How To Value Swissernessanese Assets

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1 Updated every month! Interactive performance comparison of the investment foundations' products. Click here! Performance Report Investment Foundations nd Pillar Powered by Designed by KGAST Investment Foundations Board of Administrators Frankentalerstrasse CH 809 Zurich Phone info@kgast.ch Adimora Investment Foundation AFIAA Foundation for International Real Estate Investments Allianz Suisse Investment Foundation ASSETIMMO Real Estate Investment Foundation Avadis Investment Foundations Winterthur Investment Foundation Baloise Investment Foundation for Pension Funds Credit Suisse Investment Foundations Ecoreal Swiss Real Estate Investment Foundation Helvetia Investment Foundation HIG Immobilien Anlage Stiftung Imoka Investment Foundation Investment Foundation for Pension Funds Patrimonium Investment Foundation Pensimo Investment Foundation Prisma Investment Foundation Renaissance SME, Swiss Investment Foundation Sarasin Investment Foundation Swiss Life Investment Foundation Swisscanto Investment Foundations Tellco Investment Foundation Testina Investment Foundation Turidomus Investment Foundation Investment Foundations Zurich Investment Foundation V.Q

2 Investment Foundations Contents Contents Part I: Main Asset Classes Swiss Franc Bonds Domestic Foreign 6 Foreign Currency Bonds World 8 World (Hedged) World Government (Hedged) World Corporate (Hedged) 5 Euro 7 US-Dollar 9 Swiss Equities Foreign Equities World World (Hedged) 5 Europe 7 USA/North America 9 Balanced Allocations 0 9% Equities 0 0% Equities 0% Equities 7 50% Equities 0 Real Estate Switzerland Residential Commercial Part II: Secondary Asset Classes Mixed 5 Money Market 7 Foreign Currency Bonds Emerging Markets 9 Convertible Bonds 5 Swiss Equities Small & Mid Caps 5 Foreign Equities Japan 55 Emerging Markets 57 Foreign Real Estate 59 Hedge Funds (Hedged into CHF) 60 Private Equity 60 Part III: Other Investment Groups Avadis 6 Avadis Prisma 6 Sarasin 6 Swiss Life 6 Swisscanto 6 Swisscanto Avant Zurich 65 Part IV: Appendix Synopsis 67 Assets under Management 68 Members of KGAST 69 Explanatory note 70

3 Part I Main Asset Classes Swiss Franc Bonds Foreign Currency Bonds Swiss Equities Foreign Equities Balanced Allocations Real Estate Switzerland

4 Investment Foundations Main Asset Classes Swiss Franc Bonds: Domestic 05 Year Years 5 Years 0 Years Allianz Swiss Bonds in CHF 09 SBI Domestic AAA-A TR Domestic Bonds in CHF SBI Domestic AAA-BBB TR Bâloise Swiss Bonds SBI Domestic AAA-BBB TR Swiss Bonds CHF SBI Domestic AAA-BBB TR Sarasin Domestic Swiss Francs Bonds SBI Domestic AAA-BBB TR Swiss Life Swiss Bonds in CHF 9 07 SBI Domestic AAA-BBB TR Swisscanto Swiss Bonds SBI Domestic AAA-BBB TR 97, Swiss Bonds in CHF 76 5 SBI Domestic AAA-BBB TR Zurich Bonds Switzerland 7 69 SBI Domestic AAA-BBB TR Indexed Investment Groups 05 Year Years 5 Years 0 Years Avadis Swiss Bonds in CHF SBI Domestic AAA-BBB TR 99, Helvetia Swiss Bonds indexed SBI Domestic AAA-BBB TR Swiss Bonds SBI Domestic AAA-BBB TR Swiss Bonds Domestic Indexed 76 6 SBI Domestic AAA-BBB TR Changed from active to indexed management as of Distribution Analysis 05 Year Years 5 Years 0 Years Active and Indexed Investment Groups Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Investment groups within the first quartile. Investment groups within the second quartile. Max Investment groups within the third quartile. Investment groups within the fourth quartile. Median Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min

5 Investment Foundations Main Asset Classes Swiss Franc Bonds: Domestic Years 5 Years SBI Domestic AAA-BBB TR SBI Domestic AAA-BBB TR ALZ Swiss Bonds in CHF ALZ Swiss Bonds in CHF Domestic Bonds in CHF Domestic Bonds in CHF BAL Swiss Bonds BAL Swiss Bonds Swiss Bonds CHF Swiss Bonds CHF SLA Domestic Swiss Francs Bonds Swiss Bonds in CHF Swiss Bonds Swiss Bonds in CHF Bonds Switzerland SLA SLA Domestic Swiss Francs Bonds Swiss Bonds in CHF Swiss Bonds Bonds Switzerland SLA BAL ALZ BAL ALZ Indexed Investment Groups Years Indexed Investment Groups 5 Years SBI Domestic AAA-BBB TR SBI Domestic AAA-BBB TR AVA Swiss Bonds in CHF AVA Swiss Bonds in CHF HEL Swiss Bonds indexed HEL Swiss Bonds indexed Swiss Bonds Swiss Bonds Swiss Bonds Domestic Indexed HEL AVA HEL AVA

6 Investment Foundations Main Asset Classes Swiss Franc Bonds: Foreign 05 Year Years 5 Years 0 Years Allianz Foreign Bonds in CHF 75 SBI Foreign AAA-A TR Foreign Bonds in CHF SBI Foreign AAA-BBB TR Bâloise Foreign Bonds CHF 9 98 SBI Foreign AAA-BBB TR Foreign Bonds CHF SBI Foreign AAA-BBB TR Foreign Bonds in Swiss Francs SBI Foreign AAA-BBB TR Sarasin Foreign Swiss Francs Bonds 7 8 SBI Foreign AAA-BBB TR Swiss Life Bonds CHF Foreign 5 77 SBI Foreign AAA-BBB TR Swisscanto CHF Bonds Foreign SBI Foreign AAA-BBB TR 98, CHF Bonds Foreign 76 7 SBI Foreign AAA-BBB TR Zurich CHF Bonds Foreign 7 96 SBI Foreign AAA-BBB TR Indexed Investment Groups 05 Year Years 5 Years 0 Years Avadis Foreign Bonds in CHF 8 56 SBI Foreign AAA-BBB TR 999, CHF Bonds Foreign Indexed 76 8 SBI Foreign AAA-BBB TR Changed from active to indexed management as of Distribution Analysis 05 Year Years 5 Years 0 Years Active and Indexed Investment Groups Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Investment groups within the first quartile. Investment groups within the second quartile. Max Investment groups within the third quartile. Investment groups within the fourth quartile. Median Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min

