by George Dorgan
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The Swiss National Bank has achieved a profit of 5.7 billion CHF in Q1/2016. The total yield on assets per annum was 3.4%.The main contribution comes from gold with price change of 10% in this quarter, hence a total yield of 48%.The total yield on debt was positive with +0.2% thanks to negative interest rates.The deflationary environment let to rising bond prices. Bonds, make up 74% of the SNB portfolio. Here the details of our calculation: Position Total Positionin bn CHF % of Total Portfolio Profit/Loss in Q1/2016in bn CHF Q1 P/L in %of position Yield on Assets (TWR) p.a. Total Assets 660 100% +5.7 +0.8% +3.4% Gold 39.6 6% +4.1 +10.3% +48.3% Foreign Currency (Fiat)FX Valuation 610 92.4% -6.9 +0.2% -4.5% Bonds (in foreign currency) 528 74% +6.2 +1.2% +5.2% — Interest Income (in foreign ccy) +2.1 +0.4% +1.7% Equities (in foreign currency) 122 18.4% -0.7 -0.6% -2.3% — Dividend income +0.5 +0.4% +1.6% CHF positions 3.9 0.6% +0.1 +2.6% +10.7% Yield on Debt (TWR) p.a. Total Debt 660 100% +0.33 +0.05% +0.20% Total punished by neg. rates 165 25% +0.33 +0.18% +0.
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George Dorgan considers the following as important: dividends, equities, George Dorgan on SNB, Gold, interest income, negative interests, Profit and Loss, SNB, Swiss National Bank
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The Swiss National Bank has achieved a profit of 5.7 billion CHF in Q1/2016. The total yield on assets per annum was 3.4%.
The main contribution comes from gold with price change of 10% in this quarter, hence a total yield of 48%.
The total yield on debt was positive with +0.2% thanks to negative interest rates.
The deflationary environment let to rising bond prices. Bonds, make up 74% of the SNB portfolio.
Here the details of our calculation:
| Position | Total Position in bn CHF |
% of Total Portfolio | Profit/Loss in Q1/2016 in bn CHF |
Q1 P/L in % of position |
Yield on Assets (TWR) p.a. |
| Total Assets | 660 | 100% | +5.7 | +0.8% | +3.4% |
| Gold | 39.6 | 6% | +4.1 | +10.3% | +48.3% |
| Foreign Currency (Fiat) FX Valuation |
610 | 92.4% | -6.9 | +0.2% | -4.5% |
| Bonds (in foreign currency) | 528 | 74% | +6.2 | +1.2% | +5.2% |
| — Interest Income (in foreign ccy) | +2.1 | +0.4% | +1.7% | ||
| Equities (in foreign currency) | 122 | 18.4% | -0.7 | -0.6% | -2.3% |
| — Dividend income | +0.5 | +0.4% | +1.6% | ||
| CHF positions | 3.9 | 0.6% | +0.1 | +2.6% | +10.7% |
| Yield on Debt (TWR) p.a. | |||||
| Total Debt | 660 | 100% | +0.33 | +0.05% | +0.20% |
| Total punished by neg. rates | 165 | 25% | +0.33 | +0.18% | +0.75% |
Sources SNB Balance Sheet and Q1 P/L release
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