{"id":5947,"date":"2022-09-27T03:25:43","date_gmt":"2022-09-27T03:25:43","guid":{"rendered":"https:\/\/stiftungschweiz.ch\/swiss-philanthropy-performance-index\/"},"modified":"2023-11-13T08:21:35","modified_gmt":"2023-11-13T08:21:35","slug":"swiss-philanthropy-performance-index","status":"publish","type":"page","link":"https:\/\/stiftungschweiz.ch\/en\/swiss-philanthropy-performance-index\/","title":{"rendered":"Swiss Philanthropy Performance Index"},"content":{"rendered":"<div class=\"performance-index\">\r\n        \n<div class=\"wp-block-custom-performance-index performance-index-heading\">\n<p class=\"has-extra-small-font-size\" style=\"font-style:normal;font-weight:700;text-transform:uppercase\"><strong>STIFTUNGSCHWEIZ AND Z\u00dcRCHER KANTONALBANK<\/strong><\/p>\n\n\n\n<h1 class=\"wp-block-heading\" style=\"font-size:52px\">Swiss Philanthropy Performance Index<\/h1>\n<\/div>\n    <div class=\"performance-index-holder\">\r\n        <ul class=\"nav nav-tabs\">\r\n                            <li class=\"nav-item\" role=\"presentation\">\r\n                    <button \r\n                        class=\"nav-link active\" \r\n                        id=\"performance-index-2024-tab\" \r\n                        data-bs-toggle=\"tab\" \r\n                        data-bs-target=\"#performance-index-2024\" \r\n                        type=\"button\"\r\n                        role=\"tab\"\r\n                        aria-controls=\"performance-index-2024\"\r\n                        aria-selected=\"true\"\r\n                    >2024<\/button>\r\n                <\/li>\r\n                                <li class=\"nav-item\" role=\"presentation\">\r\n                    <button \r\n                        class=\"nav-link \" \r\n                        id=\"performance-index-2023-tab\" \r\n                        data-bs-toggle=\"tab\" \r\n                        data-bs-target=\"#performance-index-2023\" \r\n                        type=\"button\"\r\n                        role=\"tab\"\r\n                        aria-controls=\"performance-index-2023\"\r\n                        aria-selected=\"false\"\r\n                    >2023<\/button>\r\n                <\/li>\r\n                        <\/ul>\r\n\r\n        <div class=\"tab-content\" id=\"performance-index-year\">\r\n                            <div class=\"tab-pane tab-item active\" \r\n                    id=\"performance-index-2024\"\r\n                    role=\"tabpanel\"\r\n                    aria-labelledby=\"performance-index-2024-tab\"\r\n                >\r\n                    <ul class=\"nav nav-tabs\">\r\n                                                    <li class=\"nav-item\" role=\"presentation\">\r\n                                <button \r\n                                    class=\"nav-link active\" \r\n                                    id=\"performance-index-month-2024-8-tab\" \r\n                                    data-bs-toggle=\"tab\" \r\n                                    data-bs-target=\"#performance-index-month-2024-8\" \r\n                                    type=\"button\"\r\n                                    role=\"tab\"\r\n                                    aria-controls=\"performance-index-month-2024-8\"\r\n                                    aria-selected=\"true\"\r\n                                >August<\/button>\r\n                            <\/li>\r\n                                                <\/ul>\r\n\r\n                    <div class=\"tab-content\" id=\"performance-index-2024-8\">\r\n                                                    <div class=\"tab-pane tab-item active\" \r\n                                id=\"performance-index-month-2024-8\"\r\n                                role=\"tabpanel\"\r\n                                aria-labelledby=\"performance-index-month-2024-8-tab\"\r\n                            >\r\n                                                                    <div class=\"content\"><div class=\"wp-bootstrap-blocks-row row justify-content-between\">\n\t\n\n<div class=\"col-12 col-md-8\">\n\t\t\t\n\n<h3 class=\"wp-block-heading has-size-32-font-size\">Swiss Philanthropy Performance Index<\/h3>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<div class=\"wp-bootstrap-blocks-row row align-items-center\">\n\t\n\n<div class=\"col-12 col-lg-9\">\n\t\t\t\n\n<p class=\"has-extra-small-font-size\"><a href=\"https:\/\/stiftungschweiz.ch\/wp-content\/uploads\/2024\/07\/FS_A4_Swiss_Philanthropy_Performance_Index_07-24.pdf\" data-type=\"link\" data-id=\"https:\/\/stiftungschweiz.ch\/wp-content\/uploads\/2024\/03\/FS_A4_Swiss_Philanthropy_Performance_Index_03-24.pdf\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><a href=\"https:\/\/stiftungschweiz.ch\/wp-content\/uploads\/2024\/07\/FS_A4_Swiss_Philanthropy_Performance_Index_07-24.pdf\">STIFTUNGSCHWEIZ AND Z\u00dcRCHER KANTONALBANK | August 2024<\/a><\/p>\n\n\t<\/div>\n\n\n\n<div class=\"col-12 col-md-3\">\n\t\t\t\n\n<div class=\"wp-block-buttons is-content-justification-right is-layout-flex wp-container-core-buttons-is-layout-1 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-font-size is-style-btn-primary has-size-12-font-size\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/stiftungschweiz.ch\/wp-content\/uploads\/2024\/08\/FS_A4_Swiss_Philanthropy_Performance_Index_08-24.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Factsheet<\/a><\/div>\n<\/div>\n\n\t<\/div>\n\n<\/div>\n\n\n\n<div style=\"height:46px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<div class=\"wp-bootstrap-blocks-row row align-items-start\">\n\t\n\n<div class=\"col-12 col-xl-6\">\n\t\t\t\n\n<p><strong>SwiPhiX reaches new all-time high<\/strong><\/p>\n\n\n\n<p>In July, the market value of the average portfolio in the Swiss Philanthropy Performance Index<br\/>(SwiPhiX) rose by 1.3%.\nThe performance range of the portfolios represented in the index as a whole was between -0.6% and 3.0%.\nThanks to the positive performance in July, the SwiPhiX reached a new all-time high of 152.7 points, one tenth of a percentage point above the previous high water mark of the end of 2021.  <\/p>\n\n\n\n<p><strong>Market expects more interest rate hikes in the USA<\/strong><\/p>\n\n\n\n<p>Due to low US inflation and rising unemployment in the US, the market again priced in more future interest rate cuts by the US Federal Reserve in July, which would benefit indebted companies. On the commodities market, the expected economic slowdown weighed on the price of crude oil due to falling demand. By contrast, the price of gold rose because lower key interest rates mean lower opportunity costs for holding gold, making it a more attractive investment. A negative factor is that global equity markets are highly valued by historical standards in terms of price\/earnings ratios.    <\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Particularly in view of the relatively expensive valuations of equities and the seasonally difficult months of August and September, we are more cautious about the outlook for equities than we were a month ago.\nRegionally, we favor the Swiss, UK and emerging markets.\nIn terms of bonds, we prefer foreign government bonds because they offer an attractive risk\/return ratio.  <\/p>\n\n\n\n<div style=\"height:150px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" src=\"https:\/\/stiftungschweiz.ch\/wp-content\/uploads\/2024\/08\/Tabelle.svg\" alt=\"\" class=\"wp-image-17584\" style=\"width:455px;height:auto\"\/><\/figure>\n\n\t<\/div>\n\n\n\n<div class=\"col-12 col-xl-6\">\n\t\t\t\t<\/div>\n\n<\/div>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/stiftungschweiz.ch\/wp-content\/uploads\/2024\/08\/Index.svg\" alt=\"\" class=\"wp-image-17587\"\/><\/figure>\n\n\n\n<p><\/p>\n\n\t<\/div>\n\n\n\n<div class=\"col-12 col-md-4 col-lg-3\">\n\t\t\t\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"446\" height=\"117\" src=\"https:\/\/stiftungschweiz.ch\/wp-content\/uploads\/2023\/05\/grafik-7.png\" alt=\"\" class=\"wp-image-6496\" srcset=\"https:\/\/stiftungschweiz.ch\/wp-content\/uploads\/2023\/05\/grafik-7.png 446w, https:\/\/stiftungschweiz.ch\/wp-content\/uploads\/2023\/05\/grafik-7-300x79.png 300w, https:\/\/stiftungschweiz.ch\/wp-content\/uploads\/2023\/05\/grafik-7-24x6.png 24w, https:\/\/stiftungschweiz.ch\/wp-content\/uploads\/2023\/05\/grafik-7-36x9.png 36w, https:\/\/stiftungschweiz.ch\/wp-content\/uploads\/2023\/05\/grafik-7-48x13.png 48w\" sizes=\"auto, (max-width: 446px) 100vw, 446px\" \/><\/figure>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-extra-small-font-size\"><strong>OUTLOOK<\/strong><\/p>\n\n\n    <div class=\"contact-block \" id=\"contact-block-block_80547e86b04e3e89ee971f64f16dc3d1\">\n        <div class=\"contact-info\">\n            <img decoding=\"async\" src=\"https:\/\/stiftungschweiz.ch\/wp-content\/uploads\/2023\/05\/hansjoerg-schmidt-150x150.jpg\" alt=\"\"\/>\n            <div class=\"contact-holder\">\n                <div class=\"name\">Dr. Hansj\u00f6rg Schmidt<\/div>\n                <div class=\"position\">Key Clients Foundations, Z\u00fcrcher Kantonalbank<\/div>\n            <\/div>\n        <\/div>\n       \n        <div class=\"contact-data\">\n            <div class=\"phone\"><i class=\"icon-phone\"><\/i> <a href=\"tel:044 292 47 13\">044 292 47 13<\/a><\/div>\n            <div class=\"email\"><i class=\"icon-mail\"><\/i> <a href=\"mailto:hansjoerg.schmidt@zkb.ch\">hansjoerg.schmidt@zkb.ch<\/a><\/div>\n        <\/div>\n    <\/div>\n\n\t<\/div>\n\n<\/div>\n\n<div class=\"wp-block-cover is-light\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-gray-light-background-color has-background-dim-100 has-background-dim\"><\/span><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\"><div class=\"wp-bootstrap-blocks-row row justify-content-between\">\n\t\n\n<div class=\"col-12 col-sm-6 col-md-8 col-lg-4\">\n\t\t\t\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" src=\"https:\/\/stiftungschweiz.ch\/wp-content\/uploads\/2024\/08\/Kreis.svg\" alt=\"\" class=\"wp-image-17590\" style=\"width:550px\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/stiftungschweiz.ch\/wp-content\/uploads\/2024\/08\/Tabelle-2.svg\" alt=\"\" class=\"wp-image-17593\" style=\"aspect-ratio:4\/3;object-fit:contain\"\/><\/figure>\n\n\t<\/div>\n\n\n\n<div class=\"col-12 col-sm-6 col-md-8\">\n\t\t\t\n<div class=\"wp-bootstrap-blocks-row row\">\n\t\n\n<div class=\"col-12 col-lg-6\">\n\t\t\t\n\n<p><strong>Data source<\/strong><\/p>\n\n\n\n<p>Mandates managed by Z\u00fcrcher Kantonalbank Asset Management serve as the data source for SwiPhiX. Only mandates for which it can be assumed that the implemented strategy is representative for the investment strategy of the nonprofit organization are selected for the calculation. At present, 79 different mandates with an average size of around CHF 48 million and a total volume of around CHF 3.8 billion are taken into account.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\t<\/div>\n\n\n\n<div class=\"col-12 col-lg-6\">\n\t\t\t\n\n<p><strong>Calculation<\/strong><\/p>\n\n\n\n<p>All mandates are weighted equally when calculating the average performance of SwiPhiX. The current index value is calculated as the index value of the previous month, plus the average performance in the current month. All performance figures are gross performance, i.e. the (individual) costs for asset management are not included.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\t<\/div>\n\n<\/div>\n\n\n<div class=\"wp-bootstrap-blocks-row row\">\n\t\n\n<div class=\"col-12 col-lg-6\">\n\t\t\t\n\n<p><strong><strong>Dispersion of performance figures<\/strong><\/strong><\/p>\n\n\n\n<p>The development of the individual mandates is naturally very different due to the diverging strategies. To illustrate the scatter range, the tables show the respective minimum and maximum performance from the totality of all mandates recorded over different time periods.