7 Investment Foundations Main Asset Classes Swiss Franc Bonds: Foreign Years 5 Years SBI Foreign AAA-BBB TR SBI Foreign AAA-BBB TR ALZ SLA Foreign Bonds in CHF Foreign Bonds in CHF Foreign Bonds CHF Foreign Bonds in Swiss Francs Foreign Swiss Francs Bonds Bonds CHF Foreign CHF Bonds Foreign CHF Bonds Foreign CHF Bonds Foreign SLA ALZ ALZ SLA Foreign Bonds in CHF Foreign Bonds in CHF Foreign Bonds CHF Foreign Bonds in Swiss Francs Foreign Swiss Francs Bonds Bonds CHF Foreign CHF Bonds Foreign CHF Bonds Foreign SLA ALZ Indexed Investment Groups Years Indexed Investment Groups 5 Years SBI Foreign AAA-BBB TR SBI Foreign AAA-BBB TR AVA Foreign Bonds in CHF CHF Bonds Foreign Indexed AVA Foreign Bonds in CHF AVA AVA

8 Investment Foundations Main Asset Classes Foreign Currency Bonds: World 05 Year Years 5 Years 0 Years Allianz Foreign Currency Bonds 56 9 Customized benchmark Global Bonds Citigroup WGBI ex Switzerland TR International Bonds JP Morgan Global GBI TR Foreign Bonds Customized benchmark Governo Bond 77 5 Customized benchmark Governo World Fundamental 85 7 Customized benchmark Sarasin Sustainable International Bonds ex CHF Citigroup WGBI ex Switzerland TR Swisscanto Foreign Currency Bonds Unhedged 79 Customized benchmark Foreign Currency Bonds Global JP Morgan Global GBI TR Citigroup WGBI ex Switzerland TR until.0.0. Indexed Investment Groups 05 Year Years 5 Years 0 Years Avadis Foreign Currency Bonds Citigroup WGBI ex Switzerland TR Helvetia Global Bonds indexed Customized benchmark Distribution Analysis 05 Year Years 5 Years 0 Years Active and Indexed Investment Groups Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Investment groups within the first quartile. Investment groups within the second quartile. Max Investment groups within the third quartile. Investment groups within the fourth quartile. Median Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min

9 Investment Foundations Main Asset Classes Foreign Currency Bonds: World Years 5 Years ALZ Citigroup WGBI TR Foreign Currency Bonds Global Bonds International Bonds Foreign Bonds Governo Bond Governo World Fundamental Sustainable International Bonds ex CHF Foreign Currency Bonds Unhedged Foreign Currency Bonds Global ALZ ALZ Citigroup WGBI TR Foreign Currency Bonds Global Bonds International Bonds Foreign Bonds Governo Bond Sustainable International Bonds ex CHF Foreign Currency Bonds Global ALZ Indexed Investment Groups Years Indexed Investment Groups 5 Years Citigroup WGBI TR Citigroup WGBI TR AVA HEL Foreign Currency Bonds Global Bonds indexed HEL 0 AVA HEL Foreign Currency Bonds Global Bonds indexed HEL AVA AVA

10 Foreign Currency Bonds: World Currency Allocation of the Benchmark Investment Foundations Main Asset Classes Provider Designation CHF USD EUR GBP JPY Others Allianz Foreign Currency Bonds 0% 5% 5% 0% 0% Global Bonds 0% % 5% 7% 7% International Bonds % 6% 7% % % Foreign Bonds 7% 5% 8% % 9% Governo Bond 8% 5% 8% 7% % Governo World Fundamental % % % % 57% Sarasin Sustainable International Bonds ex CHF 9% % 6% 8% 6% Swisscanto Foreign Currency Bonds Unhedged 0% 5% 8% 0% 8% Foreign Currency Bonds Global % 7% 8% % % Indexed Investment Groups Currency Allocation of the Benchmark Provider Designation CHF USD EUR GBP JPY Others Avadis Foreign Currency Bonds 9% 9% 6% 9% 7% Helvetia Global Bonds indexed 5% 5% 9% 5% 9% 0

11 Investment Foundations Main Asset Classes Foreign Currency Bonds: World (Hedged) 05 Year Years 5 Years 0 Years Allianz Bonds in Foreign Currencies Hedged Customized benchmark Global Bonds Hedged Barclays Capital Glbl Agg TR CHF Hedged Foreign Bonds hedged CHF Customized benchmark Swiss Life Bonds Global (CHF hedged) 5 79 Customized benchmark Swisscanto Foreign Currency Bonds Hedged in CHF No benchmark Foreign Currency Bonds Global (hedged in CHF) 60 7 Barclays Capital Glbl Agg TR CHF Hedged Indexed Investment Groups 05 Year Years 5 Years 0 Years Foreign Currency Bonds Global Indexed (hedged in CHF) Citigroup WGBI ex Switzerland TR CHF Hedged Distribution Analysis 05 Year Years 5 Years 0 Years Active and Indexed Investment Groups Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Max Median Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min

