Updated every month! Interactive performance comparison of the investment foundations' products. Click here! Performance Report Investment Foundations nd Pillar 0.06.05 Powered by Designed by KGAST Investment Foundations Board of Administrators Frankentalerstrasse CH 809 Zurich Phone + 777 60 70 info@kgast.ch www.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-5.0507
Investment Foundations Contents 0.06.05 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 6 6 6 6 Prisma 6 Sarasin 6 Swiss Life 6 Swisscanto 6 Swisscanto Avant 6 6 65 65 Zurich 65 Part IV: Appendix Synopsis 67 Assets under Management 68 Members of KGAST 69 Explanatory note 70
Part I Main Asset Classes Swiss Franc Bonds Foreign Currency Bonds Swiss Equities Foreign Equities Balanced Allocations Real Estate Switzerland
Investment Foundations Main Asset Classes 0.06.05 Swiss Franc Bonds: Domestic 05 Year Years 5 Years 0 Years Allianz Swiss Bonds in CHF 09 SBI Domestic AAA-A TR 00 8.0 5....9.9.9.0 Domestic Bonds in CHF 900 5 SBI Domestic AAA-BBB TR 999 8. 5.....0.. Bâloise Swiss Bonds 85 65 SBI Domestic AAA-BBB TR 995 5..7..0.8.8.8. Swiss Bonds CHF 87 565 SBI Domestic AAA-BBB TR 97 77..8..6.7.6.8.8 Sarasin Domestic Swiss Francs Bonds 978 77 SBI Domestic AAA-BBB TR 998 5 0.9.5..9.7.8.6.9 Swiss Life Swiss Bonds in CHF 9 07 SBI Domestic AAA-BBB TR 00 0..8.7.0..8..9 Swisscanto Swiss Bonds 87 585 SBI Domestic AAA-BBB TR 97,09 0.6...9.9.7.8.9 Swiss Bonds in CHF 76 5 SBI Domestic AAA-BBB TR 00 8 0.9.5.5.7 Zurich Bonds Switzerland 7 69 SBI Domestic AAA-BBB TR 999 5..9.7..0.9.9.0 Indexed Investment Groups 05 Year Years 5 Years 0 Years Avadis Swiss Bonds in CHF 95 879 SBI Domestic AAA-BBB TR 99,. 5.0..0.8.9.8.0 Helvetia Swiss Bonds indexed 76 855 SBI Domestic AAA-BBB TR 00 5. 5.0.5.0.9.9.8.0 Swiss Bonds 87 597 SBI Domestic AAA-BBB TR 967 5. 5.0..0.9.9.8.0 Swiss Bonds Domestic Indexed 76 6 SBI Domestic AAA-BBB TR 00 58. 5..5.0 Changed from active to indexed management as of 0..009. 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.. 5..7...0.. Investment groups within the third quartile. Investment groups within the fourth quartile. Median..9..0.9.9.8.0 Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min. 0.6...6.7.6.6.8
Investment Foundations Main Asset Classes 0.06.05 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.5.7.9..5.7.9. 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.5.7.9..5.7.9. 5
Investment Foundations Main Asset Classes 0.06.05 Swiss Franc Bonds: Foreign 05 Year Years 5 Years 0 Years Allianz Foreign Bonds in CHF 75 SBI Foreign AAA-A TR 00 0.5.6..9.6.0..8 Foreign Bonds in CHF 65 79 SBI Foreign AAA-BBB TR 008 85 0.8.8.6.9.9.9 Bâloise Foreign Bonds CHF 9 98 SBI Foreign AAA-BBB TR 0 0 0.8.5 Foreign Bonds CHF 87 57 SBI Foreign AAA-BBB TR 98 5 0..0.0.5..7..5 Foreign Bonds in Swiss Francs 87 595 SBI Foreign AAA-BBB TR 98 5 0..9.5.9.8.9.9.7 Sarasin Foreign Swiss Francs Bonds 7 8 SBI Foreign AAA-BBB TR 00 7 0.5...8..9.9. Swiss Life Bonds CHF Foreign 5 77 SBI Foreign AAA-BBB TR 00 67 0.9.6..8.5.9.5. Swisscanto CHF Bonds Foreign 87 58 SBI Foreign AAA-BBB TR 98,09 0.7.5..9....6 CHF Bonds Foreign 76 7 SBI Foreign AAA-BBB TR 00 7 0.8...5 Zurich CHF Bonds Foreign 7 96 SBI Foreign AAA-BBB TR 00 867 0.8.7.9.8.0.0..0 Indexed Investment Groups 05 Year Years 5 Years 0 Years Avadis Foreign Bonds in CHF 8 56 SBI Foreign AAA-BBB TR 999,08 0.7.5.6.8.6.0.0.8 CHF Bonds Foreign Indexed 76 8 SBI Foreign AAA-BBB TR 00 0.8.6.6.8 Changed from active to indexed management as of 0..009. 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. 0.9.8..9.5..5.6 Investment groups within the third quartile. Investment groups within the fourth quartile. Median 0.7.5.6.8.8.9..0 Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min. 0..9.0.5..7.9.5 6
Investment Foundations Main Asset Classes 0.06.05 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..6.8.0....6.8.0.. 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..6.8.0....6.8.0.. 7
Investment Foundations Main Asset Classes 0.06.05 Foreign Currency Bonds: World 05 Year Years 5 Years 0 Years Allianz Foreign Currency Bonds 56 9 Customized benchmark 00 0 -.0-6.9 -.0 7. -.8 9. -0. 8.5 Global Bonds 87 59 Citigroup WGBI ex Switzerland TR 99-0.7-5.5 -.5 7. -. 9.6-0.8 8.8 International Bonds 87 566 JP Morgan Global GBI TR 97 67-9.6 -.5 -. 7. -. 9. -0. 8.6 Foreign Bonds 87 599 Customized benchmark 98 9 -. -5.9 0.5 7. 0.6 8. 0. 7.6 Governo Bond 77 5 Customized benchmark 990 8 -.5-5. 0.6 7. 0. 8.8 0.0 7.9 Governo World Fundamental 85 7 Customized benchmark 0 9-9.9-7.5 -.6 7. Sarasin Sustainable International Bonds ex CHF 978 80 Citigroup WGBI ex Switzerland TR 998 58-0. -.8 -.9 7. -. 9.0-0.8 8.5 Swisscanto Foreign Currency Bonds Unhedged 79 Customized benchmark 00 56-0.5 -.8-0. 7. Foreign Currency Bonds Global 87 57 JP Morgan Global GBI TR 97 6-9.0 -.6 -.5 7. -.5 9.9-0. 8.9 Citigroup WGBI ex Switzerland TR until.0.0. Indexed Investment Groups 05 Year Years 5 Years 0 Years Avadis Foreign Currency Bonds 95 898 Citigroup WGBI ex Switzerland TR 99-0.0 -.7 -. 7. -. 9.5-0.5 8.7 Helvetia Global Bonds indexed 76 857 Customized benchmark 00 -.5 -.6-0. 7. -0. 8.6 0. 8. 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. -9.0 -.5 0.6 7. 0.6 9.9 0. 8.9 Investment groups within the third quartile. Investment groups within the fourth quartile. Median -0.5 -.8 -.6 7. -.8 9. -0. 8.5 Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min. -.5-7.5 -.5 7. -. 8. -0.8 7.6 8
Investment Foundations Main Asset Classes 0.06.05 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 0 - - - 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 0 - - - 6.9 7. 7.9 8. 8.9 9. 9.9-6.9 7. 7.9 8. 8.9 9. 9.9 - 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 0 - - AVA - - - - AVA 6.9 7. 7.9 8. 8.9 9. 9.9-6.9 7. 7.9 8. 8.9 9. 9.9-9
Foreign Currency Bonds: World Currency Allocation of the Benchmark Investment Foundations Main Asset Classes 0.06.05 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
Investment Foundations Main Asset Classes 0.06.05 Foreign Currency Bonds: World (Hedged) 05 Year Years 5 Years 0 Years Allianz Bonds in Foreign Currencies Hedged 8 56 787 Customized benchmark 0 5 -.6.8 Global Bonds Hedged 0 99 0 Barclays Capital Glbl Agg TR CHF Hedged 009 8 -.8.6...9.9 Foreign Bonds hedged CHF 0 96 9 Customized benchmark 00 6 -.9.8.6... Swiss Life Bonds Global (CHF hedged) 5 79 Customized benchmark 00 0 -.9..9.5 Swisscanto Foreign Currency Bonds Hedged in CHF 77 570 No benchmark 00 7 -.6.7.... Foreign Currency Bonds Global (hedged in CHF) 60 7 Barclays Capital Glbl Agg TR CHF Hedged 006 5 -..6.5.8.9.7 Indexed Investment Groups 05 Year Years 5 Years 0 Years Foreign Currency Bonds Global Indexed (hedged in CHF) 7 75 550 Citigroup WGBI ex Switzerland TR CHF Hedged 00 85 -.6...8 Distribution Analysis 05 Year Years 5 Years 0 Years Active and Indexed Investment Groups Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Max. -...6.5.. Median -.6.7.7... Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min. -.9...8.9.7
Investment Foundations Main Asset Classes 0.06.05 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).5.7.9...5.5.7.9...5 Indexed Investment Groups Years Barclays Capital Glbl Agg TR CHF Hedged Foreign Currency Bonds Global Indexed (hedged in CHF).5.7.9...5
Investment Foundations Main Asset Classes 0.06.05 Foreign Currency Bonds: World Government (Hedged) 05 Year Years 5 Years 0 Years Governo Bond hedged 0 96 56 Customized benchmark 00 -.6.5.8.7..8 Governo World Fundamental Hedged CHF 85 77 Customized benchmark 0 75-0.8 0.9.0. Swiss Life Bonds Global Governments+ (CHF hedged) 955 69 Barclays Glbl Agg Treasury ex CH CHF Hedged 00 0 -.0... Indexed Investment Groups 05 Year Years 5 Years 0 Years Avadis Foreign Bonds Hedged 75 9 Citigroup WGBI ex Switzerland TR CHF Hedged 00 -.6...8.6.9..0 Distribution Analysis 05 Year Years 5 Years 0 Years Active and Indexed Investment Groups Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Max. -0.8.5.8.7 Median -.8... Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min. -.6 0.9.0.8