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\t<\/div>\n\n\n\n<div class=\"col-12 col-lg-6\">\n\t\t\t\n\n<p><strong><strong>Asset allocation<\/strong><\/strong><\/p>\n\n\n\n<p>The performance of a portfolio depends on the development in the individual asset classes. The chart below shows the current average<br\/>allocation across the various asset classes.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\t<\/div>\n\n<\/div>\n\n\t<\/div>\n\n<\/div>\n<\/div><\/div>\n<div class=\"wp-bootstrap-blocks-row row align-items-center\">\n\t\n\n<div class=\"col-12 col-md-9\">\n\t\t\t\n\n<p class=\"mb-0 has-extra-small-font-size\"><strong>August 2024<\/strong><\/p>\n\n\n\n<p class=\"mt-0\" style=\"font-style:normal;font-weight:700\">New benchmark index for the investment performance of nonprofit organizations<\/p>\n\n\t<\/div>\n\n\n\n<div class=\"col-12 col-md-3\">\n\t\t\t\n\n<div class=\"wp-block-buttons is-content-justification-right is-layout-flex wp-container-core-buttons-is-layout-2 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-font-size is-style-btn-primary has-small-font-size\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/stiftungschweiz.ch\/wp-content\/uploads\/2024\/08\/FS_A4_Swiss_Philanthropy_Performance_Index_08-24.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Factsheet<\/a><\/div>\n<\/div>\n\n\t<\/div>\n\n<\/div>\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n<h6 class=\"wp-block-heading\" style=\"font-size:12px;font-style:normal;font-weight:500\">LEGAL NOTES:<\/h6>\n\n<p class=\"has-size-12-font-size\">This document is for information and advertising purposes.\nIt is intended for distribution in Switzerland and is not intended for investors in other countries.\nThis document constitutes neither an offer nor a recommendation to buy, hold or sell financial instruments or to purchase services, nor does it form the basis of a contract or an obligation of any kind. The document has been prepared by Z\u00fcrcher Kantonalbank with the care customary in the business and may contain information from carefully selected third-party sources.\nZ\u00fcrcher Kantonalbank offers no guarantee for the accuracy and completeness of the information contained in this document and disclaims all liability for damages resulting from the use of the document or information contained therein.\nEvery investment is associated with risks, in particular with regard to fluctuations in value, income and possibly currency.\nPast performance and returns are not a reliable indicator of future results.\nThe performance figures do not take account of fees and any other costs.       The Swiss Philanthropy Performance Index is not a basis for products. Index adjustments affecting the composition or weighting will be communicated in an appropriate manner.\nZ\u00fcrcher Kantonalbank reserves the right to discontinue the index calculation without giving reasons.\n\u00a9 2024 Z\u00fcrcher Kantonalbank.\nAll rights reserved.   <\/p>\n<\/div>\r\n                                                            <\/div>\r\n                                            <\/div>\r\n\r\n                <\/div>\r\n                            <div class=\"tab-pane tab-item \" \r\n                    id=\"performance-index-2023\"\r\n                    role=\"tabpanel\"\r\n                    aria-labelledby=\"performance-index-2023-tab\"\r\n                >\r\n                    <ul class=\"nav nav-tabs\">\r\n                                                    <li class=\"nav-item\" role=\"presentation\">\r\n                                <button \r\n                                    class=\"nav-link