Investments

In the basic breakdown of assets by investment type, investments are reported net of risk-adjusted (delta) underlying assets of derivatives. These are included in the risk-adjusted asset breakdown. Because the risk-adjusted volumes of derivatives are not netted out across asset types, the total amount of investment may vary substantially between the basic and risk-adjusted asset breakdowns.

In the basic breakdown of assets by investment type, investments are reported net of risk-adjusted (delta) underlying assets of derivatives. These are included in the risk-adjusted asset breakdown. Because the risk-adjusted volumes of derivatives are not netted out across asset types, the total amount of investment may vary substantially between the basic and risk-adjusted asset breakdowns.

The rate of return (%) refers to the time- and equity-weighted cumulative rate of return since the start of the year. This is not fully comparable, for example, with equity index returns because of differing calculation formulae.

Fixed-income investments include bonds, credit claims and money market instruments.

Equity investments include both quoted and unquoted shares and private equity funds.

Real-estate investments include direct real-estate investments and investments via funds.

Other investments include investments that cannot be put in the above investment categories due to their risk and return profiles. Hedge funds and commodity investments, for example, belong to the category of other investments.