Investment Foundations Main Asset Classes 0.06.05 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.7.9...5.7 0.7.9...5.7 0 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.7.9...5.7 0.7.9...5.7 0
Investment Foundations Main Asset Classes 0.06.05 Foreign Currency Bonds: World Corporate (Hedged) 05 Year Years 5 Years 0 Years Avadis Corporate Bond in Foreign Currencies Hedged 75 90 Barclays Capital Glbl Agg Corp ex CH TR CHF Hedged 0 06 -.9 0... Global Corporate Bonds SmartBeta Hedged CHF 09 67 BofA ML Glbl Broad Market Corp Index CHF Hedged 0 8 -.. Global Corporate Bonds Hedged 95 9 Barclays Capital Glbl Agg Corp TR CHF Hedged 0 58 -.0 0..8.6 Swiss Life Bond Glbl Corporates (CHF hedged) 955 70 Barclays Capital Glbl Agg Corp TR CHF Hedged 00 09 -.9 0.0.6. Indexed Investment Groups 05 Year Years 5 Years 0 Years Bonds Global Corporates Indexed (hedged in CHF) 8 60 9 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. -...6. Median -.9 0... Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min. -.0 0.0.8.6 5
Investment Foundations Main Asset Classes 0.06.05 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.5.7.9. 6
Investment Foundations Main Asset Classes 0.06.05 Foreign Currency Bonds: Euro 05 Year Years 5 Years 0 Years Bâloise Euro Bonds 88 59 Barclays Capital Euro Agg TR 008-5. -.5-0. 8.5-0. 9.5 Bonds EUR 87 50 JP Morgan EMU Aggregate 99 08-5. -. 0. 8. -0.9 9.5-0.5 8. Swisscanto Bonds Europe Top 5 6 Customized benchmark 996 8 -.8 -.0-0. 8. -0. 9. -0. 8. Bonds EUR 87 59 JP Morgan EMU Aggregate 99 9 -.9 -.. 8. -0. 9.5-0. 8. Zurich Euro Bonds 7 707 Customized benchmark 999 07 -.8-0.9 0.6 8. 0.0 9. 0.0 8. Distribution Analysis 05 Year Years 5 Years 0 Years Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Max. -.8-0.9. 8.5 0.0 9.5 0.0 8. Median -.9 -. 0. 8. -0. 9.5-0. 8. Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min. -5. -.5-0. 8. -0.9 9. -0.5 8. 7
Investment Foundations Main Asset Classes 0.06.05 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 0 - - - 8.0 8.5 9.0 9.5 0.0-8.0 8.5 9.0 9.5 0.0 8
Investment Foundations Main Asset Classes 0.06.05 Foreign Currency Bonds: US-Dollar 05 Year Years 5 Years 0 Years Bonds USD 9 578 JP Morgan United States GBI TR 995 8-5.9 7.. 8.0-0.. 0.7.0 Swisscanto Bonds Dollar Top 5 8 Customized benchmark 996 6-6. 7.6 0.9 8. 0..8.. Zurich USD Bonds 7 7 JP Morgan United States GBI TR 00-6. 7.5 0. 8. -0..9 0.6. Distribution Analysis 05 Year Years 5 Years 0 Years Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Max. -5.9 7.6. 8. 0..9.. Median -6. 7.5 0.9 8. -0..8 0.7. Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min. -6. 7. 0. 8.0-0.. 0.6.0 9
Investment Foundations Main Asset Classes 0.06.05 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 0 0 7.7 8.7 9.7 0.7.7-7.7 8.7 9.7 0.7.7-0
Investment Foundations Main Asset Classes 0.06.05 Swiss Equities 05 Year Years 5 Years 0 Years Allianz Equities Switzerland 09 5 SPI TR 00 80. 6. 7. 9. 0.7 0. 6..9 Bâloise Equities Switzerland Quality & Dividend 85 655 SPI TR 995 79 0. 5.9 6.7 9.6 0. 0.5 6.0. Equity Switzerland 87 567 SPI TR 97 9 0. 5.5 6. 0. 0.0 0.8 5.9. Fund Selection Equity Switzerland 0 7 07 SPI TR 009 5 0.7. 6.0 0.0 9. 0.9 Equities Switzerland SPI Plus 7 87 SPI TR 006 5. 6.7 7.5 0.0 0. 0.5 Equities Switzerland SPI Plus 7 59 SPI TR 007. 6.7 7.5 0.0 0. 0.5 Swiss Equities Minimum Variance SPI TR 0 58.6 6.8 Prisma SPI Efficient 9 766 SPI TR 00 65.5 8.5 6. 9. Sarasin Sustainable Swiss Equities 7 SPI TR 00 0-0.5.8 6.5 0. 0.9 0.9 6.6. Sarasin Swiss Equities 656 05 SPI TR 997 5 -. -0.6. 0.6 9.9.0 5.5. Swiss Life Equities Switzerland 5 8 SPI TR 00 0..7 6.0 0. 0. 0.7 5.. Swisscanto Equities Switzerland 87 587 SPI TR 97 90 0.7.9 6. 0. 0. 0.7 5.8. Equities Switzerland 76 670 SPI TR 0 5 0.9 5.6 Zurich Equities Switzerland 7 86 SPI TR 999 707..8 6.6 0.5 0.0. 6.. Indexed Investment Groups 05 Year Years 5 Years 0 Years Avadis Equities Switzerland 95 908 00 TR 99 557 0. 5. 6. 0. 0. 0.7 6.. Equities Switzerland 7 SPI TR 996 0.6 5. 6. 0. 9.8 0.6 5.7. Swiss Index 887 9 SMI TR 999 68 0. 5. 6. 0.5 0.6 0.8 6.. Helvetia Equities Switzerland indexed 76 850 SPI TR 99 68 0.6.9 5.9 0. 0.0 0. 6..5 Swiss Equities Indexed on SMI 87 596 SMI TR 967 57 0. 5. 6. 0.5 0.5 0.8 5.8. Swisscanto Equities Switzerland Index 55 607 SPI TR 0 8 0. 5.0 6.0 0. Equities Switzerland All Indexed II 8 60 96 SPI TR 05 5 Equities Switzerland Large Indexed 76 688 SMI TR 00 5 0.5 5.5 6. 0.5 Zurich Equities Switzerland Index 8 55 SPI TR 006 5 0.6 5. 6. 0. 0. 0.6 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..5 8.5 7.5 0.6 0.9. 6.6.5 Investment groups within the third quartile. Investment groups within the fourth quartile. Median 0.6 5. 6. 0. 0. 0.7 6.0. Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min. -. -0.6. 9. 9. 0. 5..9
Investment Foundations Main Asset Classes 0.06.05 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 8 6 0 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 8 6 0 9.0 9.5 0.0 0.5.0 8 9.0 9.5 0.0 0.5.0 8 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 0 9.0 9.5 0.0 0.5.0 8 9.0 9.5 0.0 0.5.0 8
Investment Foundations Main Asset Classes 0.06.05 Foreign Equities: World 05 Year Years 5 Years 0 Years Allianz Foreign Equities 56 0 MSCI World ex Switzerland TR 00 6 -. 7.9 5.6 0.7.0.0. 5. Global Equities 87 59 MSCI AC World ex Switzerland TR 99 7 -. 5..8 0. 8.8.8.6 6. Global SmartBeta Equities 760 880 MSCI World NR 0 6-5.0 Bâloise Equities Global Quality & Dividend 9 80 MSCI World ex Switzerland TR 0 7-5..9 Equities Global High Dividend 6 80 MSCI World ex Switzerland NR 0 9-5.5 -. 7. 9.9 World Equities SRI 556 767 MSCI World ex Switzerland NR 00 6 -. 8.. 0. Sarasin Global Thematic Equities 685 MSCI World NR 008 8 -..9 0.9 0. 7..7 Sarasin International Equities ex Switzerland 8 97 76 MSCI World ex Switzerland NR 0 -. -0. Sarasin Sustainable International Equities ex Switzerland 7 MSCI World NR 00 77 -.6. 9.9. 8...7 6. Swiss Life International Equities 5 59 Customized benchmark 00 9 -. 6..9 0.0 8.8.5.8 5.5 Swisscanto Foreign Equities WT 8 70 MSCI World ex Switzerland NR 007 7 -.6 5.5.6 0.6 8.8.7 Swisscanto Avant Foreign Equities 87 588 MSCI World ex Switzerland NR 97 70 -.5 5.7.9 0.6 9..8.7 5.6 Equities Global (ex CH) 76 90 MSCI World ex Switzerland NR 98 5 -.6.5.7 0.5 9..7. 6.6 Global Equities (ex CH) 7 98 97 MSCI World ex Switzerland NR 006 8 -..5.0 0. 9..7 Indexed Investment Groups 05 Year Years 5 Years 0 Years Avadis Equities World 95 9 MSCI World ex Switzerland TR 99 -.6 7.0.7 0. 9.9.6. 5. Avadis Equities World 69 85 MSCI World ex Switzerland TR 008 -.5 7..9 0. 0..6 Foreign Equities ex CH 767 7 MSCI World ex Switzerland TR 00 -.7 6.7. 0. 9.6.5.8 5. World Index 95 89 MSCI World ex Switzerland TR 00 59 -. 6.9.6 0. 9.8.5.8 5. Helvetia Equities Global indexed 76 85 Customized benchmark 99 9 -...6 0.0 7...9 6.7 Globe Index 96 700 MSCI World NR 99,06 -.5 7..8 0. 0.0.6. 5. Swisscanto Avant Equities Foreign Index 55 6 MSCI World ex Switzerland NR 0 680 -.6 7.0.7 0. Equities Global (ex CH) Indexed 76 97 MSCI World ex Switzerland NR 997 9 -.6 6.6. 0. 9.5.5.6 5. Global Equities (ex CH) Passive 76 68 MSCI World ex Switzerland NR 00 9 -. 7..9 0. Global Equities (ex CH) Passive II 89 59 MSCI World ex Switzerland NR 0 605 -. 7. 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. -. 8. 5.6..0.7. 6.7 Investment groups within the third quartile. Investment groups within the fourth quartile. Median -.6 6.. 0. 9..7.6 5.5 Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min. -5.5 -. 7. 9.9 7..5.6 5.
