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Credit Suisse Swiss Pension Fund Index
A comparison of Swiss pension funds
Published quarterly, the Credit Suisse Swiss Pension Fund Index gives a representative,
up-to-date picture of second pillar (employee benefit) investment activity. Thanks to the breadth of its analysis, the index accurately reflects the behavior of pension funds that have a global custody arrangement with Credit Suisse.
Disappointing Start to the Year for the Credit Suisse Swiss Pension Fund Index, with a Glimmer of Light in March.
Performance of Swiss Pension Funds on the Basis of Credit Suisse Global Custody Data as at March 31, 2016.
In the reporting quarter the index fell by 0.75 points (0.49%) to 152.92 points as of March 31, 2016, from a baseline of 100 at the start of 2000. After a poor start in January (–0.94%) and February (–0.64%), the index showed tentative signs of recovery in March (1.10%). However, the solid performance in March failed to make up for the negative showing of the previous months. The equities asset class accounted for the lion’s share of the decline in the Pension Fund Index.The negative result for the reporting quarter was mainly down to Swiss (–1.02%) and foreign equities (–0.59%), followed by alternative investments (–0.09%). By contrast, Swiss bonds (0.48%), real estate (0.43%), liquidity (0.21%), foreign currency bonds (0.07%), and mortgages (0.03%) made positive contributions in the first quarter. The BVG mandatory minimum rate of return (1.25% p.a. since January 2016) rose by 0.47 points (0.31%) to 149.20 in the reporting quarter, likewise from a baseline of 100 at the start of 2000. The return of the Credit Suisse Swiss Pension Fund Index is therefore 0.80% below the BVG requirement in the reporting quarter.
When interpreting these figures, it must be kept in mind that the Credit Suisse Swiss Pension Fund Index is not an artificially constructed performance index but an index based on actual pension fund data. Consequently, the index is “alive,” which significantly increases its informative value regarding the current investment behavior of Swiss pension funds. On the other hand, the fact that it is constantly revised limits the comparability of data over time. The index is nevertheless an up-to-date indicator, especially as highly accurate pension fund data remains difficult to obtain.