PUBLICA’s strategic asset allocation

Every four years, PUBLICA reviews its strategic asset allocation. This process involves defining the investment beliefs, analysing long-term trends, reviewing asset classes and setting the risk budget. On this basis, the Board of Directors then decides on the new strategic asset allocation. 

The “Basis” strategic asset allocation comes into force on 1 July 2026. The main changes are as follows: 

• PUBLICA is increasing the equity exposure. The weighting of the individual regions is more closely aligned with their share of the global equity market.
• The allocation to Swiss real estate is increased from 9% to 12%.
• A new asset class – mid-market loans – is being added. 
• Bonds in currencies other than the Swiss franc are significantly reduced.
• PUBLICA is cutting its exposure to some asset classes: private corporate debt, inflation-linked government bonds and emerging market bonds in hard currencies.

PUBLICA is implementing the strategic asset allocation progressively. This will take longer for some asset classes, such as real estate, and less time for others, such as equities.

The revised PUBLICA Act comes into force on 1 January 2027. This permits multiple strategic asset allocations with differing risk budgets for the open pension plans.

The Board of Directors has decided to offer two different strategic asset allocations, called “Basis” and “Plus”: 

The “Plus” allocation is open to pension plans with a higher risk capacity. It has a higher proportion of equities than the “Basis” allocation, with a lower fixed-income component.

The parity commissions of the pension plans that have sufficient risk capacity for the “Plus” allocation will decide in the second half of 2026 whether they want to switch. 

PUBLICA will be implementing the “Plus” strategic asset allocation from 1 January 2027.