Foreign currency bonds

In 2025, the yield in Swiss francs of the “Foreign currency bonds” asset class amounted to -2.8%. At the end of the year, the total value of these bonds was CHF 16 209 million, which corresponds to a 35.3% share of the market portfolio (including the multi-asset portfolio).

Management of mandates

The Management Office passively manages four sovereign bond mandates, including an inflation-linked bond mandate. It also actively manages one “Investment Grade” corporate bond mandate in EUR and a distressed securities portfolio. These mandates represent 48% of the foreign currency bonds.

The management of the “Investment Grade USD” corporate bond mandate has been entrusted to an external fund manager.

Investment funds

The “Emerging market bonds” segment comprises four investment funds, two of which invest in USD government bonds and two in local currency government bonds.

The “Sub-Investment Grade” segment includes four investment funds, two of which invest in collateralised corporate loans and two in high-yield bonds. The “Private Debt EUR” and “Private Debt USD” sub-segments comprise twenty investment funds, ten of which invest in Europe and ten in the United States. The managers of these investment funds are: Arcmont, Blue Owl, Benefit Street Partners, Churchill, Deerpath, Eurazeo, First Eagle, Hayfin, Kartesia, KKR, Monroe, Neuberger Berman, PennantPark, Stepstone, Tikehau and TPG Twin Brook.

The “Securitised bonds” segment is managed through two investment funds and focuses on the US market.