Investment Foundations Main Asset Classes 0.06.05 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 6 0 8 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 6 0 8 9.7 0. 0.7..7..7 6 9.7 0. 0.7..7..7 6 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 6 0 8 8 HEL 9.7 0. 0.7..7..7 6 9.7 0. 0.7..7..7 6
Investment Foundations Main Asset Classes 0.06.05 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 006 8. 7. 6. 7.7.8.0 Avadis Equities World hedged 69 0 MSCI World ex Switzerland TR 008,8.5 7.6 6. 7.7.0.0 Globe Index Hedged CHF 8 6 MSCI World TR CHF Hedged 05 9 Global Equities (ex CH) Passive II (hedged in CHF) 7 965 MSCI World ex Switzerland NR CHF Hedged 0,85.8 7.6 6. 7.7 Distribution Analysis 05 Year Years 5 Years 0 Years Indexed Investment Groups Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Max..8 7.6 6. 7.7 Median.5 7.6 6. 7.7 Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min.. 7. 6. 7.7 5
Investment Foundations Main Asset Classes 0.06.05 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 6 5 6 5 AVA AVA 7.5 8.5 9.5 0.5 7.5 8.5 9.5 0.5 6
Investment Foundations Main Asset Classes 0.06.05 Foreign Equities: Europe 05 Year Years 5 Years 0 Years Fund Selection Equity Europe 87 50 MSCI Europe ex Switzerland NR 99 8-0. -0..8. 8... 6.8 Swisscanto Equities Europe 5 9 MSCI Europe ex Switzerland NR 995 95. -0.6.8.8 8.6 5.. 8.6 Zurich Equities Europe 7 68 MSCI Europe ex Switzerland TR 999 97.6..7 0.7 7. 5.0. 8. Indexed Investment Groups 05 Year Years 5 Years 0 Years Equities Europe ex CH 7 MSCI Europe ex Switzerland TR 996 9 -.8 -.0.0.5 6..9. 8.0 Euro Index 9 9 MSCI Europe ex Switzerland TR 995 -.6 -.9..5 6.7.8. 8.0 Europe Index 56 99 MSCI Europe TR 996 0 -.5 -.6..5 6..9. 7.9 Equities Europe (ex CH) Indexed 87 55 MSCI Europe ex Switzerland NR 990 5 -. -. 0.9.5 6..9 0.9 7.9 Zurich Equities Europe Index 8 78 MSCI Europe ex Switzerland TR 006 9 -.8 -.0..5 6. 5.0 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..6..8.8 8.6 5.. 8.6 Investment groups within the third quartile. Investment groups within the fourth quartile. Median -.5 -.7..5 6.6.9. 8.0 Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min. -.8 -. 0.9 0.7 6.. 0.9 6.8 7
Investment Foundations Main Asset Classes 0.06.05 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 5 9 9 7 7 0..... 5. 5 0..... 5. 5 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 5 9 7 7 0..... 5. 5 0..... 5. 5 8
Investment Foundations Main Asset Classes 0.06.05 Foreign Equities: USA/North America 05 Year Years 5 Years 0 Years Fund Selection Equity USA 70 578 MSCI USA NR 0 56 -.7. 5..0 Prisma Equities USA 88 MSCI USA NR 00-5.0 8.9 5...0.. 6.5 Swisscanto Avant Equities America 5 88 MSCI North America NR 995 6 -. 0. 6.0.7.9.5.8 5.8 Zurich Equities USA 7 69 MSCI USA TR 999 900-5.0.5 6...6..8 5.5 Indexed Investment Groups 05 Year Years 5 Years 0 Years Equities USA 75 MSCI USA TR 996 8 -.8. 5.8.6.0..7 5.8 US Index 9 5 MSCI USA TR 995 98 -.5.9 6.5.6.8.. 5.7 America Index 56 99 MSCI North America TR 996 5-5.0. 5.6.5.7.0. 5.7 US Equities Passive 7 98 556 MSCI USA NR 006 8 -.5.9 6.5.6.7. Zurich Equities USA Index 8 0 MSCI USA TR 006 9 -.5.9 6.6.6.8. 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. -..5 6.6..8..8 6.5 Investment groups within the third quartile. Investment groups within the fourth quartile. Median -.7.9 6.0.6.9..9 5.7 Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min. -5.0 8.9 5..5.0.0.8 5.5 9
Investment Foundations Main Asset Classes 0.06.05 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..9..9 0..9..9 0 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..9..9 0..9..9 0 0
Investment Foundations Main Asset Classes 0.06.05 Balanced Allocations: 0 9% Equities 05 Year Years 5 Years 0 Years Bâloise LOB-Mix 5 Plus 66 65 Customized benchmark 005 60-0.6.0..9..6 Mixta Optima 5 95 6 Customized benchmark 005-0.5.8.9.7.8..0.0 Sarasin LOB Yield 55 689 Customized benchmark 006 8 0.0.9...0.0 Swiss Life BVG-Mix 5 56 965 Customized benchmark 00 6 0...7...0.0.7 Swisscanto LOB Portfolio 0 WT 8 7 Customized benchmark 007-0.....9.0 Swisscanto Avant LOB Portfolio 0 87 5 Customized benchmark 99 0-0.....9...8 LOB- Active 76 9 Customized benchmark 0 0.7.8 LOB- Active Plus 76 7 Customized benchmark 0 8 0.8.8 Zurich Profile Defensive 8 75 Customized benchmark 007 66 0.6. 6..8.9.6 Indexed Investment Groups 05 Year Years 5 Years 0 Years LOB- Indexed (hedged in CHF) 76 7 Customized benchmark 00 5.0.9.7.5 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..0.9 6..9.9.6..0 Investment groups within the third quartile. Investment groups within the fourth quartile. Median 0...0..9..0.8 Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min. -0.6.8...0.0.0.7
Investment Foundations Main Asset Classes 0.06.05 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 7 6 5 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 7 6 5 BAL BAL.9...5.7.9.9...5.7.9 Indexed Investment Groups Years LOB- Indexed (hedged in CHF) 7 6 5.9...5.7.9
Balanced Allocations: 0 9% Equities Asset Allocation of the Benchmark Investment Foundations Main Asset Classes 0.06.05 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%
Investment Foundations Main Asset Classes 0.06.05 Balanced Allocations: 0 0% Equities 05 Year Years 5 Years 0 Years LOB 5 andante 900 Customized benchmark 999-0..8.9...0.. Bâloise LOB-Mix 5 Plus 07 5 Customized benchmark 00 9-0.9...5.9..8.5 Mixta-LOB 5 887 90 Customized benchmark 997 59. 5.0 5.6.9..8.5.0 Mixta-LOB 5 Plus 7 85 Customized benchmark 00 88 0.. 5.. Mixta Optima 5 77 5 Pictet BVG/LPP 9 990 58-0..0 5.7.6.7..5. Mixta Optima Balanced 7 560 Customized benchmark 007 8-0.. 6..9.8.6 Prisma Risk Budgeting Line 5 (RBL 5) 0 97 Pictet BVG/LPP 5 009 0 -. -.0.6..5. Sarasin LOB Income 06 859 Customized benchmark 999 57 -..6.9..5.9.6.8 Sarasin LOB Sustainable Income 5 79 Customized benchmark 007 5 -.....5.0 Swiss Life BVG-Mix 5 5 60 Customized benchmark 00 79 0..0 6.. 5..0.. Swisscanto LOB Portfolio 5 WT 8 75 Customized benchmark 007 59-0..7 6.. 5.0. Swisscanto Avant LOB Portfolio 5 69 58 Customized benchmark 997 07-0..7 6.. 5...5. LOB-5 Active 76 0 Customized benchmark 00 5 0..6 5.. LOB-5 Active Plus 76 766 Customized benchmark 00 6 0.6 5. 5.. LOB-5 Active 8 09 8 Customized benchmark 00 50 0..7 5.. LOB-5 Active Plus 8 09 5 Customized benchmark 00 87 0.6 5. 5.. Zurich LOB Income 7 668 Customized benchmark 999 88-0.8. 5...5.0..0 Zurich Profile Balanced 8 77 Customized benchmark 007 9 0.6.7 7..5 5.5.6 Pictet BVG/LPP 9 until.0.0. Indexed Investment Groups 05 Year Years 5 Years 0 Years Helvetia LOB-Mix 76 860 Customized benchmark 99-0.9.7 5.5.7....6 Helvetia LOB-Mix Plus 5 59 996 Customized benchmark 008-0.8. 5.9..7.7 Helvetia LOB-Mix Plus 0 59 998 Customized benchmark 0 9 0.5.7 LOB-0 Indexed (hedged in CHF) 76 5 Customized benchmark 0 0 0.6 5. 5.. LOB-5 Passive (hedged in CHF) 8 09 Customized benchmark 0 57 0.6 5. 5.. 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.. 5. 7.. 5.5..5.6 Investment groups within the third quartile. Investment groups within the fourth quartile. Median -0..0 5...5... Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min. -. -.0.6.9.5.8.6.8
