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 31/03/2019. The precise information is shown if you run your cursor over the diagram.

  Benchmark 31.12. 31.03.
Investments in nominal values 38.0% 38.1% 37.7%
Investments in material assets 62.0% 61.9% 62.3%

With the investment tactics in the first quarter, the existing strategy was migrated over to the optimised one that has applied since the start of the year. CHF bonds have been kept underweight in the new strategy, while defensive equities, Swiss real estate, corporate bonds and convertible bonds are overweight. Due to increasing the strategic weightings for private market investments such as infrastructure, private equity and loans, these slower to implement investment categories were underweight at the end of the quarter. Increases have been initiated, but these will take several quarters to implement. It was possible to stay within the strategic ranges in all investment segments.