instruments and loans 
Swiss franc bonds 
Foreign currency bonds 
Equities 
Multi-asset portfolio 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
1 Small deviations may occur due to rounding
2 Includes gains on hedging mandates
