Activity report 2022

Foreign currency bonds

Foreign currency bonds

In 2022, the yield in Swiss francs of the "Foreign currency bonds" asset class amounted to
–‍14.8%. At the end of the year under review, the total value of these bonds was CHF 13 228 million, which corresponds to a 38.2% share of the market portfolio.

Mandates management

The Management Office passively manages four sovereign bonds mandates, including an inflation-linked bond mandate. It also actively manages two "Investment Grade" corporate bond mandates in EUR and a distressed securities portfolio. These mandates represent 50% 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 collateralized corporate loans and two in high yield bonds.

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


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