Performance Commentary

1st quarter 2024

Equity World

The hopes of imminent interest rate cuts that dominated at the beginning of the year faded somewhat in the first quarter. However, this did not detract from the positive price trend. The prospects of a "soft landing" created an extremely friendly equity environment, particularly in the USA, accompanied by continued low volatility. In the meantime, sectors and individual stocks that are not directly benefiting from the technology boom (e.g. the energy sector) have also been able to make gains - the price increase is therefore somewhat more broadly based than has often been observed in the past.

Significantly rising share prices combined with low volatility meant that our risk-optimized equity strategies were unable to keep pace with their capital-weighted benchmark. In this positive market environment, stock selection aimed at minimizing risk was unable to exploit its added value. The weakening CHF resulted in a relatively large difference in performance between the fund classes with and without currency hedging. The latter posted almost double the gain.

Data as per 31.05.2024 in reference currency of the funds Class Currency Inception date Price

OLZ incl. fees, Benchmark excl. fees

Return May

OLZ incl. fees, Benchmark excl. fees

Return 2024

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 31.05.2024 in reference currency of the funds
MSCI World Index (85% CHF hedged)
Class I-A Currency CHF Inception date 17.12.2014 Price 14'625.73
Return May
1.73 %
3.59 %
Return 2024
5.87 %
10.63 %
Return (cum.) since inception
40.32 %
113.72 %
Risk Volatility
8.97 %
14.29 %
Sharpe Ratio
0.37
0.56
Data as per 31.05.2024 in reference currency of the funds
Class CD Currency CHF Inception date 31.01.2014 Price 154.24
Return May
1.33 %
2.76 %
Return 2024
9.98 %
17.39 %
Return (cum.) since inception
53.81 %
158.00 %
Risk Volatility
10.66 %
14.33 %
Sharpe Ratio
0.40
0.67
Global equities ex CH
Data as per 31.05.2024 in reference currency of the funds
MSCI World ex Switzerland Index (85% CHF hedged)
Class I-A Currency CHF Inception date 27.06.2014 Price 1'436.03
Return May
1.56 %
3.53 %
Return 2024
5.88 %
10.68 %
Return (cum.) since inception
55.15 %
118.68 %
Risk Volatility
9.04 %
14.10 %
Sharpe Ratio
0.50
0.58
Data as per 31.05.2024 in reference currency of the funds
MSCI World ex Switzerland Index
Class I-C Currency CHF Inception date 15.04.2014 Price 15'821.37
Return May
1.16 %
2.67 %
Return 2024
10.50 %
17.62 %
Return (cum.) since inception
64.66 %
160.24 %
Risk Volatility
10.90 %
14.65 %
Sharpe Ratio
0.44
0.66
Global equities ex CH (exempt from US/JP withholding tax)
Data as per 31.05.2024 in reference currency of the funds
MSCI World ex Switzerland Index (85% CHF hedged)
Class I-A Currency CHF Inception date 09.11.2017 Price 1'551.20
Return May
1.59 %
3.53 %
Return 2024
6.10 %
10.68 %
Return (cum.) since inception
16.87 %
67.81 %
Risk Volatility
9.92 %
16.00 %
Sharpe Ratio
0.22
0.51
Data as per 31.05.2024 in reference currency of the funds
MSCI World ex Switzerland Index
Class I-C Currency CHF Inception date 09.11.2017 Price 16'976.27
Return May
1.18 %
2.67 %
Return 2024
10.61 %
17.62 %
Return (cum.) since inception
9.51 %
71.08 %
Risk Volatility
11.74 %
15.87 %
Sharpe Ratio
0.12
0.54
Pension solutions for pillar 3a and vested benefits assets
Data as per 31.05.2024 in reference currency of the funds
MSCI World Index (85% CHF hedged)
Class IH Currency CHF Inception date 24.10.2019 Price 103.03
Return May
1.73 %
3.59 %
Return 2024
5.86 %
10.63 %
Return (cum.) since inception
3.03 %
53.87 %
Risk Volatility
10.76 %
16.94 %
Sharpe Ratio
0.06
0.57

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. In Q1, the model was always fully invested in equities and was therefore able to participate fully in the market's upward movement.