Investment Foundations Main Asset Classes 0.06.05 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.7..7. BAL PRI 7 6 5 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.7..7. PRI 7 6 5 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 7 6 5 HEL LOB-Mix HEL LOB-Mix Plus 5 HEL HEL 7 6 5.7..7..7..7. 5
Balanced Allocations: 0 0% Equities Asset Allocation of the Benchmark Investment Foundations Main Asset Classes 0.06.05 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
Investment Foundations Main Asset Classes 0.06.05 Balanced Allocations: 0% Equities 05 Year Years 5 Years 0 Years LOB 5 allegro 87 56 Customized benchmark 98 9-0.. 6..9 5..7.5 5. Bâloise LOB-Mix 0 Plus 85 68 Customized benchmark 997 -.. 6..6.9.5. 6. Mixta-LOB I 7 9 Customized benchmark 006,8 0. 5.0 6.7..8.0 Mixta-LOB 5 887 90 Customized benchmark 97 589 0. 5. 6.8..9.0.7 5.5 Mixta Optima 5 95 0 Customized benchmark 005 05-0.6.9 6.. 5... 5. Sarasin LOB Growth 87 0 Customized benchmark 99 6 -.6..7.0.0.8.8 5. Sarasin LOB Sustainability 06 86 Customized benchmark 000 99 -.5.6 5.6..5..9 5.7 Swiss Life BVG-Mix 5 5 606 Customized benchmark 00 95-0.. 7..0 5.8.9.5 5. LOB-0 Active 7 99 787 Customized benchmark 009 5-0..8 6.8.5.8.6.6 6. LOB-0 Active Plus 76 867 Customized benchmark 00 0. 5.6 7.. LOB-0 Active 8 09 0 Customized benchmark 996-0..8 6.8.5.8.6.6 6. LOB-0 Active Plus 8 09 57 Customized benchmark 00 7 0. 5.6 7.. Zurich LOB Income Plus 67 95 Customized benchmark 00 6-0.6.7 6.5.9 5..8. 5. Zurich Profile Progressive 8 77 Customized benchmark 007 50 0.5.8 8.. 6.0.5 Indexed Investment Groups 05 Year Years 5 Years 0 Years LOB-0 Indexed (hedged in CHF) 7 00 6 Customized benchmark 00 0. 5. 6.9. LOB-0 Passive (hedged in CHF) 8 09 Customized benchmark 00 5 0. 5. 6.9. 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. 0.5 5.6 8..6 6.0.6.7 6. Investment groups within the third quartile. Investment groups within the fourth quartile. Median -0..8 6.8..9.0. 5.5 Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min. -.6..7.9.0.7.6 5. 7
Investment Foundations Main Asset Classes 0.06.05 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 7 6 5 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 7 6 5.6.8.0...6.8.6.8.0...6.8 Indexed Investment Groups Years Pictet BVG/LPP 0 9 LOB-0 Indexed (hedged in CHF) LOB-0 Passive (hedged in CHF) 8 7 6 5.6.8.0...6.8 8
Balanced Allocations: 0% Equities Asset Allocation of the Benchmark Investment Foundations Main Asset Classes 0.06.05 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
Investment Foundations Main Asset Classes 0.06.05 Balanced Allocations: 50% Equities 05 Year Years 5 Years 0 Years LOB 5 vivace 900 50 Customized benchmark 999 5-0.. 7.5.7 6.0.7.7 6.6 Mixta-LOB 5 887 909 Customized benchmark 999 6 0. 5. 8..8 5.7.9.9 6.7 Sarasin LOB Future 55 7 Customized benchmark 006 9 -.. 5.9.8.8.7 Swiss Life BVG-Mix 5 5 607 Customized benchmark 00 8-0.. 8.5.9 6..9.5 6.6 Swisscanto LOB Portfolio 5 WT 8 79 Customized benchmark 007-0.6. 8..9 6. 5.0 Swisscanto Avant LOB Portfolio 5 87 590 Customized benchmark 986-0.5. 8.5.8 6.5 5.0.9 6.6 Zurich LOB Growth 085 0 Customized benchmark 000 0.0.5 7.8.6 5.8.8.6 6. Indexed Investment Groups 05 Year Years 5 Years 0 Years Mixta-LOB Index 5 I 69 57 Customized benchmark 00 79-0.5 5.0 7..6 6..5 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. 0. 5. 8.5.9 6.5 5.0.9 6.7 Investment groups within the third quartile. Investment groups within the fourth quartile. Median -0.. 7.9.8 6..8.7 6.6 Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min. -.. 5.9.6.8.5.5 6. 0
Investment Foundations Main Asset Classes 0.06.05 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 9 8 7 6 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 9 8 7 6 5 5.5.6.7.8.9 5.0 5..5.6.7.8.9 5.0 5. 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 8 8 7 6 7 6 5 5.5.6.7.8.9 5.0 5..5.6.7.8.9 5.0 5.
Balanced Allocations: 50% Equities Asset Allocation of the Benchmark Investment Foundations Main Asset Classes 0.06.05 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%
Investment Foundations Main Asset Classes 0.06.05 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) 98 58 KGAST Immo-Index 0 5.7 6.7 ASSETIMMO W Investment Group 09 5 KGAST Immo-Index 000,75.5 5.5 5. 5.7 5.9 Avadis Residential Real Estate Switzerland 95 95 KGAST Immo-Index 99,0.9 5.8 5.6 5.7 5.5 Real Estate Switzerland Residential 5 609 KGAST Immo-Index 006 55..7.6.6 HIG CH-Classico 87 50 KGAST Immo-Index 969 60.6 5.8 6. 6. 5.5 Residential Real Estate Switzerland 5 9 KGAST Immo-Index 0 8.0 Patrimonium Residential Real Estate Switzerland 58 967 KGAST Immo-Index 00 00. 5.0 5. Pensimo Casareal (Residential) 08 89 KGAST Immo-Index 98 90.0 5. 6.9 7. 6. Turidomus Casareal (Residential) 08 80 KGAST Immo-Index 00,76.8 6. 7.5 8. 6.6 Zurich Immobilien Wohnen Schweiz 89 90 KGAST Immo-Index 00,077.9 7.7 7.6 7. 6.9 Net assets. As of 0.09.0. As of.0.05. As of..0. Distribution Analysis 05 Year Years 5 Years 0 Years NAV based Perf. Perf. Perf. Perf. Perf. Max..9 7.7 7.6 8. 6.9 Median. 5.8 5.9 6. 6. Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min..0.7.6.6 5.5
Investment Foundations Main Asset Classes 0.06.05 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 000 69.. 5. 5.6 5.6 Avadis Commercial Swiss Real Estate 6 808 KGAST Immo-Index 0 695.9. 5. Real Estate Switzerland Commercial 5 6 KGAST Immo-Index 00 90..8.9 Ecoreal Suisseselect 8 0 No benchmark 0 5.6 5.7 5.9 Pensimo Proreal (Commercial) 08 8 KGAST Immo-Index 999 6..6 5.5 6.9 6. Swiss Life Commercial Real Estate Switzerland 68 758 KGAST Immo-Index 0 859.8 5.5 5.6 Turidomus Proreal (Commercial) 08 806 KGAST Immo-Index 00 79..6 5.0 6. 5. Commercial Real Estate Switzerland 0 077 05 KGAST Immo-Index 009 0..7 5.8 5.9 Zurich Real Estate Commercial Switzerland 59 806 KGAST Immo-Index 007 50...0.8 Net assets. As of..0. Distribution Analysis 05 Year Years 5 Years 0 Years NAV based Perf. Perf. Perf. Perf. Perf. Max..8 5.7 5.9 6.9 6. Median.. 5. 5.9 5.6 Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min..9.6.0.8 5.
