Performance Commentary

2nd quarter 2024

Equity World

While the positive performance in the first quarter was based on the entire market breadth, the price trend in Q2 was again characterized by a few technology-heavy index heavyweights. A familiar pattern that has repeatedly accompanied us since 2020. Added to this is the hype surrounding everything that is in any way connected with the buzzword "artificial intelligence" - here, too, the ubiquitous US tech stocks logically dominate. As expected, our risk-based investment approach was unable to keep pace in this positive market environment characterized by low volatility.

Data as per 31.03.2025 in reference currency of the funds	Class	Currency	Inception date	Price	OLZ incl. fees, Benchmark excl. fees Return March	OLZ incl. fees, Benchmark excl. fees Return 2025	OLZ incl. fees, Benchmark excl. fees Return (cum.) since inception	since inception Risk Volatility	Risk/Return, since inception Sharpe Ratio
Global equities
Data as per 31.03.2025 in reference currency of the funds OLZ Equity World Optimized ESG (CHF hedged) MSCI World Index (85% CHF hedged)	Class I-A	Currency CHF	Inception date 17.12.2014	Price 15'998.12	Return March -0.79 % -5.42 %	Return 2025 4.35 % -3.58 %	Return (cum.) since inception 54.68 % 120.65 %	Risk Volatility 8.83 % 13.97 %	Sharpe Ratio 0.46 0.55
Data as per 31.03.2025 in reference currency of the funds WF - OLZ Equity World Optimized ESG MSCI World Index	Class CD	Currency CHF	Inception date 31.01.2014	Price 169.09	Return March -1.67 % -6.31 %	Return 2025 4.11 % -4.12 %	Return (cum.) since inception 68.62 % 169.26 %	Risk Volatility 10.46 % 14.11 %	Sharpe Ratio 0.46 0.66
Global equities ex CH
Data as per 31.03.2025 in reference currency of the funds OLZ Equity World ex CH Optimized ESG (CHF hedged) MSCI World ex Switzerland Index (85% CHF hedged)	Class I-A	Currency CHF	Inception date 27.06.2014	Price 1'567.39	Return March -0.97 % -5.50 %	Return 2025 3.74 % -3.86 %	Return (cum.) since inception 70.69 % 125.68 %	Risk Volatility 8.90 % 13.81 %	Sharpe Ratio 0.57 0.57
Data as per 31.03.2025 in reference currency of the funds OLZ Equity World ex CH Optimized ESG MSCI World ex Switzerland Index	Class I-C	Currency CHF	Inception date 15.04.2014	Price 17'349.77	Return March -1.41 % -6.40 %	Return 2025 4.11 % -4.41 %	Return (cum.) since inception 82.00 % 171.53 %	Risk Volatility 10.68 % 14.42 %	Sharpe Ratio 0.50 0.65
Global equities ex CH (exempt from US/JP withholding tax)
Data as per 31.03.2025 in reference currency of the funds OLZ Equity World ex CH Optimized ESG 2 MSCI World ex Switzerland Index	Class I-C	Currency CHF	Inception date 09.11.2017	Price 18'841.32	Return March -1.37 % -6.40 %	Return 2025 4.26 % -4.41 %	Return (cum.) since inception 21.54 % 78.51 %	Risk Volatility 11.36 % 15.42 %	Sharpe Ratio 0.24 0.53
Data as per 31.03.2025 in reference currency of the funds OLZ Equity World ex CH Optimized ESG 2 (CHF hedged) MSCI World ex Switzerland Index (85% CHF hedged)	Class I-A	Currency CHF	Inception date 09.11.2017	Price 1'715.08	Return March -0.93 % -5.50 %	Return 2025 3.89 % -3.86 %	Return (cum.) since inception 29.22 % 73.19 %	Risk Volatility 9.66 % 15.41 %	Sharpe Ratio 0.35 0.50
Pension solutions for pillar 3a and vested benefits assets
Data as per 31.03.2025 in reference currency of the funds OLZ Equity World Optimized ESG (CHF hedged)* MSCI World Index (85% CHF hedged)	Class IH	Currency CHF	Inception date 24.10.2019	Price 113.52	Return March -0.80 % -5.42 %	Return 2025 4.33 % -3.58 %	Return (cum.) since inception 13.52 % 58.86 %	Risk Volatility 10.30 % 16.03 %	Sharpe Ratio 0.23 0.55

Equity World Dynamic

The new strategy launched in December makes rule-based investments in ETFs that track the MSCI World Index or in Swiss money market funds. The model manages the equity allocation on a daily basis using a variety of risk and trend indicators. Just as in Q1, the model was always fully invested in equities in Q2 and was therefore able to participate fully in the market's upward trend.

