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): June 19, 2018

THE SWISS HELVETIA FUND, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware	005-53317	13 341 0232
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)
7 Bryant Park New York, New York		10018
(Address of Principal Executive Offices)		(Zip Code)

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

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:

☐ 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.  ☐

Item 7.01. Regulation FD Disclosure.

The Swiss Helvetia Fund, Inc. (the “Fund”) will hold its Annual Meeting of Stockholders on June 19, 2018. 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—Presentation for Annual Meeting of Stockholders on June 19, 2018

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.
Date: June 18, 2018	By:	/s/ Reid B. Adams
	Name:	Reid B. Adams
	Title:	Secretary

EX-99.1

Stefan Frischknecht, Fund Manager Portfolio and Performance Review The Swiss Helvetia Fund, Inc. June 19, 2018

Agenda 01 Performance 02 Portfolio positioning 03 Outlook 04 Conclusion 05 Case for Swiss equities

Performance

Performance NAV and price performance in USD Source: Schroders, Citi and JPM for fund performance; Bloomberg for index performance, May 31, 2018; year-to-date performance as at May 31, 2018. 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 2018 1 year 3 years 31.12.2014 – 31.01.2018 30.06.2014 – 31.05.2018 NAV (US GAAP) as per quarterly filings -5.82% -4.03% 4.44% 15.88% 6.87% Swiss Performance Index, SPI -6.51% -2.48% 3.72% 15.29% 8.31% Difference NAV as per quarterly filings +0.69% -1.55% +0.72% +0.59% -1.44% Performance in USD % YTD 2018 1 year 3 years 31.12.2014 – 31.05.2018 30.06.2014 – 31.05.2018 Share price SWZ -4.73% -1.90% 10.31% 21.69% 10.85% Swiss Performance Index, SPI -6.51% -2.48% 3.72% 15.29% 8.31% Difference +1.78% +0.58% +6.59% +6.40% +2.54% Net asset value Share price

Since July 1, 2014: Since Schroders took over as Fund adviser, relative performance is behind benchmark However, after an initial transition period, i.e. since 31 Dec 2014, relative performance has been ahead of the benchmark Swiss Performance Index (SPI) by 0.59% after costs Private equity positions, inherited from the Fund’s prior investment adviser and since reduced, impacted absolute and relative performance by at least -2.2% since July 1, 20141 Last 12 months Stock picking was slightly negative Headwinds in 2017 from strong performance of expensive growth stocks that the Fund is underweight After costs, performance was -1.55% behind benchmark Year to date YTD relative performance after fees: +0.69% Small & mid cap overweight was a tailwind (the Small & Mid Cap Index outperformed the SPI by 6.3%) Stock picking was an additional positive Performance comment Driving factors for relative performance of NAV 1-2.2% is the negative absolute impact calculated as a percentage of beginning period NAV. As benchmark performance was positive, the relative impact is larger. Furthermore, this includes a positive effect of action by the investment adviser taken after July 1, 2014. Source: Schroders, Citi and JPM for fund performance, Bloomberg for index performance, May 31, 2018; year-to-date performance as at May 31, 2018. 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 2018 Source: Schroders, FactSet, May 31, 2018; “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) 0.6 Swatch (Reg.)(over) 0.6 Tecan(over) 0.4 Sonova(over) 0.4 Implenia(over) 0.3 Lindt & Spruengli (Reg.)(over) 0.3 Burckhardt Compression(over) 0.3 ABB(under) 0.2 Belimo(over) 0.1 Nestlé(under) 0.1 Total effect % Aryzta(over) -1.0 Zurich(under) -0.3 Swatch (Bearer)(under) -0.2 Partners Group(zero) -0.2 Temenos(zero) -0.1 Vifor Pharma(zero) -0.1 Sika(zero) -0.1 Kuros(over) -0.1 SGS(zero) -0.1 Lonza(under) -0.1

