7.8%
YTD Rendite Ende 2025-11
7.1%
YTD Rendite Ende 2025-10
7.0%
YTD Benchmark 2025-11
+0.8%
Überschussrendite YTD
Anlageportfolio Demo PK – Anlagekategorien
| Anlageklasse | Wert (kCHF) | Rendite 2025-11 | Rendite 2025-10 | Allokation (%) | Differenz zur SAA |
|---|---|---|---|---|---|
| Liquidität | 21'263 | -0.1% | 0.1% | 2.2% | +0.2% |
| Anleihen | 174'080 | 8.0% | 1.2% | 17.9% | -0.1% |
| Aktien | 297'383 | 21.2% | 9.4% | 30.6% | +0.6% |
| Infrastruktur | 93'165 | 10.0% | 0.6% | 9.6% | -0.4% |
| Immobilien – Direkt | 257'051 | 3.7% | 0.0% | 26.4% | -1.6% |
| Alternative Anlagen | 129'214 | 5.2% | 0.1% | 13.3% | +1.3% |
| Total | 972'156 | 7.8% | 2.7% | 100% | – |
Portfoliorendite – monatlich (Demo PK vs Benchmark)
Demo PK
Benchmark
Marktmonitor
Ausgewählte Indizes (kumuliert seit 2024-12)
10-Jahres Staatsanleihen
Vergleichsdaten pro Anlageklasse
| Asset Classes | 2025-11 | 2025-10 | 2025-09 | Benchmark |
|---|---|---|---|---|
| Obligationen Ausland (USD) | -0.4% | 0.5% | 1.2% | Barclays Global Aggregate USD |
| EUR vs CHF | 0.6% | -0.9% | 0.1% | EURCHF |
| Immobilien CH Stiftungen | 0.8% | 0.3% | 0.4% | KGAST Immo-Index (TR) CHF |
| Aktien Ausland (USD) | 0.0% | 2.3% | 3.6% | MSCI ACWI USD |
| Obligationen CHF | -0.3% | 0.8% | 0.4% | Swiss Bond Index CHF |
| Aktien CH | 3.6% | 0.9% | -0.5% | Swiss Performance Index CHF |
| Immobilien CH Fonds | 0.3% | 4.3% | -1.9% | SXI Real Estate Fund Broad (TR) |
| USD vs CHF | 0.6% | 0.7% | -0.6% | USDCHF |
Zentralbankzinsen und Staatsanleihen
| Region | Zentralbankzins | 10J-Staatsanleihe |
|---|---|---|
| Europäische Union | 2.2% | 2.7% |
| Schweiz | 0.5% | 0.2% |
| Vereinigte Staaten | 3.9% | 4.0% |
| Vereinigtes Königreich | 4.5% | 4.2% |
| Japan | 0.1% | 0.9% |
Wechselkurse
| Währungspaar | Kurs | MTD | YTD |
|---|---|---|---|
| USD/CHF | 0.8812 | +0.6% | -4.2% |
| EUR/CHF | 0.9321 | +0.6% | -1.1% |
| GBP/CHF | 1.1145 | +0.3% | -2.8% |
| JPY/CHF | 0.0058 | -0.4% | +3.1% |
Portfoliorendite
7.8%
YTD Rendite Ende 2025-11
7.1%
YTD Rendite Ende 2025-10
7.0%
YTD Benchmark 2025-11
+0.8%
Überschussrendite YTD
Portfoliorendite – monatlich
Demo PK
Benchmark
Vergleich der Anlagenrenditen Ende 2025-11
| Anlageportfolio | Demo PK | Benchmark | Differenz |
|---|---|---|---|
| Liquidität | -0.1% | 0.8% | -0.9% |
| Anleihen | 8.0% | 1.4% | +6.7% |
| Aktien | 21.2% | 17.1% | +4.1% |
| Infrastruktur | 10.0% | 0.1% | +10.0% |
| Immobilien – Direkt | 3.7% | 3.2% | +0.5% |
| Alternative Anlagen | 5.2% | 8.6% | -3.4% |
| Portfoliorendite | 7.8% | 7.0% | +0.8% |
Performanceübersicht – kumuliert und annualisiert
