Which investment instruments are used?
The investment universe of the top 15 global equities encompasses the Swiss, European and US investment regions with the SMI, Stoxx Europe 600 and S&P 500. From each region, the five best stocks are selected based on their relative strength, resulting in a total of 15 stocks. To avoid cluster risks, the mandate invests in a maximum of two stocks from the same sector in each region. If a stock performs too badly, it is replaced. The money not invested in equities is invested in CHF interest-rate instruments, e.g. in ETFs or other index funds based on Swiss bonds.