Equities

Equities

The “Equities” asset class generated a return of 11.2% for the year under review. At the end of 2025, the total value of equities amounted to CHF 13 680 million, which corresponds to a total exposure of 29.8% of the market portfolio (including the multi-asset portfolio).

Mandate management

The “Equities” asset class is managed according to regions and market capitalisations.

The “Large cap equities Europe, North America and Asia Pacific” segments are subject to indexing mandates (replication of the benchmark). The “Emerging markets equities” as well as “Small and mid-cap equities World” segments are invested via two passively managed investment funds.

In the category of “Small and mid-cap equities”, two Swiss equity mandates and one US equity mandate are actively managed.

Apart from the “Large cap equities Switzerland” mandate, all other segments of the “Equities” asset class are outsourced to external managers.