Swiss pension funds had a positive performance in November, with an average monthly return of 1.46% after fees. The performance varied among institutions, ranging from 0.35% to 2.64%. Year-to-date returns stand at 7.76%, which is higher than the 4.97% recorded in 2023.

Smaller pension funds, managing assets under CHF 300 million, outperformed larger funds, achieving an average return of 1.53% compared to 1.40% for funds with over CHF 1 billion in assets. Medium-sized funds, managing between CHF 300 million and CHF 1 billion, reported a return of 1.41%, which was lower than smaller funds.

In terms of asset class performance, global equities had the highest return at 4.73%, followed by foreign currency bonds at 1.94% and hedge funds at 1.59%. Swiss equities experienced a slight decline of 0.25%. UBS forecasts suggest that investors should expect lower interest rates and increased market volatility in the coming months due to ongoing geopolitical tensions and US trade policy developments.