compenswiss Activity report 2024
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 approved accounts
Investments
Activity report 2024
2024
In brief
Market situation
Investors entered 2024 hoping for a soft economic landing.
The most likely scenarios predicted a slowdown in inflation, interest rate cuts by central banks in developed countries beginning in March and a possible recession. However, not only was the latter avoided, but economic growth also proved stronger than expected.
Global growth in 2024 was robust, supported by the expansion of several major economies, notably the United States. According to OECD estimates, global GDP growth is expected to reach around 3.2%, driven by lower inflation and more accommodative monetary policies.
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 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.
