Activity report 2022

Multi-asset portfolio and gold

Multi-asset portfolio

The Management Office administrates a highly liquid portfolio implemented through a combination of cash and derivatives to replicate the structure of the liquid portion of the strategic allocation.

This mandate is designed to absorb relatively large flows over a short period of time or to hold them over the medium term. It is broadly diversified and useful for both cash flow and overall risk management. In 2022, the mandate generated a return of –‍14.4%.

At the end of 2022, the total value of this "Multi-Asset" portfolio amounted to CHF 604 million, which corresponded to a strategic share of 1.7% of the market portfolio.


Since 2019, this asset class has consisted exclusively of physical gold. It generated a return in Swiss francs of 0.7% for the year under review.

At the end of 2022, the value of gold amounted to CHF 1 048 million, corresponding to a 3.0% share of the market portfolio. This mandate is administrated by the Management Office, and the gold stock is deposited in Switzerland.

You are using an outdated browser. Please upgrade your browser to improve your experience.