Meridian Capital — Annual Report · 2025 06 / 15
Fund Performance
A strong year for active management
Five of our six flagship strategies beat their benchmark in 2025, net of all fees. Over the horizons that matter more, the picture is just as consistent: 82% of assets under management outperformed their benchmark over three years, and 74% over five.
We report the exception as plainly as the successes. Emerging Markets Equity returned 9.4% — a good absolute result — but trailed its benchmark by 0.7 percentage points, as stock selection in Asia detracted. The managers’ assessment of what went wrong, and what has been adjusted, is set out in the fund’s annual review.
Performance fees of CHF 54 million, earned chiefly on Alpine Equity and Swiss Small & Mid Cap, reflect that outcome: Meridian Capital earns most when its clients earn most.
Fund performance 2025
| Fund | AUM (CHF bn) | Net return 2025 | Benchmark | Relative |
|---|---|---|---|---|
| Alpine Equity | 6.8 | +14.2% | +11.8% | +2.4 pts |
| Global Bond | 5.2 | +4.1% | +3.6% | +0.5 pts |
| Multi-Asset Balanced | 4.6 | +8.7% | +7.9% | +0.8 pts |
| Swiss Small & Mid Cap | 2.1 | +16.8% | +14.1% | +2.7 pts |
| Emerging Markets Equity | 1.8 | +9.4% | +10.1% | −0.7 pts |
| Climate Transition | 0.4 | +6.2% since May 2025 | — | — |
Net return 2025 versus benchmark
The four largest strategies, net of fees, in per cent.
Performance at a glance
How we measure performance
Every return in this report is net of management and performance fees. Strategy-level figures follow a composite methodology: all discretionary portfolios managed to the same mandate are included, asset-weighted, with no portfolio added or removed retrospectively. Benchmarks are fixed in each fund’s prospectus and are never changed after the fact. Climate Transition, launched in May 2025, shows performance since inception and is not annualised.