Portfolio positioning

Top ten holdings absolute Top relative weights Portfolio positioning As per May 31, 2018 Source: Schroders, JP Morgan, Bloomberg, May 31, 2018; “over” means overweight; “under” means underweight compared to Swiss Performance Index. Name Absolute weight Novartis(under) 12.9% Nestlé(under) 12.8% Roche(under) 10.2% UBS(under) 4.0% Richemont (under) 3.4% Swatch (Reg.) (over) 3.1% Sonova(over) 3.1% Logitech(over) 3.0% Lindt & Sprungli (Reg.)(over) 3.0% Swiss Life(over) 2.8% Total 58.3% Name Relative weight % Swatch (Reg.) +2.7% Logitech +2.4% Tecan +2.4% Belimo +2.4% Sonova +2.4% Nestlé -5.8% Swiss Re -2.1% Zurich Insurance -2.1% LafargeHolcim -1.9% Roche -1.7%

Portfolio positioning ICB classification Source: Schroders, JP Morgan, Bloomberg, May 31, 2018. SWZ SPI Rel. % 23.1% 27.1% -4.0% 16.7% 20.5% -3.8% 11.6% 10.6% 1.0% 10.2% 10.2% 0.0% 6.2% 7.5% -1.3% 6.6% 5.5% 1.1% 5.9% 5.1% 0.8% 0.9% 2.2% -1.3% 3.0% 2.1% 0.9% 2.6% 2.0% 0.6% 0.7% 1.9% -1.2% 0.0% 1.4% -1.4% 1.1% 1.1% 0.0% 5.8% 1.0% 4.8% 0.0% 0.7% -0.7% 0.0% 0.6% -0.6% 0.4% 0.1% 0.3% 0.4% 0.1% 0.3% 0.0% 0.1% -0.1% 0.0% 0.1% -0.1% 0.0% 0.1% -0.1% 0.0% 0.0% 0.0% 2.9% 0.0% 2.9% 1.9% 0.0% 1.9%

Portfolio positioning Changes in positioning Q1 2018 and March 31, 2018 – May 31, 2018 Source: Schroders, May 31, 2018. New Positions ABB Geberit Givaudan Sensirion Swatch (Bearer) Zurich Insurance Increased Positions Aryzta Baloise Logitech Swiss Life Decreased Positions Autoneum Belimo Burckhardt Compression Galenica Landis + Gyr Lindt & Sprüngli (Reg.) Nestlé Sunrise VAT Group Sold Positions Helvetia Zur Rose Zurich Insurance Richemont Lindt & Sprüngli (Reg.) Implenia Landis + Gyr Logitech Swatch (Bearer) Galenica Q1 2018 March 31, 2018 – May 31, 2018 CEVA Logistics Schindler (Bearer)

Risk measures (ex private equity) Portfolio turnover Portfolio positioning Key statistical measures Source: Schroders, Charles River, Prism, May 31, 2018. Swiss Helvetia Fund May 31, 2018 May 31, 2017 Tracking error 1.9% 2.1% Beta 0.94 0.95 Relative VaR (95%) 0.9% 1.0% Volatility 10.5% 10.7% Active share 38.6% 39.5% Swiss Helvetia Fund Turnover in % of AuM Q1 2018 6% Turnover in % of AuM YTD 2018 10% Turnover calculation method: (lesser of buys or sells) / (average AuM)

Outlook

Investment outlook Corporate earnings Source: Bloomberg, May 31, 2018. Consensus EPS development – MSCI World

Investment outlook Swiss franc development Source: Swiss National Bank, December 2000 = 100, April 30, 2018. Trade weighted exchange rate index – real, CPI-based

Investment outlook Global comparison of dividend yield versus government bond yield Source: Schroders, Bloomberg, May 31, 2018.

Investment outlook Global comparison of earnings expectations Source: Schroders, Bloomberg, May 31, 2018; all earnings converted into USD.

