Country assets
The liquid assets not required in the short term for operations are managed by third parties on behalf of the government and on the basis of the Guidelines for Asset Management of the Principality of Liechtenstein
An investment strategy allocates the assets to be managed to investment categories, taking into account return and risk characteristics, and defines benchmarks (target/comparison values) as well as tactical fluctuation bands. The investment strategy is reviewed annually, adjusted if necessary, and approved by the government in each case.
The Investment Committee, which consists of external and internal experts, is responsible for developing and implementing the investment strategy. It is supported by external investment experts, an external unit for securities accounting, controlling and reporting, and the Landeskasse as the operational office.
The assets are currently managed in 17 mandates by 4 domestic (two-thirds) and 6 foreign financial institutions (one-third).
| year | Assets in million CHF as of 31.12. |
Return | Ø-Return since 2003 |
Share as of 12/31 |
Increase/decrease in capital in CHF million |
| 2003 | 1,100 | + 6.8% | 6.8% | 28.5% | + 1 |
| 2004 | 1,087 | + 3.5% | 5.1% | 27.7% | - 50 |
| 2005 | 1,145 | + 10.8% | 7.0% | 30.4% | - 55 |
| 2006 | 1,534 | + 4.8% | 6.5% | 28.1% | + 335 |
| 2007 | 1,694 | + 0.3% | 5.2% | 31.2% | + 157 |
| 2008 | 1,425 | - 15.9% | 1.4% | 24.8% | 0 |
| 2009 | 1,566 | + 12.5% | 2.9% | 32.2% | - 35 |
| 2010 | 1,479 | + 2.8% | 2.9% | 34.2% | - 130 |
| 2011 | 1,457 | - 1.5% | 2.4% | 31.9% | 0 |
| 2012 | 1,498 | + 8.7% | 3.0% | 31.9% | - 80 |
|
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 |
1,513 1'319 1'360 1'452 1'766 1'808 2'114 2'351 2'653 2'257 |
+ 6.5% + 7.5% - 0.7% + 3.0% + 7.2% - 4.3% + 10.6% + 5.5% + 5.6% - 13.8% |
3.3% 3.6% 3.3% 3.3% 3.5% 3.0% 3.5% 3.6% 3.7% 2.7% |
33.3% 35.6% 32.8% 34.3% 33.6% 31.2% 33.2% 34.0% 36.8% 34.9% |
- 80 - 296 + 50 + 50 + 210 + 120 + 115 + 110 + 170 - 30 |
Laws
Contact persons
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Thomas Kieber [email protected] +423 236 6420
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Markus Müller [email protected] +423 236 6427