Compenswiss

Compenswiss (AHV/AVS Fund) — official CHF ~CHF 50.5B managed assets (31 Dec 2025). Director Eric Breval; Chief Investment Strategist Frank Juliano. First-pillar reserve funds — not CdC.

UAO Editorial September 11, 2026 39 min read

Registry · Top 100 · rank 89 (INST) · Public Social-Security Reserve Fund · Switzerland · Last researched 11 September 2026 · Corrections: info@universalassetowners.com

Executive brief

compenswiss — soft strings Compenswiss, AHV/AVS Fund, Ausgleichsfonds, Ausgleichsfonds AHV/IV/EO, Fonds de compensation AVS/AI/APG — is an independent public-law institution of the Swiss Confederation based in Geneva. It has its own legal personality, keeps its own accounts, and is entered in the commercial register of the Canton of Geneva. Official mandate: manage the reserve funds of Switzerland’s first-pillar social insurances — old-age and survivors’ insurance (OASI / AHV / AVS), invalidity insurance (InvI / IV), and the loss of earnings compensation scheme (LEC / EO / APG) — retaining sufficient liquidity at all times to pay benefits while seeking the best possible relationship between security and a market-consistent return.

Prefer official Swiss francs (CHF) only for the AUM headline. compenswiss’s 17 February 2026 press release and Medienkonferenz materials put managed assets at CHF 50,550 million (~CHF 50.5 billion on the homepage key-figures card) as at 31 December 2025, versus CHF 46,102 million at YE2024. The 21 May 2026 Betriebsergebnisse release cites CHF 50,691 million managed assets at the same year-end in the operating-results framing — cite the dated primary rather than inventing a USD conversion. Do not invent a USD headline; stale Instant ~US$45 bn public estimates are superseded by dated CHF.

Leadership (live organisation page + AR 2025 / press): Director / Managing Director Eric Breval (official German/French Direktor / Directeur; English organisation page also labels Chief Executive Officer — Instant maps the CEO seat with title Director (Managing Director)). Chief Investment Strategist Frank Juliano (Instant maps the cio field — keep the official Strategist title; do not invent “CIO”). Board President Manuel Leuthold.

Researchers care because compenswiss is the Confederation’s first-pillar reserve-fund manager sitting under the Social Security Funds Act (Ausgleichsfondsgesetz), with a structural tension between statutory fund-size norms (~one year of AHV expenditure), pay-as-you-go cash flows (~CHF 63 billion annual insurance cash-out in official decks), and market returns — plus near-term policy pressure from the 13th AHV pension and the IV’s CHF 10.3 billion debt to AHV. Soft-string disambiguation: ≠ Centrale de compensation (CdC), ≠ second-pillar Pensionskassen, ≠ SNB. Related UAO hubs: Registry institutions and European public pension / social-security reserve peers.

Speakable summary

Compenswiss is Switzerland’s independent public-law institution managing the AHV/AVS, IV and EO reserve funds from Geneva. Official managed assets about CHF 50.5 billion at 31 December 2025. Director Eric Breval; Chief Investment Strategist Frank Juliano; Board President Manuel Leuthold. 2025 net investment return 6.34% after FX hedging. Prefer CHF; not CdC.

Mandate & ownership

Legal identity: compenswiss, the Institution for the Administration of the Swiss Federal Social Security Funds AHV, IV and EO, created under the Federal Act on the Institution for the Administration of the Swiss Federal Social Security Funds AHV, IV and EO (Social Security Funds Act / Ausgleichsfondsgesetz) of 16 June 2017, effective institutional form 1 January 2019. On that date the three funds lost separate legal personality and their assets and liabilities transferred automatically to the new institution (official History page).

Statutory asset-management goals (AGFG art. 3 paras 4–5, as restated in the 17 February 2026 deck): manage each fund’s assets for the best possible relationship between security and a market-consistent return consistent with its investment and risk profile; and keep sufficient liquidity at all times for benefit payments. Values published in English: Integrity, Professionalism, Engagement, Collaboration.

Goals page distinction: the OASI/InvI/LEC social-security funds act as buffer funds so benefits can be paid even when expenditure exceeds income in a given year; compenswiss is the institution that administers those assets. AHV Act art. 107: as a rule the OASI social-security fund may not fall below the amount of one year’s expenditure; administration is governed by the Social Security Funds Act.

What the mandate is not: not the Centrale de compensation (CdC) benefit-administration body; not a second-pillar occupational pension fund (BVG/LPP); not the Swiss National Bank; not a sovereign wealth fund in the commodity-SWF sense. Soft-string search collisions with “Ausgleichskasse” (cantonal compensation offices) should be avoided.

Scale & portfolio

As-ofOfficial managed assets (CHF)Source
31 Dec 2025CHF 50,550 million (~CHF 50.5 bn homepage)Press / Medienkonferenz 17 Feb 2026; key figures
31 Dec 2025 (ops framing)CHF 50,691 millionBetriebsergebnisse release 21 May 2026
31 Dec 2024CHF 46,102 millionPress 18 Feb 2025 / YE2025 YoY base
31 Dec 2025 — AHV / IV / EOCHF 44,634.6M / 3,660.0M / 2,254.9MPresentation 17 Feb 2026
31 Dec 2025 — investments / liquidityCHF 45,908M / CHF 4,642MPress 17 Feb 2026; Assets page
31 Dec 2024 — investments / liquidityCHF 43,366M / CHF 2,736MPress 17 Feb 2026 YoY

Key figures (31.12.2025): OASI assets CHF 44.6 bn, InvI CHF 3.7 bn, LEC CHF 2.3 bn; investment result 6.34%; cumulative 10-year performance 35.90%; gains over 10 years CHF 11.2 bn; 50% / 50% internal / external mandates; ~70% of assets under management in Switzerland; CHF 1.3 bn loans to cantons/municipalities; exposure in 100+ countries; 45 mandates.

Official Assets page (million CHF, 31.12.2025) opens the investment book in unusual mandate-level detail: money-market CHF 290; loans CHF 1,285; Swiss-franc bonds CHF 5,618 (domestic borrowers CHF 4,825; foreign borrowers CHF 793); foreign-currency bonds CHF 15,646 (government CHF 4,487; inflation-linked CHF 1,502; emerging-market CHF 1,391; corporates CHF 3,899; higher-yielding / private debt / senior loans / high yield / ABS sleeves); equities CHF 13,231 (small/mid CHF 2,588; large-cap/EM CHF 10,643); real estate CHF 6,398 (Switzerland listed CHF 2,571; global listed CHF 865; global unlisted CHF 2,962); gold/commodities CHF 2,112; multi-asset replication CHF 1,305; currency overlay CHF 21; liquidity CHF 4,642 — total CHF 50,550.

Organisation scale: homepage ~58.05 FTE end 2025; average seniority 9.4 years; 33% women on the Executive Committee; press materials describe around 60 staff. Seat: Boulevard Georges-Favon 6, 1204 Geneva. Omit private phone numbers from public profiles beyond what official press contact blocks already publish.

Governance & leadership

Director / Managing Director: Eric Breval. Official press and Medienkonferenz materials title him Direktor. The English organisation page heading uses Chief Executive Officer. UAO Instant leadership maps the CEO seat with official title Director (Managing Director). AR 2025 states Director total remuneration including ancillary benefits of CHF 413,020 for 2025 (CHF 409,246 in 2024).

Chief Investment Strategist: Frank Juliano. Live organisation page and AR 2025 Executive Committee composition list this official title. Instant stores the seat under the cio field for Top-100 tooling — researchers should keep the published Strategist label and must not invent a “CIO” title the institution does not use on the live page.

Chief Operations & Finance, Deputy: Marc Pfenninger — Deputy CEO / Stellvertretender Direktor on live materials. Head of Asset Management: Gaëlle Barlet. Secretary General & Chief Compliance Officer: Francesca Azzi Price. Chief Risk Officer: Vivien Ravel. AR 2025 photo line (left to right): Frank Juliano, Gaëlle Barlet, Eric Breval, Francesca Azzi Price, Vivien Ravel, Marc Pfenninger.

Board of Directors: supreme governing body; 11 voting members elected by the Federal Council (independents / insured representatives, employer and employee associations, Confederation seat). Advisory (non-voting) representatives of the Federal Finance Administration and the Federal Social Insurance Office attend. President: Manuel Leuthold (mandate start 01.01.2016; last re-election noted 01.01.2024). Vice-President: Ruth Meier. Live organisation page members include Philippe Augsburger, Hans-Ulrich Bigler, Elisabeth Bourqui, Sascha M. Burkhalter, Cristina Maderni, Gabriela Medici, Roland A. Müller, Michaela Troyanov, Adrian Wüthrich (verify live roster after year-end changes — AR 2025 notes Verena Bernhard left as of 31 December 2025).

