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 9, 2021

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 9, 2021. 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 F. Antonucci
Name:	Thomas F. Antonucci
Title:	Chief  Financial Officer (duly authorized officer and principal financial and accounting officer)

Date: September 9, 2021

EX-99.1

Exhibit 99.1

 Presentation to the Annual General MeetingStefan Frischknecht, Fund Manager  Portfolio and Performance ReviewThe Swiss Helvetia Fund, Inc.  September 9, 2021 

 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, 2021.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 %  YTD 2021  H1 2021  1 year  3 yearsp.a.  5 yearsp.a.  NAV (US GAAP) as per quarterly filings  11.54%  8.50%  24.91%  14.03%  11.90%  Swiss Performance Index, SPI  13.88%  9.86%  26.51%  16.00%  13.55%  Difference NAV  -2.34%  -1.36%  -1.60%  -1.97%  -1.65%  Performance in USD %  YTD 2021  H1 2021  1 year  3 years p.a.  5 yearsp.a.  Share price SWZ  12.09%  12.09%  29.97%  11.04%  12.18%  Swiss Performance Index, SPI  13.88%  9.86%  26.51%  16.00%  13.55%  Difference  -1.79%  +2.23%  +3.46%  -4.96%  -1.37%  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 meant headwinds, mainly over the past couple of years (value variant of MSCI Switzerland underperformed the ‘growth’ counterpart by approx. 3.3% p.a. since July 1, 2014)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 in listed equities was positive, +1.4 %After costs, and with drags from cash and private equity, NAV performance was -1.6% behind benchmarkStrong headwinds from our value bias  Performance comment  Driving factors for relative performance of NAV  4   Source: Schroders, fund performance as published on website (www.swzfund.com), Bloomberg for index performance, July 31, 2021; year-to-date performance as at July 31, 2021.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 2021  5  Source: Schroders, Aladdin Explore, July 31, 2021; “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 %  Swissquote (over)  0.3  SIG Combibloc (over)  0.3  Richemont (over)  0.2  Logitech (over)  0.2  Sulzer (over)  0.2  Swatch (over)  0.2  Adecco (zero)  0.1  SFS (over)  0.1  Swiss Re (under)  0.1  Vifor Pharma (zero)  0.1    Total effect %  ams (over)  -0.3  Straumann (zero)  -0.3  SoftwareOne (over)  -0.3  Kühne & Nagel (zero)  -0.3  Baloise (over)  -0.2  Sika (under)  -0.2  BKW (over)  -0.2  VAT Group (zero)  -0.2  Idorsia (over)  -0.2  Lonza (under)  -0.2 

 Performance attribution – stock level  Top & Bottom 10 contributions to relative performance 1 year  6  Source: Schroders, Aladdin Explore, July 31, 2021; “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)  1.1  Richemont (over)  0.7  SIG Combibloc (over)  0.6  Nestlé (under)  0.6  Swatch (over)  0.5  Swiss Life (over)  0.4  Julius Baer (over)  0.4  Swissquote (over)  0.3  Sulzer (over)  0.3  SFS Group (over)  0.3    Total effect %  Kühne & Nagel (zero)  -0.5  Straumann (zero)  -0.4  Sika (under)  -0.4  SpineArt (over)  -0.3  VAT Group (zero)  -0.3  ams (over)  -0.2  Credit Suisse (under)  -0.2  SoftwareOne (over)  -0.2  Idorsia (over)  -0.2  Aravis (over)  -0.2 

 Portfolio positioning 

 Top ten holdings absolute  Top relative weights  Portfolio positioning  As per July 31, 2021  8  Source: Schroders, JP Morgan, Bloomberg, July 31, 2021      Name  Absolute weight  Nestlé  17.4%  Roche  12.9%  Novartis  11.3%  Richemont  4.6%  Zurich Insurance  3.9%  Logitech  2.9%  UBS  2.9%  Swiss Life  2.5%  Swatch  2.5%  SIG Combibloc  2.4%  Total  63.3%  Name  Relative weight %  Logitech  +1.9%  SIG Combibloc  +1.9%  Swatch  +1.8%  Tecan  +1.7%  Swiss Life  +1.7%      Lonza  -2.2%  Givaudan  -2.1%  Holcim  -1.7%  Sika  -1.5%  Alcon  -1.4% 

 Portfolio positioning  ICB classification  9  Source: Schroders, JP Morgan, Bloomberg, July 31, 2021  SWZ  SPI  Rel. %  24.4%  26.6%  -2.2%  18.0%  20.8%  -2.8%  10.0%  10.8%  -0.8%  10.0%  7.7%  2.3%  3.2%  6.4%  -3.2%  9.1%  6.0%  3.1%  8.0%  4.4%  3.6%  1.4%  3.4%  -2.0%  0.5%  3.1%  -2.6%  0.0%  2.8%  -2.8%  5.3%  2.3%  3.0%  3.8%  1.6%  2.2%  0.0%  1.3%  -1.3%  0.4%  1.1%  -0.7%  0.0%  0.9%  -0.9%  0.6%  0.4%  0.2%  0.0%  0.2%  -0.2%  1.3%  0.1%  1.2%  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%  1.7%  0.0%  1.7%  2.3%  0.0%  2.3% 

