NPORT-EX 2 swisshelvetia.htm NPORT-EX

THE SWISS HELVETIA FUND, INC.
  
Schedule of Investments by Industry (Unaudited)
  
September 30, 2021
  
                 
                 
             
Percent
  
No. of
            
of Net
  
Shares
  
Security
  
Value
    
Assets
  
Common Stock — 97.74%
            
Banks — 4.37%
            
 
5,876
  
Cembra Money Bank AG
    
396,205
      
0.29
%
     
Provides financial services. The company’s services include personal loans, vehicle financing, credit cards and savings and insurance services.
                
     
(Cost $349,254)
                
 
221,000
  
Credit Suisse Group AG
    
2,201,827
      
1.58
%
     
A global diversified financial services company with significant activity in private banking, investment banking and asset management.
                
     
(Cost $2,744,282)
                
 
216,000
  
UBS Group AG
    
3,473,227
      
2.50
%
     
Provides retail banking, corporate and institutional banking, wealth management, asset management and investment banking.
                
     
(Cost $2,958,201)
                
           
6,071,259
      
4.37
%
                       
Biotechnology — 2.06%
                
 
36,000
  
Idorsia Ltd. 1
    
871,394
      
0.63
%
     
Researches, develops, and manufactures pharmaceutical, biological, and diagnostic products.
                
     
(Cost $1,027,734)
                
 
2,000
  
Lonza Group AG
    
1,504,208
      
1.08
%
     
Produces organic fine chemicals, biocides, active ingredients, and biotechnology products.
                
     
(Cost $1,298,193)
                
 
3,788
  
PolyPeptide Group AG 1
    
488,905
      
0.35
%
     
Operates as a biotechnology company. The Company focuses on producing proprietary and generic GMP grade peptides for the pharmaceutical and biotechnology industry.
                
     
(Cost $266,102)
                
           
2,864,507
      
2.06
%
                       
Building Materials — 3.26%
                
 
660
  
Forbo Holding AG
    
1,306,062
      
0.94
%
     
Produces floor coverings, adhesives and belts for conveying and power transmission.
                
     
(Cost $1,054,700)
                
 
2,100
  
Geberit AG
    
1,551,053
      
1.12
%
     
Manufactures and supplies water supply pipes and fittings, installation, and drainage and flushing systems such as visible cisterns other sanitary systems for the commercial and residential construction markets.
                
     
(Cost $1,000,204)
                
 
5,250
  
Sika AG
    
1,670,365
      
1.20
%
     
Manufactures construction materials, producing concrete and mixtures, mortar, sealants and adhesives, tooling resins, anti-static industrial flooring, and acoustic materials. The company serves customers worldwide.
                
     
(Cost $877,312)
                
           
4,527,480
      
3.26
%
                       
Commercial Services — 0.47%
                
 
221
  
SGS SA
    
645,812
      
0.47
%
     
Provides industrial inspection, analysis, testing, and verification services.
                
     
(Cost $553,249)
                
           
645,812
      
0.47
%
                       
Computers — 4.18%
                
 
49,100
  
Logitech International SA
    
4,382,340
      
3.15
%
     
Engages in the development and marketing of hardware and software products that enable or enhance digital navigation, music and video entertainment, gaming, social networking and audio and video communication.
                
     
(Cost $1,393,543)
                
 
64,811
  
SoftwareONE Holding AG
    
1,427,739
      
1.03
%
     
Provides IT services. The Company offers cloud computing, portfolio management, procurment, unified communication, and other related solutions.
                
     
(Cost $1,405,296)
                
           
5,810,079
      
4.18
%
                       
Diversified Financial Services — 4.18%
                
 
31,835
  
Julius Baer Group Ltd.
    
2,126,770
      
1.53
%
     
Provides private banking services. The company advises on wealth management, financial planning and investments; offers mortgage and other lending, foreign exchange, securities trading, custody and execution services.
                