Committees: Board Investment Committee (prepares asset-management matters; sets allocation constraints and internal vs external management decisions) and Audit & Personnel Committee. External auditor for 2025: Ernst & Young SA; internal audit and investment-control mandates: KPMG SA. Board total remuneration 2025: CHF 366,750; Executive Committee payroll including variable components: CHF 1,882,750 (AR governance).

Investment philosophy

Allocation process (official): annual recurring cycle covering investment horizon, performance expectations, risk capacity, macroeconomic scenarios, then strategic allocation. Board of Directors assesses risk capacity and defines strategic asset allocation; Board Investment Committee sets constraints and detailed SAA and decides internal vs external management; Executive Committee implements per Board instructions.

2025 was officially described as the last year of a uniform asset allocation across the three social-insurance funds. From 2026, compenswiss implements differentiated allocations tailored to each fund’s financial situation and liquidity needs (press 17 Feb 2026; AR preface).

Presentation colour on the YE2025 market portfolio (~CHF 45.9 bn): equities about 29.8%; indirect real estate about 13.9%; CHF bonds and loans about 15.6%, with the balance across foreign-currency fixed income, gold, multi-asset and overlays. Mandate count: 45 + treasury; 19 internal (50% of assets); 26 external (50%); largest mandate about CHF 4.8 bn (Swiss bonds).

Liquidity is not an afterthought: YE2025 liquidity/treasury rose to CHF 4,642 million from CHF 2,736 million, explicitly linked in official commentary to preparing for elevated near-term outflows (including the 13th-pension reserve).

Climate / ESG / ethics

Opened primaries: Nachhaltige Anlagestrategie der compenswiss PDF; AR 2025 ESG section; ESG Information page; Exercise of voting rights pages; SVVK–ASIR page; Medienkonferenz ESG slides.

Four-pillar ESG strategy (AR / strategy PDF): (1) ESG integration across most of the portfolio, including climate aspects, controversies, UN SDG themes, and Swiss Climate Scores portfolio assessment aligned with Switzerland’s Paris commitments; (2) active voting on Swiss equities held (practised since 2002); (3) targeted shareholder dialogue; (4) binding exclusions.

Exclusion timeline (strategy PDF): from 2013, exit from agricultural commodities/food investments and companies involved in controversial weapons production; from 2021, removal of mining and power-generation companies with a significant share of revenue from thermal coal. Holdings transparency: positions published on the website for several years. Medienkonferenz 2025 stats cited 2,158 voting resolutions and dialogues with 383 companies, plus coal-exclusion additions.

SVVK–ASIR: compenswiss is a founding member (3 December 2015) alongside BVK, comPlan, Post, SBB, PUBLICA and Suva — founding members then managing over CHF 150 billion combined (official SVVK page). Dialogue is preferred; exit is described as a last resort when engagement fails.

Performance & reporting

MetricOfficial figureSource
Managed assets YE2025CHF 50,550M (press) / CHF 50,691M (ops)17 Feb / 21 May 2026
Investment assets / liquidity YE2025CHF 45,908M / CHF 4,642MPress / Assets page
Net return on investment assets (FX-hedged)6.34% (prior 7.33%)Press 17 Feb 2026
Liquidity net return0.46% (prior 1.55%)Press 17 Feb 2026
AHV / IV / EO fund returns 20255.89% / 5.92% / 6.03%Key figures / press
AHV / IV / EO CHF investment result 2025CHF 2,413M / 215M / 128MPresentation 17 Feb 2026
Asset-management costs (incl. stamp)0.17% of investment assets (prior 0.18%)Press
Operating cost / assets0.09% (2024: 0.11%)AR 2025
10-year cumulative performance35.90%Key figures
10-year gainsCHF 11.2 bnKey figures
AHV umlage / betriebsergebnis 2025+CHF 1,844M / +CHF 4,445MOps release 21 May 2026
IV umlage / betriebsergebnis 2025CHF −209M / CHF −213MOps release 21 May 2026
EO umlage / betriebsergebnis 2025+CHF 179M / +CHF 305MOps release 21 May 2026
IV debt to AHVCHF 10,284 million (unchanged)Ops release 21 May 2026

Sleeve performance after currency hedging (official Performance page, 31.12.2025 framing): equities portfolio 11.18% (large-cap/EM 13.06%; small/mid 4.04%); commodity/gold investments 45.86%; multi-asset replication 7.06%; Swiss listed real estate 13.61% within a mixed real-estate book (global listed −10.28%; global unlisted −5.70%); foreign-currency bonds −2.80%; Swiss-franc bonds −0.11%; loans 0.74%; money markets 0.13%; liquidity management 0.46%; overlay 2.30%.

Transparency stack: compenswiss.ch key figures, assets (mandate-level), performance, organisation, history, legal basis, ESG/voting/SVVK, media releases, annual reports (Jahresrechnung und Geschäftsbericht), press-conference PDFs, custody and IPSAS factsheets. February figures are often labelled as not yet fully revised; May operating results refine the year-end narrative.

Controversies & debates

Official attributable actions and disclosures first — no invented scandal narratives.

Statutory fund-size vs cash-out gap: decks cite ~CHF 63 billion annual insurance cash-out against ~CHF 50.5 billion managed assets, while AHV law generally expects a fund near one year of expenditure. Board President Manuel Leuthold’s 17 February 2026 press quote stresses that the 100% annual-expenditure norm becomes harder to meet with the 13th AHV pension and that additional financing remains essential.

13th AHV pension: first payment December 2026; CHF 2 billion liquidity reserve built in 2025 for planned payouts; BSV perspectives expect umlage deficits from 2026 until a financing solution is found (press).

IV finances: negative umlage and betriebsergebnis in 2025; unresolved IV debt of about CHF 10.3 billion to AHV (ops release CHF 10,284 million) bearing 2.1% interest through end-2026 in official commentary; compenswiss plans roughly CHF 35 million per month of asset sales in 2026 to secure IV benefit liquidity.

Custodian-bank change: official FAQ factsheet (01.01.2026) explains the global-custody role, the UBS mandate since 1997, and the tender launched 13 December 2021 after Swiss Federal Audit Office recommendations — responding to public/media questions without treating custody as ownership transfer (assets remain fund property).

Accounting change: IPSAS factsheet (12.06.2026) documents new accounting-standard adaptation — label as official technical change, not a controversy.

Secondary press coverage of returns or custody should be labelled secondary. Corrections: info@universalassetowners.com.

Timeline

  • 1925 — Constitutional basis for OASI.
  • 1940 — Income Compensation Insurance for militia soldiers (LEC precursor).
  • 6 July 1947 / 1 January 1948 — OASI Act approved / enters force; OASI social-security fund created.
  • 1953 — LEC social-security fund created within OASI fund structure.
  • 1959–1960 — Invalidity Insurance Act; InvI and InvI fund created.
  • 2 December 1996 — Federal Council ordinance on joint administration of the three funds.
  • 2002 — Voting on Swiss equities begins (ESG strategy PDF).
  • 2011 — Three legally independent funds under joint administration (InvI reorganisation act).
  • 2013 — Exclusions: agricultural commodities/food; controversial weapons.
  • 3 December 2015 — SVVK–ASIR founded; compenswiss founding member.
  • 16 June 2017 — Social Security Funds Act adopted.
  • 1 January 2019 — compenswiss independent public-law institution; funds’ assets/liabilities transfer.
  • 2021 — Thermal-coal mining/power exclusions from investment universe.
  • 13 December 2021 — Global-custody tender launched (custody factsheet).
  • 31 December 2024 — Managed assets CHF 46,102 million; investment net return 7.33%.
  • 18 February 2025 — YE2024 results press conference.
  • 31 December 2025 — Managed assets ~CHF 50.5 billion; investment net return 6.34%.
  • 1 January 2026 — Custody factsheet published; differentiated allocations era begins.
  • 17 February 2026 — YE2025 investment results Medienkonferenz (Bern).
  • 21 May 2026 — Betriebsergebnisse 2025 release (AHV/EO positive; IV negative).
  • 12 June 2026 — IPSAS accounting factsheet published.
  • December 2026 — First 13th AHV pension payment scheduled (official forward guidance).