12 Investment Foundations Main Asset Classes Foreign Currency Bonds: World (Hedged) Years 5 Years Barclays Capital Glbl Agg TR CHF Hedged Global Bonds Hedged Barclays Capital Glbl Agg TR CHF Hedged Global Bonds Hedged SLA Foreign Bonds hedged CHF Bonds Global (CHF hedged) Foreign Currency Bonds Hedged in CHF Foreign Currency Bonds Global (hedged in CHF) SLA Foreign Bonds hedged CHF Foreign Currency Bonds Hedged in CHF Foreign Currency Bonds Global (hedged in CHF) Indexed Investment Groups Years Barclays Capital Glbl Agg TR CHF Hedged Foreign Currency Bonds Global Indexed (hedged in CHF)

13 Investment Foundations Main Asset Classes Foreign Currency Bonds: World Government (Hedged) 05 Year Years 5 Years 0 Years Governo Bond hedged Customized benchmark Governo World Fundamental Hedged CHF Customized benchmark Swiss Life Bonds Global Governments+ (CHF hedged) Barclays Glbl Agg Treasury ex CH CHF Hedged Indexed Investment Groups 05 Year Years 5 Years 0 Years Avadis Foreign Bonds Hedged 75 9 Citigroup WGBI ex Switzerland TR CHF Hedged Distribution Analysis 05 Year Years 5 Years 0 Years Active and Indexed Investment Groups Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Max Median Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min

14 Investment Foundations Main Asset Classes Foreign Currency Bonds: World Government (Hedged) Years 5 Years SLA Citigroup WGBI ex Switzerland TR CHF Hedged Governo Bond hedged Governo World Fundamental Hedged CHF Bonds Global Governments+ (CHF hedged) SLA Citigroup WGBI ex Switzerland TR CHF Hedged Governo Bond hedged Indexed Investment Groups Years Indexed Investment Groups 5 Years AVA Citigroup WGBI ex Switzerland TR CHF Hedged Foreign Bonds Hedged AVA Citigroup WGBI ex Switzerland TR CHF Hedged Foreign Bonds Hedged AVA AVA

15 Investment Foundations Main Asset Classes Foreign Currency Bonds: World Corporate (Hedged) 05 Year Years 5 Years 0 Years Avadis Corporate Bond in Foreign Currencies Hedged Barclays Capital Glbl Agg Corp ex CH TR CHF Hedged Global Corporate Bonds SmartBeta Hedged CHF BofA ML Glbl Broad Market Corp Index CHF Hedged Global Corporate Bonds Hedged 95 9 Barclays Capital Glbl Agg Corp TR CHF Hedged Swiss Life Bond Glbl Corporates (CHF hedged) Barclays Capital Glbl Agg Corp TR CHF Hedged Indexed Investment Groups 05 Year Years 5 Years 0 Years Bonds Global Corporates Indexed (hedged in CHF) Barclays Capital Glbl Agg Corp TR CHF Hedged 05 9 Distribution Analysis 05 Year Years 5 Years 0 Years Active and Indexed Investment Groups Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Max Median Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min

16 Investment Foundations Main Asset Classes Foreign Currency Bonds: World Corporate (Hedged) Years Barclays Capital Glbl Agg Corp TR CHF Hedged 5 AVA SLA Corporate Bond in Foreign Currencies Hedged Global Corporate Bonds Hedged Bond Glbl Corporates (CHF hedged) SLA AVA

17 Investment Foundations Main Asset Classes Foreign Currency Bonds: Euro 05 Year Years 5 Years 0 Years Bâloise Euro Bonds Barclays Capital Euro Agg TR Bonds EUR JP Morgan EMU Aggregate Swisscanto Bonds Europe Top 5 6 Customized benchmark Bonds EUR JP Morgan EMU Aggregate Zurich Euro Bonds Customized benchmark Distribution Analysis 05 Year Years 5 Years 0 Years Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Max Median Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min

18 Investment Foundations Main Asset Classes Foreign Currency Bonds: Euro Years 5 Years Citigroup EMU GBI TR Citigroup EMU GBI TR BAL Euro Bonds BAL Euro Bonds Bonds EUR Bonds EUR Bonds Europe Top Bonds EUR Bonds Europe Top Bonds EUR Euro Bonds BAL 0 Euro Bonds BAL

19 Investment Foundations Main Asset Classes Foreign Currency Bonds: US-Dollar 05 Year Years 5 Years 0 Years Bonds USD JP Morgan United States GBI TR Swisscanto Bonds Dollar Top 5 8 Customized benchmark Zurich USD Bonds 7 7 JP Morgan United States GBI TR Distribution Analysis 05 Year Years 5 Years 0 Years Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Max Median Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min

20 Investment Foundations Main Asset Classes Foreign Currency Bonds: US-Dollar Years 5 Years JP Morgan United States GBI TR JP Morgan United States GBI TR Bonds USD Bonds USD Bonds Dollar Top Bonds Dollar Top USD Bonds USD Bonds

21 Investment Foundations Main Asset Classes Swiss Equities 05 Year Years 5 Years 0 Years Allianz Equities Switzerland 09 5 SPI TR Bâloise Equities Switzerland Quality & Dividend SPI TR Equity Switzerland SPI TR Fund Selection Equity Switzerland SPI TR Equities Switzerland SPI Plus 7 87 SPI TR Equities Switzerland SPI Plus 7 59 SPI TR Swiss Equities Minimum Variance SPI TR Prisma SPI Efficient SPI TR Sarasin Sustainable Swiss Equities 7 SPI TR Sarasin Swiss Equities SPI TR Swiss Life Equities Switzerland 5 8 SPI TR Swisscanto Equities Switzerland SPI TR Equities Switzerland SPI TR Zurich Equities Switzerland 7 86 SPI TR Indexed Investment Groups 05 Year Years 5 Years 0 Years Avadis Equities Switzerland TR Equities Switzerland 7 SPI TR Swiss Index SMI TR Helvetia Equities Switzerland indexed SPI TR Swiss Equities Indexed on SMI SMI TR Swisscanto Equities Switzerland Index SPI TR Equities Switzerland All Indexed II SPI TR 05 5 Equities Switzerland Large Indexed SMI TR Zurich Equities Switzerland Index 8 55 SPI TR Distribution Analysis 05 Year Years 5 Years 0 Years Active and Indexed Investment Groups Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Investment groups within the first quartile. Investment groups within the second quartile. Max Investment groups within the third quartile. Investment groups within the fourth quartile. Median Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min

