The risk profile of the vested benefits accounts business area requires an investment strategy in which the focus is on safety – a dynamic investment strategy has been chosen: it is modified systematically according to the financial situation.
|Investment Categories||Lower Bandwidth||SAA||Upper Bandwidth|
|Liquidity / Short Duration||53.5%||59.5%||65.5%|
|Global Bonds AAA-AA||7.0%||8.0%||9.0%|
|Global Corporate Bonds||4.25%||5.0%||5.75%|
|Global Infrastructure Debt||0.0%||1.0%||1.5%|
|Emerging Markets Equities||0.5%||1.0%||1.5%|
|Swiss Real Estate||3.0%||4.0%||5.0%|
Clear separation of roles and external asset management
The investment organisation of the Substitute Occupational Benefit Institution differentiates between the roles of "Definition of principles", "Operational implementation" and "Monitoring".
The principles are defined and mandates awarded by the Board of Trustees and the investment committee.
The office implements, or ensures the implementation of, the decisions taken by the Board of Trustees and the investment committee in conjunction with the partners in the capital investment unit and monitors their implementation.
In principle, the decision about which securities to buy or sell is taken by external portfolio managers.
The entire investment activity is monitored with the assistance of external controllers.
Statement for the subject "responsible investment"
In order to be able to fulfil its legal mandate for the payment of pensions and the secure management of vested benefits accounts on a permanent basis, the foundation pursues an investment strategy geared towards sustainable success. Consideration of factors affecting the environment, social affairs and good corporate governance (ESG factors) is an integral part of the foundation’s opportunity and risk management policy.
The foundation actively exercises the voting rights on its shares in Switzerland and, to a large extent, also abroad. In order to have a dialogue with companies in which it has a stake, it joins investor pools, thus promoting a business development policy which promises to deliver sustainable success.
The foundation maintains a list of companies in which it does not invest and which it also does not finance. In particular, this includes companies affected by the sanctions regime of Switzerland and the UN.
The majority of the foundation’s assets are invested by external asset management companies. All asset management companies working for the foundation are signatories to the UN Principles for Responsible Investment (UNPRI). When choosing external asset management companies, their handling of sustainability criteria is explicitly taken into account.
The actual asset management is performed exclusively via asset management mandates awarded to external portfolio managers (banks or other specialist institutions) or, in individual cases, to portfolio managers within the Substitute Occupational Benefit Institution.
Asset management mandates as at 1st January 2023:
|Loans to public corporations|
|Global government bonds|
|Global corporate bonds|
|Global high yield bonds|
|Global infrastructure debt|
|Emerging Markets Equities|
|Swiss Real Estate|
|Global Real Estate|
The data relating to the investment activities of the portfolio managers is transmitted to and monitored by the global custodian and the fund administration, and analysed in detail and commented by the investment controller at least once a quarter.
Global custody mandates and consulting / controlling:
|Shareholder Meeting Analyses: Swiss Companies|
Since 2017, the Stiftung Auffangeinrichtung BVG (BVG substitute Pension Fund foundation) has been giving loans to public corporations with a term of up to 12 years. Please enter the following data so we can make you an offer.
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