We are pleased to inform you that the Board of Trustees has decided to remunerate the savings accounts with an interest of 3% for the year 2020 The interest is calculated based on the 1.1.2020 balance plus pro rata on the additional purchases you may have made into your savings account during the year.
As some of you might have heard, there is a new legal regulation in place since 1 January 2021 concerning the external membership of Pension Funds. Although external membership was already possible before that date, it must now be offered by all Swiss pension funds and its main characteristics have now been defined by the law.
What a crazy year! In March, we had lost in total 10% of our investments, equities had lost 20% (average, Swiss, Global and Emerging Markets). From April onwards, the recovery took place and thanks to November and December, the year finished for as with an unexpected but very comfortable return of 4.8%.
2020 has been a rollercoaster year at the international capital markets. After our portfolio recovered in summer from the losses in spring, autumn has again brought negative results. As of 31 October 2020 our total portfolio performance was -1.7% since 1 January. November started quite promising, and we still hope for a market recovery towards...
Due to the pleasing investment return in August we have now fully recovered the losses we suffered earlier this year.
Thanks to the market recovery in the 2nd quarter, our ytd-performance as of 30th June 2020 was -3.1% .
We are confident that our broad diversification will help us to recover from the Covid 19-crisis and are still in a comfortable funding situation.
Our annual report for 2019, highlighting the most relevant developments during the year 2019 and a preliminary status of 2020, is published and available in our download-section.
As you already know, the companies HP International Sàrl, HP Europe BV, Amsterdam Meyrin Branch and HP Schweiz GmbH (hereafter: HPI), affiliated to our Foundation since the 1 January 2016, have terminated their affiliation contract for the 31 December 2019.
As most of the pension funds, we closed the year 2019 with excellent results. The performance of the investments was with 12.3% once again a two digit number, bringing us to a coverage ratio of 120.8% as of 31 December 2019.
Given the turbulent situation due to the Corona Virus, we also suffer from the stock market turbulences in March, as do all investors. We reduced our equity exposure during the 4th quarter of 2019 to increase our real estate holdings, and this makes us now a bit less exposed to the stock market turbulences.