Annex: AUM honesty (CHF)

UAO hard lock for this profile: prefer official CHF from compenswiss.ch, press releases, Medienkonferenz decks, and the Jahresrechnung/Geschäftsbericht. Do not invent a USD headline AUM. Instant legacy ~US$45 bn public estimates are explicitly superseded by dated CHF 50.5 bn YE2025 figures.

When two official CHF year-end totals appear (CHF 50,550 million in the 17 February 2026 investment press pack versus CHF 50,691 million in the 21 May 2026 operating-results release), cite both with dates and framing — February materials often carry an unrevidiert caveat; May materials close the operating year. Presentation tables also show CHF 50,549.5 million as the sum of AHV 44,634.6 + IV 3,660.0 + EO 2,254.9.

Homepage marketing card rounds to approximately CHF 50.5 billion assets managed — consistent with the press total, not a separate invented series.

Annex: ≠ CdC / Pensionskassen / SNB

Centrale de compensation (CdC) administers first-pillar registers and many cross-border benefit processes; it is not the asset manager of the Ausgleichsfonds. Official Compenswiss videos should not be fabricated from CdC or BSV explainers.

Second-pillar occupational Pensionskassen (including PUBLICA, SBB, Post, BVK — SVVK peers) are distinct legal entities even when they collaborate on responsible-investment associations.

The Swiss National Bank is the monetary authority and manages foreign-exchange reserves — not the AHV/IV/EO reserve funds. Soft-string “Ausgleichskasse” usually means a cantonal compensation office, not compenswiss.

Annex: Mandate-level holdings (31 Dec 2025)

The official Assets page publishes an unusually granular CHF million book. Equities CHF 13,231 include Switzerland large-cap mandate CHF 2,506; Europe ex-Switzerland CHF 2,482; North America CHF 2,462; Pacific CHF 1,106; emerging markets CHF 2,088; plus Swiss small/mid (~CHF 981 across two mandates), North America small caps CHF 658, and global small caps ex-Switzerland CHF 950.

Foreign-currency fixed income CHF 15,646 spans EU Treasury CHF 483, selected sovereign CHF 2,241, US Treasury CHF 1,763, inflation-linked CHF 1,502, EM local-currency and USD sleeves, EUR/USD corporates, private debt, senior loans, high yield, special situations, and USD MBS CHF 1,316.

Real estate CHF 6,398: two Swiss listed mandates (~CHF 1,297 and CHF 1,273), global listed ex-CH CHF 865, and unlisted Asia CHF 1,009 / Europe CHF 1,204 / North America CHF 749. Gold mandate CHF 2,112. Loans to Switzerland CHF 1,285 align with the key-figures CHF 1.3 bn cantons/municipalities line.

This annex restates official website figures for analyst convenience; it does not invent positions beyond the opened Assets page.

Annex: Sleeve returns colour (2025)

Official Performance page after currency hedging: the equity complex delivered the core positive contribution (11.18% portfolio; large-cap/EM 13.06%). Gold/commodities 45.86% matched press commentary that gold’s safe-haven revaluation supported results alongside equity markets and USD hedges.

Fixed-income foreign-currency sleeves were a headwind (−2.80% overall; government −4.09%; inflation-linked −5.02%), partially offset by emerging-market bonds (+5.59%). Swiss-franc bonds were roughly flat (−0.11%).

Real estate was mixed: Swiss listed +13.61% versus global listed −10.28% and global unlisted −5.70%, netting 0.88% for the real-estate portfolio. Multi-asset replication +7.06%; overlay +2.30%; liquidity management +0.46%. Social-insurance wrap returns (5.89% / 5.92% / 6.03%) differ slightly because of unequal liquidity overweights — AHV and IV carried larger liquidity buffers for expected outflows.

Annex: Betriebsergebnisse 2025

21 May 2026 release (Geneva): AHV umlageergebnis +CHF 1,844 million driven by revenue growth linked to STAF and AHV 21 reforms even as expenditures rose; investment result about CHF 2,427 million; IV interest paid to AHV CHF 216 million at 2.1%; AHV betriebsergebnis +CHF 4,445 million.

IV: umlage CHF −209 million; investment result CHF 216 million offset the umlage gap but interest on the IV debt produced betriebsergebnis CHF −213 million — still insufficient to amortise the CHF 10,284 million debt to AHV. EO: umlage +CHF 179 million; betriebsergebnis +CHF 305 million — described as comparatively solid.

Managed assets in this operating framing: CHF 50,691 million at 31 December 2025. Researchers should keep February investment totals and May operating totals labelled by source rather than silently averaging them.

Annex: Board activity 2025 (AR governance)

AR 2025 governance narrative: Board held one extraordinary meeting on reactions to the custodian-bank change; four ordinary meetings; one workshop on differentiated allocations and compenswiss’s positioning in political processes. Investment Committee: four ordinary + one extraordinary meeting — routine market/allocation work plus 13th-pension cash-flow effects and InvI financial stress. Audit & Personnel Committee: four ordinary meetings covering audit/finance/HR, corporate-strategy development, a communication plan, and governance optimisation.

Advisory seat note: Urs Eggenberger (FFA) succeeded into the advisory FFA role from 1 January 2025 per AR thanks section; live organisation page lists Adrian Martinez (FFA) and Sibel Oezen (FSIO) in advisory roles — verify live page for the current advisory names when citing.

OASI Act art. 107 creates the OASI social-security fund; Confederation pays its contribution monthly; as a rule the fund may not fall below one year’s expenditure; administration governed by the Social Security Funds Act of 16 June 2017. InvI Act art. 79 creates the InvI social-security fund on parallel lines.

History page closes the institutional arc: 2019 creation of compenswiss transferred assets and liabilities automatically on 1 January 2019 while the three funds lost legal personality — important for comparing pre-2019 “Ausgleichsfonds” references with today’s compenswiss entity.

Annex: Custody FAQ & IPSAS

Custody factsheet: a global custodian’s role is administrative — safekeeping, performance calculation, unified reporting, trade settlement oversight, sub-custodian appointment. Assets remain property of compenswiss / the funds and are segregated from the custodian’s own balance sheet.

Why change: UBS mandate since 1997; Swiss Federal Audit Office (then auditor) recommended a tender; tender launched 13 December 2021 after prioritising other projects post-2019 Act. Factsheet exists to answer public questions after media comment — treat as official clarification.

IPSAS factsheet (12 June 2026): documents migration toward International Public Sector Accounting Standards for federal enterprises/institutions. Presentation 17 Feb 2026 also flags IPSAS-related restatement of accounting figures as a focus item — cite as technical transparency, not performance spin.

Annex: ESG strategy depth

Strategy PDF emphasises stepwise, deliberate implementation. ESG integration covers climate, controversies, and SDG alignment; Swiss Climate Scores provide a Paris-compatibility lens. Voting since 2002 on Swiss equities; detailed decision lists and summaries are published under the ESG menu.

Engagement philosophy: maintain dialogue as long as possible; exclusion is last resort. End-2022 snapshot in the strategy PDF cited 84 exclusions, 54 of which related to firms with more than 30% thermal-coal revenue (historical snapshot — verify live exclusion lists for current counts rather than inventing updates).

AR 2025 repeats the four pillars and notes portfolios are regularly assessed on ESG indicators and Swiss Climate Scores; exclusion lists cover controversial practices and thermal coal.

Annex: Values, staff, remuneration

Published values: Integrity (honesty, impartiality, lawful behaviour, sustainability at the centre); Professionalism (rigour, high standards, continuous expertise); Engagement (determination, improvement, initiative); Collaboration (respect, listening, diversity as an asset).

Homepage cards: ~58.05 FTE end 2025; average seniority 9.4 years; 33% women on the Executive Committee. Press boilerplate: around 60 people in Geneva operational activities.

Remuneration disclosure (AR): Board CHF 366,750 (2024: 369,750); EC payroll CHF 1,882,750 (2024: 1,823,709); Director CHF 413,020 (2024: 409,246). Further detail points to the Confederation’s top-executive remuneration report for federal enterprises and institutions.

Annex: Risk framing (AR)

AR risk discussion (opened preface/governance): Board sets risk appetite and investment guidelines aiming for the statutory security/return balance. Financial risks on capital investments include market moves that can swing fund wealth; liquidity risk if markets lack buyers when cash is needed for benefits — hence the explicit liquidity mandate and 2025–2026 liquidity build.

Differentiated allocations are themselves a risk-management response: AHV, IV and EO no longer share one identical SAA when their cash-flow and solvency paths diverge.

Annex: Peer context

Among European first-pillar or social-security reserve managers, compenswiss is notable for publishing mandate-level holdings and for the Confederation public-law institutional form (post-2019). Scale (~CHF 50.5 bn) is smaller than the largest Nordic buffer funds and far smaller than NBIM, but the statutory one-year expenditure norm and AHV cash-out (~CHF 63 bn) create a distinctive coverage-ratio debate.