| 1 Monat | 3 Monate | 6 Monate | 1 Jahr | 2 Jahre p.a. | 3 Jahre p.a. | 5 Jahre p.a. | Seit Beginn p.a. | |
|---|---|---|---|---|---|---|---|---|
| Portfolio (hedged) | 0.6% | 2.1% | 4.3% | 7.8% | 4.2% | 5.1% | 6.3% | 4.8% |
| Benchmark | 0.2% | 1.8% | 3.9% | 7.0% | 3.8% | 4.6% | 5.7% | 4.3% |
| Relativ | +0.4% | +0.3% | +0.4% | +0.8% | +0.4% | +0.5% | +0.6% | +0.5% |
Performanceübersicht jährlich
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 YTD | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 2.1% | 3.4% | 6.8% | -3.2% | 11.2% | 4.3% | 8.9% | -9.4% | 7.6% | 6.1% | 7.8% |
| Benchmark | 1.8% | 3.1% | 6.2% | -3.6% | 10.5% | 3.9% | 8.2% | -10.1% | 7.0% | 5.6% | 7.0% |
| Relativ | +0.3% | +0.3% | +0.6% | +0.4% | +0.7% | +0.4% | +0.7% | +0.7% | +0.6% | +0.5% | +0.8% |
Renditebeitrag – Kontribution zur Gesamtrendite YTD
Kontribution nach Anlageklasse
| Anlageklasse | Beitrag YTD |
|---|---|
| Liquidität | 0.0% |
| Anleihen | 1.1% |
| Inland | 0.2% |
| International | 1.0% |
| Aktien | 3.3% |
| Infrastruktur | 1.4% |
| Immobilien – Direkt | 1.0% |
| Alternative Anlagen | 1.0% |
| Gesamtrendite | 7.8% |
Aktuelle Anlageallokation
0.1%
Renditeauswirkung der SAA-Abweichung Ende 2025-11
40'268 kCHF
Handelsvolumen zurück zur SAA Ende 2025-11
Strategisches Anlageportfolio Ende 2025-11
| Anlageklasse | Demo PK | Ziel (SAA) | Differenz |
|---|---|---|---|
| Liquidität | 2.2% | 2.0% | +0.2% |
| Anleihen | 17.9% | 18.0% | -0.1% |
| Aktien | 30.6% | 30.0% | +0.6% |
| Infrastruktur | 9.6% | 10.0% | -0.4% |
| Immobilien – Direkt | 26.4% | 28.0% | -1.6% |
| Alternative Anlagen | 13.3% | 12.0% | +1.3% |
| Total | 100% | 100% | – |
Bandbreiten – Portfolio vs Ziel und Bandbreite
Bandbreite
Demo PK
Ziel
Bandbreiten nach Anlageklasse – Detail
| Anlageklasse | Portfolio | Strategie | Relativ | Minimal | Maximal | Einhaltung |
|---|---|---|---|---|---|---|
| Liquidität | 2.2% | 2.0% | +0.2% | 0% | 5% | Ja |
| Anleihen | 17.9% | 18.0% | -0.1% | 12% | 25% | Ja |
| Aktien | 30.6% | 30.0% | +0.6% | 22% | 42% | Ja |
| Infrastruktur | 9.6% | 10.0% | -0.4% | 6% | 14% | Nein |
| Immobilien – Direkt | 26.4% | 28.0% | -1.6% | 20% | 35% | Ja |
| Alternative Anlagen | 13.3% | 12.0% | +1.3% | 8% | 18% | Ja |
Mandate & Konsolidierungen
Performance nach Mandat – MTD / YTD / 3 Jahre rollend
| Mandat / Konsolidierung | Vermögen (kCHF) | MTD Portfolio | MTD Benchmark | MTD Relativ | YTD Portfolio | YTD Benchmark | YTD Relativ | 3J p.a. Portfolio | 3J p.a. Benchmark | 3J p.a. Relativ |
|---|---|---|---|---|---|---|---|---|---|---|
| Liquidität | ||||||||||
