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 2024, the mandate generated a return of 6.64%.

At the end of 2024, the total value of this "Multi-Asset" portfolio amounted to CHF 972 million, which corresponded to a strategic share of 2.2% of the market portfolio.

Gold

Since 2019, this asset class has consisted exclusively of physical gold. It generated a return in Swiss francs of 36.7% for the year under review.

In 2024, the quality of our gold stock was improved by acquiring around 6 tonnes of traceable gold bars in exchange for standard gold. As a result, the portfolio is made up of traceable gold bars accounting for around a third of the total stock of around 19 tonnes.

At the end of 2024, the value of gold amounted to CHF 1 481 million, corresponding to a 3.4% share of the market portfolio. This mandate is managed by the Management Office, and the gold stock is deposited in Switzerland.