     
(Cost $1,344,842)
                
 
12,700
  
Swissquote Group Holding SA
    
2,355,256
      
1.69
%
     
Through its subsidiaries, offers online financial services. The company operates an online trading system which offers customers real-time securities quotes on the Swiss Stock Exchange.
                
     
(Cost $1,365,463)
                
 
13,408
  
VZ Holding AG
    
1,335,266
      
0.96
%
     
Provides independent financial advice to private individuals and companies. The company consults on investment, tax and inheritance planning and provides advice regarding insurance products and coverage.
                
     
(Cost $438,472)
                
           
5,817,292
      
4.18
%
                       
Electric — 1.18%
                
 
15,200
  
BKW AG
    
1,645,709
      
1.18
%
     
Provides energy supply services. The company focuses on the production, transportation, trading and sale of energy. In addition to energy supply, the company also develops, implements and operates energy solutions for its clients.
                
     
(Cost $929,510)
                
           
1,645,709
      
1.18
%
                       
Electronic Components & Equipment — 2.32%
                
 
96,000
  
ABB Ltd.
    
3,230,359
      
2.32
%
     
Provides power and automation technologies. The company operates under segments that include power products, power systems, automation products, process automation, and robotics.
                
     
(Cost $2,239,882)
                
           
3,230,359
      
2.32
%
                       
Food — 18.77%
                
 
806,000
  
Aryzta AG 1
    
1,209,627
      
0.87
%
     
Produces and retails specialty bakery products. The Company produces French breads, pastries, continental breads, confections, artisan breads, homestyle lunches, viennoiserie, patisserie, cookies, pizza, appetizers, and sweet baked goods.
                
     
(Cost $1,108,977)
                
 
206,000
  
Nestle SA
    
24,887,388
      
17.90
%
     
One of the world’s largest food and beverage processing companies.
                
     
(Cost $14,003,625)
                
           
26,097,015
      
18.77
%
                       
Hand/Machine Tools — 0.88%
                
 
4,550
  
Schindler Holding AG
    
1,225,235
      
0.88
%
     
Manufactures and installs elevators, escalators, and moving walkways internationally. The company’s products are used in airports, subway stations, railroad terminals, shopping centers, cruise ships, hotels, and office buildings. The company also offers maintenance services.
                
     
(Cost $977,749)
                
           
1,225,235
      
0.88
%
                       
                       
Healthcare-Products — 5.90%
                
 
10,200
  
Alcon, Inc.
    
831,439
      
0.60
%
     
Manufactures eye care products. The company produces and markets vitreoretinal and cataract surgery, contact lenses, and refractive technology products.
                
     
(Cost $667,799)
                
 
125,416
  
Eyesense AG, Series A 1,2,3
    
45,711
      
0.03
%
     
A spin-out from Ciba Vision AG. Develops novel ophthalmic self- diagnostic systems for glucose monitoring of diabetes patients.
                
     
(Cost $3,007,048)
                
 
3,500
  
Medacta Group SA 1
    
545,532
      
0.39
%
     
Produces and distributes medical devices. The company develops, manufactures, and distributes orthopedic and neurosurgical medical devices.
                
     
(Cost $341,248)
                
 
7,197
  
Medmix AG 1
    
339,463
      
0.24
%
     
Specializes in the design and production of high-precision delivery devices and applicators for the dental, drug delivery, surgery, industrial, and beauty markets.
                
     
(Cost $222,562)
                
 
5,486
  
Sonova Holding AG
    
2,088,897
      
1.50
%
     
Designs and produces wireless analog and digital in-the-ear and behind-the-ear hearing aids and miniaturized voice communications systems.
                
     
(Cost $846,271)
                
 
250,550
  
Spineart SA 1,2,3
    
1,342,927
      
0.97
%
     
Designs and markets an innovative full range of spine products, including fusion and motion preservation devices, focusing on easy to implant high-end products to simplify the surgical act.
                
     
(Cost $1,761,659)
                
 
5,295
  
Tecan Group AG
    
3,016,876
      
2.17
%
     
Manufactures and distributes laboratory automation components and systems. The products are mainly used by research and diagnostic laboratories.
                