| Operative Liquidität | 12'450 | -0.1% | 0.0% | -0.1% | 0.4% | 0.5% | -0.1% | 0.3% | 0.4% | -0.1% |
| Externe Liquidität | 8'813 | 0.0% | 0.0% | 0.0% | 0.5% | 0.5% | 0.0% | 0.4% | 0.4% | 0.0% |
| Anleihen CHF | ||||||||||
| BEKB Obligationen CHF | 42'180 | -0.3% | -0.2% | -0.1% | 3.2% | 2.9% | +0.3% | 1.8% | 1.6% | +0.2% |
| GAM Obligationen CHF | 38'760 | -0.2% | -0.2% | 0.0% | 3.4% | 2.9% | +0.5% | 2.1% | 1.6% | +0.5% |
| Hypotheka Darlehen | 22'100 | 0.1% | 0.1% | 0.0% | 1.2% | 1.1% | +0.1% | 1.0% | 1.1% | -0.1% |
| Raiffeisen Termingeld | 8'500 | 0.1% | 0.1% | 0.0% | 1.1% | 1.1% | 0.0% | 0.9% | 1.1% | -0.2% |
| Anleihen Welt | ||||||||||
| Credit Suisse Obligationen Welt | 31'200 | -0.4% | -0.4% | 0.0% | 4.1% | 3.8% | +0.3% | 2.2% | 2.0% | +0.2% |
| Goldman Sachs Obligationen Welt | 18'900 | -0.3% | -0.4% | +0.1% | 4.8% | 3.8% | +1.0% | 2.6% | 2.0% | +0.6% |
| Morgan Stanley Obligationen Welt | 12'540 | -0.5% | -0.4% | -0.1% | 3.5% | 3.8% | -0.3% | 1.9% | 2.0% | -0.1% |
| Vontobel Emerging Markets | 14'200 | 0.8% | 0.5% | +0.3% | 6.2% | 5.1% | +1.1% | 3.1% | 2.8% | +0.3% |
| FISCH Bond EM Corp. | 9'800 | 0.6% | 0.5% | +0.1% | 5.8% | 5.1% | +0.7% | 2.9% | 2.8% | +0.1% |
| Aktien Schweiz | ||||||||||
| UBS IF Equities Switzerland Passive | 98'400 | 3.6% | 3.6% | 0.0% | 18.2% | 18.0% | +0.2% | 8.1% | 8.0% | +0.1% |
| Finreon Aktien Schweiz | 42'300 | 3.4% | 3.6% | -0.2% | 17.6% | 18.0% | -0.4% | 7.8% | 8.0% | -0.2% |
| Ethos Equities CH Small & Mid Cap | 22'100 | 2.8% | 2.6% | +0.2% | 14.3% | 13.8% | +0.5% | 6.2% | 6.0% | +0.2% |
| Schroder Swiss Small & Mid Cap | 18'900 | 2.9% | 2.6% | +0.3% | 14.8% | 13.8% | +1.0% | 6.5% | 6.0% | +0.5% |
| Aktien Welt | ||||||||||
| UBS IF Aktien Ausland | 62'800 | 0.1% | 0.0% | +0.1% | 23.1% | 22.8% | +0.3% | 9.8% | 9.6% | +0.2% |
| Barclays CO2 Aktien Welt | 52'883 | 0.3% | 0.0% | +0.3% | 24.2% | 22.8% | +1.4% | 10.2% | 9.6% | +0.6% |
| Gold | ||||||||||
| Physisches Gold | 28'400 | 3.1% | 3.0% | +0.1% | 28.4% | 28.0% | +0.4% | 12.1% | 12.0% | +0.1% |
| Private Markets | ||||||||||
| CapitalDynamics | 18'200 | 1.2% | 1.0% | +0.2% | 14.2% | 12.5% | +1.7% | 9.4% | 8.0% | +1.4% |
| Ardian | 14'800 | 0.8% | 1.0% | -0.2% | 11.8% | 12.5% | -0.7% | 7.2% | 8.0% | -0.8% |
| Partners Group | 22'600 | 1.4% | 1.0% | +0.4% | 15.6% | 12.5% | +3.1% | 10.8% | 8.0% | +2.8% |
| LGT Crown Global Secondaries | 16'400 | 1.1% | 1.0% | +0.1% | 13.1% | 12.5% | +0.6% | 8.6% | 8.0% | +0.6% |
| Infrastruktur | ||||||||||
| EIP Infrastruktur Europa | 28'400 | 0.9% | 0.5% | +0.4% | 10.8% | 8.0% | +2.8% | 7.2% | 5.0% | +2.2% |