Data as per 31.03.2025 in reference currency of the funds	Class	Currency	Inception date	Price	OLZ incl. fees, Benchmark excl. fees Return March	OLZ incl. fees, Benchmark excl. fees Return 2025	OLZ incl. fees, Benchmark excl. fees Return (cum.) since inception	since inception Risk Volatility	Risk/Return, since inception Sharpe Ratio
Global equities
Data as per 31.03.2025 in reference currency of the funds OLZ Equity World Dynamic 0-100 I -	Class I	Currency CHF	Inception date 12.12.2023	Price 77.13	Return March -6.98 % 0.00 %	Return 2025 -5.93 % 0.00 %	Return (cum.) since inception 18.18 % 0.00 %	Risk Volatility 12.46 % 0.00 %	Sharpe Ratio - -
Data as per 31.03.2025 in reference currency of the funds OLZ Equity World Dynamic 0-100 IR -	Class IR	Currency CHF	Inception date 12.12.2023	Price 835.99	Return March -7.01 % 0.00 %	Return 2025 -6.01 % 0.00 %	Return (cum.) since inception 18.02 % 0.00 %	Risk Volatility 12.56 % 0.00 %	Sharpe Ratio - -

Equity Emerging Markets ex China

The emerging markets also made gains in Q2. However, the picture is similarly mixed to that of the industrialized countries. The more volatile technology sectors in particular picked up. As a result, Taiwan, for example, made strong gains, but within the equity market there was a wide disparity between the performance of individual stocks and sectors. Our risk-optimized strategy is more heavily invested in defensive stocks and underweighted in the technology sector. In the final analysis, our fund also made gains, but fell behind its capital-weighted benchmark.

Data as per 31.03.2025 in reference currency of the funds	Class	Currency	Inception date	Price	OLZ incl. fees, Benchmark excl. fees Return March	OLZ incl. fees, Benchmark excl. fees Return 2025	OLZ incl. fees, Benchmark excl. fees Return (cum.) since inception	since inception Risk Volatility	Risk/Return, since inception Sharpe Ratio
Emerging markets (ex China) equities
Data as per 31.03.2025 in reference currency of the funds WF - OLZ Equity Emerging Market ex China Optimized ESG MSCI Emerging Markets ex China Index	Class IC	Currency CHF	Inception date 02.05.2022	Price 1'051.07	Return March -2.45 % -1.90 %	Return 2025 -4.63 % -4.05 %	Return (cum.) since inception -1.76 % -0.82 %	Risk Volatility 10.33 % 15.06 %	Sharpe Ratio - -

Equity Switzerland

The Swiss equity market also made further gains in Q2, albeit not quite as strongly as in the US, for example. A look at the individual stocks shows that the non-selection of ABB in particular weighed on our relative performance. The two underweighted heavyweights Novartis and Roche were also clearly up over the past three months and also contributed to the resulting underperformance of our fund.

Data as per 31.03.2025 in reference currency of the funds	Class	Currency	Inception date	Price	OLZ incl. fees, Benchmark excl. fees Return March	OLZ incl. fees, Benchmark excl. fees Return 2025	OLZ incl. fees, Benchmark excl. fees Return (cum.) since inception	since inception Risk Volatility	Risk/Return, since inception Sharpe Ratio
Swiss Equities
Data as per 31.03.2025 in reference currency of the funds OLZ Equity Switzerland Optimized ESG Swiss Performance Index (TR)	Class IR	Currency CHF	Inception date 20.12.2010	Price 2'706.93	Return March 1.33 % -2.04 %	Return 2025 8.65 % 8.58 %	Return (cum.) since inception 202.19 % 187.04 %	Risk Volatility 10.74 % 11.70 %	Sharpe Ratio 0.76 0.66

Equity Switzerland Small & Mid Caps

In contrast to the large caps, the majority of Swiss small & mid caps were flat or even fell slightly. Our fund was also unable to make gains in this environment and closed marginally behind the benchmark.

