The economic recovery continued in the third quarter. Questions surrounding future monetary policy, rising interest rates and burgeoning inflation moved to the forefront last month and, in combination with Evergrande’s payment difficulties, caused price corrections on the financial markets.

In the last quarter, weaker Swiss equity and bond markets caused losses in the CHF investment strategies. EUR investment strategies, on the other hand, held up quite well. For the year as a whole, the changed interest rate environment resulted in losses for interest income strategies. Thanks to overall friendly equity markets, all other strategies were able to have positive returns year to date. It remains the case that equities are primarily responsible for the positive performance. The EUR and CHF investment strategies also benefited from the appreciation of the USD and GBP currencies.