Gold

Gold

Since 2019, this asset class has consisted exclusively of physical gold. It generated a return in Swiss francs of 45.9% for the year under review.

The portfolio is made up of traceable gold bars accounting for approximately one-third of the total stock of around 19 tonnes.

At the end of 2025, the value of gold amounted to CHF 2 159 million, corresponding to a 4.7% share of the market portfolio (including the multi-asset portfolio). This mandate is managed by the Management Office and the gold stock is deposited in Switzerland.