Your money — our investment
TRANSPARENTA balances returns, security and liquidity — together with index-oriented and sustainable investing.
Investment report
TRANSPARENTA provides monthly information on the performance and other key figures of the investment.
Performance measures the return on an investment and is carried out using the time-weighted method (TWR).
The following information relates to the investment portfolio in the single-investor fund. It represents approximately 95% of TRANSPARENTA's balance sheet total.
Marcel Fenner from Weibel Hess & Partner speaks with our CEO Fabian Thommen about the business philosophy and the advantages of TRANSPARENTA.
Fabian Thommen explains why leadership is crucial for sustainable strategies and why TRANSPARENTA relies on a traditional investment strategy. He also provides insights into TRANSPARENTA's philosophy and approach.
Jährliche Anlageperformance seit Gründung
Investment structure by category as at 31 August 2026
TRANSPARENTA focuses its investment strategy on the proven long-term investment categories of equities, bonds and Swiss real estate.
Deviations from the strategic target value are possible within the regulatory ranges (“effective” compared to “strategy”).
Cumulative performance since 1 January 2026
At the end of August 2026, the net return on the investment portfolio was 5.64% (benchmark: 5.45%).
Performance by investment category* (
January – August 2026
)
Comparison of investment performance in % last 5 years
Annualized values as of December 31, 2025 in%
Comments from the Investment Commission — Extracts from the minutes of the monthly meetings
The latest market assessments and decisions of the Investment Commission are commented on below. In the information center, you can find all log extracts since 2024.
Protokollauszug vom 19. Oktober 2026
Zum Stichtag präsentieren sich Schweizer Aktien (Large und Mid Caps) nahe ihrem strategischen Gewicht, während Aktien in Fremdwährung ein deutliches Übergewicht aufweisen. Obligationen in CHF und Fremdwährungen notieren nahe ihrer jeweiligen strategischen Quote. Die Aussetzung gegenüber Schweizer Immobilienanlagen liegt weiterhin unter ihrem Strategiegewicht. Bei den Edelmetallen fluktuiert das Gewicht der Goldposition um den Strategiewert. In der Anlagekategorie «Obligationen Fremdwährung» werden die wichtigsten Währungen (CAD, EUR, GBP, JPY, USD) vollumfänglich gegenüber dem Schweizer Franken abgesichert. Gemäss den Parametern der regelbasierten Rebalancing-Methodik besteht kein Anpassungsbedarf. Die Anlagekommission sieht darüber hinaus keinen Anlass für Anpassungen an eingesetzten Anlageprodukten oder an der Komposition bzw. relativen Gewichtung von innerhalb einzelner Anlagekategorien verfolgten Sub-Strategien.
Protokollauszug vom 28. September 2026
Zum Stichtag präsentieren sich Schweizer Aktien (Large und Mid Caps) nahe ihrem strategischen Gewicht, während Aktien in Fremdwährung ein deutliches Übergewicht aufweisen. Obligationen in CHF und Fremdwährungen notieren nahe ihrer jeweiligen strategischen Quote. Die Aussetzung gegenüber Schweizer Immobilienanlagen liegt weiterhin unter ihrem Strategiegewicht. Bei den Edelmetallen fluktuiert das Gewicht der Goldposition um den Strategiewert. In der Anlagekategorie «Obligationen Fremdwährung» werden die wichtigsten Währungen (CAD, EUR, GBP, JPY, USD) vollumfänglich gegenüber dem Schweizer Franken abgesichert. Gemäss den Parametern der regelbasierten Rebalancing-Methodik besteht kein Anpassungsbedarf. Die Anlagekommission sieht darüber hinaus keinen Anlass für Anpassungen an eingesetzten Anlageprodukten oder an der Komposition bzw. relativen Gewichtung von innerhalb einzelner Anlagekategorien verfolgten Sub-Strategien.
Protokollauszug vom 31. August 2026
Gemäss den Parametern der regelbasierten Rebalancing-Methodik wurde durch eine Verletzung der oberen Bandbreite der Anlagekategorie Aktien Fremdwährungen per Ende August Anpassungen am Anlageportfolio ausgelöst. Einem Abbau übergewichteter Aktienpositionen sowohl in der Schweiz als auch global standen dabei Aufstockungen der Allokation in festverzinslichen Anlagen gegenüber. In der Folge notieren sämtliche Anlagekategorien abgesehen von einem anhaltenden Untergewicht bei Schweizer Immobilienanlagen nahe oder leicht über ihrem zugewiesenen Strategiegewicht. In der Anlagekategorie «Obligationen Fremdwährung» werden die wichtigsten Währungen (CAD, EUR, GBP, JPY, USD) vollumfänglich gegenüber dem Schweizer Franken abgesichert.
investment philosophy
We invest the pension assets of our insured persons securely, efficiently and transparently. For our investment strategy, we take into account the factors return, security and liquidity in a balanced manner. This is complemented by a pragmatic sustainability approach, in which ESG criteria are incorporated into the index-oriented implementation and stewardship activities are implemented.