22 Investment Foundations Main Asset Classes Swiss Equities Years 5 Years ALZ BAL PRI SLA SPI TR Equities Switzerland Equities Switzerland Quality & Dividend Equity Switzerland Fund Selection Equity Switzerland Equities Switzerland SPI Plus Equities Switzerland SPI Plus SPI Efficient Sustainable Swiss Equities Swiss Equities Equities Switzerland Equities Switzerland Equities Switzerland PRI ALZ BAL SLA ALZ BAL SLA SPI TR Equities Switzerland Equities Switzerland Quality & Dividend Equity Switzerland Fund Selection Equity Switzerland Equities Switzerland SPI Plus Equities Switzerland SPI Plus Sustainable Swiss Equities Swiss Equities Equities Switzerland Equities Switzerland Equities Switzerland ALZ BAL SLA Indexed Investment Groups Years Indexed Investment Groups 5 Years SPI TR 8 SPI TR 8 AVA HEL Equities Switzerland Equities Switzerland Swiss Index Equities Switzerland indexed Swiss Equities Indexed on SMI Equities Switzerland Index Equities Switzerland Large Indexed Equities Switzerland Index HEL AVA 6 AVA HEL Equities Switzerland Equities Switzerland Swiss Index Equities Switzerland indexed Swiss Equities Indexed on SMI Equities Switzerland Index 6 0 HEL AVA

23 Investment Foundations Main Asset Classes Foreign Equities: World 05 Year Years 5 Years 0 Years Allianz Foreign Equities 56 0 MSCI World ex Switzerland TR Global Equities MSCI AC World ex Switzerland TR Global SmartBeta Equities MSCI World NR Bâloise Equities Global Quality & Dividend 9 80 MSCI World ex Switzerland TR Equities Global High Dividend 6 80 MSCI World ex Switzerland NR World Equities SRI MSCI World ex Switzerland NR Sarasin Global Thematic Equities 685 MSCI World NR Sarasin International Equities ex Switzerland MSCI World ex Switzerland NR Sarasin Sustainable International Equities ex Switzerland 7 MSCI World NR Swiss Life International Equities 5 59 Customized benchmark Swisscanto Foreign Equities WT 8 70 MSCI World ex Switzerland NR Swisscanto Avant Foreign Equities MSCI World ex Switzerland NR Equities Global (ex CH) MSCI World ex Switzerland NR Global Equities (ex CH) MSCI World ex Switzerland NR Indexed Investment Groups 05 Year Years 5 Years 0 Years Avadis Equities World 95 9 MSCI World ex Switzerland TR Avadis Equities World MSCI World ex Switzerland TR Foreign Equities ex CH MSCI World ex Switzerland TR World Index MSCI World ex Switzerland TR Helvetia Equities Global indexed Customized benchmark Globe Index MSCI World NR 99, Swisscanto Avant Equities Foreign Index 55 6 MSCI World ex Switzerland NR Equities Global (ex CH) Indexed MSCI World ex Switzerland NR Global Equities (ex CH) Passive MSCI World ex Switzerland NR Global Equities (ex CH) Passive II MSCI World ex Switzerland NR Distribution Analysis 05 Year Years 5 Years 0 Years Active and Indexed Investment Groups Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Investment groups within the first quartile. Investment groups within the second quartile. Max Investment groups within the third quartile. Investment groups within the fourth quartile. Median Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min

24 Investment Foundations Main Asset Classes Foreign Equities: World Years 5 Years MSCI World TR MSCI World TR ALZ SLA SWA Foreign Equities Global Equities Equities Global High Dividend World Equities SRI Global Thematic Equities Sustainable International Equities ex Switzerland International Equities Foreign Equities WT Foreign Equities Equities Global (ex CH) Global Equities (ex CH) SLA ALZ SWA ALZ SLA SWA Foreign Equities Global Equities Global Thematic Equities Sustainable International Equities ex Switzerland International Equities Foreign Equities WT Foreign Equities Equities Global (ex CH) Global Equities (ex CH) SWA SLA ALZ Indexed Investment Groups Years Indexed Investment Groups 5 Years MSCI World TR MSCI World TR AVA Equities World AVA Equities World Foreign Equities ex CH World Index HEL Equities Global indexed Globe Index SWA Equities Foreign Index Equities Global (ex CH) Indexed Global Equities (ex CH) Passive AVA SWA AVA HEL 6 0 AVA Equities World AVA Equities World Foreign Equities ex CH World Index HEL Equities Global indexed Globe Index Equities Global (ex CH) Indexed AVA AVA HEL

25 Investment Foundations Main Asset Classes Foreign Equities: World (Hedged) Indexed Investment Groups 05 Year Years 5 Years 0 Years Avadis Equities World Hedged 6 80 MSCI World ex Switzerland TR Avadis Equities World hedged 69 0 MSCI World ex Switzerland TR 008, Globe Index Hedged CHF 8 6 MSCI World TR CHF Hedged 05 9 Global Equities (ex CH) Passive II (hedged in CHF) MSCI World ex Switzerland NR CHF Hedged 0, Distribution Analysis 05 Year Years 5 Years 0 Years Indexed Investment Groups Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Max Median Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min

26 Investment Foundations Main Asset Classes Foreign Equities: World (Hedged) Indexed Investment Groups Years Indexed Investment Groups 5 Years MSCI World TR CHF Hedged 8 MSCI World TR CHF Hedged 8 AVA Equities World Hedged AVA Equities World hedged Global Equities (ex CH) Passive II (hedged in CHF) AVA 7 AVA Equities World Hedged AVA Equities World hedged 7 AVA AVA AVA

