8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):

September 11, 2020

THE SWISS HELVETIA FUND, INC.

(Exact Name of Registrant as Specified in Charter)

Delaware	No. 005-53317	No. 13 341 0232 _______________________________
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

615 EAST MICHIGAN STREET,MILWAUKEE WI	53202
Address of Principal Executive offices)	(Zip Code)

Registrant’s telephone number, including area code:  (800) 730-2932

Former name or former address, if changed since last report: N/A

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2.):

□ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

□ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company □

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  □

Securities registered pursuant to Section 12(b) of the Act:

Registrant	Title of each class	Trading Symbol(s)	Name of each exchange on which registered
The Swiss Helvetia Fund, Inc.	Common Stock, $.001 par value per share	SWZ	New York Stock Exchange

Item 7.01. Regulation FD Disclosure.

The Swiss Helvetia Fund, Inc. (the “Fund”) will hold its Annual Meeting of Stockholders on September 11, 2020. Attached are the presentation slides that the Fund intends to use at the Annual Meeting, a copy of which also will be available on the Fund’s website (www.swzfund.com). The Fund is furnishing the information in this Current Report on Form 8-K and in Exhibit 99.1 to comply with Regulation FD.

In accordance with General Instruction B.2 of Form 8-K, the information set forth in this Item 7.01, including Exhibit 99.1, is furnished pursuant to Item 7.01 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. The information set forth in this Item 7.01 shall not be deemed an admission as to the materiality of any information in this report on Form 8-K that is required to be disclosed solely to satisfy the requirements of Regulation FD.

Caution Concerning Forward-Looking Statements

Statements included in this Current Report on Form 8-K (including information incorporated by reference herein) and other statements that the Fund may make may contain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which reflect the Fund’s current views with respect to, among other things, its operations and financial performance. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from the results expressed or implied in any forward-looking statements made by the Fund in these communications. These and other risks, uncertainties and assumptions are detailed in documents filed by the Fund with the Securities and Exchange Commission. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The Fund undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Item 9.01. Exhibits.

(d)    Exhibit.

99.1—  Investor Presentation

 SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

THE SWISS HELVETIA FUND, INC.
(Registrant)
By:	/s/ Thomas Antonucci
Name:	Thomas Antonucci
Title:	Chief  Financial Officer (duly authorized officer and principal financial and accounting officer)

Date: September 11, 2020

EX-99.1

Exhibit 99.1

 Presentation to the Annual General MeetingStefan Frischknecht, Fund Manager  Portfolio and Performance ReviewThe Swiss Helvetia Fund, Inc.  September 11, 2020 

 Agenda    1    01  Performance          02  Portfolio positioning          03  Outlook          04  Case for Swiss equities                                 

 Performance   

 Performance  NAV and price performance in USD  3  Source: Schroders, fund performance as published on website (www.swzfund.com); July 31, 2020; year-to-date performance as at July 31, 2020. Performance shown represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown.  Performance in USD %Based on Net Asset Value  YTD 2020  1 year  3 yearsp.a.  5 yearsp.a.  SWZ  2.06%  9.32%  6.12%  5.55%  Swiss Performance Index, SPI  2.46%  11.48%  8.39%  7.74%  Difference NAV  -0.40 %  -2.16%  -2.27%  -2.19%  Performance in USD %Based on Market Price  YTD 2020  1 year  3 years p.a.  5 yearsp.a.  SWZ  -1.53%  5.85%  3.45%  5.05%  Swiss Performance Index, SPI  2.46%  11.48%  8.39%  7.74%  Difference  -3.99%  -5.63%  -4.94%  -2.69%  Net asset value  Share price 

 Since July 1, 2014:Since Schroders took over as Fund adviser, relative performance is behind benchmark:From start, there was a negative impact from private equity / venture investments of the predecessorOur style bias towards ‘value’ rather than growth met headwinds, mainly over the past couple of years(value variant of MSCI Switzerland underperformed the ‘growth’ counterpart by approx. 3.5%)2019 has been a strong year for equity markets, and the cash held at the end of 2018 (after the tender offer in a volatile December month) represented a drag on relative performanceFurthermore, 2019 was a ‘large cap year’; being underweight the index heavyweights was not helpfulLast 12 monthsStock picking was positive, +3.0 %However, headwinds from style bias (overweight value as well as small & mid caps) could not be compensatedAfter costs, performance was -4.8% behind benchmarkYear to dateStock picking was an additional positive of +1.6%YTD relative performance after fees: -0.4%Small & mid cap overweight was a headwind (they the SPI by -2.8%)  Performance comment  Driving factors for relative performance of NAV  4   ySource: Schroders, fund performance as published on website (www.swzfund.com), Bloomberg for index performance, July 31, 2020; year-to-date performance as at July 31, 2020.Performance shown represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. 