| Mandat Reichmuth | 34'200 | 0.7% | 0.5% | +0.2% | 9.6% | 8.0% | +1.6% | 6.4% | 5.0% | +1.4% |
| Partners Group Infrastruktur | 30'565 | 0.8% | 0.5% | +0.3% | 9.8% | 8.0% | +1.8% | 6.8% | 5.0% | +1.8% |
| Immobilien | ||||||||||
| Sarasin AST Nachhaltige Immobilien CH | 42'800 | 0.3% | 0.2% | +0.1% | 3.2% | 3.5% | -0.3% | 2.1% | 2.4% | -0.3% |
| asaa Gewerbeimmobilien Schweiz | 38'200 | 0.2% | 0.2% | 0.0% | 2.8% | 3.5% | -0.7% | 1.8% | 2.4% | -0.6% |
| asaa Wohnimmobilien Schweiz | 44'600 | 0.4% | 0.2% | +0.2% | 3.8% | 3.5% | +0.3% | 2.6% | 2.4% | +0.2% |
| Mandat BCV | 32'100 | 0.3% | 0.2% | +0.1% | 3.4% | 3.5% | -0.1% | 2.2% | 2.4% | -0.2% |
| Central Real Estate | 28'900 | 0.5% | 0.2% | +0.3% | 4.1% | 3.5% | +0.6% | 2.9% | 2.4% | +0.5% |
| asaa Gesundheitsimmobilien DE | 18'400 | -0.1% | 0.3% | -0.4% | 2.1% | 4.0% | -1.9% | 1.2% | 3.0% | -1.8% |
Performanceanalyse (Brinson Attribution)
Attribution YTD – Gesamtvermögen hedged
| Anlagekategorie | Gew. Portfolio | Gew. Benchmark | Rendite Portfolio | Rendite Benchmark | Beitrag Portfolio | Beitrag Benchmark | Allokation | Selektion | Interaktion | Total Effekt |
|---|---|---|---|---|---|---|---|---|---|---|
| Liquidität | 2.2% | 2.0% | -0.1% | 0.8% | 0.0% | 0.0% | 0.0% | -0.02% | 0.0% | -0.02% |
| Anleihen | 17.9% | 18.0% | 8.0% | 1.4% | 1.1% | 0.3% | 0.0% | +0.12% | 0.0% | +0.12% |
| Aktien | 30.6% | 30.0% | 21.2% | 17.1% | 3.3% | 2.8% | +0.04% | +0.22% | +0.01% | +0.27% |
| Infrastruktur | 9.6% | 10.0% | 10.0% | 0.1% | 1.4% | 0.0% | -0.03% | +0.09% | 0.0% | +0.06% |
| Immobilien – Direkt | 26.4% | 28.0% | 3.7% | 3.2% | 1.0% | 0.9% | -0.05% | +0.13% | -0.01% | +0.07% |
| Alternative Anlagen | 13.3% | 12.0% | 5.2% | 8.6% | 1.0% | 1.0% | +0.03% | -0.04% | -0.01% | -0.02% |
| Total | 100% | 100% | 7.8% | 7.0% | 7.8% | 7.0% | -0.01% | +0.50% | -0.01% | +0.48% |
Attributionseffekte YTD (Allokation / Selektion / Interaktion)
Attribution QTD – Gesamtvermögen hedged
| Kategorie | Allokation | Selektion | Interaktion | Total |
|---|---|---|---|---|
| Liquidität | 0.00% | -0.01% | 0.00% | -0.01% |
| Anleihen | 0.00% | +0.05% | 0.00% | +0.05% |
| Aktien | +0.02% | +0.08% | 0.00% | +0.10% |
| Infrastruktur | -0.01% | +0.04% | 0.00% | +0.03% |
| Immobilien | -0.02% | +0.05% | 0.00% | +0.03% |
| Alternative | +0.01% | -0.02% | 0.00% | -0.01% |
| Total | 0.00% | +0.19% | 0.00% | +0.19% |
Obligationen – Analytik
Nach Fälligkeit
| Laufzeit | CHF Mio. | Anteil |
|---|---|---|
| 0–1 Jahr | 8.2 | 4.7% |
| 1–3 Jahre | 22.4 | 12.8% |
| 3–5 Jahre | 38.6 | 22.1% |
| 5–7 Jahre | 42.1 | 24.1% |
| 7–10 Jahre | 36.8 | 21.1% |
