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 30/06/2019. The precise information is shown if you run your cursor over the diagram.

  Benchmark 31.03. 30.06.
Investments in nominal values 38.0% 37.7% 37.4%
Investments in material assets 62.0% 62.3% 62.6%

Investment tactics in the second quarter were similar to the previous quarter. In the bond asset class, the emerging markets allocation was increased slightly, whereas the CHF component was further reduced due to maturing securities. Overall, the exposure to interest-bearing securities was kept slightly below the strategic weighting. In the equities asset class, the allocation to more defensive equity investments was increased while the component of general foreign equities was reduced. The slight overweight in equities derived exclusively from the allocation to more defensive equities. Swiss real estate remained overweight, while the correction of the underweight in infrastructure investments was continued. Private market investments in the different sub-classes were gradually stepped up again. These measures made it possible to improve portfolio diversification across the various dimensions while realigning the portfolio to the current and expected medium-term investment environment. It was possible to stay within the strategic and tactical ranges in all segments.