Investment Foundations Main Asset Classes 0.06.05 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 008 6.0.9..5 Real Estate Switzerland 00 KGAST Immo-Index 00,8..9 5. 5. 5.0 Ecoreal Suissecore Plus 0 85 5 KGAST Immo-Index 00 560..5..8 Helvetia Swiss Real Estate 8 8 078 KGAST Immo-Index 0 7.. Imoka Real Estate Switzerland 08 87 KGAST Immo-Index 000 6.0 5.8 7. 7. 6.7 Immo Invest Switzerland 90 No benchmark 00 5.5 5.0 5.5 5.7 5.6 Sarasin Sustainable Real Estate Switzerland 955 06 KGAST Immo-Index 009.7.5..7 Swiss Life Real Estate Switzerland 0 65 0 KGAST Immo-Index 009,576. 6.7 6. 5.8 Swisscanto Swiss Real Estate 87 589 KGAST Immo-Index 975 5,50..6 5. 5..9 Tellco Swiss Real Estate 55 979 KGAST Immo-Index 006 780.6...5 Swiss Real Estate 87 59 No benchmark 97,695.0.7 5. 5. 5.0 Zurich Real estate Traditional Switzerland 8 8 KGAST Immo-Index 005 99. 6.5 6.9 6.8 Net assets. As of 0.09.0. Distribution Analysis 05 Year Years 5 Years 0 Years NAV based Perf. Perf. Perf. Perf. Perf. Max.. 6.7 7. 7. 6.7 Median..7 5. 5. 5.0 Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min.....7.9 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 007 9.7 9.9.8 7. Immo Optima Switzerland 78 76 SXI Real Estate Funds TR 00 0..6 5. 6.6 5. Swiss Life Real Estate Funds Switzerland 68 79 SXI Swiss Real Estate Funds TR 0 70.7 0.0. Immoparts Switzerland 76 66 SXI Real Estate Funds TR 00 06.. 5. Net assets. Distribution Analysis 05 Year Years 5 Years 0 Years Non NAV Based Perf. Perf. Perf. Perf. Perf. Max...6 5. Median.0.6 5. Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min..7 9.9. 5
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
Investment Foundations Secondary Asset Classes 0.06.05 Money Market 05 Year Years 5 Years 0 Years Money Market CHF 87 500 Citigroup CHF Months Eurodeposit 99 60-0. -0. -0.0 0. 0. 0. 0..0 Money Market CHF 7 870 Citigroup CHF Months Eurodeposit 006 79 0.0 0. 0. 0. 0. 0. Money Market CHF 7 00 7 JP Morgan Money Market CHF 990 7-0. -0. -0. 0. -0. 0. 0.6 0. Zurich Money Market CHF 7 858 LIBOR CHF Months 999 67-0. -0. 0.0 0. 0. 0. 0.8 0. Distribution Analysis 05 Year Years 5 Years 0 Years Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Max. 0.0 0. 0. 0. 0. 0. 0.8.0 Median -0. -0. -0.0 0. 0. 0. 0.6 0. Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min. -0. -0. -0. 0. -0. 0. 0. 0. 7
Investment Foundations Secondary Asset Classes 0.06.05 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 0 - -0.5-0.05 0.05 0.5 0.5 0.5 - -0.5-0.05 0.05 0.5 0.5 0.5 8
Investment Foundations Secondary Asset Classes 0.06.05 Foreign Currency Bonds: Emerging Markets 05 Year Years 5 Years 0 Years Avadis Emerging Markets Debt 8 50 66 JP Morgan GBI EM Global Diversified TR 0 5-0. -. Bonds Emerging Markets 06 97 JP Morgan GBI EM Diversified TR 00 0 -. -. -. 0.5 Prisma Emerging Markets Local Debt 05 5 JP Morgan GBI EM Diversified TR 00 6-0. -. -5.7 9.6 Distribution Analysis 05 Year Years 5 Years 0 Years Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Max. -0. -. Median -0. -. Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min. -. -. 9
Investment Foundations Secondary Asset Classes 0.06.05 Foreign Currency Bonds: Emerging Markets Years JP Morgan GBI EM Global Diversified TR - Bonds Emerging Markets PRI Emerging Markets Local Debt - - - -5 PRI 8.7 9. 9.7 0. -6 50
Investment Foundations Secondary Asset Classes 0.06.05 Convertible Bonds 05 Year Years 5 Years 0 Years Equity Linked Bonds 87 57 Global Convertible 98 5 -.8.6 7.5 8..9 9...5 Global Convertibles Hedged CHF 9 575 Global Convertible CHF Hedged 008 79.7.0 8.5. 6. 5. Prisma Global Convertibles 79 85 BofA Merrill Lynch Global 00 Convertible 00 5 -.7 0. 5. 8.0.6 8.6. 0.9 Swisscanto Convertibles International 586 Customized benchmark 000 9 -.9-0. 5. 6.6. 8.5. 9. Zurich Global Convertibles 5 9 Customized benchmark 006 578 -.5..9 8. 0.9 9. Distribution Analysis 05 Year Years 5 Years 0 Years Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Max..7.6 8.5 8. 6. 9...5 Median -.9. 5. 8.0.6 8.6. 0.9 Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min. -.7-0..9. 0.9 5.. 9. 5
Investment Foundations Secondary Asset Classes 0.06.05 Convertible Bonds Years 5 Years Global Convertible 0 Global Convertible 0 Equity Linked Bonds Equity Linked Bonds PRI Global Convertibles Hedged CHF Global Convertibles 8 PRI Global Convertibles Hedged CHF Global Convertibles 8 Convertibles International Convertibles International Global Convertibles PRI 6 Global Convertibles 6 PRI.9.9 5.9 6.9 7.9 8.9 0.9.9 5.9 6.9 7.9 8.9 0 5
Investment Foundations Secondary Asset Classes 0.06.05 Swiss Equities: Small & Mid Caps 05 Year Years 5 Years 0 Years Equities Switzerland SMC 807 765 SPI ex SLI TR 00 0-0.7 -.0.. 8..7 7. 7. Equity Small & Mid Cap Switzerland 09 9 SPI EXTRA TR 000 7 0.6. 7.5. 9.6.6 8. 8. Equities Switzerland Small & Mid Caps 87 59 SPI EXTRA TR 98 66.6. 8.7.0.. 0. 7. Swisscanto Equities Switzerland Small & Mid Caps 890 8 SPI EXTRA TR 00.0. 6.6 0.7 9.. 8.6 6. Equities Small & Mid Caps Switzerland 76 86 SPI EXTRA TR 0 70 0..0 6.7. Distribution Analysis 05 Year Years 5 Years 0 Years Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Max..6. 8.7...7 0. 8. Median 0.6.0 6.7. 9..0 8. 7. Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min. -0.7 -.0. 0.7 8.. 7. 6. 5
Investment Foundations Secondary Asset Classes 0.06.05 Swiss Equities: Small & Mid Caps Years 5 Years SPI Small & Middle Companies TR Equities Switzerland SMC Equity Small & Mid Cap Switzerland Equities Switzerland Small & Mid Caps Equities Switzerland Small & Mid Caps Equities Small & Mid Caps Switzerland 9 7 5 SPI Small & Middle Companies TR Equities Switzerland SMC Equity Small & Mid Cap Switzerland Equities Switzerland Small & Mid Caps Equities Switzerland Small & Mid Caps 9 7 5 9 9 9.7 0.7.7.7.7 7 9.7 0.7.7.7.7 7 5
Investment Foundations Secondary Asset Classes 0.06.05 Foreign Equities: Japan 05 Year Years 5 Years 0 Years Zurich Equities Japan 0 76 Topix TR 00 9 7.6 5.6.7.8 7.. 0. 7.5 Indexed Investment Groups 05 Year Years 5 Years 0 Years Equities Japan 76 MSCI Japan TR 996 56 6.8.7..8 5.. 0.6 5.9 Nippon Index 9 5 MSCI Japan TR 995 5 6.7.7..8 5.. 0. 5.9 Zurich Equities Japan Index 8 9 MSCI Japan TR 006 59 6.8.8.5.9 5.. Distribution Analysis 05 Year Years 5 Years 0 Years Active and Indexed Investment Groups Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Max. 7.6 5.6.7.9 7.. 0.6 7.5 Median 6.8.8..8 5.. 0. 5.9 Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min. 6.7.7..8 5.. 0. 5.9 55
Investment Foundations Secondary Asset Classes 0.06.05 Foreign Equities: Japan Years 5 Years MSCI Japan TR MSCI Japan TR Equities Japan Equities Japan 0 8 0 8 6 6.6..6..6..6. Indexed Investment Groups Years Indexed Investment Groups 5 Years MSCI Japan TR MSCI Japan TR Equities Japan Equities Japan Nippon Index Equities Japan Index Nippon Index Equities Japan Index 0 8 0 8 6 6.6..6..6..6. 56
Investment Foundations Secondary Asset Classes 0.06.05 Foreign Equities: Emerging Markets 05 Year Years 5 Years 0 Years Avadis Equities Emerging Markets 99 80 MSCI Emerging Markets TR 998 9 -..6.... 5..5 Fund Selection Equity Emerging Markets 06 85 MSCI Emerging Markets TR 000 5 -.7.0.. -0..8..5 Equities Emerging Markets 5 0 MSCI Emerging Markets NR 006-5.5 -.9.7.0-0..7 Sarasin Sustainable Equity Global Emerging Markets 979 99 MSCI Emerging Markets NR 0 0-9. -7. 0.6.7 Equities Emerging Markets Global 7 98 9 MSCI Emerging Markets NR 995 0 -..7 0.6. -..5.0.8 Zurich Equities Emerging Markets 6 88 MSCI Emerging Markets TR 005 96 -.8 -..7.7 0.. Indexed Investment Groups 05 Year Years 5 Years 0 Years Equities Emerging Markets 77 MSCI Emerging Markets TR 996 75 -. -0..8.0 0.7.7.7 0.7 Distribution Analysis 05 Year Years 5 Years 0 Years Active and Indexed Investment Groups Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Max. -..6.7...5 5..8 Median -.7-0..8.0 0..6.0.5 Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min. -9. -7. 0.6. -..8.0 0.7 57
