FINANCES

The performance of a foundation depends not only on strategy-based, results-oriented funding management, but also on the net income available from the foundation assets. This relies on the quality and progress of the investments. Gebert Rüf Stiftung discloses its finances in compliance with the requirement for transparency.

Investment Strategy

The foundation assets of Gebert Rüf Stiftung are managed in accordance with a regularly optimized investment strategy based on a constant outflow of around CHF 15 million per year and a long-term target return of 4% p.a.

Using the principle of asset pooling, investments are made in passive, index-based funds which can charge lower fees because of their size. Compared with active management, this leads to lower fees and ensures that the return achieved is close to the market return. Active investments are used only if no suitable passive products are available in a particular investment category.

The foundation purpose of Gebert Rüf Stiftung does not provide for mission-based investment.

Performance

As at 31 December 2017 the assets stood at CHF 149.5 million and were split between the following investment categories: 48.7% bonds, 42.7% equities, 8% private equity.

The return of the Gebert Rüf Stiftung portfolio is measured against that of a reference portfolio. The difference is known as the surplus yield. This may be positive or negative. The distributions are the grants disbursed in the current year.

Period

Net yield

Surplus yield

Distributions

Assets in CHF mio.

As at 31.12.17 +8.6 –0.1 14.3 149.5
As at 31.12.16 +3.42 –1.24 13.3 153.0
As at 31.12.15 –0.12 –1.04 14.3 158.9
Comparison value as at 31.12.2005

224.2


Costs

The annual portfolio costs incurred by Gebert Rüf Stiftung, including controlling, monitoring and supervision by the foundation’s committees, currently runs to approx. 0.2% p.a. of the foundation’s assets.

Cost factors in CHF

2017

Asset management and administration fees (including VAT)

268’515

Investment controlling: annual flat-rate (including VAT)

16’200

Supervision and monitoring by the foundation’s committees (estimate)

10’000

Total costs in CHF

295’715

Total costs in % of foundation assets p.a.

0.2

 

Disbursal

Since it was first established, Gebert Rüf Stiftung has awarded a total of CHF 199.2 mio., of which CHF 192.4 mio. has been invested in direct project support. The grant volumes for the past three years were as follows:

Year Funding in CHF mio.
2017 13.7
2016 14.0
2015 12.3

 

Partners

The board of trustees is responsible for the management of the foundation’s assets. It has set up a finance committee to undertake this task. Investment is organized according to the principle of checks and balances; conflicts of interest are avoided by means of a clearly structured  value creation process. Gebert Rüf Stiftung is supported by the following partners in the area of finances:

  • Investment concept/strategic pooling partner: ECOFIN Portfolio Solutions AG, Zurich
  • Fund management: GAM Investment Management (Switzerland) Ltd., Zurich, Lombard Odier Asset Management (Switzerland) SA, Zurich/Petit Lancy
  • Asset management/fund management: State Street Global Advisors (SSgA), Boston (global equities and bonds); Syz Asset Management S.A., Zurich (CHF bonds); each 50% Allianz Global Investors GmbH, UK Branch, London, und Barings LLC, Springfield, USA (Unternehmensobligationen Welt)
  • Custodian banks: State Street Bank GmbH, Munich, Zurich branch; Banque Lombard Odier & Cie SA, Geneva
  • Direct investment: Margebli JSC, Georgia (private equity)
  • Investment controlling: ECOFIN Investment Consulting AG
  • Accounting: Bourcart Treuhand AG, Basel
  • Auditors: Copartner Revision AG, Basel
  • Supervisory authority: Swiss Federal Supervisory Board for Foundations, Berne