SVVK–ASIR peers (BVK, PUBLICA, SBB, Post, Suva, comPlan) provide a Swiss responsible-investment cluster; they are not the same as compenswiss’s three first-pillar sleeves.

Annex: Research notes

Opened for this pack: homepage/en home; key figures; organisation; values; goals; history; legal basis; allocation process; assets; performance; media releases index; ESG information; voting; SVVK–ASIR; press PDFs 17.02.2026 (DE/FR) and 18.02.2025 (DE); Medienkonferenz presentations 17.02.2026 and 18.02.2025; Nachhaltige Anlagestrategie; Jahresrechnung und Geschäftsbericht 2025 (DE/FR PDFs); Betriebsergebnisse 21.05.2026; Depotbank factsheet; IPSAS factsheet.

English mission-statement page currently redirects users to DE/FR text — do not invent an English mission quote. Organisation page English labels (CEO vs Director) must be paired with DE/FR Direktor usage.

No official Compenswiss-branded YouTube/Vimeo embed located on primary channels as of 11 September 2026; VideoObject omitted per UAO rule (official embed only).

Annex: Non-blocking backlog

Non-blocking expansions if later primaries open: full English translation of Mission Statement; live exclusion-list headcount update beyond strategy-PDF snapshots; detailed Investment Committee membership table from AR beyond committee narrative; post-December 2026 13th-pension cash-flow actuals; any future official video channel. None of these block the ~10k sourced ship.

Annex: Title honesty — Director & Strategist

Eric Breval: use Director / Managing Director as the Instant/leadership headline; note English-site CEO label as alternate wording, not a second person. Frank Juliano: Chief Investment Strategist is the official title on the live organisation page and AR Executive Committee table. Instant’s cio mapping is a seat convention for Top-100 tooling — profiles and schemas should emit the official Strategist jobTitle.

Gaëlle Barlet is Head of Asset Management — distinct from the Strategist seat; do not collapse the two roles. Marc Pfenninger’s Deputy title appears as Deputy CEO on the English page and Stellvertretender Direktor in German materials.

Annex: UAO methodology notes

This elite institution SSR follows the 6 September 2026 Top-100 template: TOC, executive brief, speakable summary, mandate, scale, governance, philosophy, ESG, performance, controversies, timeline, FAQ (12), sources, completeness — plus sourced annexes. H1 is the Ghost post title Compenswiss only (no “| UAO Top 100” in H1). Single www canonical via post.canonical_url. Schema graph owns Organization+GovernmentOrganization, WebPage, BreadcrumbList, FAQPage; no VideoObject. Daily-refresh left disabled. Desk registry-people-desk-41.json untouched (sha prefix a13480ec21c4dc98).

Currency discipline matches other non-USD elites (KWAP MYR, NBIM NOK, etc.): official publishing currency only in the AUM headline.

Annex: Year-in-numbers cards

YE2025 card: ~CHF 50.5 bn AUM; 6.34% investment net return; AHV/IV/EO 5.89/5.92/6.03%; 58 FTE; 45 mandates; 50/50 internal-external; 70% Switzerland; CHF 1.3 bn cantonal/municipal loans; CHF 2 bn 13th-pension liquidity reserve; IV debt CHF 10.3 bn.

YE2024 card: CHF 46.1 bn AUM; 7.33% investment net return; AHV 7.21% / IV 7.13% / EO 7.13%; investment assets CHF 43.4 bn; liquidity CHF 2.7 bn.

10-year card: cumulative performance 35.90%; gains CHF 11.2 bn (key figures 31.12.2025).

Annex: How to read Compenswiss filings

Start with the February Medienkonferenz pack for investment performance and SAA colour; then the May Betriebsergebnisse for umlage vs investment vs betriebsergebnis bridges and the IV-debt line; then the Jahresrechnung/Geschäftsbericht for governance, remuneration, auditor, and ESG narrative; then the website Assets/Performance pages for mandate-level stocks and sleeve returns; then thematic factsheets (custody, IPSAS, sustainable strategy) for structural debates.

German, French and Italian releases are usually parallel; English website pages sometimes lag (mission statement) or use alternate role labels (CEO).

Annex: Stakeholder map

Federal Council (appoints Board and auditor); Board of Directors; Board Investment Committee; Audit & Personnel Committee; Executive Committee (Geneva); Federal Social Insurance Office (BSV/FSIO) perspectives and advisory seat; Federal Finance Administration advisory seat; EY external audit; KPMG internal audit/investment control; external asset managers on 26 mandates; SVVK–ASIR peers; AHV/IV/EO beneficiaries and contribution payers; Parliament/public debate on 13th pension and IV debt.

Annex: Mini-glossary

AHV / AVS / OASI — Alters- und Hinterlassenenversicherung / assurance-vieillesse et survivants / old-age and survivors’ insurance.

IV / AI / InvI — Invalidenversicherung / assurance-invalidité / invalidity insurance.

EO / APG / LEC — Erwerbsersatzordnung / allocations pour perte de gain / loss of earnings compensation.

Umlageergebnis — pay-as-you-go result (contributions and other income minus benefits).

Anlageergebnis — investment result. Betriebsergebnis — operating result combining umlage and investment (and related items such as IV debt interest).

AGFG — Ausgleichsfondsgesetz / Social Security Funds Act.

SVVK–ASIR — Swiss Association for Responsible Investment.

Annex: Open questions (non-blocking)

Will differentiated SAAs be published fund-by-fund with the same mandate-level granularity as the combined Assets page?

What is the live headcount of exclusion-list names after 2025 coal additions?

Will compenswiss publish an official video channel for future Medienkonferenzen?

How will IPSAS restatements affect multi-year comparability tables on the website?

Annex: Editorial guardrails applied

No invented people, titles, AUM, or board seats. CHF-only headline AUM. Director/Strategist title honesty. No private emails/phones beyond official press contact blocks already in PDFs (and those are not copied into this HTML). Influence Index not used as a rating. CdC/BSV videos not mis-attributed. Secondary press labelled if ever used — this pack stays on primaries.

Annex: Source inventory (this pack)

Local primaries under /workspace/uao-compenswiss-2026-09-11/primaries/: HTML (home, key-figures, organisation, values, goals, history, legal, allocation, assets-detail, performance, media, esg-info, voting, svvk, …); PDFs (press 2026-02-17 DE/FR, presentation 2026-02-17 DE, press/presentation 2025-02-18, sustainable strategy, AR 2025 DE/FR, ops 2026-05-21, custody factsheet, IPSAS factsheet); TXT extracts via pdftotext.

Brief: /workspace/uao-research/compenswiss/2026-09-11-compenswiss-primary-source-brief.md.

Annex: Closing synthesis for analysts

Compenswiss is best read as a liquidity-first Confederation reserve-fund manager whose investment returns (solid in 2024–2025) interact with — but cannot alone solve — first-pillar financing politics. The 2025–2026 storyline is the pivot from uniform SAA to differentiated allocations, the liquidity build for the 13th pension, IV cash-flow stress and debt service, custody transition communications, and IPSAS accounting modernisation — all while publishing rare mandate-level transparency for a European public owner.

For Instant/Top-100 durability: keep seat 89 leadership as Eric Breval (Director/MD) + Frank Juliano (Chief Investment Strategist), aumd in official CHF, lastsweep 2026-09-11, and Organisation+GovernmentOrganization schema.

Annex: Internal QA checklist (ship)

Word count ≥10k sourced; no H1 in body; Ghost title Compenswiss; meta_title may include UAO Top 100; canonical_url www only; no link-rel-canonical in codeinjection; FAQPage 12 mirrors on-page FAQ; no VideoObject; tag hash-registry-institution; theme 1.3.183; sitemap 06cf 85 locs with compenswiss and without SAFE/TRS Texas/PIFSS/BIA; desk sha a13480ec21c4dc98; seat-lock carries 68 Iino + 86–88 + new 89; four seats PMT/BCI/MassPRIM/KIC intact; person SSR Breval/Juliano 200; daily-refresh off; no CoS/SEO messaging from this agent.

Annex: Final sourced notes

Breval quote (press 17 Feb 2026): solid equity performance combined with hedges against the weak dollar materially supported the good result; gold’s safe-haven revaluation also contributed to AUM growth.

Leuthold quote (same press): short-term assets may stabilise, but the statutory 100% annual-expenditure fund norm becomes harder with the 13th AHV pension — additional financing remains essential.

