In 2024, the yield in Swiss francs of the "Foreign currency bonds" asset class amounted to 7.8%. At the end of the year, the total value of these bonds was CHF 16 252 million, which corresponds to a 37.0 % share of the market portfolio.

Management of mandates

The Management Office passively manages four sovereign bonds 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 39% 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 nine investment funds, four of which invest in Europe and five in the United States. The managers of these investment funds are: Arcmont, Kartesia, KKR, Tikehau, Churchill, Monroe, Neuberger Bermann and TPG Twin Brook.

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