Swiss Pension funds returned -8.38% for the first half of this year, according to State Street’s latest Swiss Pensionskassenindex. Unlike Credit Suisse, State Street only includes assets held by its custodial business for clients to calculate the index and so excludes assets like direct real estate holdings. (See earlier IPE-article: Swiss funds saved by direct real estate) Credit Suisse had calculated losses of -5.6% for the first quarter and a positive outturn of 0.2% for the second quarter while State Street reported average first quarter returns of its clients of -8.04% and second quarter returns of -0.37%. “This is the fourth consecutive quarter with negative returns,” State Street noted in a press release.