Data as per 31.03.2025 in reference currency of the funds	Class	Currency	Inception date	Price	OLZ incl. fees, Benchmark excl. fees Return March	OLZ incl. fees, Benchmark excl. fees Return 2025	OLZ incl. fees, Benchmark excl. fees Return (cum.) since inception	since inception Risk Volatility	Risk/Return, since inception Sharpe Ratio
Swiss Equities
Data as per 31.03.2025 in reference currency of the funds OLZ Equity Switzerland Small & Mid Cap Optimized ESG SPI Extra Index (TR)	Class I	Currency CHF	Inception date 15.12.2022	Price 121.88	Return March 0.73 % -2.63 %	Return 2025 6.80 % 3.10 %	Return (cum.) since inception 23.38 % 13.41 %	Risk Volatility 7.47 % 11.07 %	Sharpe Ratio - -

Equity China

The Chinese stock market delivered a strong performance in the second quarter. This was despite ongoing economic problems that required further government support measures. This rally was mainly driven by the major technology stocks. Strongly rising equity markets in combination with outperforming technology stocks (which tend to be underweighted in our strategy) unfortunately led to a clear underperformance compared to the capital-weighted benchmark in Q2.

Data as per 31.03.2025 in reference currency of the funds	Class	Currency	Inception date	Price	OLZ incl. fees, Benchmark excl. fees Return March	OLZ incl. fees, Benchmark excl. fees Return 2025	OLZ incl. fees, Benchmark excl. fees Return (cum.) since inception	since inception Risk Volatility	Risk/Return, since inception Sharpe Ratio
Chinese Equities
Data as per 31.03.2025 in reference currency of the funds WF - OLZ Equity China Optimized ESG MSCI China Total Return Index	Class HD (HKD)	Currency HKD	Inception date 27.04.2022	Price 107.33	Return March 2.62 % 1.97 %	Return 2025 4.89 % 14.99 %	Return (cum.) since inception 7.33 % 25.73 %	Risk Volatility 21.84 % 32.27 %	Sharpe Ratio - -
Data as per 31.03.2025 in reference currency of the funds WF - OLZ Equity China Optimized ESG MSCI China Total Return Index	Class IC (CHF)	Currency CHF	Inception date 23.09.2021	Price 872.22	Return March 0.63 % -0.06 %	Return 2025 2.37 % 12.09 %	Return (cum.) since inception -12.78 % -13.13 %	Risk Volatility 18.65 % 27.97 %	Sharpe Ratio -0.22 -0.14
Data as per 31.03.2025 in reference currency of the funds WF - OLZ Equity China Optimized ESG MSCI China Total Return Index	Class IH (HKD)	Currency HKD	Inception date 23.09.2021	Price 1'817.56	Return March 2.67 % 1.97 %	Return 2025 5.03 % 14.99 %	Return (cum.) since inception -9.12 % -9.48 %	Risk Volatility 20.74 % 30.23 %	Sharpe Ratio -0.13 -0.09

Foreign currency bonds (CHF hedged)

Rising interest rates as far as the eye can see. In many places, there is no longer much sign of the interest rate cut fantasies from the beginning of the year. Only the ECB (alongside the SNB) has made its first cut in key interest rates. Interest rates rose the most in Australia (overweight) and Japan (excluded due to credit rating) and the least in Canada (overweight). Overall, this led to a slight outperformance for our fund with longer maturities (long term), while the fund with medium maturities (mid term) was roughly in line with the benchmark.

