SWITZERLAND - A sample of 100 Swiss pension funds returned 2.93% on average in 2010, according to the Pensionskassen index compiled by Credit Suisse.

The last quarter added to the performance with a positive 0.96%, fed by positive returns in December and October and only dampened by a negative November result (-0.68%).

From 2000, the annualised performance is at 2.07%, short of the 2.88% minimum return required by law.

Preliminary findings by Credit Suisse show the Pensionskassen reduced their cash holdings as well as their exposure to domestic bonds over the last quarter of 2010.

At the same time, they continued to increase investment in equities, both domestic and global, to a total equity exposure of 29.8% - up from 28.9% at the end of the previous quarter.