     
(Cost $486,487)
                
           
8,210,845
      
5.90
%
                       
Healthcare-Services — 0.38%
                
 
7,400
  
Galenica AG
    
522,764
      
0.38
%
     
Retails pharmaceutical products, and services customers in Switzerland. The Company offers health, beauty, and related products and services.
                
     
(Cost $374,308)
                
           
522,764
      
0.38
%
                       
Industrials — 2.77%
                
 
2,900
  
Belimo Holding AG
    
1,535,724
      
1.11
%
     
Manufactures heating, ventilation and air conditioning equipment.
                
     
(Cost $344,115)
                
 
209,811
  
OC Oerlikon Corp. AG
    
2,303,119
      
1.66
%
     
Manufactures industrial equipment. The Company produces protective coatings for precision tools and components, equipment for textile production, and propulsion technology drive systems.
                
     
(Cost $2,338,708)
                
           
3,838,843
      
2.77
%
                       
Insurance — 9.02%
                
 
10,537
  
Baloise Holding AG
    
1,607,349
      
1.16
%
     
Offers group and individual life, health, accident, liability property, and transportation insurance to customers in Europe. The Company also offers private banking and asset management services.
                
     
(Cost $1,626,589)
                
 
14,838
  
Helvetia Holding AG
    
1,620,831
      
1.16
%
     
Provides a broad range of life, casualty, liability, accident and transportation insurance in Switzerland and in other European countries. The Company insures individuals, property such as vehicles and buildings, and consumer goods and personal belongings
                
     
(Cost $1,458,102)
                
 
6,600
  
Swiss Life Holding AG
    
3,350,056
      
2.41
%
     
Provides life insurance and institutional investment management.
                
     
(Cost $2,060,273)
                
 
14,500
  
Zurich Insurance Group AG
    
5,962,588
      
4.29
%
     
Provides insurance-based financial services. The company offers general and life insurance products and services for individuals, small businesses, commercial enterprises, mid-sized and large corporations, and multinational companies.
                
     
(Cost $4,874,010)
                
           
12,540,824
      
9.02
%
                       
Metal Fabricate/Hardware — 1.25%
                
 
12,700
  
SFS Group AG
    
1,731,725
      
1.25
%
     
Provides automotive products, building and electronic components, flat roofing and solar fastening systems. The company operates production facilities in Asia, Europe and North America.
                
     
(Cost $846,209)
                
           
1,731,725
      
1.25
%
                       
Miscellaneous Manufacturing — 0.93%
                
 
14,620
  
Stadler Rail AG
    
610,910
      
0.44
%
     
Engineers and manufactures trains. The company offers suburban and regional transport trains, light rail vehicles, and trams.
                
     
(Cost $608,027)
                
 
7,197
  
Sulzer AG
    
688,184
      
0.49
%
     
Manufactures machinery and equipment, and operates in a surfacing technology business. The Company provides pumping and surface technology solution and services, services and repair of thermal turbo machinery, and service for separation and static mixing.
                
     
(Cost $443,145)
                
           
1,299,094
      
0.93
%
                       
Packaging & Containers — 2.41%
                
 
125,500
  
SIG Combibloc Group AG
    
3,352,586
      
2.41
%
     
The company, through its subsidiaries, manufactures and produces bottling machines and systems for the food and beverage industries. The company serves customers worldwide.
                
     
(Cost $1,534,455)
                
           
3,352,586
      
2.41
%
                       
Pharmaceuticals — 23.94%
                
 
182,000
  
Novartis AG
    
14,989,612
      
10.78
%
     
One of the leading manufacturers of branded and generic pharmaceutical products.
                
     
(Cost $10,237,492)
                
 
49,901
  
Roche Holding AG
    
18,291,952
      
13.16
%
     
Develops and manufactures pharmaceutical and diagnostic products. Produces prescription drugs to treat cardiovascular, infectious and autoimmune diseases and for other areas including dermatology and oncology.
                