Investment Foundations Secondary Asset Classes 0.06.05 Foreign Equities: Emerging Markets Years 5 Years AVA MSCI Emerging Markets TR Equities Emerging Markets Fund Selection Equity Emerging Markets AVA AVA MSCI Emerging Markets TR Equities Emerging Markets Fund Selection Equity Emerging Markets AVA Equities Emerging Markets Equities Emerging Markets Sustainable Equity Global Emerging Markets Equities Emerging Markets Global Equities Emerging Markets 0 Equities Emerging Markets Global Equities Emerging Markets 0 - - 0.9.9.9.9-0.9.9.9.9 - Indexed Investment Groups Years Indexed Investment Groups 5 Years MSCI Emerging Markets TR MSCI Emerging Markets TR Equities Emerging Markets Equities Emerging Markets 0 0 - - 0.9.9.9.9-0.9.9.9.9-58
Investment Foundations Secondary Asset Classes 0.06.05 Foreign Real Estate NAV based 05 Year Years 5 Years 0 Years Provider Designation Securities No. Benchmark Launch Million Perf. Perf. Perf. Perf. Perf. AFIAA Global Real Estate 957 7 No benchmark 00,066-0.5. 0.6. Testina Alpha 06 580 Customized benchmark 0 5 6 0. Testina Asset Pool D 079 00 Customized benchmark 00 5 9 7 8.8 6.7 Global Real Estate (ex CH) 55 878 No benchmark 0 8,957 9 8.0 6.6 Zurich 0 European Property Direct 8 50 7 No benchmark 0 0-5. Net assets. No performance figures due to unequal time spans. As of.0.05. As of.0.05, over, 6, 60 and 0 months. 5 As of.05.05. 6 As of.05.05, over months. 7 As of.05.05, over and 6 months. 8 Global Real Estate (ex CH) investment group plus individual investors. 9 As of.0.05, over and 6 months. 0 The investment group s reference currency is Euro (EUR). As of.0.05, over months. Distribution Analysis 05 Year Years 5 Years 0 Years NAV based Perf. Perf. Perf. Perf. Perf. Max. 0. 6.7 Median 8.0 6.6 Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min. -5.. Foreign Real Estate Non NAV Based 05 Year Years 5 Years 0 Years Provider Designation Securities No. Benchmark Launch Million Perf. Perf. Perf. Perf. Perf. Swisscanto Avant Foreign Real Estate 565 077 Customized benchmark 006 59 -. 5..6 0.8 Global Real Estate Securities Indexed (hedged in CHF) 76 6 FTSE EPRA/NAREIT Developed TR CHF Hedged 0 8 Global Real Estate Securities (hedged in CHF) 76 65 FTSE EPRA/NAREIT Developed TR CHF Hedged 00 50 -.9 5..7 Zurich Real Estate Global Index 97 7 Customized benchmark 007 08 -. 7..6.7 Net assets. Distribution Analysis 05 Year Years 5 Years 0 Years Non NAV Based Perf. Perf. Perf. Perf. Perf. Max. -. 7..6 Median -.9 5..6 Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Min. -. 5..7 59
Investment Foundations Secondary Asset Classes 0.06.05 Hedge Funds (Hedged into CHF) 05 Year Years 5 Years 0 Years Provider Designation Securities No. Benchmark Launch Million Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Avadis Hedge Fund 60 998 No benchmark 00 5.9 5.8 5..6..0.5 5. Zurich Hedge Fund CHF 80 9 HFRX Global Hedge Fund 00 5,05 6.0 7.7 6.8..6.6.0 5.0 Performances and volatilities of the hedge funds investment groups offered by the investment foundations are not easily comparable because the product features differ. To make it easier for investors to understand the hedge funds investments available in the environment of the investment foundations, we have nevertheless listed them in tabular form. Details of the offers can be found on the websites of the relevant investment foundations. As of.05.05. As of.05.05, over, 6, 60 and 0 months. Fund of funds. 5 As of 0.0.05. 6 As of 0.0.05, over, 6, 60 and 0 months. Private Equity 05 Year Years 5 Years 0 Years Provider Designation Securities No. Benchmark Launch Million Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Avadis Private Equity World II 09 65 No benchmark 000 5-0.0. -.8 0. -5. 9.9-0.6 8.0 Avadis Private Equity World III 8 9 No benchmark 00 8-6.6.5 6. 8..9 7.8 8.0 6.9 Avadis Private Equity World IV 960 608 No benchmark 005-8...6 8. 8. 7.5 5.9 7.5 Avadis Private Equity World IX 6 59 No benchmark 0 6-5..6-0. 5. Avadis Private Equity World V 559 779 No benchmark 006 7 -.8.5.8.6 9.9. Avadis Private Equity World VI 097 785 No benchmark 007 5-6. 0.6.0.8 7.8. Avadis Private Equity World VII 89 7 No benchmark 008 86 -. 0.9 6.. 9.0.5 Avadis Private Equity World VIII 0 59 59 No benchmark 00 7 -. 5. 0. 0... Avadis Private Equity World X 0 997 76 No benchmark 0-6.5.5 Private Equity 7 8 No benchmark 00-0.. 9. 6.0 8.7 5.6. 7. Renaissance Renaissance Technologies (RT) 96 00 No benchmark 00 50 5 -. -.. 7.. 6.6.5 7. Renaissance Renaissance Technologies (RT) 6 97 No benchmark 009 6 59 7-0. 5.9 8. 8.5 -.5 9.0 Zurich 8 Private Equity 8 50 9 No benchmark 0 67 9 -. 6.0 Zurich Private Equity II 5 65 56 No benchmark 05 8 Performances and volatilities of the private equity investment groups offered by the investment foundations are not easily comparable because the product features differ. To make it easier for investors to understand the private equity investments available in the environment of the investment foundations, we have nevertheless listed them in tabular form. Details of the offers can be found on the websites of the relevant investment foundations. As of.05.05. As of.05.05, over, 6, 60 and 0 months. As of..0. 5 As of.0.05, over, 6, 60 and 0 months. 6 As of.0.05. 7 As of.0.05, over, 6 and 60 months. 8 The investment group s reference currency is US dollar (USD). IRR since inception:.07%. 9 As of.05.05, over months. 60
Part III Other Investment Groups Avadis Avadis Prisma Sarasin Swiss Life Swisscanto Swisscanto Avant Zurich
Investment Foundations Other Investment Groups 0.06.05 Avadis 05 Year Years 5 Years 0 Years Designation Securities No. Benchmark Launch Million Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Real Estate Asia Pacific 08 660 FTSE EPRA/NAREIT Asia TR 007 6-5.6.5 7..8 5.0. Real Estate Europe 98 FTSE EPRA/NAREIT Developed Europe Capped NR 000 8 -.7 5.0 6..7.0.8. 9. Real Estate North America 078 79 FTSE EPRA/NAREIT North America TR 000 5 -. 9. 7..7 0...7.8 FTSE EPRA/NAREIT Developed Europe NR until 0.0.00. Avadis 05 Year Years 5 Years 0 Years Designation Securities No. Benchmark Launch Million Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Real Estate North America 69 8 FTSE EPRA/NAREIT North America TR 008 79 -.0 9.7 7.6.6 0.7. 05 Year Years 5 Years 0 Years Designation Securities No. Benchmark Launch Million Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. CHF Domestic Bonds Redex 0 5 0 No benchmark 0 9-0.9 0. 05 Year Years 5 Years 0 Years Designation Securities No. Benchmark Launch Million Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Bonds Plus CHF 0 85 SBI AAA-BBB TR 005 5 0.7....7.9 Fund Selection Equity Dragon Countries 5 0 MSCI AC Far East ex Japan TR 99 6 -.8 6.6 8. 0.6.9.. 0.8 Inflation Linked Bonds CHF 76 678 Customized benchmark 00 9. -0. 0..8..7..5 Insurance Linked Strategies 60 6 LIBOR CHF Months + 50 bps 00 69 0..9.0 0.5.7.7..6 Mezzanine 68 SBI AAA-BBB TR 006 0. 7.9 8. 8. 5.9 6.6 Mid Yield Bonds CHF 08 SBI AAA-BBB TR 000 60.......9.6 Mortgages Switzerland 87 57 SBI AAA-A - Years TR 98,5 0.. 0.8 0.6. 0.6.8 0.9 Short Term Bonds CHF 070 709 SBI AAA-BBB - Years TR 005 0. 0.7 0.5 0. 0.7 0...5 As of.05.05. As of.05.05, over, 6, 60 and 0 months. 6