active\" \r\n                                    id=\"performance-index-month-2023-3-tab\" \r\n                                    data-bs-toggle=\"tab\" \r\n                                    data-bs-target=\"#performance-index-month-2023-3\" \r\n                                    type=\"button\"\r\n                                    role=\"tab\"\r\n                                    aria-controls=\"performance-index-month-2023-3\"\r\n                                    aria-selected=\"false\"\r\n                                >March<\/button>\r\n                            <\/li>\r\n                                                <\/ul>\r\n\r\n                    <div class=\"tab-content\" id=\"performance-index-2023-3\">\r\n                                                    <div class=\"tab-pane tab-item active\" \r\n                                id=\"performance-index-month-2023-3\"\r\n                                role=\"tabpanel\"\r\n                                aria-labelledby=\"performance-index-month-2023-3-tab\"\r\n                            >\r\n                                                                    <div class=\"content\"><div class=\"wp-bootstrap-blocks-row row justify-content-between\">\n\t\n\n<div class=\"col-12 col-md-8\">\n\t\t\t\n\n<h3 class=\"wp-block-heading has-size-32-font-size\">Swiss Philanthropy Performance Index<\/h3>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<div class=\"wp-bootstrap-blocks-row row align-items-center\">\n\t\n\n<div class=\"col-12 col-lg-9\">\n\t\t\t\n\n<p class=\"has-extra-small-font-size\"><a href=\"https:\/\/stiftungschweiz.ch\/wp-content\/uploads\/2023\/03\/Performance_Index_03_23.pdf\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>STIFTUNGSCHWEIZ AND Z\u00dcRCHER KANTONALBANK | March 2023<\/strong><\/a><\/p>\n\n\t<\/div>\n\n\n\n<div class=\"col-12 col-md-3\">\n\t\t\t\n\n<div class=\"wp-block-buttons is-content-justification-right is-layout-flex wp-container-core-buttons-is-layout-3 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-font-size is-style-btn-primary has-size-12-font-size\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/stiftungschweiz.ch\/wp-content\/uploads\/2023\/03\/Performance_Index_03_23.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Factsheet<\/a><\/div>\n<\/div>\n\n\t<\/div>\n\n<\/div>\n\n\n\n<div style=\"height:46px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<div class=\"wp-bootstrap-blocks-row row align-items-start\">\n\t\n\n<div class=\"col-12 col-xl-6\">\n\t\t\t\n\n<p><strong>Securities portfolios lose 0.9%<\/strong><\/p>\n\n\n\n<p>As we already pointed out in the last performance report, higher fluctuations are to be expected in the recovery of the Swiss Philanthropy Performance Index (SwiPhiX). After the initial euphoria, the underlying securities portfolios lost an average of 0.9% in February (previous month: +3.7%). As usual, the performance of the individual portfolios was quite varied, ranging from -1.8% to +0.7%. On average, the margin is 2.8 percentage points. Performance since the beginning of the year has been positive for all portfolios, averaging 2.7%.<\/p>\n\n\t<\/div>\n\n\n\n<div class=\"col-12 col-xl-6\">\n\t\t\t\n\n<p><strong>High inflation likely to persist in 2023<\/strong><\/p>\n\n\n\n<p>A robust labor market and strong economic data are making the fight against inflation more difficult. This prompted U.S. Federal Reserve Chairman Jerome Powell to signal further interest rate hikes in his latest speech, which dampened investor sentiment on the stock markets. As a result, long-term bonds also lost value. The interest rate increases are also noticeable in the average allocation of SwiPhiX: at 7%, the liquidity share is 2% higher than in January. Although no global recession is expected, the year will still be one of sustained low growth.