EO fund is repeatedly described as comparatively spared from the AHV/IV financing stress — useful when modelling three-sleeve rather than blended risk.

Annex: SAA process restatement

Official allocation-process page restates a clean three-layer governance: Board (risk capacity + SAA), Board Investment Committee (constraints, detailed SAA, internal/external decision), Executive Committee (implementation). That chain is the right citation when analysts ask who “sets” compenswiss risk — not the Director alone, and not external managers.

Annex: Switzerland vs global footprint

Key figures’ ~70% Switzerland AUM share coexists with 100+ country exposure and large foreign-currency bond and equity sleeves — the domestic share is boosted by CHF bonds, Swiss loans, Swiss equities, and Swiss listed real estate, while growth and diversifying risk sit in global credit, EM, Pacific, and gold.

Largest single mandate (CHF 4.8 bn Swiss bonds) underscores home-market fixed-income gravity even as equities and gold drove 2025 performance.

Annex: Media & reporting calendar

Typical year: February Medienkonferenz for investment results; spring/May Betriebsergebnisse for social-insurance operating results; ongoing website updates to Assets/Performance; periodic factsheets when structural changes (custody, IPSAS) draw public questions. Communication contact published for journalists: communication@compenswiss.ch (media page) — institutional, not a private personal inbox to scrape.

Annex: Medienkonferenz 17 Feb 2026 agenda & caveats

The 17 February 2026 Bern Medienkonferenz deck opens with Board President Manuel Leuthold and Director Eric Breval as speakers. Agenda parts: Über uns; Resultate 2025; Rückblick 2025; Marktperspektiven 2026; Fokus; Zusammenfassung; Q&A.

Explicit caveat slide: figures at that date are based on not-yet-revised financial data; careful preparation does not rule out later adjustments — which helps explain why May Betriebsergebnisse can show a slightly different managed-assets total.

Über uns card: independent public-law Confederation institution since January 2019; prior AHV Ausgleichsfonds (1948) then Ausgleichsfonds AHV/IV/EO (2011); wealth about CHF 51 billion at 31.12.2025 in the rounded deck card (AVS 45 / IV 4 / APG 2); annual insurance cash-out CHF 63 billion; Geneva seat; ~60 FTE.

Annex: AGFG mandate text (deck)

Deck restates AGFG art. 3: assets of each Ausgleichsfonds shall be managed so that the best possible relationship between security and market-consistent return is ensured according to the fund’s investment and risk profile; and sufficient liquidity shall be available at all times for each fund.

Mapped objectives triad on the same slide: Liquidity; Security; Market-consistent return. That triad is the cleanest one-line mandate citation for Instant aumd/mandate fields.

Umlageverfahren diagram (deck): contributions/other income − benefits = umlageergebnis; umlageergebnis ± anlageergebnis = betriebsergebnis. Five-year AHV average example (2020–2024) on the slide: contributions/other CHF 49.76 bn; benefits CHF 48.34 bn; umlage CHF 1.42 bn; investment CHF 0.62 bn; betriebsergebnis CHF 2.04 bn — useful context, not a 2025 result.

Annex: YE2024 bridge (press 18 Feb 2025)

18 February 2025 press: 2024 investment performance 7.33%; managed assets CHF 46,102 million versus CHF 40,596 million prior year; rise of CHF 5,506 million driven roughly half by investment return and a material share by the VAT increase under AHV 21 (standard rate 7.7% → 8.1%).

Investment assets YE2024 CHF 43,366 million (prior 37,691); liquidity CHF 2,736 million (prior 2,905). AHV 7.21% (CHF 2,545 million) on CHF 40,339 million; IV 7.13% (CHF 253 million) on CHF 3,814 million; EO 7.13% (CHF 125 million) on CHF 1,949 million.

Official caution even after two strong years: 2024–2025 gains had not fully offset the negative 2022 performance; medium-term financial equilibrium of AHV and IV reserve funds remained at risk — language that continues into the 2026 communications.

Annex: Asset-class map (official labels)

Sleeve (Assets page)CHF million YE2025Notes
Money market investments290Mandate Money Market CHF
Loans Switzerland1,285Cantons/municipalities colour
Swiss francs bonds5,618Domestic 4,825; foreign borrowers 793
Foreign currency bonds15,646Gov / ILB / EM / corp / HY complex
Equities13,231SMID 2,588; large/EM 10,643
Real estate6,398CH listed 2,571; global listed 865; unlisted 2,962
Commodity (gold)2,112Gold mandate
Multi-asset replication1,305Replication portfolio
Currency overlay21Overlay
Liquidity4,642Liquidity portfolios
Total50,550Matches Feb press total

Within foreign-currency bonds, higher-yielding securities complex includes private debt CHF 906, senior loans CHF 1,295, high yields CHF 851, special situations CHF 5, and MBS USD CHF 1,316 — illustrating credit diversification beyond plain sovereigns.

Equity geographic colour: Europe ex-Switzerland and Switzerland large-cap mandates are similar in size (~CHF 2.5 bn each), with North America large-cap also ~CHF 2.5 bn and EM ~CHF 2.1 bn — a balanced developed/EM mix rather than a single-country concentrated book.

Annex: Liquidity build 2024→2025

Liquidity/treasury rose from CHF 2,736 million (YE2024) to CHF 4,642 million (YE2025) — nearly CHF 1.9 billion of additional cash-like buffer in one year. Official press links the AHV/IV liquidity overweight to expected high expenditures in coming years, including the CHF 2 billion reserve earmarked in 2025 for 13th-pension payouts.

That buffer mechanically dilutes social-insurance wrap returns relative to the 6.34% investment-asset net return: AHV 5.89% and IV 5.92% sit below the market-portfolio figure because cash earned only 0.46%. EO’s 6.03% is closer to the investment result, consistent with less forced liquidity.

For 2026 IV planning, roughly CHF 35 million monthly asset sales (~CHF 420 million annualised) are flagged to keep benefit liquidity — a concrete flow researchers can model against the IV sleeve size (~CHF 3.7 bn).

Annex: Official attributable quotes

Eric Breval (Direktor), press 17 February 2026 — on 2025 markets: geo- and trade-policy tensions raised uncertainty, yet markets proved robust; solid equity performance combined with hedges against the weak dollar materially supported results; gold’s safe-haven revaluation also supported AUM growth.

Manuel Leuthold (Verwaltungsratspräsident), same press — on AHV equilibrium: short-term assets might stabilise, but the legal requirement to hold a fund equal to 100% of annual expenditure becomes harder to meet because of the 13th AHV pension; additional financing remains indispensable.

These quotes are primary and dated; do not paraphrase them into invented stronger claims about solvency collapse or about guaranteed future returns.

Annex: Governance structure diagram notes

Management bodies: Board of Directors; Executive Committee; external Auditor. Board Investment Committee and Audit & Personnel Committee are permanent Board committees. Director attends Board meetings in an advisory capacity.

Federal Council defines competency profiles for Board members, appoints the eleven voting members, and designates chair and deputy. Employers’ organisations, trade unions/employee associations, and the Confederation are represented alongside independent/insured seats — classic Swiss social-partnership governance.

Live organisation page lists interest-linkage references (Interessenbindungen / Liens d’intérêts / Relazioni d’interesse) pointing to the Confederation’s extra-parliamentary commission disclosures — use those official registers rather than inventing conflict narratives.

Annex: Executive Committee roster (live + AR)

NameOfficial title (live EN org / AR)UAO person SSR
Eric BrevalDirector / Chief Executive Officer (EN label) / Direktoreric-breval (200)
Frank JulianoChief Investment Strategistfrank-juliano (200)
Gaëlle BarletHead of Asset Management(no SSR required)
Marc PfenningerChief Operations & Finance, Deputy CEOmarc-pfenninger (200)
Francesca Azzi PriceSecretary General & Chief Compliance Officer—
Vivien RavelChief Risk Officer—

Six-member Executive Committee structure is stable across AR 2024/2025 tables even as individual titles evolved historically (earlier years listed Juliano as Head of Asset Management before the Strategist designation and Barlet’s AM seat). Cite the live page for current titles.

Annex: Board roster notes (live org)

Live organisation page (fetched 11 Sep 2026) shows President Manuel Leuthold (Versicherte / independent); Vice-President Ruth Meier; members Philippe Augsburger; Hans-Ulrich Bigler (Swiss Trade Association employer side); Elisabeth Bourqui (BERG Capital Management founder); Sascha M. Burkhalter; Cristina Maderni (PRIMAFID / employer side); Gabriela Medici (Swiss Federation of Trade Unions); Roland A. Müller (Swiss Employers Association director); Michaela Troyanov (Confederation independent); Adrian Wüthrich (Travail.Suisse president).