 Portfolio positioning  Changes in positioning in H1 2021  10  Source: Schroders, July 31, 2021.  New Positions  Aryzta  OC Oerlikon  Polypeptide  Increased Positions  ams  Credit Suisse  Nestlé  SIG Combibloc  Swissquote  UBS  Zurich Insurance  Sold Positions  DKSH  Sensirion  Ixodes  HY 2021  Decreased Positions  ABB  Baloise  BKW  Cembra  Geberit  Helvetia  Julius Baer  Logitech  Novartis  Partners Group  SFS  Swiss Life  SwissRe 

 Portfolio positioning  Still overweight quality and small & mid caps  11  Source: Bloomberg consensus estimates, Schroders, July 31, 2021.      Swiss Performance Index  Swiss Helvetia Fund  Value  P/E 2021 est  26.3X  21.9x    P/E 2022 est  23.4x  20.1x    Price/book  6.5x  5.5x  Quality  Net debt to equity  32.4%  0.5%    Goodwill to equity  42.0%  35.8%  Small & Mid Caps  Small & Mid Caps weight  21.4%  30.1%  Portfolio characteristics 

 Risk measures (ex private equity)  Portfolio turnover  Portfolio positioning  Key statistical measures  12  Source: Schroders, Aladdin View, July 31, 2021.      Swiss Helvetia Fund  July 31, 2021  July 31, 2020  Tracking error  2.2%  2.4%  Beta  1.03  0.97  Relative VaR (95%)  1.0%  1.1%  Volatility  18.0%  20.2%  Active share  29.3%  32.3%    Swiss Helvetia Fund  Turnover in % of AuM Q2 2021  5% / 9%   Turnover in % of AuM HY 2021  10% / 16%   Turnover calculation method:(lesser of buys or sells) / (average AuM)(sells) / (average AuM) 

 Outlook 

 Outlook  Earnings expectations  14  Source: Bloomberg, July 31, 2021.  Consensus EPS development – MSCI World 

 Investment outlook  Swiss franc development  15  Source: Swiss National Bank, December 2000 = 100, July 31, 2021  Trade weighted exchange rate index – real, CPI-based 

 Investment outlook  Global comparison of dividend yield versus government bond yield  16  Source: Schroders, Bloomberg, July 31, 2021. 

 Investment outlook  Global comparison of earnings expectations  Source: Schroders, Bloomberg, July 31, 2021; all earnings converted into USD.  17   

 Unprecedented fiscal and monetary policiesStrong corporate earnings show adaptability of firms to operate with Covid restrictionsCompared to low / negative interest rates, stocks offer an attractive dividendFed seems to have managed taper communication well this time  Will China slow-down impact global economy?Virus variants might impact consumerSupply chain constraints and labour shortages impact economic cycleInflation surges seen as temporary, but tapering expected in the near futureGeneral exogenous risks (such as trade wars, Brexit, ItalExit, etc.) still present  Outlook & market situation   Coronavirus driving major uncertainty  18  Source: Schroders, 31 July 2021.  Positives  Negatives  Global  Swiss  Many market leaders More resilient balance sheetsHighly international sales profile of Swiss companies to benefit from global economic recovery   Negotiations with the EU regarding a renewed trade accord have been terminated  Confidential - For SWZ Board Distribution Only 

 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.   20 

 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    21  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    22  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  23  Source: Schroders, Bloomberg, December 31, 2019. 

 Swiss companies are very international    Source: Morgan Stanley, June 13, 2017.  24  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    25  Source: Schroders, July 31, 2021. 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  2.6% p.a. in USD  10.7% p.a. in USD  8.1% 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, 2021. Views expressed are the portfolio management team’s view and not necessarily a «house view». These views are subject to change.  26 

 Swiss Equity Market  Attractive risk / return profile compared to Europe  27  Source: Bloomberg, July 31, 2021, 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.    Switzerland10.3% p.a. / Volatility 17.8%  Europe6.2% p.a. / Volatility 21.0%  USA10.7% p.a. / Volatility 16.7% 

 Swiss Equity Market  World’s Top 10 Countries by Market Cap  28  Source: Bloomberg, World Bank, December 31, 2020. * Most recent year: 2014; ** Most recent year: 2019      Rank  Market  Mkt Cap (US$ trillion)  1  USA**  33.9  2  China  12.2  3  Japan  6.7  4  Hong Kong  6.1  5  France  5.4  6  United Kingdom*  3.6  7  Canada  2.6  8  India  2.6  9  Saudi Arabia  2.4  10  Germany  2.3  11  Korea  2.2  12  Switzerland  2.0    Top 10  78.8    World  83.5 

 Performance of The Swiss Helvetia Fund  Compared to ETF and European Index since introduction of the EURO  29  Source: Schroders, Bloomberg July 31, 2021.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