Swiss Old Age and Survivors Insurance (OASI/DI – AHV/IV – AVS/AI) – Active Trading

Today I came across the graph below (arrows and highlighting added by me) on the website of the Swiss Old Age and Survivors Insurance (OASI/DI – AHV/IV – AVS/AI). It shows the equity portion of the holdings and how they switched from close to 30% Emerging Markets in December 2012 to 15% by September 2013. And at the same time increased holdings in European Large Caps by close to 10%. What I hadn’t been able to deduce rightaway, whether they sold out after underperforming by 15% and were maybe chasing outperforming indices on a quarterly basis, or if they changed  their strategy ahead of time, i.e. in an adaptive fashion. Two possible conclusions: acting pro-cyclically or using market timing, i.e. active management – or more specfically enhanced indexing (the latter as it turns out). The former would be tough, the latter maybe less so.


This second graph shows the performance of the Eurostoxx 50 vs the MSCI Emerging Markets ETF for the last 12 months.eurostoxx-vs-emerging-markets

The graph below shows that a very large portion of the over CHF 30bn in the Siwss Old Age and Survisors Insurance fund is invested using enhanced indexing. Enhanced indexing is a hybrid between active and passive management and describes strategies used in conjunction with index funds for the purpose of outperforming a specific benchmark.

enhanced-indexing liquidität-ahv ahv-vermögen

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