Advisory: Adrian Martinez (FFA deputy director) and Sibel Oezen (FSIO, AHV/EO/EL benefits area). AR 2025 notes Verena Bernhard departed 31 Dec 2025 — if a live page still momentarily lists a departed member, prefer AR date labels and re-check the live roster before asserting a seat.

Do not invent appointment dates beyond what AR tables or live captions provide; AR table supplies last (re)election and mandate-start columns for the 31 Dec 2025 composition.

Annex: SVVK–ASIR founding set

Official SVVK page: founded 3 December 2015 by BVK (Canton of Zurich), compenswiss (Social Security Funds AHV/IV/EO), comPlan, Post pension fund, SBB pension fund, PUBLICA, and Suva. Founding members then managed over CHF 150 billion combined.

Fiduciary framing on the page: founding members’ duty requires extending the investment process to include ESG criteria. compenswiss’s own four-pillar strategy and exclusion timeline sit alongside this association membership — association membership is not a substitute for compenswiss’s proprietary exclusions and voting programme.

Annex: History narrative (official page)

Pre-OASI: family, charity, church, and restrictive public poor relief. 1925 constitutional basis. 1940 soldiers’ income-compensation insurance as organisational/financing model for OASI. 1948 OASI and OASI fund. 1953 LEC fund inside OASI structure. 1960 InvI and InvI fund inside OASI structure. 1996 joint-administration ordinance. 2011 legal independence of the three funds under joint administration. 2019 compenswiss institution; funds lose legal personality; assets/liabilities transfer 1 January 2019.

That 2019 transition is the clean foundingDate for schema (2019-01-01) even though the AHV fund lineage begins in 1948 — researchers should not confuse fund history with institution legal personality.

Annex: Goals — buffer-fund concept

Goals page: social-security funds ensure benefits can be paid even if expenditure exceeds income in a given year — they act as a buffer fund. Average monthly inflow/outflow statistics appear on the page (JS widgets); for static SSR we rely on the dated press/deck cash-out CHF 63 billion annual figure rather than ephemeral homepage counters.

compenswiss’s institutional goal is therefore operational: always-on liquidity plus security/return balance — distinct from maximising AUM for its own sake. The 2025 liquidity build and 2026 differentiated allocations are consistent with that buffer-fund reading.

Annex: Cost ratios

Two official cost lenses: (1) asset-management costs including stamp tax at 0.17% of investment assets YE2025 (0.18% prior) — press; (2) operating costs at 0.09% of assets (0.11% in 2024) — AR preface. Keep them separate; do not present them as a single TER without labelling.

Low operating-cost ratios relative to AUM are typical for large public owners but should be read alongside mandate complexity (45 mandates, overlays, custody transition, three-sleeve reporting).

Annex: FX hedge & gold contribution

Press and AR both emphasise USD weakness hedges and gold strength as 2025 contributors alongside equities. Performance page shows commodity investments (gold mandate) at 45.86% for 2025 — an outsized sleeve return on CHF 2,112 million of gold.

Currency overlay shows a small notional (CHF 21 million) with +2.30% performance — the economically larger FX story sits inside hedged sleeve returns rather than in the tiny overlay line alone. Analysts should not treat the CHF 21 million overlay as the full hedge book.

Annex: Differentiated allocations focus

Fokus section of the 17 February 2026 deck and AR preface: 2025 last uniform allocation year; thereafter each social insurance receives an allocation matched to its situation. Drivers: AHV’s 13th-pension and coverage-ratio politics; IV’s cash-flow and debt overhang; EO’s relative stability.

Investment Committee work in 2025 already examined 13th-pension cash-flow effects and InvI difficulty — differentiated SAA is the portfolio expression of those committee themes.

Until fund-by-fund SAA tables are published at Assets-page granularity, researchers should treat combined YE2025 holdings as the last uniform snapshot.

Annex: AR 2025 preface themes

Joint preface by Board President and Director covers: net return on investment assets; roughly half of assets managed internally and half by external managers in Switzerland and abroad; ESG four pillars; custodian change extraordinary Board meeting; differentiated allocation workshop; corporate strategy and communication plan work in Audit & Personnel; information-management project continuing into 2026 for governance requirements; cyber awareness training; media/political interest in 13th pension and new custodian.

Staff thanks and Board transition thanks (Verena Bernhard departure; FFA advisory succession) close the human-governance loop without adding investment claims.

Annex: IV debt arithmetic (official)

Ops release: IV debt to AHV unchanged at CHF 10,284 million; interest paid in 2025 CHF 216 million at 2.1%. That interest alone approximates the IV investment result (CHF 216 million) — explaining why even a balanced umlage+investment picture still yields a negative betriebsergebnis once debt service is recognised.

Presentation focus materials flag that the statutory IV fund-size requirement is not met and that there is presently no solution for the CHF 10.3 billion debt — official problem statement, not UAO invention.

Annex: AHV 21 & STAF revenue context

Ops release attributes AHV’s positive 2025 umlage partly to revenue growth from STAF (tax reform and AHV financing, in force 2020) and AHV 21 (2024), including the VAT rate step that also featured in the YE2024 AUM bridge. Expenditures rose but lagged revenues in 2025 — a temporary umlage surplus that official BSV perspectives do not expect to persist once 13th-pension outflows dominate from 2026.

Researchers should separate contribution/tax financing reforms (political) from compenswiss investment results (markets) when explaining AUM changes.

Annex: Schema & Instant field notes

Organization + GovernmentOrganization because compenswiss is a Confederation public-law institution. sameAs limited to official compenswiss.ch URLs (no invented LinkedIn/YouTube). employee Person nodes use official jobTitle strings and UAO person SSR URLs.

Instant seat 89: ceo Eric Breval / ceot Director (Managing Director); cio Frank Juliano / ciot Chief Investment Strategist; aumd official CHF string; conf Official (dated compenswiss CHF); web https://www.compenswiss.ch/; city Geneva, Switzerland; mandate first-pillar reserve-fund manager under AGFG.

FAQPage mirrors the 12 on-page questions. No VideoObject node.

Annex: Soft-string search comparables

  • compenswiss — primary brand lowercase on site
  • Compenswiss — title case in English prose / UAO H1
  • AHV/AVS Fund — English/French soft string used in Instant name
  • Ausgleichsfonds / Ausgleichsfonds AHV/IV/EO — German legal/historical
  • Fonds de compensation AVS/AI/APG — French
  • Swiss Federal Social Security Funds — English descriptive
  • Avoid: CdC, Ausgleichskasse (cantonal), AHV alone without fund context

Annex: Key outbound URL checklist

  • https://www.compenswiss.ch/
  • https://www.compenswiss.ch/en/investment/key-figures
  • https://www.compenswiss.ch/en/portrait/organisation
  • https://www.compenswiss.ch/en/investment/assets-and-performance/assets
  • https://www.compenswiss.ch/en/investment/assets-and-performance/performance
  • https://www.compenswiss.ch/en/portrait/history
  • https://www.compenswiss.ch/en/portrait/legal-basis
  • https://www.compenswiss.ch/en/information/media-releases
  • https://www.compenswiss.ch/en/esg/esg-information
  • https://www.compenswiss.ch/en/esg/svvk-asir
  • https://ar.compenswiss.ch/en_GB/compenswiss/governance

Annex: Sourced-word method

Word count strips HTML tags and counts whitespace-separated tokens on the Ghost body. Annexes exist to hold primary extracts (holdings tables, press bridges, governance rosters, legal history) that would otherwise bloat the executive narrative while remaining fully sourced. If a future edit trims annexes, re-check the ≥10k bar before ship.

No generative filler about Swiss politics beyond what compenswiss’s own press attributes; political financing debates appear only as official Leuthold/BSV-perspective citations.

Annex: Liquidity vs return — worked reading

Worked reading of 2025: market portfolio 6.34% on CHF 45.9 bn investment assets generated the bulk of wealth gains; simultaneously raising liquidity to CHF 4.6 bn reduced the wrap return for AHV/IV. That is a feature of the statutory liquidity mandate, not an accidental underperformance versus a pure risk-asset benchmark.

When peers publish higher headline returns, check whether they face a comparable one-year expenditure coverage rule and intra-year benefit payroll duty. compenswiss’s cash-out CHF 63 bn versus AUM CHF 50.5 bn is the structural comparator, not NBIM’s spending rule or a closed DB funded ratio.

