According to a statement, the «strong run» in commodities continued. After the category delivered the best performance last year with a gain of almost 44 percent, this trend has also been evident in the first two months of 2026: by the end of February, commodities posted a gain of 15 percent. With a clear gap, the second-best category was «Swiss equities», which increased by an average of 6 percent over the two-month period.

Looking only at February, Swiss equities again clearly led the performance table with a gain of 5,7 percent, ahead of commodities at 3,1 percent. Larger losses in February were recorded only in private equity investments (-1,27 percent). Over the first two months, this asset class posted a negative return of 2,12 percent.

Overall, the pension funds analysed by Swisscanto have recorded a performance of 1,74 percent so far in 2026. For February alone, the average return was 1,27 percent. The consequences of the war in the Middle East have not yet been taken into account.

Funding Ratio Almost at Record Level

The funding ratio of pension institutions has also improved according to the estimates. After the capital-weighted funding ratio of private-law pension funds stood at 120,6 percent at the end of 2025, it reached 122,0 percent by the end of February. This means the record level from 2021 of 122,1 percent has almost been matched.

Funding ratios of public-law pension funds have even been at their highest level since the Swisscanto pension fund study began 25 years ago, the statement said.

With strong economic data, robust corporate earnings and positive momentum, the environment for equities remains fundamentally favourable. As the inflation rate in the United States is now also trending towards 2 percent, further interest rate cuts are expected. «In the short term, the geopolitical situation, with the hostilities in Iran, is creating uncertainty. In the medium term, however, its impact on financial markets should remain limited.»