 Performance attribution – stock level  Top & Bottom 10 contributions to relative performance YTD 2020  5  Source: Schroders, FactSet, July 31, 2020; “over” means overweight; “under” means underweight compared to Swiss Performance Index; “zero” means no position.  Top ten stock contributions (USD)  Bottom ten stock contributions (USD)    Total effect %  Logitech (over)  1.3  Tecan (over)  0.7  VZ Holding (over)  0.5  Swiss Re (under)  0.5  BKW (over)  0.4  LafargeHolcim (zero)  0.3  Dufry (zero)  0.2  Adecco (zero)  0.2  SIG Combibloc (over)  0.2  Galenica (over)  0.2    Total effect %  Lonza (zero)  -1.3  Spineart (over)  -1.1  Swiss Life (over)  -0.7  Aryzta (over)  -0.6  Givaudan (zero)  -0.5  Swatch (Reg.) (over)  -0.5  Nestlé (under)  -0.4  Helvetia (over)  -0.3  Richemont (over)  -0.3  Sulzer (over)  -0.2 

 Performance attribution – stock level  Top & Bottom 10 contributions to relative performance 1 year  6  Source: Schroders, FactSet, July 31, 2020; “over” means overweight; “under” means underweight compared to Swiss Performance Index; “zero” means no position.  Top ten stock contributions (USD)  Bottom ten stock contributions (USD)    Total effect %  Logitech (over)  1.5  Tecan (over)  0.7  VZ Holding (over)  0.6  SIG Combibloc (over)  0.4  BKW (over)  0.4  Swiss Re (under)  0.3  Implenia (over)  0.3  ams (under)  0.2  Novartis (under)  0.2  Swatch (Bearer) (zero)  0.2    Total effect %  Lonza (zero)  -1.2  Spineart (over)  -1.1  Swatch (Reg.) (over)  -0.8  Swiss Life (over)  -0.8  Givaudan (zero)  -0.6  Aryzta (over)  -0.4  Roche (under)  -0.4  Sika (under)  -0.3  Richemont (over)  -0.3  Helvetia (over)  -0.3 

 Portfolio positioning   

 Top ten holdings absolute  Top relative weights  Portfolio positioning  As per July 31, 2020  8  Source: Schroders, JP Morgan, Bloomberg, July 31, 2020      Name  Absolute weight  Nestlé  18.1%  Roche  13.8%  Novartis  12.2%  Zurich Insurance  4.1%  Logitech  3.8%  Richemont  3.1%  Swiss Life  2.6%  ABB  2.3%  Tecan  2.1%  Partners Group  2.0%  Total  64.1%  Name  Relative weight %  Logitech  +3.0%  Swiss Life  +1.9%  Tecan  +1.8%  VZ Holding  +1.6%  Swatch (Reg.)  +1.6%      Nestlé  -4.2%  Lonza  -3.0%  Givaudan  -2.1%  Alcon  -1.9%  Roche  -1.8% 

 Portfolio positioning  ICB classification  9  Source: Schroders, JP Morgan, Bloomberg, July 31, 2020  SWZ  SPI  Rel. %  25.9%  29.3%  -3.4%  18.1%  24.1%  -6.0%  9.2%  8.9%  0.3%  10.3%  6.4%  3.9%  6.1%  6.2%  -0.1%  2.9%  5.3%  -2.4%  0.0%  3.2%  -3.2%  0.0%  2.8%  -2.8%  5.7%  2.8%  2.9%  0.0%  2.7%  -2.7%  5.4%  2.1%  3.3%  2.5%  1.9%  0.6%  0.0%  1.4%  -1.4%  3.1%  1.1%  2.0%  0.0%  1.0%  -1.0%  0.7%  0.5%  0.2%  1.5%  0.2%  1.3%  0.0%  0.1%  -0.1%  0.0%  0.0%  0.0%  0.0%  0.0%  0.0%  0.0%  0.0%  0.0%  0.0%  0.0%  0.0%  0.0%  0.0%  0.0%  5.9%  0.0%  5.9%  2.7%  0.0%  2.7% 