Data as per 31.05.2024 in reference currency of the funds Class Currency Inception date Price

OLZ incl. fees, Benchmark excl. fees

Return May

OLZ incl. fees, Benchmark excl. fees

Return 2024

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 31.05.2024 in reference currency of the funds
Class IR Currency CHF Inception date 12.12.2023 Price 818.72
Return May
1.49 %
0.00 %
Return 2024
15.59 %
0.00 %
Return (cum.) since inception
14.97 %
0.00 %
Risk Volatility
0.00 %
0.00 %
Sharpe Ratio
-
-
Data as per 31.05.2024 in reference currency of the funds
Class I Currency CHF Inception date 12.12.2023 Price 75.21
Return May
1.51 %
0.00 %
Return 2024
15.41 %
0.00 %
Return (cum.) since inception
14.79 %
0.00 %
Risk Volatility
0.00 %
0.00 %
Sharpe Ratio
-
-

Equity Emerging Markets ex China

The emerging markets enjoyed a positive start to the year. Many countries continue to show solid growth without suffering from above-average inflation. The same applied here in Q1 as for our global equity strategies: With prices rising significantly and volatility low, our Emerging Markets ex China fund was unable to keep pace with the capital-weighted benchmark, but still posted a solid gain.

Data as per 31.05.2024 in reference currency of the funds Class Currency Inception date Price

OLZ incl. fees, Benchmark excl. fees

Return May

OLZ incl. fees, Benchmark excl. fees

Return 2024

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 31.05.2024 in reference currency of the funds
MSCI Emerging Markets ex China Index
Class IC Currency CHF Inception date 02.05.2022 Price 1'063.51
Return May
-0.31 %
-1.74 %
Return 2024
4.99 %
9.57 %
Return (cum.) since inception
-0.60 %
1.57 %
Risk Volatility
11.57 %
16.87 %
Sharpe Ratio
-
-

Equity Switzerland

The Swiss equity market also started the year on a positive note. Due to its more defensive nature, the increase was of course somewhat less pronounced than in the USA, for example. In the final analysis, our fund was not quite able to keep up with the capital-weighted SPI. The non-selection of Lonza (with a quarterly performance of over 50%) and the overweighting of Kühne + Nagel were particularly significant.

Data as per 31.05.2024 in reference currency of the funds Class Currency Inception date Price

OLZ incl. fees, Benchmark excl. fees

Return May

OLZ incl. fees, Benchmark excl. fees

Return 2024

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 31.05.2024 in reference currency of the funds
Swiss Performance Index (TR)
Class IR Currency CHF Inception date 20.12.2010 Price 2'582.76
Return May
3.79 %
6.14 %
Return 2024
6.25 %
9.75 %
Return (cum.) since inception
185.94 %
173.23 %
Risk Volatility
10.89 %
11.76 %
Sharpe Ratio
0.76
0.67

Equity Switzerland Small & Mid Caps

In Q1, the riskier small and mid caps in Switzerland lagged slightly behind the large caps. Despite the positive market environment, our small and mid cap fund managed to outperform the capital-weighted SPI Extra and post a solid gain.

Data as per 31.05.2024 in reference currency of the funds Class Currency Inception date Price

OLZ incl. fees, Benchmark excl. fees

Return May

OLZ incl. fees, Benchmark excl. fees

Return 2024

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 31.05.2024 in reference currency of the funds
Class I Currency CHF Inception date 15.12.2022 Price 113.63
Return May
2.27 %
3.32 %
Return 2024
6.36 %
6.42 %
Return (cum.) since inception
14.39 %
12.73 %
Risk Volatility
7.89 %
11.59 %
Sharpe Ratio
-
-

Equity China

The Chinese stock market is simply not budging - and Q1 was no exception. Despite a temporary flicker of optimism, the market tipped back into negative territory over the course of the quarter. A stuttering economy combined with a still struggling real estate market are poison for share performance. As expected, our risk-optimized China fund was able to outperform in this market environment and reduce the loss in the last three months compared to the benchmark.

Data as per 31.05.2024 in reference currency of the funds Class Currency Inception date Price

OLZ incl. fees, Benchmark excl. fees

Return May

OLZ incl. fees, Benchmark excl. fees

Return 2024

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 31.05.2024 in reference currency of the funds
MSCI China Total Return Index
Class HD (HKD) Currency HKD Inception date 27.04.2022 Price 95.34
Return May
0.85 %
2.45 %
Return 2024
1.70 %
7.26 %
Return (cum.) since inception
-4.66 %
-1.86 %
Risk Volatility
21.82 %
33.40 %
Sharpe Ratio
-
-
Data as per 31.05.2024 in reference currency of the funds
MSCI China Total Return Index
Class IC (CHF) Currency CHF Inception date 23.09.2021 Price 782.04
Return May
-0.79 %
0.75 %
Return 2024
9.05 %
14.76 %
Return (cum.) since inception
-21.80 %
-31.24 %
Risk Volatility
17.06 %
27.23 %
Sharpe Ratio
-
-
Data as per 31.05.2024 in reference currency of the funds
MSCI China Total Return Index
Class IH (HKD) Currency HKD Inception date 23.09.2021 Price 1'607.18
Return May
0.89 %
2.45 %
Return 2024
1.93 %
7.26 %
Return (cum.) since inception
-19.64 %
-29.35 %
Risk Volatility
20.23 %
30.25 %
Sharpe Ratio
-
-