| > 10 Jahre | 25.9 | 14.8% |
| N/A | 0.8 | 0.4% |
| Total | 174.8 | 100% |
Nach Rating
| Rating | Anteil |
|---|---|
| Aaa / AAA | 18.2% |
| Aa1-Aa3 / AA | 22.4% |
| A1-A3 / A | 28.6% |
| Baa1-Baa3 / BBB | 21.3% |
| Ba1 / BB+ | 5.8% |
| Übrige / NR | 3.7% |
| Total | 100% |
Top 10 Positionen
| Bezeichnung | Anteil |
|---|---|
| FISCH BD EM Corp. | 5.6% |
| BEKB Obligationen CHF | 5.1% |
| GAM Obl. CHF Fonds | 4.8% |
| Vontobel EM Mar. Debt | 4.2% |
| Goldman Sachs Corp. | 3.8% |
| Raiffeisen Termingeld 19-27 | 3.2% |
| JPM Chase 35 | 2.9% |
| CS Swiss Mortgage Fund | 2.6% |
| Hypotheka Darlehen | 2.4% |
| Morgan Stanley Corp. | 2.1% |
| Gesamttotal | 36.7% |
Durationsstruktur – Portfolio vs Benchmark
| Anlagekategorie | Rendite auf Verfall (Portfolio) | Rendite auf Verfall (BM) | Modified Duration (Portfolio) | Modified Duration (BM) | Abweichung MD | Macaulay Duration | Konvexität |
|---|---|---|---|---|---|---|---|
| Obligationen CHF | 1.2% | 1.1% | 5.8 | 5.6 | +0.2 | 6.1 | 0.42 |
| Obligationen Welt | 4.8% | 4.6% | 6.2 | 6.4 | -0.2 | 6.6 | 0.61 |
| Total | 3.2% | 3.1% | 6.0 | 6.1 | -0.1 | 6.4 | 0.53 |
Währungsexposure
Vermögensstruktur nach Anlagekategorie und Risikowährung (in Mio. CHF)
| Anlagekategorie | CHF | USD | EUR | GBP | JPY | Rest | Total |
|---|---|---|---|---|---|---|---|
| Liquidität | 18.4 (87%) | 1.8 (8%) | 1.1 (5%) | – | – | – | 21.3 |
| Obligationen CHF | 111.5 (100%) | – | – | – | – | – | 111.5 |
| Obligationen Welt | 8.2 (13%) | 38.4 (61%) | 10.2 (16%) | 2.1 (3%) | 2.8 (4%) | 1.1 (2%) | 62.8 |
| Aktien Schweiz | 182.4 (100%) | – | – | – | – | – | 182.4 |
| Aktien Welt | 8.2 (7%) | 68.4 (59%) | 18.6 (16%) | 8.1 (7%) | 7.2 (6%) | 5.2 (5%) | 115.7 |
| Gold | – | 28.4 (100%) | – | – | – | – | 28.4 |
| Private Markets | 18.2 (25%) | 32.6 (44%) | 14.8 (20%) | 4.2 (6%) | – | 3.6 (5%) | 73.4 |
| Infrastruktur | 28.4 (31%) | 18.2 (20%) | 32.4 (35%) | 8.1 (9%) | 3.2 (3%) | 2.9 (3%) | 93.2 |
| Immobilien | 218.4 (85%) | 12.8 (5%) | 18.4 (7%) | – | – | 7.2 (3%) | 256.8 |
| Total | 593.7 (61%) | 200.6 (21%) | 95.5 (10%) | 22.5 (2%) | 13.2 (1%) | 20.0 (2%) | 945.5 |
Währungsabsicherung – vor und nach Hedging
| Währung | Exposure vor Hedging | Hedging | Exposure nach Hedging |
|---|---|---|---|
| CHF | 61% | +28% | 89% |
| USD | 21% | -16% | 5% |
| EUR | 10% | -8% | 2% |
| GBP | 2% | -2% | 0% |
| JPY | 1% | -1% | 0% |
| Rest | 2% | -2% | 0% |
| Total | 100% | – | 96% |
Offene Devisentermingeschäfte
| Währung | Betrag (Mio. CHF) | % des GV |
|---|---|---|
| USD (short) | -151.4 | -16.0% |
| EUR (short) | -75.6 | -8.0% |
