Swiss Journal of Economics and Statistics

, Volume 144, Issue 2, pp 153–195 | Cite as

Investment Performance of Swiss Pension Funds and Investment Foundations

  • Manuel Ammann
  • Andreas Zingg
Open Access


We investigate the performance of domestic and international bond and equity portfolios of Swiss pension funds and investment foundations over the period of 1996 to 2006. Our sample consists of 73 pension funds and 13 investment foundations with total assets of more than CHF 200 billion. We find some indications for superior skills of security selection and timing by pension funds in international bond management even net of costs for asset management and fund administration. In contrast, we find a significant net underperformance for domestic bonds, domestic equities and international equities. For investment foundations, we find a significant net underperformance for domestic bonds and international equities, whereas for international bonds and domestic equities the null hypothesis of neither significant outperformance or underperformance cannot be rejected. Finally, we find no evidence of persistence in the performance of Swiss pension funds and investment foundations.


investments performance pension funds Switzerland 


G11 G23 


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Copyright information

© Swiss Journal of Economics and Statistics 2008

Authors and Affiliations

  1. 1.Swiss Institute of Banking and FinanceUniversity of St. GallenSt. GallenSwitzerland

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