17 May 2023
The investments of the HOTELA pension foundation close the first quarter of 2023 with a pleasing performance of +2.30%. The turmoil surrounding Credit Suisse had only a minimal impact on fixed assets. As of December 31, 2022, the coverage ratio was 100.1%, and at the end of March 2023 it was an estimated 101.9%.
After a historically difficult 2022 for investors, the financial markets got off to a brilliant start in the new year. Equities and bonds made particularly strong gains before inflation and interest rate hikes by the central banks put the brakes on the upward trend from February. Inflation and interest rate policy will continue to be decisive for the development of the investment markets in the coming months. Forecasts assume that headline inflation will fall. The economy has so far been more robust than expected, but the risks are increasing with key interest rates remaining high. The situation remains uncertain, also because of the war in Ukraine.
As of the end of March 2023, the HOTELA systems achieved a performance of +2.30% (strategy: +2.49%). The relevant benchmark indices from UBS and Credit Suisse ended the first quarter at +2.37% and +2.47%.
Within the HOTELA portfolio, foreign equities showed the strongest result with +6.66% (performance contribution: 0.98%), followed by Swiss equities with + 6.11% (performance contribution: 0.45%). Alternative investments closed consistently positive (performance contribution: 0.40%) and, together with reinsurance, achieved the third-best result (+3.90%, performance contribution: 0.13%). Equities in the emerging markets (+3.02%) and infrastructure (+2.53%) also developed very positively. Bonds achieved +1.58% (performance contribution: 0.45%). Only real estate funds recorded a slight minus (real estate in Switzerland: -0.37%, real estate abroad: -0.62%).
As of December 31, 2022, the coverage level of the HOTELA pension foundation was 100.1%, and 101.9% (estimated) as of the end of March 2023.
Credit Suisse stocks and bonds make up a marginal portion of the portfolio of the HOTELA pension foundation, and HOTELA did not hold any high-risk AT1 bonds. The liquidity deposited with Credit Suisse was reduced even before the takeover and is now minimal. The takeover by UBS and the preceding turbulences at Credit Suisse therefore have only a very minor impact on HOTELA.Source: HOTELA die Sozialversicherung
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