 Portfolio positioning  Changes in positioning in YTD 2020  10  Source: Schroders, July 31, 2020.  New Positions  ams  Geberit  SGS  SoftwareOne  Swiss Re  Increased Positions  ABB  Helvetia  Nestlé  Partners Group  Swiss Life  Zurich Insurance  Sold Positions  Aryzta  Bucher  Feintool  Implenia  Kuros  Sunrise  HY 2020  Decreased Positions  Cembra Money Bank  Credit Suisse  Julius Baer  Sulzer  UBS  New Positions  Stadler Rail  Increased Positions  Geberit  July 2020  Decreased Positions    Sold Positions   

 Risk measures (ex private equity)  Portfolio turnover  Portfolio positioning  Key statistical measures  11  Source: Schroders, Aladdin View, July 31, 2020.      Swiss Helvetia Fund  July 31, 2020  July 31, 2019  Tracking error  2.4%  2.4%  Beta  0.97  0.89  Relative VaR (95%)  1.1%  1.1%  Volatility  20.2%  11.1%  Active share  32.3%  37.6%    Swiss Helvetia Fund  Turnover in % of AuM Q2 2020  3% / 6%   Turnover in % of AuM HY 2020  13% / 16%   Turnover calculation method:(lesser of buys or sells) / (average AuM)(sells) / (average AuM) 

 Outlook   

 Outlook  Earnings expectations  13  Source: Bloomberg, July 31, 2020  Consensus EPS development – MSCI World 

 Investment outlook  Swiss franc development  14  Source: Swiss National Bank, December 2000 = 100, July 31, 2020  Trade weighted exchange rate index – real, CPI-based 

 Investment outlook  Global comparison of dividend yield versus government bond yield  15  Source: Schroders, Bloomberg, July 31, 2020. 

 Investment outlook  Global comparison of earnings expectations  Source: Schroders, Bloomberg, July 31, 2020; all earnings converted into USD.  16   

 Unprecedented central bank interventionsGovernments attempt to save economyCompared to low / negative interest rates, stocks offer an attractive dividendMacroeconomic data improving (global, US & European economic surprise indices)  Global GDP ex China will only start to grow earliest Q2Some sectors might take much longer to recoverTrade war, US elections, Brexit, ItalExit, etc. are risks that might come into focus again  Outlook & market situation   Coronavirus driving major uncertainty  17  Source: Schroders, 30 June 2020  Positives  Negatives  Global  Swiss  Many market leaders with superior growth potentialTrade (Baltic Dry Index) recovered sharplyMore resilient balance sheets  Comeback of “Big Government” 

 Case for Switzerland   

 The Swiss stock market has a large proportion of global market leaders (not only among large corporations), with competitive advantageHigh innovation rateGlobal diversification helps in the current environment of synchronized growthGenerally strong ESG performance and absence of “sin stocks”Swiss companies remained competitive despite the historic appreciation of the Swiss francThe difference between dividend yield and 10 year government bond yield stands out  Why are Swiss equities attractive?    Source: Schroders. Views expressed are the portfolio management team’s view and not necessarily a «house view». These views are subject to change.   19 

 The World Economic Forum has been looking into drivers of competitiveness and prosperity in 137 economies. Amongst others, the following help explain the strong position of Switzerland:InnovationInfrastructureeducationlabor market efficiencymacroeconomic environmentbusiness sophisticationSwitzerland has been ranked within the top 5 over the last 15 years.   Switzerland offers an attractive business environment    20  Source: World Economic Forum, Global Competitiveness Report 2019, rank out of 141 economies. See also: http://www.prosperity.com/rankings: The Legatum Institute, a London based think tank published its annual global prosperity index, where Switzerland ranked number 3 based on 104 variables split into 9 sub indices (economic quality, business environment, governance, education, health, safety & security, personal freedom, social capital and natural environment).     

 Switzerland is an innovation leader    21  Source: European Innovation Scoreboard 2020   Modest Innovators  Moderate Innovators  Strong Innovators  Innovation Leaders 

 Global leadership results in high profitability  Swiss company leadership transforms into margins  22  Source: Schroders, Bloomberg, December 31, 2019. 