| GBP (short) | -18.9 | -2.0% |
| JPY (short) | -9.5 | -1.0% |
| Rest (short) | -18.9 | -2.0% |
| CHF (long) | +264.9 | +28.0% |
| Total Netto | – | – |
Vermögensrechnung
Vermögensrechnung MTD (01.11.2025 – 30.11.2025)
| Position | CHF |
|---|---|
| Portfoliowert per 31.10.2025 | 966'342'180 |
| Portfoliowert per 30.11.2025 | 972'156'440 |
| Mittelflüsse | |
| Eingänge (Beiträge) | +2'400'000 |
| Abflüsse (Renten) | -1'800'000 |
| Verwaltungsgebühren | -312'450 |
| Rückforderbare Steuern | +48'200 |
| Erfolgsnachweis | |
| Realisierte G/V Titel | +1'842'300 |
| Realisierte G/V Währung | +284'600 |
| Unrealisierte G/V Titel | +3'126'800 |
| Unrealisierte G/V Währung | -142'300 |
| Dividenden & Zinsen | +412'110 |
| Quellensteuer | -44'000 |
| Gebühren & Spesen | -201'000 |
| Erfolg Total | +5'478'510 |
Vermögensrechnung nach Monat – 2025
| Monat | Start | Ende | Mittelfluss | G/V Kapital | G/V Ertrag | G/V Währung |
|---|---|---|---|---|---|---|
| Jan 2025 | 918'200 | 926'800 | +620 | +7'420 | +380 | -820 |
| Feb 2025 | 926'800 | 931'200 | +600 | +3'800 | +380 | +220 |
| Mrz 2025 | 931'200 | 938'600 | +580 | +6'420 | +390 | -190 |
| Apr 2025 | 938'600 | 943'800 | +600 | +4'200 | +410 | -10 |
| Mai 2025 | 943'800 | 952'400 | +580 | +7'620 | +410 | – |
| Jun 2025 | 952'400 | 957'200 | +600 | +3'800 | +410 | -10 |
| Jul 2025 | 957'200 | 966'800 | +580 | +8'620 | +420 | -20 |
| Aug 2025 | 966'800 | 961'400 | +600 | -5'600 | +420 | -420 |
| Sep 2025 | 961'400 | 964'800 | +600 | +2'400 | +420 | +380 |
| Okt 2025 | 964'800 | 966'342 | +600 | +942 | +420 | -420 |
| Nov 2025 | 966'342 | 972'156 | +288 | +5'111 | +412 | +3 |
BVV2 Richtlinien – Art. 55
Gesamtbegrenzungen – Einhaltung der gesetzlichen Limite
| Art. | Kategorie | Marktwert (Mio. CHF) | Anteil am GV | Gesetzliche Limite | Abweichung | Einhaltung |
|---|---|---|---|---|---|---|
| 55a | Grundpfandtitel und Pfandbriefe | 111.5 | 11.5% | 50% | -38.5% | Ja |
| 55b | Aktien | 297.4 | 30.6% | 50% | -19.4% | Ja |
| 55c | Immobilien Total | 257.1 | 26.4% | 30% | -3.6% | Ja |
| 55c | davon Immobilien Schweiz | 220.4 | 22.6% | 30% | -7.4% | Ja |
| 55c | davon Immobilien Ausland | 36.7 | 3.8% | 10% | -6.2% | Ja |
| 55d | Alternative Anlagen | 129.2 | 13.3% | 15% | -1.7% | Ja |
| davon klassische Alt. Anlagen | 72.4 | 7.4% | 10% | -2.6% | Ja | |
| davon ähnlich Forderungen | 56.8 | 5.8% | 10% | -4.2% | Ja | |
| 55e | Fremdwährungen ungesichert | 29.2 | 3.0% | 30% | -27.0% | Ja |
| 55f | Infrastruktur | 93.2 | 9.6% | 10% | -0.4% | Nein |
| 55g | Private Debt / Private Equity Schweiz | 38.4 | 3.9% | 5% | -1.1% | Ja |