<\/p>\n\n\t<\/div>\n\n<\/div>\n\n\n\n<div style=\"height:54px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/stiftungschweiz.ch\/wp-content\/uploads\/2023\/03\/Swiss_Phi_Grafik_01.svg\" alt=\"\" class=\"wp-image-5772\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/stiftungschweiz.ch\/wp-content\/uploads\/2023\/03\/Swiss_Phi_Table_01.svg\" alt=\"\" class=\"wp-image-5776\"\/><\/figure>\n\n\t<\/div>\n\n\n\n<div class=\"col-12 col-md-4 col-lg-3\">\n\t\t\t\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"257\" height=\"60\" src=\"https:\/\/stiftungschweiz.ch\/wp-content\/uploads\/2022\/09\/ZKB_Logo_100mm_RGB.jpg\" alt=\"\" class=\"wp-image-726\" srcset=\"https:\/\/stiftungschweiz.ch\/wp-content\/uploads\/2022\/09\/ZKB_Logo_100mm_RGB.jpg 257w, https:\/\/stiftungschweiz.ch\/wp-content\/uploads\/2022\/09\/ZKB_Logo_100mm_RGB-24x6.jpg 24w, https:\/\/stiftungschweiz.ch\/wp-content\/uploads\/2022\/09\/ZKB_Logo_100mm_RGB-36x8.jpg 36w, https:\/\/stiftungschweiz.ch\/wp-content\/uploads\/2022\/09\/ZKB_Logo_100mm_RGB-48x11.jpg 48w\" sizes=\"auto, (max-width: 257px) 100vw, 257px\" \/><\/figure>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-extra-small-font-size\"><strong>OUTLOOK<\/strong><\/p>\n\n\n    <div class=\"contact-block \" id=\"contact-block-block_b19f1530369529d98e7c1c80d0e34f47\">\n        <div class=\"contact-info\">\n            <img decoding=\"async\" src=\"https:\/\/stiftungschweiz.ch\/wp-content\/uploads\/2022\/09\/Captura_de_pantalla_2019-12-18_a_las_7.47.24.webp\" alt=\"\"\/>\n            <div class=\"contact-holder\">\n                <div class=\"name\">Dr. Hansj\u00f6rg Schmidt<\/div>\n                <div class=\"position\">Key Clients Foundations, Z\u00fcrcher Kantonalbank<\/div>\n            <\/div>\n        <\/div>\n       \n        <div class=\"contact-data\">\n            <div class=\"phone\"><i class=\"icon-phone\"><\/i> <a href=\"tel:044 292 47 13\">044 292 47 13<\/a><\/div>\n            <div class=\"email\"><i class=\"icon-mail\"><\/i> <a href=\"mailto:hansjoerg.schmidt@zkb.ch\">hansjoerg.schmidt@zkb.ch<\/a><\/div>\n        <\/div>\n    <\/div>\n\n\t<\/div>\n\n<\/div>\n\n\n\n<div class=\"wp-block-cover is-light\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-gray-light-background-color has-background-dim-100 has-background-dim\"><\/span><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\"><div class=\"wp-bootstrap-blocks-row row justify-content-between\">\n\t\n\n<div class=\"col-12 col-sm-6 col-md-4 col-lg-3\">\n\t\t\t\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/stiftungschweiz.ch\/wp-content\/uploads\/2023\/03\/Swiss_Phi_Grafik_02.svg\" alt=\"\" class=\"wp-image-5780\"\/><\/figure>\n\n\n\n<div style=\"height:75px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/stiftungschweiz.ch\/wp-content\/uploads\/2023\/03\/Swiss_Phi_Table_02.svg\" alt=\"\" class=\"wp-image-5784\"\/><\/figure>\n\n\t<\/div>\n\n\n\n<div class=\"col-12 col-sm-6 col-md-8\">\n\t\t\t\n<div class=\"wp-bootstrap-blocks-row row\">\n\t\n\n<div class=\"col-12 col-lg-6\">\n\t\t\t\n\n<p><strong>Data source<\/strong><\/p>\n\n\n\n<p>Mandates managed by Z\u00fcrcher Kantonalbank serve as the data source for SwiPhiX. Only mandates for which it can be assumed that the implemented strategy is representative for the investment strategy of the nonprofit organization are selected for the calculation. Currently, 75 different mandates with an average size of about CHF 41 million and a total volume of about CHF 3.1 billion are considered.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\t<\/div>\n\n\n\n<div class=\"col-12 col-lg-6\">\n\t\t\t\n\n<p><strong>Calculation<\/strong><\/p>\n\n\n\n<p>For the calculation of the average performance, all mandates are weighted equally. The current index value is calculated as the index value of the previous month, plus the average performance in the current month. All performance figures are gross performance, i.e. the (individual) costs for asset management are not included.