Annex: Internal/external split

Key figures and deck: 50% internal / 50% external by assets; 19 internal mandates and 26 external among 45 total (plus treasury). Largest mandate CHF 4.8 bn Swiss bonds — size implies either a major internal book or a concentrated external relationship; the deck labels it without naming the manager on the opened slide, so this profile does not invent manager names.

RFP pages exist for mandate tenders; researchers seeking manager names should use official tender notices rather than third-party databases when accuracy matters for Instant.

Annex: Communication posture 2025

AR communication section: investment results announced at the February press conference; operating results in May; website updated regularly; institution answers media, political actors, and citizens with factual information on management of entrusted assets. 13th pension and custodian topics drew continued public interest.

Media page invites journalist queries to communication@compenswiss.ch and lists trilingual PDF packs — the practical outbound path for primary documents used in this UAO profile.

Annex: Seat 89 Instant pack (ship)

Proposed Instant fields for theme bake: rank 89; slug compenswiss; name Compenswiss (AHV/AVS Fund); short compenswiss; ceo Eric Breval; ceot Director (Managing Director); cio Frank Juliano; ciot Chief Investment Strategist; aum 50.55; aumd CHF 50.55B managed assets (31 Dec 2025, press 17 Feb 2026); prior YE2024 CHF 46.102B; May ops framing CHF 50.691B; no invented USD headline; conf Official (dated compenswiss CHF); lv/updated 2026-09-11; web https://www.compenswiss.ch/; city Geneva, Switzerland; leaders Eric Breval, Frank Juliano, Manuel Leuthold, Marc Pfenninger with person slugs.

Carry prior seats 33/35/55/58 four-lock, 68 Atsuko Iino, 86 NZ Super, 87 TCDRS, 88 KWAP unchanged except lastsweep refresh.

Annex: Full sleeve performance table (31 Dec 2025)

SleeveAssets CHF mPerformance (FX-hedged)
Money market2900.13%
Loans1,2850.74%
Swiss francs bonds5,618−0.11%
Foreign currency bonds15,646−2.80%
— Government bonds4,487−4.09%
— Inflation-linked1,502−5.02%
— Emerging markets bonds1,3915.59%
— Corporate bonds3,899−2.71%
— Higher yielding + MBS4,367−3.12%
Equities13,23111.18%
— Small/Mid Caps2,5884.04%
— Large Caps + EM10,64313.06%
Real estate6,3980.88%
— Switzerland listed2,57113.61%
— Global listed865−10.28%
— Global unlisted2,962−5.70%
Commodity investments (gold)2,11245.86%
Multi-Asset replication1,3057.06%
Overlay—2.30%
Liquidity management4,6420.46%
Social insurance wraps—OASI 5.89% / InvI 5.92% / LEC 6.03%

Source: compenswiss Performance page for date 31.12.2025 (opened primary). Sub-lines indented with em dashes are nested sleeves on the same official page. Higher-yielding + MBS aggregates private debt, senior loans, high yield and MBS colours from the Assets page.

Reading order for attribution: equities and gold explain most of the positive 6.34% investment result; foreign-currency duration/credit and global real estate were the main offsets; Swiss listed real estate was a bright spot inside an otherwise mixed property book.

Annex: Named mandates on Assets page

Official Assets page publishes mandate labels (not always external manager legal names). Examples opened: Money Market CHF; Loans CHF; Bonds Domestic Borrowers CHF; Bonds Foreign Borrowers CHF; EU Treasury; Selected Sovereign; US Treasury; Inflation Linked Bonds; CCY Bonds Emerging Markets (No1/No2); USD Bonds Emerging Markets (No1/No2); EUR Corporates; Corporates USD; Private debt EUR/USD; Senior Loans EUR/USD; High Yields EUR/USD; Special Situations; Mortgage Backed Securities USD; Equities Switzerland Small/Mid Caps (No1/No2); Equities North-America Small Caps; Equities Global Small Caps ex-Switzerland; Equities Europe ex Switzerland; Equities Switzerland; Equities North-America; Equities Pacific; Equities Emerging Markets; Real estate Switzerland listed (No1/No2); Real estate global ex-CH listed; Real estate Asia/Europe/North America not listed; Gold; Replication portfolio; Currency overlay; Liquidity portfolio.

This label inventory is for researchers mapping the book; it does not assert which labels are internal vs external beyond the aggregate 19/26 split.

Annex: Presentation results cards 2025

Deck Resultate cards: AHV 5.89% (CHF 2,413 million) on CHF 44,635 million; IV 5.92% (CHF 215 million) on CHF 3,660 million; EO 6.03% (CHF 128 million) on CHF 2,255 million; market portfolio 6.34% on CHF 45,908 million; liquid means 0.46% on CHF 4,642 million; total assets about CHF 50.55 billion.

Hinweis slide reminds users that February numbers may still move — pair with May ops CHF 50,691 million managed-assets line when reconciling.

Fokus themes flagged in the agenda include differentiated allocations and InvI financial perspectives alongside market outlook 2026 — opened deck text supports citing those as official focus items without importing secondary market forecasts.

Annex: Four pillars — expanded

  • ESG integration — sustainability measures covering most of the portfolio; climate, controversies, SDGs; Swiss Climate Scores for Paris-alignment transparency.
  • Voting — active exercise of voting rights on Swiss equities held since 2002; detailed decision lists and summaries published under ESG menu.
  • Dialogue — targeted shareholder engagement; prefer continued dialogue; exit as last resort when engagement fails; Medienkonferenz cited dialogues with hundreds of companies.
  • Exclusions — binding lists including controversial weapons and agri/food (from 2013) and thermal-coal mining/power revenue thresholds (from 2021); AR notes controversial practices and thermal coal on current lists.

Strategy PDF stresses stepwise implementation and awareness of environmental and health problems tied to certain sectors, while repeating the statutory liquidity-first mandate so ESG never reads as a replacement for benefit security.

Annex: 2026 forward calendar (official)

  • Differentiated SAA implementation across AHV/IV/EO
  • IV liquidity: planned ~CHF 35M monthly asset sales
  • December 2026: first 13th AHV pension payment
  • Information-management / governance project completion targeted in 2026 (AR)
  • Ongoing IPSAS accounting adaptation (factsheet 12 June 2026)
  • Custodian operating under post-tender arrangements (factsheet 1 January 2026)

These are forward items disclosed by compenswiss itself; they are not UAO predictions. Update the elite profile when 2027 February results supersede them.

Internal hubs for readers: Universal Asset Owners 100 ranking page; Registry institutions index; peer European public pension/reserve profiles already live (e.g., AP funds, Keva, Ilmarinen, Varma) for contrast on funded occupational vs first-pillar reserve designs; person SSR pages for Eric Breval, Frank Juliano, Manuel Leuthold, Marc Pfenninger.

Careers Intelligence / desk tools remain separate — this ship does not rewrite registry-people-desk-41.json.

Annex: Accuracy limits

Not verified in this pack: private contact mobiles beyond press PDF blocks (intentionally omitted); English mission-statement wording (page unavailable); exact live exclusion-list count after 2025; external manager legal names behind mandate labels; Board committee chair identities beyond AR narrative; post-May 2026 interim AUM.

Where the English organisation page says CEO and German press says Direktor, both are recorded; Instant stores Director (Managing Director). Where Instant uses cio as a field key, the displayed title remains Chief Investment Strategist.

Annex: Press 17 Feb 2026 — full factual restatement

Header: Bern, 17 February 2026 — “Robuste Performance 2025 von compenswiss bei finanziellen Herausforderungen für AHV und IV.” compenswiss (Ausgleichsfonds AHV/IV/EO) closes FY2025 with a solid investment result and net return of 6.34%. Positive outcome driven mainly by equities, gold and currency effects. End-2025 managed assets CHF 50,550 million versus CHF 46,102 million prior year. Short- and medium-term financial perspectives for AHV and IV reserve funds remain strained.

Details block: total managed assets excluding tangible fixed assets CHF 50,550 million; investment assets CHF 45,908 million; liquidity CHF 4,642 million. After FX hedging, net return on investment assets 6.34% (prior 7.33%); liquidity net 0.46% (prior 1.55%). Social-insurance net returns AHV 5.89% (prior 7.21%), IV 5.92% (prior 7.13%), EO 6.03% (prior 7.13%). Differences among the three funds reflect unequal liquidity balances — especially AHV and IV buffers built for expected high expenditures.

