By Luigi Serenelli
Investments and Pensions Europe, London
Friday, May 9, 2025
Swiss pension funds are reassessing their exposure to U.S. dollar-denominated assets in light of rising hedging costs, growing concerns over U.S. fiscal policy, and increasing national debt levels.
Speaking during a conference call hosted by consultancy Complementa this week, Andreas Rothacher, head of investment research, said there is now a "certain loss of trust" in the U.S. as an issuer of sovereign debt. He cited high hedging costs and the mounting level of U.S. public debt as key drivers of Swiss pension funds' strategic decisions.
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Swiss pension funds already began reducing or exiting foreign currency government bonds, particularly U.S. Treasuries, last year.
This retrenchment is not limited to U.S. sovereign debt. Thomas Breitenmoser, head of investment consulting at Complementa, added that Swiss pension schemes are also cutting exposure to euro-denominated government bonds in favor of corporate credit, while maintaining only modest allocations to sovereign bonds in foreign currencies. ...
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