National Assets
The liquid funds not required for operations in the short term are managed by third parties on behalf of the Government and on the basis of the Guidelines for the Asset Management of the Principality of Liechtenstein .
An investment strategy divides the assets into investment categories, taking into account return and risk characteristics, and defines benchmarks (target/relative figures) and tactical allocation ranges. The investment strategy is reviewed annually, adjusted if necessary and approved by the government.
The Investment Committee, which is made up of external and internal specialists, 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 Office of Finance as the operational office.
The assets are currently managed in 18 mandates by 4 domestic (56% of the assets) and 8 foreign financial institutions (44% of the assets).
| Year | Assets in CHF million as at 31.12. |
Return | Ø Return since 2003 |
Shareholding as of 31.12. |
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 | 1'513 | + 6.5% | 3.3% | 33.3% | – 80 |
| 2014 | 1'319 | + 7.5% | 3.6% | 35.6% | – 296 |
| 2015 | 1'360 | – 0.7% | 3.3% | 32.8% | + 50 |
| 2016 | 1'452 | + 3.0% | 3.3% | 34.3% | + 50 |
| 2017 | 1'766 | + 7.2% | 3.5% | 33.6% | + 210 |
| 2018 | 1'808 | – 4.3% | 3.0% | 31.2% | + 120 |
| 2019 | 2'114 | + 10.6% | 3.5% | 33.2% | + 115 |
| 2020 | 2'351 | + 5.5% | 3.6% | 34.0% | + 110 |
| 2021 | 2'653 | + 5.6% | 3.7% | 36.8% | + 170 |
| 2022 | 2'257 | – 13.8% | 2.7% | 34.9% | – 30 |
| 2023 | 2'554 | + 6.9% | 2.9% | 34.8% | + 140 |