     
(Cost $9,346,153)
                
           
33,281,564
      
23.94
%
                       
Private Equity — 1.97%
                
 
1,738
  
Partners Group Holding AG
    
2,732,247
      
1.97
%
     
A global private markets investment management firm with investment programs under management in private equity, private real estate, private infrastructure and private debt. The firm manages a broad range of customized portfolios for an international clientele of institutional investors. Partners Group is headquartered in Zug, Switzerland.
                
     
(Cost $1,150,875)
                
           
2,732,247
      
1.97
%
                       
Retail — 6.12%
                
 
53,500
  
Cie Financiere Richemont SA
    
5,587,147
      
4.02
%
     
Manufactures and retails luxury goods. Produces jewelry, watches, leather goods, writing instruments and men’s and women’s wear.
                
     
(Cost $4,052,626)
                
 
56,628
  
Swatch Group AG - Registered Shares
    
2,925,947
      
2.10
%
     
Manufactures finished watches, movements and components. Produces components necessary to its various watch brand companies. The company also operates retail boutiques.
                
     
(Cost $4,903,863)
                
           
8,513,094
      
6.12
%
                       
Semiconductors — 1.38%
                
 
105,000
  
AMS AG 1
    
1,919,682
      
1.38
%
     
Designs and manufactures advanced sensor solutions. The company also delivers a broad range of technology solutions for consumer electronics and communication device manufactures.
                
     
(Cost $1,780,070)
                
           
1,919,682
      
1.38
%
                       
     
Total Common Stock
                
     
(Cost $92,648,684)
    
135,878,015
      
97.74
%
                     
Preferred Stock — 0.03%
                
Industrial Goods & Services — 0.03%
                
 
500,863
  
SelFrag AG Class A 1,2,3
    
48,323
      
0.03
%
     
Designs, manufactures and sells industrial machines and processes using selective fragmentation technology.
                
     
(Cost $1,932,198)
                
           
48,323
      
0.03
%
                       
     
Total Preferred Stock
                
     
(Cost $1,932,198)
    
48,323
      
0.03
%
                     
Limited Partnership — 0.72%
                
Biotechnology — 0.72%
                
 
3,294,705
  
Aravis Biotech II, Limited Partnership 1,3,4
    
998,636
      
0.72
%
     
Makes early stage venture investments in the biotechnology & pharmaceuticals industry.
                
     
(Cost $1,810,184)
                
           
998,636
      
0.72
%
                       
     
Total Limited Partnership
                
     
(Cost $1,810,184)
    
998,636
      
0.72
%
                     
Short-Term Investment — 0.17%
                
 
230,570
  
U.S. Bank Money Market Deposit Account, 0.003% 5
    
230,570
      
0.17
%
     
(Cost $230,570)
                
           
230,570
      
0.17
%
                       
     
Total Short-Term Investment
                
     
(Cost $230,570)
    
230,570
      
0.17
%
                       
                     
     
Total Investments
                
     
(Cost $96,621,636)
    
137,155,544
      
98.66
%
                       
     
Other Assets Less Liabilities
    
1,863,373
      
1.34
%
     
Net Assets
  
$
139,018,917
      
100.00
%
 
Net Asset Value Per Share:
      
 
 
($139,018,917 ÷13,212,254
shares outstanding,
$0.001 par value: 50 million
shares authorized)
  
$
10.52
  


THE SWISS HELVETIA FUND, INC.
  
