Company: SWZ
Filing Date: 2025-03-11
Form Type: N-CSR
Source: 0001839882-25-014961
Chunk: 4

Company: Total Return Securities Fund
Filing Date: 2025-03-11
Form: N-CSR
Chunk 4
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 of December 31, 2024. Performance measured as total return in USD. Sectors mentioned should not be viewed as a recommendation to buy/sell. Portfolio composition is subject to change over time. Investors cannot invest directly in the Index or sub-indices. Performance The Fund’s NAV decreased by -3.09% in USD, which represents an underperformance after fees in comparison to the Index for the year under review. For the full year of 2024 in Switzerland, the investment style characterized as value (MSCI Switzerland Value Index) outperformed growth (MSCI Switzerland Growth Index). Thus, the value bias applied by the Fund’s investment adviser was positive during the year. However, the bias towards small and mid-cap companies was slightly negative as the SPIEX underperformed the SMIC (SMI Total Return). In terms of stock picking, the biggest contributors to the Fund’s relative performance came from overweights in Galderma, R&S, Swissquote, Sandoz, Accelleron, VZ Holdingand SFS. Other 4 THE SWISS HELVETIA FUND, INC. contributors to performance came from underweights in Straumann, Adeccoand VAT. On the other hand, overweights in ams-Osram, Tecan, Swatch, Kuehne & Nageland Medacta, as well as underweights in ABB, Swiss Re, Holcimand SGS(the latter three being zero weights) had a negative impact on the Fund’s relative performance. The Fund’s private equity position in Aravis Biotechcontributed positively, whereas Spineartcontributed slightly negatively to the Fund’s performance. Throughout 2024, the Fund’s two private equity positions in Selfragand Eyesensewere sold. Portfolio changes In total, there were 16 purchases and 28 sales of listed equities in 2024. As of December 31, 2024, there were 46 listed companies held by the Fund and 2 direct private equity investments, including two participations in private equity limited partnerships. New Investments by the Fund Also Galderma Georg Fischer Straumann Additions to Existing Investments ABB ams-Osram Barry Callebaut Comet Helvetia Kuehne und Nagel Oerlikon SFS SIG Sika St. Galler Kantonalbank UBS Positions Entirely Disposed of Forbo Idorsia SoftwareOne Reductions in Existing Investments Accelleron Alcon Aryzta Baloise BKW