Investment Foundations Other Investment Groups 0.06.05 05 Year Years 5 Years 0 Years Designation Securities No. Benchmark Launch Million Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. America Small Mid Caps 9 567 Russell 500 TR 0 06 0.6.9 Europe Small Mid Caps 77 50 HSBC Smaller European Companies TR 990 5. 8. 8.8.7.0.7 6.7 8.5 Global Small Mid Caps 0 068 5 MSCI AC World Small Cap TR 0 9..9 Immo Optima Europa 95 7 GPR 50 ALL EUR 005 5-5.8-0..6.0 8.5 5.5-0.6. Indexed Investment Groups 05 Year Years 5 Years 0 Years Designation Securities No. Benchmark Launch Million Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Pacific Index 56 99 MSCI Pacific NR 996 65. 7.9 0. 0.7 5...8 5. Prisma 05 Year Years 5 Years 0 Years Designation Securities No. Benchmark Launch Million Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Equities China Gao Chan 605 79 MSCI Zhong Hua NR 007 0 5.8 9.9.9.0. 5.5 Equities Greater China 6 68 MSCI Golden Dragon NR 000 8.5 0.8.5.5 5..0 7.5 9.9 Renminbi Bonds hedged USD/CHF 8 88 76 Citigroup Dim Sum (Offshore CNY) Bond Index CHF Hedged 0 6...8. Sarasin 05 Year Years 5 Years 0 Years Designation Securities No. Benchmark Launch Million Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Sustainable CHF Bonds 7 0 SBI AAA-BBB TR 00 96 0.7.8...6..5.6 Swiss Franc Bonds Dynamic Hedge 096 SBI Domestic AAA-BBB TR 995 7-0..7..8.0.7.. Swiss Life 05 Year Years 5 Years 0 Years Designation Securities No. Benchmark Launch Million Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Bonds Glbl Corporates Short Term (CHF hedged) 07 699 Barclays Capital Glbl Agg Corp -Y TR CHF hedged 0 66-0. 0. Equity Protect Foreign (CHF hedged) 06 96 No benchmark 0 08. 5. 5.9.0 Equity Protect Individual No benchmark 0 5-0. 0.6 Equity Protect Switzerland 06 96 No benchmark 0 8 0.. 5.0. 6
Investment Foundations Other Investment Groups 0.06.05 Swisscanto 05 Year Years 5 Years 0 Years Designation Securities No. Benchmark Launch Million Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Bonds Dollar Plus 97 7 Customized benchmark 998 5-5. 6.7.9 7.8.5 9.9 Bonds Europe Plus 97 7 Customized benchmark 998 -.6 -.8. 8.9 0.6 9.6 0.5 8.8 Equities Asia Pacific 5 9 MSCI AC Asia Pacific NR 995 8 0.6.8 7.7 0.. 0.7.8 5.8 Foreign Currency Bonds 87 586 Customized benchmark 97 66-7. -...9.6..5 5.7 Partially hedged in CHF. Swisscanto Avant 05 Year Years 5 Years 0 Years Designation Securities No. Benchmark Launch Million Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Responsible Invest 87 58 MSCI World NR 99 8 -.7.0.7 0. 5.6.8. 6.8 05 Year Years 5 Years 0 Years Designation Securities No. Benchmark Launch Million Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Equities Euroland 87 5 MSCI EMU NR 997 9 -. -.9 0.0.. 7. -.5 9.6 Equities Global Target Protection 90% 8 69 No benchmark 0-0.8 -.7 Equities Global Target Risk % 8 6 7 No benchmark 0 8 0.6 -. Equities Pacific 87 555 MSCI AC Pacific ex Japan NR 99-0. 7. 6.5.5..0 5. 9.7 Equities Switzerland Target Protection 90% 8 5 No benchmark 0 8-5. -.8 Equities Switzerland Target Risk % 8 6 0 No benchmark 0 8 -.0 -.8 Foreign Currency Bonds Europe 87 5 JP Morgan European GBI TR 99 -.0-8.0. 7.9.0 9. 0. 8. LOB Target Risk 5% 8 50 9 No benchmark 0 57-0.5. 5..0 LOB Target Risk 7% 8 5 79 No benchmark 0 9-0..7 Indexed Investment Groups 05 Year Years 5 Years 0 Years Designation Securities No. Benchmark Launch Million Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. CHF Bonds Indexed 567 007 SBI AAA-BBB TR 0,9.0. 6
Investment Foundations Other Investment Groups 0.06.05 Indexed Investment Groups 05 Year Years 5 Years 0 Years Designation Securities No. Benchmark Launch Million Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Global Equities Small Cap (ex CH) Passive (hedged in CHF) 7 57 8 MSCI World Small Cap Index ex Switzerland NR hedged in CHF 05 05 Year Years 5 Years 0 Years Designation Securities No. Benchmark Launch Million Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Global Infrastructure No benchmark 008,0 Global Infrastructure investment group plus individual investors. Zurich 05 Year Years 5 Years 0 Years Designation Securities No. Benchmark Launch Million Perf. Perf. Perf. Vol. Perf. Vol. Perf. Vol. Bonds CHF 5+ 8 08 SBI AAA-A 5 Years + TR 006 88.7..9 8. 5.6 8. Bonds Credit 00 756 8 Customized benchmark 00,07 -.0.0...0..9.8 Bonds Switzerland SDC 67 58 No benchmark 0 66 0.. Bonds US Corporate 9 55 6 Barclays Capital US Agg Corp TR CHF Hedged 0 96 -. -.0 Equities Global Small Cap 0 6 58 MSCI World Small Cap TR 0 9.6 0. Infrastructure 9 6 868 No benchmark 0 89-5.7. Insurance Linked Strategies 5 LIBOR CHF Months 0 77 0..6 Senior Loans (hedged) 7 65 S&P Global Leveraged Loan Index 70/0 CHF TR Hedged 0 5.7. Senior Loans (unhedged) 67 87 S&P Global Leveraged Loan Index 70/0 CHF TR 0 579 -.0 6. The investment group s reference currency is US dollar (USD). IRR since inception:.05%. As of.05.05. As of.05.05, over months. 65
Part IV Appendix Synopsis Assets under Management Members of KGAST Explanatory note
Synopsis Assets Classes/Providers Adimora AFIAA Allianz ASSETIMMO Avadis Avadis Bâloise Ecoreal Helvetia HIG Imoka Investment Foundations Appendix 0.06.05 Patrimonium Pensimo Prisma Renaissance Sarasin Swiss Life Swisscanto Swisscanto Avant Tellco Testina Turidomus Zurich Main Asset Classes 6 0 8 9 6 8 5 6 7 9 0 Swiss Franc Bonds: Domestic Swiss Franc Bonds: Foreign Foreign Currency Bonds: World Foreign Currency Bonds: World (Hedged) 7 Foreign Currency Bonds: World Government (Hedged) Foreign Currency Bonds: World Corporate (Hedged) 5 Foreign Currency Bonds: Euro 5 Foreign Currency Bonds: US-Dollar Swiss Equities Foreign Equities: World Foreign Equities: World (Hedged) Foreign Equities: Europe 8 Foreign Equities: USA/North America 9 Balanced Allocations: 0 9% Equities 0 Balanced Allocations: 0 0% Equities Balanced Allocations: 0% Equities 6 Balanced Allocations: 50% Equities 8 Real Estate Switzerland: Residential 0 Real Estate Switzerland: Commercial 9 Real Estate Switzerland: Mixed 6 Secondary Asset Classes 5 5 0 5 Money Market Foreign Currency Bonds: Emerging Markets Convertible Bonds 5 Swiss Equities: Small & Mid Caps 5 Foreign Equities: Japan Foreign Equities: Emerging Markets 7 Foreign Real Estate 9 Hedge Funds (Hedged into CHF) Private Equity 9 Other Investment Groups 8 5 0 9 5 Grand Total 6 5 8 8 7 8 8 8 8 0 8 8 6 67
Investment Foundations Appendix 0.06.05 Assets under Management Net Assets under Management (Excluding Outside Financing) - Gross Assets under Management (Including Borrowed Funds) Investment Foundations Total Net Asset Total Net Asset Evolution Evolution Total Gross Asset Total Gross Asset Evolution Evolution Provider.0.05 0.06.05 Q 05 YTD.0.05 0.06.05 Q 05 YTD Allianz 99 975 -.7% -.0% 99 975 -.7% -.0% Avadis & Avadis 9,55 9,9 -.% -0.8% 9,55 9,9 -.% -0.8%,6,5-0.8% +.%,6,5-0.8% +.% Bâloise,85,9 -.% +.%,85,9 -.% +.% & 7,06 6,75 -.9% +.5% 8,69 8,86 -.8% -0.% Helvetia 590 56 -.7% -.8% 590 56 -.7% -.8% & 6, 6,056 -.% +0.5% 6, 6,056 -.% +0.5% Prisma 0 +.% +.6% 0 +.% +.6% Renaissance 7 7 0.0% 0.0% 7 7 0.0% 0.0% Sarasin,,0-8.5% -8.%,,0-8.5% -8.% Swiss Life,96 5,00 +.% +5.% 5, 5, +.6% +5.% Swisscanto & Swisscanto Avant 8,9 7,87 -.5% -.% 8,9 7,87 -.5% -.%, &,65,905 +0.8% +.%,655,908 +0.8% +.% Zurich,975,88 -.0% +.8% 5,0,9 -.% +.6% Subtotal 88,7 88,76 +0.0% +.5% 90,609 90,6 +0.0% +.% Foundations for Real Estate Investments Total Net Asset Total Net Asset Evolution Evolution Total Gross Asset Total Gross Asset Evolution Evolution Provider.0.05 0.06.05 Q 05 YTD.0.05 0.06.05 Q 05 YTD Adimora 80 5 55 AFIAA,055,066 +.0% +.7%,9,09-6.0% -.0% ASSETIMMO,06,967 -.9% -.5%,,56 +0.7% +.% Ecoreal 67 695 +.% +5.9% 70 769 +5.% +8.% HIG 60 67 +.% +.% 87 88 +.5% +.7% Imoka 9 6 8 9 Patrimonium 86 98 5 8 50 5 Pensimo 6,09,67 6,0,8 Tellco 6 690 +.% +6.6% 78 780 +7.% +.% 7 8 7 8 Testina 59 60 59 60 6 6 Turidomus,59,557,7,9 Subtotal 0,599 0,988 +.7% +.5%,08,69 +.7% +.5% Grand Total 99,0 99,75 +0.% +.% 0,67 0,08 +0.% +.0% CHF million, without double counting. Assets as of 0.09.0. Assets as of 0.09.0. Assets as of..0. 5 Assets as of.0.05. 6 Assets as of..0. 7 Assets as of 8.0.05. 8 Assets as of.05.05. 68
