According to UBS, Swiss pension funds achieved a performance of 0,71 percent in July. The range was between -0,37 percent and 2,26 percent, according to the study released on Tuesday.

Since the start of the year, returns stand at 1,93 percent, and since the beginning of data collection in 2006, the annualised return has been 3,21 percent.

The median performance of small pension funds (AuM < CHF 300 million) in July was 0,72 percent, while large ones (AuM > CHF 1 billion) posted 0,69 percent.

In terms of asset classes (measured in Swiss francs), global equities delivered a return of 2,86 percent, significantly outperforming Swiss equities, which managed only 0,17 percent. All other asset classes were also positive: hedge funds (1,75 percent), private equity (1,37 percent), foreign currency bonds (0,71 percent), infrastructure investments (0,39 percent), Swiss franc bonds (0,36 percent), direct real estate (0,35 percent), and indirect real estate (0,22 percent).

UBS noted that financial markets showed a mixed picture in the previous month. New trade agreements between the US and key partners such as Vietnam, Japan, and the European Union provided positive momentum. Combined with strong corporate earnings — particularly in the technology sector — both US equities and global equity markets posted gains.

Continued Elevated Market Volatility

The «One Big Beautiful Bill Act» brought fiscal risks in the US into focus, while tensions between US President Donald Trump and Federal Reserve Chair Jerome Powell weighed particularly on the US bond markets.

The UBS Chief Investment Office (CIO) warns of persistently elevated market volatility. The new US tariffs on 69 trading partners — including Canada, Switzerland, and Taiwan — are expected by the experts to decline again in the course of further negotiations.