Data as per 31.03.2025 in reference currency of the funds	Class	Currency	Inception date	Price	OLZ incl. fees, Benchmark excl. fees Return March	OLZ incl. fees, Benchmark excl. fees Return 2025	OLZ incl. fees, Benchmark excl. fees Return (cum.) since inception	since inception Risk Volatility	Risk/Return, since inception Sharpe Ratio
Global bonds (CHF hedged)
Data as per 31.03.2025 in reference currency of the funds OLZ Government Bond World Mid Term Optimized CHF Hedged ESG FTSE WGBI 3-5 Year (CHF hdg.)	Class I	Currency CHF	Inception date 01.07.2011	Price 848.19	Return March -0.19 % -0.02 %	Return 2025 0.31 % 0.60 %	Return (cum.) since inception -8.30 % -1.05 %	Risk Volatility 2.07 % 2.24 %	Sharpe Ratio -0.30 -0.03
Data as per 31.03.2025 in reference currency of the funds OLZ Government Bond World Long Term Optimized CHF hedged ESG FTSE Non-CHF WGBI (CHF hdg.)	Class I	Currency CHF	Inception date 17.04.2007	Price 1'038.24	Return March -1.05 % -0.86 %	Return 2025 0.07 % -0.13 %	Return (cum.) since inception 18.12 % 20.73 %	Risk Volatility 5.02 % 3.79 %	Sharpe Ratio 0.18 0.27

Bonds CHF

Interest rates on the Swiss bond market fell slightly in Q2. The SNB also played its part in this: it lowered the key interest rate for the second time this year. Bond investors benefited accordingly from rising prices. Due to the shorter duration of our fund, it lagged slightly behind the benchmark index.

Data as per 31.03.2025 in reference currency of the funds	Class	Currency	Inception date	Price	OLZ incl. fees, Benchmark excl. fees Return March	OLZ incl. fees, Benchmark excl. fees Return 2025	OLZ incl. fees, Benchmark excl. fees Return (cum.) since inception	since inception Risk Volatility	Risk/Return, since inception Sharpe Ratio
Bonds CHF
Data as per 31.03.2025 in reference currency of the funds OLZ Bond CHF ESG SBI AAA-BBB TR	Class I-A	Currency CHF	Inception date 01.07.2014	Price 1'003.04	Return March -0.31 % -0.63 %	Return 2025 -0.76 % -1.38 %	Return (cum.) since inception 2.74 % 6.69 %	Risk Volatility 3.01 % 4.06 %	Sharpe Ratio 0.08 0.15

Mixed fund Smart Invest 65

The OLZ mixed fund with a 65% equity allocation fell behind its benchmark index in the second quarter. While the higher equity allocation compared to the benchmark had a positive effect on performance, the weak performance of the risk-optimized equity components had a negative impact.

Data as per 31.03.2025 in reference currency of the funds	Class	Currency	Inception date	Price	OLZ incl. fees, Benchmark excl. fees Return March	OLZ incl. fees, Benchmark excl. fees Return 2025	OLZ incl. fees, Benchmark excl. fees Return (cum.) since inception	since inception Risk Volatility	Risk/Return, since inception Sharpe Ratio
Mixed funds
Data as per 31.03.2025 in reference currency of the funds OLZ Smart Invest 65 ESG Pictet BVG-40 Index	Class IR	Currency CHF	Inception date 19.05.2017	Price 105.53	Return March -0.42 % -2.07 %	Return 2025 2.34 % -0.12 %	Return (cum.) since inception 10.24 % 26.97 %	Risk Volatility 6.64 % 6.72 %	Sharpe Ratio 0.17 0.46
Pension solutions for pillar 3a and vested benefits assets
Data as per 31.03.2025 in reference currency of the funds OLZ Smart Invest 65 ESG* Pictet BVG-40 Index	Class I	Currency CHF	Inception date 03.11.2016	Price 120.07	Return March -0.40 % -2.07 %	Return 2025 2.39 % -0.12 %	Return (cum.) since inception 20.44 % 34.96 %	Risk Volatility 6.48 % 6.54 %	Sharpe Ratio 0.35 0.55

We are always happy to talk to you.

A lasting relationship with our customers is worth more to us than mere success. Get in touch with us, we look forward to hearing from you. Or contact us directly:

Mr.

Ms.

First name*

Last name*

Phone

E-mail
This email address is not correct.

Website

Your data will be treated confidentially and not passed on to third parties. You can find more information in our privacy policy.

Performance Commentary

Equity World

Equity World Dynamic

Equity Emerging Markets ex China

Equity Switzerland

Equity Switzerland Small & Mid Caps

Equity China

Foreign currency bonds (CHF hedged)

Bonds CHF

Mixed fund Smart Invest 65

We are happy to advise you and answer your questions.

Choose a date

Select a period

Thank you.

We are always happy to talk to you.

Request a callback

Your privacy is important to us