Schedule of Investments by Industry (Unaudited)
                
September 30, 2021
  
(continued)
                                          
                                           
1 Non-income producing security.
                                      
2 Value determined using significant unobservable inputs.
                                
3 Illiquid. There is not a public market for these securities in the United States or in any foreign jurisdiction, including Switzerland. Securities are priced
  
at Fair Value in accordance with the Fund’s valuation policy and procedures. At the end of the period, the aggregate Fair Value of these securities amounted
  
to $2,435,597 or 1.75% of the Fund’s net assets. Additional information on these securities is as follows:
              
                                           
Security
          
Acquisition Date
                
Cost
  
Aravis Biotech II, Limited Partnership
          
July 31, 2007 – May 29, 2018
                
$
1,810,184
  
Eyesense AG – Common Shares
          
July 22, 2010 – October 3, 2011
                  
3,007,048
  
SelFrag AG – Class A – Preferred Shares
    
December 15, 2011 – January 28, 2014
                  
1,932,198
  
Spineart SA – Common Shares
          
December 22, 2010 - December 20, 2020
                  
1,761,659
  
                                   
$
8,511,089
  
                                             
4 Affiliated Company. An affiliated company is a company in which the Fund has ownership of at least 5% of the company’s outstanding voting
  
securities or an equivalent interest in the company. Details related to affiliated company holdings are as follows:
                
                                             
                           
Change in
                
   
Value
    
Gross
    
Gross
    
Realized
    
Unrealized
    
Interest
    
Value
  
Name of Issuer
  
as of 12/31/20
    
Additions
    
Reductions
    
Gain/(Loss)
    
Gain/(Loss)
    
Income
    
as of 9/30/21
  
Aravis Biotech II, Limited Partnership
  
$
1,072,405
    
$
-
    
$
-
    
$
-
    
$
(73,769
)
  
$
-
    
$
998,636
  
Ixodes AG – Preferred Shares B
    
8,172
      
-
      
(21,882
)
    
(2,230,260
)
    
2,243,970
      
-
      
-
  
   
$
1,080,577
    
$
-
    
$
(21,882
)
  
$
(2,230,260
)
  
$
2,170,201
    
$
-
    
$
998,636
  
                                                         
5 Rate shown is the seven day annualized yield as of September 30, 2021.
                                  
                                                         
See Notes to Schedule of Investments
  

 
PORTFOLIO HOLDINGS
    
% of Net Assets as of September 30, 2021
    
Pharmaceuticals
  
23.94%
Food
  
18.77%
Insurance
  
9.02%
Retail
  
6.12%
Healthcare-Products
  
5.90%
Banks
  
4.37%
Computers
  
4.18%
Diversified Financial Services
  
4.18%
Building Materials
  
3.26%
Biotechnology
  
2.78%
Industrials
  
2.77%
Packaging & Containers
  
2.41%
Electronic Components & Equipment
  
2.32%
Private Equity
  
1.97%
Semiconductors
  
1.38%
Metal Fabricate/Hardware
  
1.25%
Electric
  
1.18%
Miscellaneous Manufacturing
  
0.93%
Hand/Machine Tools
  
0.88%
Commercial Services
  
0.47%
Healthcare-Services
  
0.38%
Short-Term Investment
  
0.17%
Industrial Goods & Services
  
0.03%
Other Assets Less Liabilities
  
1.34%
   
100.00%

 
TOP 10 PORTFOLIO HOLDINGS
    
% of Net Assets as of September 30, 2021
    
Nestle SA
  
17.90%
Roche Holding AG
  
13.16%
Novartis AG
  
10.78%
Zurich Insurance Group AG
  
4.29%
Cie Financiere Richemont SA
  
4.02%
Logitech International SA
  
3.15%
UBS Group AG
  
2.50%
SIG Combibloc Group AG
  
2.41%
Swiss Life Holding AG
  
2.41%
ABB Ltd.
  
2.32%

 

THE SWISS HELVETIA FUND, INC.

 
Notes to Schedule of Investments (Unaudited)
 
Various inputs are used to determine the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:

Level 1—unadjusted quoted prices in active markets for identical assets and liabilities
Level 2—other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
 
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
The following is a summary of the inputs used to value the Fund’s investments as of September 30, 2021:

TOPIC 820 TABLE
                           
Investments in Securities*
  
Level 1
Quoted Prices
    
Level 2
Other Significant
Observable Inputs
    
Level 3
Significant
Unobservable Inputs
    
Investments Valued
at NAV**
  
Total
Common Stock
  
$
134,489,377
    
$
-
    
$
1,388,638
    
$
-
  
$
135,878,015
Preferred Stock
    
-
      
-
      
48,323
      
-
    
48,323
Limited Partnership
    
-
      
-
      
-
      
998,636
    
998,636
Money Market Deposit Account
    
-
      
230,570
      
-
      
-
    
230,570
Total Investments in Securities
  
$
134,489,377
    
$
230,570
    
$
1,436,961
    
$
998,636
  
$
137,155,544

 
*
Please see the Schedule of Investments for industry classifications.
 