 Swiss companies are very international    Source: Morgan Stanley, June 13, 2017.  23  Europeex domestic  APAC  MEA  LATAM  N. America  Domestic  Europeex domestic  APAC  MEA  LATAM  N. America  Domestic  Europe  MEA  APAC  Domestic 

 Long term outperformance of Swiss equities    24  Source: Schroders, July 31, 2020. All data in USD. Views expressed are the portfolio management team’s view and not necessarily a «house view». These views are subject to change.Performance shown represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown.  Long-term reasons to investLong-term historic outperformance due to:Many global leadersBalanced geographical diversificationHigh innovation rateHighly skilled and productive labour forceHigh profit marginsPolitical system (stability, taxes, labour law)Quality infrastructureLow debt (at companies and government)Strong CHF seen as asset, not disadvantage  2.9% p.a. in USD  10.3% p.a. in USD  7.4% p.a. in USD  

 Swiss companies are used to an appreciating Swiss Franc. High efficiency and strong focus on productivity gainsHigh innovation rateMarket leaders in their respective nichesGlobal production footprint provides a substantial natural hedgeSolid balance sheetsSharp moves in exchanges rate such as happened in 2011 and 2015 had short term impacts but were successfully absorbed after 1-2 years in terms of margin recovery  CHF appreciation is nothing new    Source: Schroders, Bloomberg, July 31, 2020. Views expressed are the portfolio management team’s view and not necessarily a «house view». These views are subject to change.  25 

 Swiss Equity Market  Attractive risk / return profile compared to Europe  26  Source: Bloomberg, July 31, 2020, all data in USD.Performance shown represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown.    Switzerland10.2% p.a. / Volatility 17.8%  Europe6.2% p.a. / Volatility 21.0%  USA10.5% p.a. / Volatility 16.8% 

 Swiss Equity Market  World’s Top 10 Countries by Market Cap  27  Source: Bloomberg, World Bank, July 31, 2020.*Most recent year: 2008.       Rank  Market  Mkt Cap (US$ trillion)  1  USA  30.4  2  China  8.5  3  Japan  6.2  4  Hong Kong  4.9  5  Saudi Arabia  2.4  6  France  2.4  7  India  2.2  8  Germany  2.1  9  Canada  1.9  10  United Kingdom*  1.9  11  Switzerland  1.8    Top 10  62.9    World  68.7 

 Swiss Equity Market  High concentration in Swiss Performance Index  28  Source: Bloomberg, Schroders, July 31, 2020.  Swiss Performance Index (SPI)  SPI compared to SWZ  The Swiss Performance Index’s composition is inefficient and highly concentratedThe Swiss Helvetia Fund takes advantage of diversification benefits 

 Performance of The Swiss Helvetia Fund  Compared to ETF and European Index since introduction of the EURO  29  Source: Schroders, Bloomberg July 31, 2020.Performance shown represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown.  Swiss ETF  The Swiss Helvetia Fund  MSCI Europe (ex Switzerland) 

 Important information  30    The Fund is a closed-end investment product. Common stock of the Fund is only available for purchase/sale on the NYSE at the then current market price. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.This presentation is intended to be for information purposes only and it is not intended as promotional material in any respect. The material is not intended as an offer or solicitation for the purchase or sale of the Fund’s shares or any other financial instrument. The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations. Information herein is believed to be reliable but Schroder Investment Management North America Inc. does not warrant its completeness or accuracy.The returns presented represent past performance and are not necessarily representative of future returns, which may vary. The value of investments can fall as well as rise as a result of market or currency movements.All investments, domestic and foreign, involve risks, including the risk of possible loss of principal. The market value of a fund’s portfolio may decline as a result of a number of factors, including adverse economic and market conditions, prospects of stocks in the portfolio, changing interest rates, and real or perceived adverse competitive industry conditions. Investing overseas involves special risks including among others risks related to political or economic instability, foreign currency (such as exchange, valuation, and fluctuation) risk, market entry or exit restrictions, illiquidity, and taxation.  The Swiss securities markets have substantially less trading volume than the U.S. securities markets. Additionally, the capitalization of the Swiss securities markets is highly concentrated. Securities of some companies located in Switzerland will be less liquid and more volatile than securities of comparable U.S. companies. This combination of lower volume and greater concentration in the Swiss securities markets may create a risk of greater price volatility than in the U.S. securities markets. The views and forecasts contained herein are those of the Schroders Swiss Equities team and are subject to change. The information and opinions contained in this document have been obtained from sources we consider to be reliable. No responsibility can be accepted for errors of facts obtained from third parties. Reliance should not be placed on the views and information in the document when taking individual investment and/or strategic decisions.Definitions: Active share represents the proportion of stock holdings in the Fund that is different from the properties found in the benchmark. Beta measures the sensitivity of the Fund to the movements of its benchmark. Volatility is measured by Standard deviation, which is the risk or volatility of an investment’s return over a particular time period; the greater the number, the greater the risk or volatility. Tracking error is the difference between the price behavior of a position or a portfolio and the price behavior of a benchmark. VaR is Value at Risk, a widely used risk measure of the risk of loss on a specific portfolio of financial exposures.For more information, visit www.swzfund.com