27 Investment Foundations Main Asset Classes Foreign Equities: Europe 05 Year Years 5 Years 0 Years Fund Selection Equity Europe MSCI Europe ex Switzerland NR Swisscanto Equities Europe 5 9 MSCI Europe ex Switzerland NR Zurich Equities Europe 7 68 MSCI Europe ex Switzerland TR Indexed Investment Groups 05 Year Years 5 Years 0 Years Equities Europe ex CH 7 MSCI Europe ex Switzerland TR Euro Index 9 9 MSCI Europe ex Switzerland TR Europe Index MSCI Europe TR Equities Europe (ex CH) Indexed MSCI Europe ex Switzerland NR Zurich Equities Europe Index 8 78 MSCI Europe ex Switzerland TR Distribution Analysis 05 Year Years 5 Years 0 Years Active and Indexed Investment Groups Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Investment groups within the first quartile. Investment groups within the second quartile. Max Investment groups within the third quartile. Investment groups within the fourth quartile. Median Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min

28 Investment Foundations Main Asset Classes Foreign Equities: Europe Years 5 Years MSCI Europe TR MSCI Europe TR Fund Selection Equity Europe Equities Europe Equities Europe 5 Fund Selection Equity Europe Equities Europe Equities Europe Indexed Investment Groups Years Indexed Investment Groups 5 Years MSCI Europe TR MSCI Europe TR Equities Europe ex CH Euro Index Europe Index Equities Europe (ex CH) Indexed Equities Europe Index 5 9 Equities Europe ex CH Euro Index Europe Index Equities Europe (ex CH) Indexed Equities Europe Index

29 Investment Foundations Main Asset Classes Foreign Equities: USA/North America 05 Year Years 5 Years 0 Years Fund Selection Equity USA MSCI USA NR Prisma Equities USA 88 MSCI USA NR Swisscanto Avant Equities America 5 88 MSCI North America NR Zurich Equities USA 7 69 MSCI USA TR Indexed Investment Groups 05 Year Years 5 Years 0 Years Equities USA 75 MSCI USA TR US Index 9 5 MSCI USA TR America Index MSCI North America TR US Equities Passive MSCI USA NR Zurich Equities USA Index 8 0 MSCI USA TR Distribution Analysis 05 Year Years 5 Years 0 Years Active and Indexed Investment Groups Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Investment groups within the first quartile. Investment groups within the second quartile. Max Investment groups within the third quartile. Investment groups within the fourth quartile. Median Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min

30 Investment Foundations Main Asset Classes Foreign Equities: USA/North America Years 5 Years MSCI North America TR MSCI North America TR PRI SWA Fund Selection Equity USA Equities USA Equities America SWA PRI 6 PRI SWA Equities USA Equities America 6 Equities USA Equities USA SWA PRI Indexed Investment Groups Years Indexed Investment Groups 5 Years MSCI North America TR MSCI North America TR Equities USA US Index America Index US Equities Passive 6 Equities USA US Index America Index US Equities Passive 6 Equities USA Index Equities USA Index

31 Investment Foundations Main Asset Classes Balanced Allocations: 0 9% Equities 05 Year Years 5 Years 0 Years Bâloise LOB-Mix 5 Plus Customized benchmark Mixta Optima Customized benchmark Sarasin LOB Yield Customized benchmark Swiss Life BVG-Mix Customized benchmark Swisscanto LOB Portfolio 0 WT 8 7 Customized benchmark Swisscanto Avant LOB Portfolio Customized benchmark LOB- Active 76 9 Customized benchmark LOB- Active Plus 76 7 Customized benchmark Zurich Profile Defensive 8 75 Customized benchmark Indexed Investment Groups 05 Year Years 5 Years 0 Years LOB- Indexed (hedged in CHF) 76 7 Customized benchmark Distribution Analysis 05 Year Years 5 Years 0 Years Active and Indexed Investment Groups Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Investment groups within the first quartile. Investment groups within the second quartile. Max Investment groups within the third quartile. Investment groups within the fourth quartile. Median Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min

32 Investment Foundations Main Asset Classes Balanced Allocations: 0 9% Equities Years 5 Years BAL LOB-Mix 5 Plus Mixta Optima 5 LOB Yield SLA BVG-Mix 5 LOB Portfolio 0 WT SWA LOB Portfolio 0 Profile Defensive SLA SWA BAL LOB-Mix 5 Plus Mixta Optima 5 LOB Yield SLA BVG-Mix 5 LOB Portfolio 0 WT SWA LOB Portfolio 0 Profile Defensive SLA SWA BAL BAL Indexed Investment Groups Years LOB- Indexed (hedged in CHF)

33 Balanced Allocations: 0 9% Equities Asset Allocation of the Benchmark Investment Foundations Main Asset Classes Provider Designation Unhedged Foreign Currencies Cash Bonds CHF Foreign Bonds Swiss Equities Foreign Equities Real Estate Others Bâloise LOB-Mix 5 Plus 8% 6% 0% 0% 5% % Mixta Optima 5 7% 5% 0% 8% 7% 8% 5% Sarasin LOB Yield 6% 78% 0% 5% 7% Swiss Life BVG-Mix 5 8% 8% 7% 8% 7% 8% 0% Swisscanto LOB Portfolio 0 WT 0% 59% 6% 7% 5% Swisscanto Avant LOB Portfolio 0 0% 59% 6% 7% 5% LOB- Active % 8% 5% 7% 5% LOB- Active Plus % 68% 5% 5% 7% 8% 7% Zurich Profile Defensive 9% % 6% % 0% 9% Indexed Investment Groups Asset Allocation of the Benchmark Provider Designation Unhedged Foreign Currencies Cash Bonds CHF Foreign Bonds Swiss Equities Foreign Equities Real Estate Others LOB- Indexed (hedged in CHF) % 8% 5% 7% 5%