Foreign currency bonds (CHF hedged)

While at the beginning of the year there was still talk of interest rate cuts in the near future, this hope faded in the course of the first quarter. Postponed is not canceled - nevertheless, interest rates rose in the major currency areas. Even in Japan! In the land of the rising sun, the central bank abandoned its negative interest rate policy and raised the key interest rate for the first time in 17 years. However, Japan is excluded from the investment universe of our government bond funds due to its credit rating. Interest rates rose most significantly in GBP, closely followed by EUR, USD and CAD. In an environment of rising interest rates worldwide, our government bond fund with medium maturities (Mid Term) outperformed the index due to its lower duration compared to the benchmark. The opposite was true for the fund with longer maturities (long term).

Data as per 31.05.2024 in reference currency of the funds Class Currency Inception date Price

OLZ incl. fees, Benchmark excl. fees

Return May

OLZ incl. fees, Benchmark excl. fees

Return 2024

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 31.05.2024 in reference currency of the funds
Class I Currency CHF Inception date 01.07.2011 Price 843.87
Return May
0.25 %
0.39 %
Return 2024
-1.71 %
-1.91 %
Return (cum.) since inception
-9.23 %
-2.96 %
Risk Volatility
2.06 %
2.22 %
Sharpe Ratio
-0.36
-0.10
Data as per 31.05.2024 in reference currency of the funds
Class I Currency CHF Inception date 17.04.2007 Price 1'038.96
Return May
0.56 %
0.23 %
Return 2024
-3.82 %
-3.07 %
Return (cum.) since inception
17.42 %
19.53 %
Risk Volatility
5.03 %
3.80 %
Sharpe Ratio
0.18
0.27

Bonds CHF

Swiss interest rate developments made international headlines in Q1 - or rather the Swiss National Bank did. Thanks to an inflation rate that has now been below the target value of 2% for over 6 months, the SNB was the first major central bank to lower its key interest rate. The CHF bond market responded by lowering interest rates for shorter maturities. Thanks to its stronger positioning in shorter-term bonds, our Bond CHF fund outperformed the market index in Q1.

Data as per 31.05.2024 in reference currency of the funds Class Currency Inception date Price

OLZ incl. fees, Benchmark excl. fees

Return May

OLZ incl. fees, Benchmark excl. fees

Return 2024

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 31.05.2024 in reference currency of the funds
SBI AAA-BBB TR
Class I-A Currency CHF Inception date 01.07.2014 Price 964.83
Return May
-0.77 %
-0.93 %
Return 2024
-0.92 %
-0.64 %
Return (cum.) since inception
-1.38 %
2.04 %
Risk Volatility
3.03 %
4.10 %
Sharpe Ratio
-0.05
0.05

Mixed fund Smart Invest 65

The OLZ mixed fund with a 65% equity component underperformed its benchmark index in the first quarter. The weak performance of the risk-optimized equity components was the main reason for this. The lower foreign currency component also had a negative impact on performance: Numerous currencies have appreciated against the CHF since the beginning of the year, which could have benefited from a higher foreign currency exposure.

Data as per 31.05.2024 in reference currency of the funds Class Currency Inception date Price

OLZ incl. fees, Benchmark excl. fees

Return May

OLZ incl. fees, Benchmark excl. fees

Return 2024

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 31.05.2024 in reference currency of the funds
Pictet BVG-40 Index
Class IR Currency CHF Inception date 19.05.2017 Price 100.57
Return May
0.97 %
1.08 %
Return 2024
3.10 %
5.83 %
Return (cum.) since inception
4.39 %
21.69 %
Risk Volatility
6.87 %
6.95 %
Sharpe Ratio
0.07
0.41
Pension solutions for pillar 3a and vested benefits assets
Data as per 31.05.2024 in reference currency of the funds
Pictet BVG-40 Index
Class I Currency CHF Inception date 03.11.2016 Price 113.45
Return May
0.99 %
1.08 %
Return 2024
3.17 %
5.83 %
Return (cum.) since inception
13.80 %
29.36 %
Risk Volatility
6.69 %
6.75 %
Sharpe Ratio
0.26
0.51

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: