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 31/03/2020. The precise information is shown if you run your cursor over the diagram.

  Benchmark 31.12.19 31.03.20
Investments in nominal values 38.0% 35.9% 36.9%
Investments in material assets 62.0% 64.1% 63.1%

Despite strong market turbulence, we were able to maintain our broadly diversified portfolio position focused on risk-conscious preservation of potential long-term returns. This was achieved through active management, which required various allocation adjustments in individual investment segments over the course of the quarter.
We remained underweight in core bond areas such as CHF bonds and global government bonds, while sticking to our strategy in core equity areas and remaining overweight in defensive equity segments. We were able to continue our continuous expansion of the private market areas. The allocation to Swiss real estate remained overweight despite an active reduction in listed investments at the beginning of the quarter.