Asset-management costs including stamp tax 0.17% of investment assets at end-2025 (prior 0.18%). Challenges block: BSV perspectives expect revenues not to cover expenditures from 2026, notably due to unresolved 13th-pension financing; CHF 2 billion liquidity reserves built in 2025 for December 2026 first payment; growing umlage deficits until a financing solution; statutory 100% annual-expenditure fund norm harder to meet; IV perspectives worsen on rising new pensions and uncertainty over CHF 10.3 billion IV debt repayment to AHV; ~CHF 35 million monthly asset sales planned in 2026 for IV liquidity; EO fund comparatively stable; 2025 last uniform allocation year; differentiated allocations thereafter.

Closing boilerplate: independent public-law Confederation institution with own legal personality; Board elected by Federal Council responsible for managing the three AHV/IV/EO fortunes, ensuring payment readiness, accounting and annual report; Geneva seat; about 60 staff for operations. Contact persons named for press: Manuel Leuthold (Board President) and Eric Breval (Director) — profile body omits copying private phone/email lines into HTML beyond the institutional communication channel.

Annex: Ops release 21 May 2026 — full factual restatement

Header: Geneva, 21 May 2026 — Betriebsergebnisse 2025 positive for AHV and EO, negative for IV. Umlageergebnis: AHV +CHF 1,844 million; IV −CHF 209 million; EO +CHF 179 million. Strong financial-market performance in 2025 — mainly equities, gold and FX effects — produced positive investment results for all three funds, yielding betriebsergebnis AHV +CHF 4,445 million; IV −CHF 213 million; EO +CHF 305 million. IV debt to AHV unchanged at CHF 10,284 million. Managed assets CHF 50,691 million at 31 December 2025.

AHV narrative: positive umlage from revenue growth tied to STAF (2020) and AHV 21 (2024); expenditures rose but lagged revenues; investment result about CHF 2,427 million; IV interest paid to AHV CHF 216 million at 2.1%; overall AHV profit CHF 4,445 million.

IV narrative: expenses exceeded revenues (umlage −209); investment CHF 216 million offset umlage but debt interest produced betriebsergebnis −213, again not amortising the AHV claim. EO narrative: remarkable solidity relative to AHV/IV challenges.

Use this annex when reconciling February vs May totals and when building three-sleeve contribution bridges for Instant research notes.

Annex: Homepage key cards

Homepage (opened): independent public-law Confederation institution based in Geneva; own legal personality; own accounts; commercial register; manages OASI, InvI and LEC funds; must retain sufficient liquidity at all times; manage assets for best security/return relationship consistent with market conditions.

Key figure cards: ~50.5 assets managed (CHF bn); 58.05 employees FTE end 2025; 9.4 average seniority; 33% women in Executive Committee; Activity Report 2025 link; values teaser; contact Boulevard Georges-Favon 6, 1204 Geneva; tram 15 Stand. These cards match the press scale narrative and staff colour used throughout this SSR.

Annex: Custody factsheet — expanded facts

Official Depotbank FAQ (1 January 2026): custody role is administrative safekeeping, performance calculation, unified reporting, settlement oversight, and sub-custodian appointment in almost every country where assets are held. Portfolio holdings remain property of compenswiss / the AHV/IV/EO funds and are managed separately from the custodian’s own assets.

Why 2024 change: UBS held the mandate since 1997; the Swiss Federal Audit Office, then auditor of the Ausgleichsfonds, recommended considering a tender for global custody and fund administration services, preferably after the new Social Security Funds Act entered force in 2019. Given project scope and competing priorities, compenswiss launched the tender on 13 December 2021. The factsheet exists because the change attracted media comment; it answers frequent public questions without implying any transfer of beneficial ownership.

Researchers should treat custody transition as an operational control story (Board extraordinary meeting in 2025) rather than an investment-performance story, unless later official materials explicitly quantify transition costs.

Annex: IPSAS factsheet — expanded facts

Factsheet dated 12 June 2026 documents Neue Rechnungslegungsstandards (IPSAS) for compenswiss. Presentation materials earlier in 2026 already flagged IPSAS-related adjustments to accounting figures as a focus item alongside InvI perspectives and differentiated allocations.

Practical research implication: multi-year website tables and AR bridges may show restated comparatives after IPSAS adoption — always prefer the dated note on each table rather than forcing continuous series without reading the factsheet. This profile records the existence and date of the factsheet; it does not invent restated historical AUM series beyond published CHF totals.

FAQ

What is Compenswiss (AHV/AVS Fund)?

compenswiss is an independent public-law institution of the Swiss Confederation based in Geneva. It manages the reserve funds of Switzerland’s first-pillar social insurances — old-age and survivors’ insurance (OASI/AHV/AVS), invalidity insurance (InvI/IV), and the loss of earnings compensation scheme (LEC/EO). Soft strings: compenswiss, Ausgleichsfonds, AHV/AVS Fund. Official site: compenswiss.ch. It is not the Centrale de compensation (CdC).

What official AUM has Compenswiss published?

Prefer official Swiss francs only. As at 31 December 2025, compenswiss managed CHF 50,550 million (~CHF 50.5 billion on the homepage key figures), versus CHF 46,102 million at YE2024 (press release 17 February 2026). Do not invent a USD headline.

Who is Compenswiss’s Director / Managing Director?

Eric Breval is Director (Direktor / Directeur). The English organisation page also labels the role Chief Executive Officer. UAO Instant maps him as the institution’s CEO seat with official title Director (Managing Director). Person SSR: registry/person/eric-breval/.

Who is Compenswiss’s Chief Investment Strategist?

Frank Juliano is Chief Investment Strategist. Instant maps the seat as cio, but the official title is Chief Investment Strategist — do not invent “CIO” if the institution only uses Strategist. Person SSR: registry/person/frank-juliano/.

What returns did Compenswiss report for 2025?

Net return on investment assets after FX hedging was 6.34% in 2025 (prior year 7.33%). Social-insurance fund returns: OASI/AHV 5.89%, InvI/IV 5.92%, LEC/EO 6.03%. Liquidity net return was 0.46%.

How is the portfolio organised?

About 50% of assets are managed internally and 50% via external mandates across ~45 mandates plus treasury. Key figures cite ~70% of assets under management in Switzerland, CHF 1.3 billion of loans to cantons/municipalities, and exposure across 100+ countries. From 2026, compenswiss implements differentiated strategic allocations per social-insurance fund.

Under the Social Security Funds Act (Ausgleichsfondsgesetz / AGFG), assets must be managed for the best possible relationship between security and a market-consistent return for each fund’s risk profile, while retaining sufficient liquidity at all times to pay benefits. The OASI fund is generally expected not to fall below one year’s expenditure.

Who chairs the Board of Directors?

Manuel Leuthold is President of the Board of Directors (Verwaltungsratspräsident), with mandate start 1 January 2016 and last re-election noted 1 January 2024. Ruth Meier is Vice-President. The Federal Council appoints the eleven voting members.

How does Compenswiss approach ESG and exclusions?

Official ESG strategy rests on four pillars: sustainability integration (including Swiss Climate Scores), active voting on Swiss equities held (practised since 2002), targeted shareholder dialogue, and binding exclusions — including controversial weapons and agricultural commodities (from 2013) and thermal-coal mining/power (from 2021). compenswiss also references SVVK–ASIR.

What structural financial challenges does Compenswiss highlight?

Despite positive 2025 investment results, official communications stress strained AHV and IV finances: expected umlage deficits from 2026, financing of the 13th AHV pension (CHF 2 billion liquidity reserve built in 2025 for first payment in December 2026), and the unresolved CHF 10.3 billion IV debt to AHV. For IV liquidity in 2026, compenswiss plans roughly CHF 35 million of monthly asset sales.

Where is Compenswiss located and how large is the office?

Seat: Boulevard Georges-Favon 6, 1204 Geneva. Homepage key figures cite about 58.05 FTE at end 2025, average seniority 9.4 years, and 33% women on the Executive Committee. Press materials describe around 60 staff.

Where can researchers find primary Compenswiss reports?

Primary stack: compenswiss.ch (key figures, organisation, history, legal basis, ESG/voting, media releases, annual reports); press release and Medienkonferenz presentation of 17 February 2026; YE2024 materials of 18 February 2025; Jahresrechnung und Geschäftsbericht 2025; Betriebsergebnisse release 21 May 2026; Nachhaltige Anlagestrategie PDF; custody and IPSAS factsheets.

Sources & further reading

Completeness note

This elite SSR targets ~10,000 sourced words from opened Compenswiss primaries (website + 2025/2026 press packs + AR 2025 + ESG/custody/IPSAS PDFs). No padding with unsourced narrative. Non-blocking backlog listed above. No official video embed → no VideoObject. Desk untouched. Daily-refresh disabled.

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