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\t<\/div>\n\n<\/div>\n\n\n<div class=\"wp-bootstrap-blocks-row row\">\n\t\n\n<div class=\"col-12 col-lg-6\">\n\t\t\t\n\n<p><strong><strong>Dispersion of performance figures<\/strong><\/strong><\/p>\n\n\n\n<p>The development of the individual mandates is naturally very different due to the diverging strategies. To illustrate the scatter range, the tables show the respective minimum and maximum performance from the totality of all mandates recorded over different time periods.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\t<\/div>\n\n\n\n<div class=\"col-12 col-lg-6\">\n\t\t\t\n\n<p><strong><strong>Asset allocation<\/strong><\/strong><\/p>\n\n\n\n<p>The performance of a portfolio depends on the development in the individual asset classes. The chart below shows the current average allocation across asset classes.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\t<\/div>\n\n<\/div>\n\n\t<\/div>\n\n<\/div>\n<\/div><\/div>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<div class=\"wp-bootstrap-blocks-row row align-items-center\">\n\t\n\n<div class=\"col-12 col-md-9\">\n\t\t\t\n\n<p class=\"mb-0 has-extra-small-font-size\"><strong>March 2023<\/strong><\/p>\n\n\n\n<p class=\"mt-0\" style=\"font-style:normal;font-weight:700\">New benchmark index for the investment performance of nonprofit organizations<\/p>\n\n\t<\/div>\n\n\n\n<div class=\"col-12 col-md-3\">\n\t\t\t\n\n<div class=\"wp-block-buttons is-content-justification-right is-layout-flex wp-container-core-buttons-is-layout-4 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-font-size is-style-btn-primary has-small-font-size\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/stiftungschweiz.ch\/wp-content\/uploads\/2023\/03\/Performance_Index_03_23.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Factsheet<\/a><\/div>\n<\/div>\n\n\t<\/div>\n\n<\/div>\n\n\n\n<div style=\"height:107px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h6 class=\"wp-block-heading\" style=\"font-size:12px;font-style:normal;font-weight:500\">LEGAL NOTES:<\/h6>\n\n\n\n<p class=\"has-size-12-font-size\" style=\"font-style:normal;font-weight:300;letter-spacing:0px;line-height:1.5\">This document is for promotional purposes and is not intended for people domiciled or resident abroad. It was prepared by StiftungSchweiz and Z\u00fcrcher Kantonalbank with due diligence as customary in business. However, StiftungSchweiz and Z\u00fcrcher Kantonalbank do not guarantee the accuracy and completeness of the information contained therein and disclaim any liability arising from its use. The Swiss Philanthropy Performance Index is not a basis for products. StiftungSchweiz and Z\u00fcrcher Kantonalbank reserve the right to discontinue the index calculation without giving reasons. Past performance and returns are no guarantee of future investment success. This document is neither an offer to conclude a contract nor an invitation to submit an offer for products and services. It does not constitute an offer or a recommendation to acquire, hold or sell financial instruments. <br>\u00a9 2023 StiftungSchweiz and Zu\u0308rcher Kantonalbank<\/p>\n<\/div>\r\n                                                            <\/div>\r\n                                            <\/div>\r\n\r\n                <\/div>\r\n                    <\/div>\r\n\r\n            <\/div>\r\n<\/div>\r\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":19717,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-5947","page","type-page","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Swiss Philanthropy Performance Index - StiftungSchweiz<\/title>\n<meta name=\"description\" content=\"The Swiss Philanthropy Performance Index is a unique indicator of the investment performance of Swiss foundations. 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