34 Investment Foundations Main Asset Classes Balanced Allocations: 0 0% Equities 05 Year Years 5 Years 0 Years LOB 5 andante 900 Customized benchmark Bâloise LOB-Mix 5 Plus 07 5 Customized benchmark Mixta-LOB Customized benchmark Mixta-LOB 5 Plus 7 85 Customized benchmark Mixta Optima Pictet BVG/LPP Mixta Optima Balanced Customized benchmark Prisma Risk Budgeting Line 5 (RBL 5) 0 97 Pictet BVG/LPP Sarasin LOB Income Customized benchmark Sarasin LOB Sustainable Income 5 79 Customized benchmark Swiss Life BVG-Mix Customized benchmark Swisscanto LOB Portfolio 5 WT 8 75 Customized benchmark Swisscanto Avant LOB Portfolio Customized benchmark LOB-5 Active 76 0 Customized benchmark LOB-5 Active Plus Customized benchmark LOB-5 Active Customized benchmark LOB-5 Active Plus Customized benchmark Zurich LOB Income Customized benchmark Zurich Profile Balanced 8 77 Customized benchmark Pictet BVG/LPP 9 until.0.0. Indexed Investment Groups 05 Year Years 5 Years 0 Years Helvetia LOB-Mix Customized benchmark Helvetia LOB-Mix Plus Customized benchmark Helvetia LOB-Mix Plus Customized benchmark LOB-0 Indexed (hedged in CHF) 76 5 Customized benchmark LOB-5 Passive (hedged in CHF) 8 09 Customized benchmark Distribution Analysis 05 Year Years 5 Years 0 Years Active and Indexed Investment Groups Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Investment groups within the first quartile. Investment groups within the second quartile. Max Investment groups within the third quartile. Investment groups within the fourth quartile. Median Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min

35 Investment Foundations Main Asset Classes Balanced Allocations: 0 0% Equities Years 5 Years Pictet BVG/LPP 5 8 Pictet BVG/LPP 5 8 LOB 5 andante BAL LOB-Mix 5 Plus Mixta-LOB 5 Mixta-LOB 5 Plus Mixta Optima 5 Mixta Optima Balanced PRI Risk Budgeting Line 5 (RBL 5) LOB Income LOB Sustainable Income SLA BVG-Mix 5 LOB Portfolio 5 WT SWA LOB Portfolio 5 LOB-5 Active LOB-5 Active Plus LOB-5 Active LOB-5 Active Plus LOB Income Profile Balanced SLA SWA BAL PRI LOB 5 andante BAL LOB-Mix 5 Plus Mixta-LOB 5 Mixta Optima 5 Mixta Optima Balanced PRI Risk Budgeting Line 5 (RBL 5) LOB Income LOB Sustainable Income SLA BVG-Mix 5 LOB Portfolio 5 WT SWA LOB Portfolio 5 LOB Income Profile Balanced SLA SWA BAL PRI Indexed Investment Groups Years Indexed Investment Groups 5 Years Pictet BVG/LPP 5 8 Pictet BVG/LPP 5 8 HEL LOB-Mix HEL LOB-Mix Plus 5 LOB-0 Indexed (hedged in CHF) LOB-5 Passive (hedged in CHF) HEL HEL HEL LOB-Mix HEL LOB-Mix Plus 5 HEL HEL

36 Balanced Allocations: 0 0% Equities Asset Allocation of the Benchmark Investment Foundations Main Asset Classes Provider Designation Unhedged Foreign Currencies Cash Bonds CHF Foreign Bonds Swiss Equities Foreign Equities Real Estate Others LOB 5 andante % 50% 5% 5% 0% 0% Bâloise LOB-Mix 5 Plus % 5% 0% 5% 0% % Mixta-LOB 5 8% 9% 5% % 5% 0% 8% Mixta-LOB 5 Plus % % 8% 0% 5% % 8% Mixta Optima 5 5% 68% 7% 5% % Mixta Optima Balanced 5% 8% 0% 5% % 0% 5% Prisma Risk Budgeting Line 5 (RBL 5) 7% 60% 5% 0% 5% Sarasin LOB Income 8% 6% 7% 5% 0% 7% Sarasin LOB Sustainable Income % 6% 7% 5% 0% 7% Swiss Life BVG-Mix 5 % 7% % % % 5% Swisscanto LOB Portfolio 5 WT 5% % 6% 8% 8% 5% Swisscanto Avant LOB Portfolio 5 5% % 6% 8% 8% 5% LOB-5 Active % 65% 0% 5% 0% LOB-5 Active Plus % 50% 0% 8% 7% 8% 7% LOB-5 Active % 65% 0% 5% 0% LOB-5 Active Plus % 50% 0% 8% 7% 8% 7% Zurich LOB Income % 68% 7% % % Zurich Profile Balanced 5% % 0% 8% 0% 9% Indexed Investment Groups Asset Allocation of the Benchmark Provider Designation Unhedged Foreign Currencies Cash Bonds CHF Foreign Bonds Swiss Equities Foreign Equities Real Estate Others Helvetia LOB-Mix 5% 60% 0% 5% 5% Helvetia LOB-Mix Plus 5 % 5% 0% 0% 5% 0% 0% Helvetia LOB-Mix Plus 0 8% 9% 5% % 9% % % LOB-0 Indexed (hedged in CHF) % 65% 0% 5% 0% LOB-5 Passive (hedged in CHF) % 65% 0% 5% 0% 6

37 Investment Foundations Main Asset Classes Balanced Allocations: 0% Equities 05 Year Years 5 Years 0 Years LOB 5 allegro Customized benchmark Bâloise LOB-Mix 0 Plus Customized benchmark Mixta-LOB I 7 9 Customized benchmark 006, Mixta-LOB Customized benchmark Mixta Optima Customized benchmark Sarasin LOB Growth 87 0 Customized benchmark Sarasin LOB Sustainability Customized benchmark Swiss Life BVG-Mix Customized benchmark LOB-0 Active Customized benchmark LOB-0 Active Plus Customized benchmark LOB-0 Active Customized benchmark LOB-0 Active Plus Customized benchmark Zurich LOB Income Plus Customized benchmark Zurich Profile Progressive 8 77 Customized benchmark Indexed Investment Groups 05 Year Years 5 Years 0 Years LOB-0 Indexed (hedged in CHF) Customized benchmark LOB-0 Passive (hedged in CHF) 8 09 Customized benchmark Distribution Analysis 05 Year Years 5 Years 0 Years Active and Indexed Investment Groups Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Investment groups within the first quartile. Investment groups within the second quartile. Max Investment groups within the third quartile. Investment groups within the fourth quartile. Median Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min

