Company: SWZ
Filing Date: 2025-03-11
Form Type: N-CSR
Source: 0001839882-25-014961
Chunk: 3

Company: Total Return Securities Fund
Filing Date: 2025-03-11
Form: N-CSR
Chunk 3
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 all his economic policies. Worldwide equities, measured by the MSCI World Index, increased +19.22% in USD for the year 2024. With respect to European equities, the MSCI Europe Index increased by +9.25% in EUR, whilst the increase in USD was +2.19% due to the strengthening of the USD. Swiss equities, as measured by the SPI, increased by +6.18% in 2024 (in CHF, which translates to a -1.55% USD decrease). Within Switzerland, small and mid-cap companies, represented by the SPI Extra Index (the “SPIEX”), decreased by -3.73% (in CHF) and slightly underperformed the large cap companies’ segment. The total return for Swiss equities is below long-term average equity performance. Within the SPI, Financials showed the strongest performance with an increase of +12.15%, followed by Consumer Discretionary (+6.59%), Real Estate (+5.66%), Industrials (+4.87%) and Health Care (+3.45%). IMPORTANT INFORMATION CONCERNING MANAGEMENT DISCUSSION AND ANALYSIS Except as otherwise specifically stated, all information and investment team commentary, including portfolio security positions, is as of December 31, 2024. The views expressed in this Management Discussion and Analysis section (the “MD&A”) are those of the Fund's portfolio manager and are subject to change without notice. They do not necessarily represent the views of Schroders Investment Management North America Inc. The MD&A contains some forward-looking statements providing current expectations or forecasts of future events; they do not necessarily relate to historical or current facts. There can be no guarantee that any forward-looking statement will be realized. We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events, or otherwise. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The Fund may buy, sell, or hold any security discussed herein, on the basis of factors described herein or the basis of other factors or other considerations. Fund holdings will change from time to time. Current and future portfolio holdings are subject to risk, including geopolitical and other risks. Performance quoted represents past performance and does not guarantee or predict future results. 3 THE SWISS HELVETIA FUND, INC. Swiss Performance Index for the year 2024 (GICS Sectors) Source: Schroders, Blackrock Solutions / Aladdin Explore, as