Activity report 2022



The "Equities" asset class generated a return of –‍16.8% for the year under review. At the end of 2022, the total value of equities amounted to CHF 8 623 million, which corresponds to a total exposure of 24.9% of the market 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 caps Switzerland" mandate, all other segments of the "Equities" asset class are outsourced to external managers.

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