38 Investment Foundations Main Asset Classes Balanced Allocations: 0% Equities Years 5 Years Pictet BVG/LPP 0 9 Pictet BVG/LPP 0 9 BAL LOB 5 allegro LOB-Mix 0 Plus 8 BAL LOB 5 allegro LOB-Mix 0 Plus 8 Mixta-LOB I Mixta-LOB 5 Mixta Optima 5 LOB Growth LOB Sustainability SLA BVG-Mix 5 LOB-0 Active LOB-0 Active Plus LOB-0 Active LOB-0 Active Plus LOB Income Plus Profile Progressive SLA BAL Mixta-LOB I Mixta-LOB 5 Mixta Optima 5 LOB Growth LOB Sustainability SLA BVG-Mix 5 LOB-0 Active LOB-0 Active LOB Income Plus Profile Progressive SLA BAL Indexed Investment Groups Years Pictet BVG/LPP 0 9 LOB-0 Indexed (hedged in CHF) LOB-0 Passive (hedged in CHF)

39 Balanced Allocations: 0% Equities Asset Allocation of the Benchmark Investment Foundations Main Asset Classes Provider Designation Unhedged Foreign Currencies Cash Bonds CHF Foreign Bonds Swiss Equities Foreign Equities Real Estate Others LOB 5 allegro 7% % % 0% 5% 0% Bâloise LOB-Mix 0 Plus 8% 8% 0% 5% 5% % Mixta-LOB I 7% 5% 5% 9% 0% 5% 6% Mixta-LOB 5 7% 5% 5% 9% 0% 5% 6% Mixta Optima 5 9% 5% 0% 0% 5% 5% 5% Sarasin LOB Growth 5% 5% 5% 8% 7% 7% Sarasin LOB Sustainability 9% 50% 5% 7% % 7% Swiss Life BVG-Mix 5 8% % 8% 8% 7% % LOB-0 Active 6% 50% 0% % 8% LOB-0 Active Plus 9% 5% 0% % 7% 8% 7% LOB-0 Active 6% 50% 0% % 8% LOB-0 Active Plus 9% 5% 0% % 7% 8% 7% Zurich LOB Income Plus 5% 59% 6% 6% 9% Zurich Profile Progressive 0% % % % % 9% Indexed Investment Groups Asset Allocation of the Benchmark Provider Designation Unhedged Foreign Currencies Cash Bonds CHF Foreign Bonds Swiss Equities Foreign Equities Real Estate Others LOB-0 Indexed (hedged in CHF) % 50% 0% % 8% LOB-0 Passive (hedged in CHF) % 50% 0% % 8% 9

40 Investment Foundations Main Asset Classes Balanced Allocations: 50% Equities 05 Year Years 5 Years 0 Years LOB 5 vivace Customized benchmark Mixta-LOB Customized benchmark Sarasin LOB Future 55 7 Customized benchmark Swiss Life BVG-Mix Customized benchmark Swisscanto LOB Portfolio 5 WT 8 79 Customized benchmark Swisscanto Avant LOB Portfolio Customized benchmark Zurich LOB Growth Customized benchmark Indexed Investment Groups 05 Year Years 5 Years 0 Years Mixta-LOB Index 5 I Customized benchmark Distribution Analysis 05 Year Years 5 Years 0 Years Active and Indexed Investment Groups Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Investment groups within the first quartile. Investment groups within the second quartile. Max Investment groups within the third quartile. Investment groups within the fourth quartile. Median Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min

41 Investment Foundations Main Asset Classes Balanced Allocations: 50% Equities Years 5 Years Pictet BVG/LPP 0 LOB 5 vivace Mixta-LOB 5 LOB Future SLA BVG-Mix 5 LOB Portfolio 5 WT SWA LOB Portfolio 5 LOB Growth SWA SLA Pictet BVG/LPP 0 LOB 5 vivace Mixta-LOB 5 LOB Future SLA BVG-Mix 5 LOB Portfolio 5 WT SWA LOB Portfolio 5 LOB Growth SLA SWA Indexed Investment Groups Years Indexed Investment Groups 5 Years Pictet BVG/LPP 0 9 Pictet BVG/LPP 0 9 Mixta-LOB Index 5 I Mixta-LOB Index 5 I

42 Balanced Allocations: 50% Equities Asset Allocation of the Benchmark Investment Foundations Main Asset Classes Provider Designation Unhedged Foreign Currencies Cash Bonds CHF Foreign Bonds Swiss Equities Foreign Equities Real Estate Others LOB 5 vivace % 5% 0% 5% 0% 0% Mixta-LOB 5 7% 5% % 5% 5% 0% % Sarasin LOB Future 6% 8% % % 7% Swiss Life BVG-Mix 5 % 7% 5% % % % Swisscanto LOB Portfolio 5 WT % 0% 0% 7% 8% 5% Swisscanto Avant LOB Portfolio 5 % 0% 0% 7% 8% 5% Zurich LOB Growth 8% 5% % % % Indexed Investment Groups Asset Allocation of the Benchmark Provider Designation Unhedged Foreign Currencies Cash Bonds CHF Foreign Bonds Swiss Equities Foreign Equities Real Estate Others Mixta-LOB Index 5 I 7% 50% 8% 7% 5%