Investment Foundations Appendix 0.06.05 Members of KGAST Short Name Foundation Address Phone Website Adimora Adimora Investment Foundation Obstgartenstrasse 9, PO Box 6, 80 Zurich 0 55 00 www.adimora.ch AFIAA AFIAA Foundation for International Real Estate Investments Gartenhofstrassse 7, 800 Zurich 0 5 9 www.afiaa.com Allianz Allianz Suisse Investment Foundation Richtiplatz, 80 Wallisellen 058 58 86 97 www.asast.ch ASSETIMMO ASSETIMMO Real Estate Investment Foundation Badenerstrasse 9, 800 Zurich 0 0 0 www.assetimmo.ch Avadis Avadis Investment Foundation Bruggerstrasse 6a, PO Box, 50 Baden 058 585 55 www.avadis.ch Avadis Avadis Investment Foundation Bruggerstrasse 6a, PO Box, 50 Baden 058 585 55 www.avadis.ch Winterthur Investment Foundation Affolternstrasse, PO Box 5, 8050 Zurich 058 60 78 55 www.awi-anlagestiftung.ch Bâloise Bâloise Investment Foundation for Pension Funds Aeschengraben, PO Box, 00 Basel 058 85 80 7 www.baloise-anlagestiftung.ch Credit Suisse Investment Foundation Kalandergasse, 8070 Zurich 0 8 8 www.credit-suisse.com/ch/en/asset-management/solutions-capabilities/csa.html Credit Suisse Investment Foundation nd Pillar Kalandergasse, 8070 Zurich 0 8 8 www.credit-suisse.com/ch/en/asset-management/solutions-capabilities/csa.html Ecoreal Ecoreal Swiss Real Estate Investment Foundation Stockerstrasse 60, 800 Zurich 0 0 9 www.ecoreal.ch Helvetia Helvetia Investment Foundation St. Alban-Anlage 6, 00 Basel 058 80 0 00 www.helvetia-anlagestiftung.ch HIG HIG Immobilien Anlage Stiftung Löwenstrasse 5, 800 Zurich 0 6 6 www.hig.ch Imoka Investment Foundation Imoka Obstgartenstrasse 9, PO Box 6, 80 Zurich 0 55 00 www.imoka.ch Investment Foundation for Pension Funds Manessestrasse 87, 805 Zurich 0 55 7 00 www.istfunds.ch Investment Foundation Manessestrasse 87, 805 Zurich 0 55 7 00 www.istfunds.ch Patrimonium Patrimonium Investment Foundation Zugerstrasse 7, 60 Baar 058 787 00 00 www.patrimonium.ch Pensimo Investment Foundation Pensimo Obstgartenstrasse 9, PO Box 6, 80 Zurich 0 55 00 www.pensimo.ch Prisma Prisma Investment Foundation Place Saint-Louis, PO Box, 0 Morges 088 06 06 www.prismaanlagestiftung.ch Renaissance Renaissance SME, Swiss Investment Foundation Science Park, EPFL, PSE-C, 05 Lausanne 0 69 8 88 www.renaissance-pme.ch Sarasin Sarasin Investment Foundation Elisabethenstrasse 6, PO Box, 00 Basel 058 7 9 0 www.jsafrasarasin.ch/sast Swiss Life Swiss Life Investment Foundation General-Guisan-Quai 0, PO Box, 80 Zurich 0 8 79 79 www.swisslife.ch/anlagestiftung Swisscanto Swisscanto Investment Foundation Europaallee 9, PO Box, 80 Zurich 058 5 88 www.swisscanto.ch/anlagestiftung Swisscanto Avant Swisscanto Investment Foundation Avant Europaallee 9, PO Box, 80 Zurich 058 5 88 www.swisscanto.ch/anlagestiftung Tellco Tellco Investment Foundation Bahnhofstrasse, PO Box 7, CH-6 Schwyz 0 89 70 0 www.tellco.ch/en/tellco/index.html Testina Investment Foundation Testina Obstgartenstrasse 9, PO Box 6, 80 Zurich 0 55 00 www.testina.ch Turidomus Investment Foundation Turidomus Obstgartenstrasse 9, PO Box 6, 80 Zurich 0 55 00 www.turidomus.ch Foundation for the Investment of Pension Fund Assets PO Box, 8098 Zurich 0 90 80 www.ubs.com/ast Investment Foundation PO Box, 8098 Zurich 0 90 80 www.ubs.com/ast Investment Foundation PO Box, 8098 Zurich 0 90 80 www.ubs.com/ast Zurich Zurich Investment Foundation PO Box, 8085 Zurich 0 68 78 88 www.zurich-anlagestiftung.ch KGAST Investment Foundations Board of Administrators Frankentalerstrasse, 809 Zurich 0 777 60 70 www.kgast.ch 69
Investment Foundations Appendix 0.06.05 Explanatory note Key performance indicators The key performance indicator measures the change in value of an investment, assuming the immediate reinvestment of any distributions. The key factors are the net asset values on the particular reference dates, the dividends distributed and the reinvestment or issue price at the time of distribution. Performance is measured over the following periods: year-to-date (YTD),,, 5 and 0 years. Performance values are calculated as of December st for the whole year to date,, 5 and 0 years. All the performance data shown in the table represent annualised returns stated as a percentage figure (geometrical averages). The data for the current year (YTD) refer to the corresponding number of months and not to annualised rates of change. The median performance halves the performance distribution in the investment universe under review (active and indexed investment groups). Minimum and maximum performance indicators denote the lowest and highest performance in the particular investment universe. Each of the four colours corresponds to a quartile and allows categorisation of the investment universe under consideration for each period of time in four sub-classes. If the investment universe consists of less than 8 products for a particular period, no colours are used. Because of the lack of comparability, no colours indicating allocation to a particular quartile are used for the real estate, private equity and hedge funds segments. Key risk indicators The degree of risk is measured by the annualised standard variation of the monthly rates of return. The annualised standard variation is calculated as follows: the monthly standard variation is multiplied by the square root of. The net asset values which apply on the reference date are used to calculate the monthly rates of return. Balanced allocations To ensure that the investment universes are as homogeneous as possible, the balanced allocations are divided into four investment categories. This division is determined by the strategic equity component of the individual investment groups. In addition, all investment groups must comply with the specific BVV/OPP investment limits. Real estate investment groups NAV-based real estate investment groups report regularly updated net asset value estimations. On the other hand, non NAV-based performance figures refer to stock exchange or market prices. In the case of real estate investment groups for which no monthly NAVs are published, an approximation formula is used to avoid large annual performance differences. For this purpose, the dividend for the last financial year or the budgeted dividend is extrapolated pro rata on a monthly basis. This gives an estimated hypothetical performance. At the end of the financial year, the definitive asset value of the unit is used to calculate performance; this may lead to a performance correction. As fluctuations in net asset value only reflect the effective risks of real estate investments to a limited degree, no key risk figures are stated for real estate investment groups. Assets under management The asset value corresponds to the assets of the particular class (or tranche). Where classes differ only in respect of management fees, but are still part of a single portfolio, the overall assets are indicated. All values are stated in million Swiss francs and are compiled by the providers themselves. Disclaimer concerning data comparability KGAST endeavours to form homogenous investment classes so as to safeguard the best possible comparability for investors. However, conclusions as to the investment quality of the individual investment groups should not be arrived at solely on the basis of a peer group comparison of that kind. For example, over a period of time, providers benchmarks, asset managers or investment strategies may vary (e.g. change from an active to an index-tracking management style); this in turn may influence the interpretation of historical data. For a more detailed analysis of a particular investment group, we always recommend consulting further particulars in the product factsheet and other available sources. KGAST and its members wish to point out that no conclusions as to applicable issue or redemption prices can be drawn on the basis of data published in this performance report. Neither KGAST nor its members and other legal entities or natural persons who were involved in the drafting of this report can be held liable for compensation of any kind whatsoever by reason of possible errors in the calculation of performance or other information provided in this report. Indication of sources The results of this performance report have been determined diligently using professional calculation standards. However, KGAST cannot accept any liability for errors or omissions. The individual investment foundations are responsible for the correct calculation and notification of the net asset values and distributions to Lipper. Fundo SA obtains the data from Lipper and compiles the peer group tables and charts on that basis on behalf of KGAST. 70