**
As of September 30, 2021, certain of the Fund’s investments were valued using net asset value (“NAV”) per share (or its equivalent) as a practical expedient for fair value and have been excluded from the fair value hierarchy in accordance with ASU 2015-07. The fair value amount presented in this table is intended to permit reconciliation of the amounts presented in the fair value hierarchy to the amounts presented in the schedule of investments.
 
The Fund values its investment in a private equity limited partnership in accordance with Accounting Standards Codification 820-10-35, “Investments in Certain Entities that Calculate Net Asset Value Per Share (Or its Equivalent)” (“ASC 820-10-35”). ASC 820-10-35 permits a reporting entity to measure the fair value of an investment that does not have a readily determinable fair value, based on the NAV of the investment as a practical expedient, without further adjustment, unless it is probable that the investment will be sold at a value significantly different than the NAV. If the NAV of the investment is not as of the Fund’s measurement date, then the NAV should be adjusted to reflect any significant events that may change the valuation. Inputs and valuation techniques for these adjustments may include fair valuations of the partnership and its portfolio holdings provided by the partnership’s general partner or manager, other available information about the partnership’s portfolio holdings, values obtained on redemption from other limited partners, discussions with the partnership’s general partner or manager and/or other limited partners and comparisons of previously-obtained estimates to the partnership’s audited financial statements. In using the unadjusted NAV as a practical expedient, certain attributes of the investment that may impact its fair value are not considered. Attributes of those investments include the investment strategies of the privately held companies and may also include, but are not limited to, restrictions on the investor’s ability to redeem its investments at the measurement date and any unfunded commitments.

Level 3 securities, which are listed in Note 3 to the Schedule of Investments, consist of the Fund’s investments in privately-held companies.
 
Inputs and valuation techniques used by the Fund to value its Level 3 investments in privately-held companies may include the following: acquisition cost; fundamental analytical data; discounted cash flow analysis; nature and duration of restrictions on disposition of the investment; public trading of similar securities of similar issuers; economic outlook and condition of the industry in which the issuer participates; financial condition of the issuer; and the issuer’s prospects, including any recent or potential management or capital structure changes. Although these valuation inputs may be observable in the marketplace as is characteristic of Level 2 investments, the privately-held companies, categorized as Level 3 investments, generally are highly illiquid in terms of resale.
 
When valuing Level 3 investments, management also may consider potential events that could have a material impact on the operations of a privately-held company. Not all of these factors may be considered or available, and other relevant factors may be considered on an investment-by-investment basis.

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

LEVEL 3 ROLLFORWARD TABLE
  
                   
   
Common Stock
    
Preferred Stock
    
Total
  
Balance as of December 31, 2020
  
$
1,465,458
    
$
59,168
    
$
1,524,626
  
Change in Unrealized Appreciation/Depreciation (a)
    
(76,820
)
    
2,241,297
      
2,164,477
  
Net Realized Gain (Loss)
    
3,881
      
(2,230,260
)
    
(2,226,379
)
Gross Purchases
    
-
      
-
      
-
  
Gross Sales
    
(3,881
)
    
(21,882
)
    
(25,763
)
Transfer out of Level 3
    
-
      
-
      
-
  
Balance as of September 30, 2021
  
$
1,388,638
    
$
48,323
    
$
1,436,961
  
 
(a)
The noted amounts of change in unrealized appreciation/depreciation relate to the fair value of Level 3 assets held on September 30, 2021.