43 Investment Foundations Main Asset Classes Real Estate Switzerland: Residential NAV based 05 Year Years 5 Years 0 Years Provider Designation Securities No. Benchmark Launch Million Perf. Perf. Perf. Perf. Perf. Adimora Omega (Residential) KGAST Immo-Index ASSETIMMO W Investment Group 09 5 KGAST Immo-Index 000, Avadis Residential Real Estate Switzerland KGAST Immo-Index 99, Real Estate Switzerland Residential KGAST Immo-Index HIG CH-Classico KGAST Immo-Index Residential Real Estate Switzerland 5 9 KGAST Immo-Index Patrimonium Residential Real Estate Switzerland KGAST Immo-Index Pensimo Casareal (Residential) KGAST Immo-Index Turidomus Casareal (Residential) KGAST Immo-Index 00, Zurich Immobilien Wohnen Schweiz KGAST Immo-Index 00, Net assets. As of As of As of..0. Distribution Analysis 05 Year Years 5 Years 0 Years NAV based Perf. Perf. Perf. Perf. Perf. Max Median Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min

44 Investment Foundations Main Asset Classes Real Estate Switzerland: Commercial NAV based 05 Year Years 5 Years 0 Years Provider Designation Securities No. Benchmark Launch Million Perf. Perf. Perf. Perf. Perf. ASSETIMMO G Investment Group 09 9 KGAST Immo-Index Avadis Commercial Swiss Real Estate KGAST Immo-Index Real Estate Switzerland Commercial 5 6 KGAST Immo-Index Ecoreal Suisseselect 8 0 No benchmark Pensimo Proreal (Commercial) 08 8 KGAST Immo-Index Swiss Life Commercial Real Estate Switzerland KGAST Immo-Index Turidomus Proreal (Commercial) KGAST Immo-Index Commercial Real Estate Switzerland KGAST Immo-Index Zurich Real Estate Commercial Switzerland KGAST Immo-Index Net assets. As of..0. Distribution Analysis 05 Year Years 5 Years 0 Years NAV based Perf. Perf. Perf. Perf. Perf. Max Median Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min

45 Investment Foundations Main Asset Classes Real Estate Switzerland: Mixed NAV based 05 Year Years 5 Years 0 Years Provider Designation Securities No. Benchmark Launch Million Perf. Perf. Perf. Perf. Perf. Real Estate Switzerland 75 0 No benchmark Real Estate Switzerland 00 KGAST Immo-Index 00, Ecoreal Suissecore Plus KGAST Immo-Index Helvetia Swiss Real Estate KGAST Immo-Index Imoka Real Estate Switzerland KGAST Immo-Index Immo Invest Switzerland 90 No benchmark Sarasin Sustainable Real Estate Switzerland KGAST Immo-Index Swiss Life Real Estate Switzerland KGAST Immo-Index 009, Swisscanto Swiss Real Estate KGAST Immo-Index 975 5, Tellco Swiss Real Estate KGAST Immo-Index Swiss Real Estate No benchmark 97, Zurich Real estate Traditional Switzerland 8 8 KGAST Immo-Index Net assets. As of Distribution Analysis 05 Year Years 5 Years 0 Years NAV based Perf. Perf. Perf. Perf. Perf. Max Median Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min Real Estate Switzerland: Mixed Non NAV Based 05 Year Years 5 Years 0 Years Provider Designation Securities No. Benchmark Launch Million Perf. Perf. Perf. Perf. Perf. Real Estate Switzerland Pooled Investments 08 5 Customized benchmark Immo Optima Switzerland SXI Real Estate Funds TR Swiss Life Real Estate Funds Switzerland SXI Swiss Real Estate Funds TR Immoparts Switzerland SXI Real Estate Funds TR Net assets. Distribution Analysis 05 Year Years 5 Years 0 Years Non NAV Based Perf. Perf. Perf. Perf. Perf. Max Median Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min

46 Part II Secondary Asset Classes Money Market Foreign Currency Bonds Emerging Markets Convertible Bonds Swiss Equities Small & Mid Caps Equities Japan Equities Emerging Markets Foreign Real Estate Hedge Funds (Hedged into CHF) Private Equity

47 Investment Foundations Secondary Asset Classes Money Market 05 Year Years 5 Years 0 Years Money Market CHF Citigroup CHF Months Eurodeposit Money Market CHF Citigroup CHF Months Eurodeposit Money Market CHF JP Morgan Money Market CHF Zurich Money Market CHF LIBOR CHF Months Distribution Analysis 05 Year Years 5 Years 0 Years Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Max Median Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min

48 Investment Foundations Secondary Asset Classes Money Market Years 5 Years Citigroup CHF Months Eurodeposit Citigroup CHF Months Eurodeposit Money Market CHF Money Market CHF Money Market CHF Money Market CHF Money Market CHF Money Market CHF Money Market CHF 0 Money Market CHF

49 Investment Foundations Secondary Asset Classes Foreign Currency Bonds: Emerging Markets 05 Year Years 5 Years 0 Years Avadis Emerging Markets Debt JP Morgan GBI EM Global Diversified TR Bonds Emerging Markets JP Morgan GBI EM Diversified TR Prisma Emerging Markets Local Debt 05 5 JP Morgan GBI EM Diversified TR Distribution Analysis 05 Year Years 5 Years 0 Years Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Max Median Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min

50 Investment Foundations Secondary Asset Classes Foreign Currency Bonds: Emerging Markets Years JP Morgan GBI EM Global Diversified TR - Bonds Emerging Markets PRI Emerging Markets Local Debt PRI

51 Investment Foundations Secondary Asset Classes Convertible Bonds 05 Year Years 5 Years 0 Years Equity Linked Bonds Global Convertible Global Convertibles Hedged CHF Global Convertible CHF Hedged Prisma Global Convertibles BofA Merrill Lynch Global 00 Convertible Swisscanto Convertibles International 586 Customized benchmark Zurich Global Convertibles 5 9 Customized benchmark Distribution Analysis 05 Year Years 5 Years 0 Years Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Max Median Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min