Asset Structure

The asset structure chart shows how the GastroSocial Pension Fund invests the capital of its insured. The aim is to generate the best possible return on the capital invested in the long term. However, at the same time, the Pension Fund must ensure that it is able to meet its current financial obligations. The high diversification of assets mitigates the fall in returns when prices fluctuate.

The asset structure is divided into investments in nominal values and investments in material assets. Nominal values are cash receivables. These include fixed-income securities, otherwise known as bonds. Material assets such as equities and real estate are distinguished from nominal values by the fact that they normally also go up in price when general price levels rise (the average price for all goods in a national economy).

This diagram shows the allocation of GastroSocial’s assets and their market values as at 31/12/2019. The precise information is shown if you run your cursor over the diagram.

  Benchmark 30.09. 31.12.
Investments in nominal values 38.0% 37.3% 35.9%
Investments in material assets 62.0% 62.7% 64.1%

In the fourth quarter, as in the preceding quarters, a balanced tactical positioning focusing on moderately positive equity market performance could have been maintained, with a few adjustments. Overweighting in the more defensive equity segments has been balanced by an allocation to the foreign equities segment that was slightly above the strategic target. Government bonds and CHF bonds remained heavily underweight due to the persistently low interest rate environment. The gradual increase in private market investments have been continued in line with the previous quarters. Overall, the focus remained on broad portfolio diversification across different dimensions and on maintaining the medium and longer-term yield perspective whilst taking into account greater short-term fluctuations.