We invest a good two thirds of our pension assets in yield-generating real assets such as equities and Swiss real estate and a third in stable nominal values such as bonds and cash. In doing so, we keep things simple and focus on the proven and liquid stock and bond markets, supplemented by indirect real estate investments in Switzerland and some gold. Thanks to the index-oriented approach, a good diversification of assets across currencies, regions and industries is achieved. In this way, cluster risks are systematically avoided. Because risk control and transparency are our top priorities: We only invest in investments that we understand.
TRANSPARENTA has been using a rule-based rebalancing approach since 2024. Our concept with a “bandwidth approach” aims to systematically limit deviations between the effective distribution of assets and the investment strategy. This is achieved by returning the weights of the affected investment categories back to the strategy weight if the maximum deviations (bandwidths) defined in the rebalancing concept exceed or fall below the maximum deviations (bandwidths) defined in the rebalancing concept. This also promotes countercyclical behavior, as the example of equities shows: While profits are realized in above-average boom phases, they are topped up again after sharp price falls.
We pay the utmost attention to the creditworthiness, tradability and transparency of the investment instruments used: Bonds from crisily debtors (junk bonds), structured products with high counterparty risks or opaque hedge funds, SPACs and other exotic investments have no place in our portfolio. For the sake of security, we also refrain from marginal additional income from securities lending or experiments with cryptocurrencies.
Studies show that at least 90% of investment success in asset management is attributable to the defined investment strategy — and not to the active selection of individual securities or investment products. TRANSPARENTA therefore focuses cost-effectively on index-oriented investments and largely dispenses with alternative investments and the awarding of active asset management mandates. As a result, asset management costs at TRANSPARENTA are around a third lower than the industry average. Our motto is: Saved costs are the safest return!
“Climate Alliance Switzerland assesses in its Climate rating TRANSPARENTA's investment as a “good practice”.”
As a long-term pension fund and investor, TRANSPARENTA assumes its responsibility towards the social environment and society as well as to preserve the natural environment. The goal is to generate sustainable value for our insured persons in the long term.
This is how we fulfill our duty of care:
- Stewardship: We promote sustainable developments through active dialogue with companies (engagement) and the exercise of voting rights (voting).
- Exclusion criteria: We consistently exclude companies with controversial business activities.
- Integration of ESG ratings: We invest specifically in companies with high sustainability ratings.
- Integration of climate aspects: We are optimizing our portfolio for a better ecological profile.
Transparency in voting behavior
Annual reports on the exercise of voting rights provide complete insights into our voting behavior at general meetings of listed Swiss companies.
Rechenschaftsbericht 2025
Dieser Rechenschaftsbericht fasst das Stimmverhalten für den Zeitraum vom 01.01.2025 bis 31.12.2025 zusammen. Insgesamt hat TRANSPARENTA bei 88 Generalversammlungen mit total 1'737 Traktanden abgestimmt. 1'503 Annahmen stehen 234 Ablehnungen (13%) gegenüber.
Rechenschaftsbericht 2024
Dieser Rechenschaftsbericht fasst das Stimmverhalten für den Zeitraum vom 01.01.2024 bis 31.12.2024 zusammen.
Rechenschaftsbericht 2022
Dieser Rechenschaftsbericht fasst das Stimmverhalten für den Zeitraum vom 01.01.2022 bis 31.12.2022 zusammen.
“Our investment philosophy in three words: safe — efficient — transparent.”
security
- Risk control is a priority and comes before profit maximization
- Rule-based rebalancing approach reduces yield variances with the benchmark
- No high-risk investments in hedge funds, junk bonds or commodities (other than gold)
efficiency
- Focus on proven and liquid investments such as stocks, bonds and Swiss real estate
- Index-oriented implementation at investment category level
- Asset management costs are around a third lower than the industry average
transparency
- Monthly comment on investment activity from our professional investment commission
- Taking ESG criteria into account when selecting our investments
- Active exercise of voting rights and involvement in Swiss equities via “Inrate”