Macroeconomic environment Despite differing signals from the Citigroup Global Economic Surprise Index, which peaked around turn of the year, expectations for global GDP growth in 2018 & 2019 remained stable at around 3.75%1 Earnings expectations also paint the picture of a solid economy Threats, such as trade and geopolitical tensions, impacted stock markets more than real economy Similarly, bond markets were shaken more by inflation fears than reported consumer price indices Market implications We seem to be in the late stage of the economic cycle, i.e. “expansion” (after slowdown, recession, recovery) As is typical for this stage, spare capacity has been almost filled, leading to bottlenecks and price increases The cycle might be ended by policy mistakes (late, extreme monetary tightening; wrong fiscal policy) Therefore, we expect higher volatility in the financial markets after very low volatility in 2017 In a low interest rate environment, a small increase in bond yields has a large impact on price Hence, we expect the bond market to continue to influence the equity market However, as valuations have partially “reverted to the mean”, we see more upside in stock markets Swiss equities have underperformed recently. We see no valid long-term concerns for this. Investment outlook 2018: Is the end of this bull market near? Source: Schroders, May 31, 2018, Bloomberg, Citigroup. 1Economic Forecasts polled by Bloomberg in function ECFC, as per May 31, 2018. Views expressed are the portfolio management team’s view and not necessarily a «house view». These views are subject to change.

Case for Swiss equities

The Swiss stock market has a large proportion of global market leaders (not only among large corporations), with competitive advantage High innovation rate Global diversification helps in the current environment of synchronized growth Generally strong ESG performance and absence of “sin stocks” Swiss companies remained competitive despite the historic appreciation of the Swiss franc The 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.

The World Economic Forum (WEF) has been looking into drivers of competitiveness and prosperity in 137 economies. Amongst others, the following helps explain the strong position of Switzerland: Innovation Infrastructure education labor market efficiency macroeconomic environment business sophistication The WEF crowned Switzerland for the 9th consecutive time in 2017-2018. Switzerland offers an attractive business environment Source: World Economic Forum, Global Competitiveness Report 2017-18, rank out of 137 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 4 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 Source: Innovation Union Scoreboard 2017 (EU).

Global leadership results in high profitability Swiss company leadership transforms into margins Source: Schroders, Bloomberg, December 31, 2017.

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

Long term outperformance of Swiss equities Source: Schroders, May 31, 2018. 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 invest Long-term historic outperformance due to: Many global leaders Balanced geographical diversification High innovation rate Highly skilled and productive labour force High profit margins Political system (stability, taxes, labour law) Quality infrastructure Low debt (at companies and government) Strong CHF seen as asset, not disadvantage 2.6% p.a. in USD 10.0% 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 gains High innovation rate Market leaders in their respective niches Global production footprint provides a substantial natural hedge Solid balance sheets Sharp 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, May 31, 2018. Views expressed are the portfolio management team’s view and not necessarily a «house view». These views are subject to change.

Swiss Equity Market Attractive risk / return profile compared to Europe Source: Bloomberg, May 31, 2018, 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. 10.1% p.a. / Volatility 17.7% 7.0% p.a. / Volatility 20.2% 10.7% p.a. / Volatility 16.0%

Swiss Equity Market World’s Top 10 Countries by Market Cap Source: Bloomberg, Truewealth Publishing, August 31, 2017. Rank Market Mkt Cap (US$ trillion) 1 USA 23.8 2 China 6.6 3 Japan 5.2 4 Hong Kong 4.1 5 UK 3.0 6 Canada 1.9 7 France 1.9 8 Germany 1.8 9 India 1.7 10 Switzerland 1.4 Top 10 51.4 World 65.6

Swiss Equity Market High concentration in Swiss Performance Index Source: Bloomberg, Schroders, May 31, 2018. Swiss Performance Index (SPI) SPI compared to SWZ The Swiss Performance Index’s composition is inefficient and highly concentrated The Swiss Helvetia Fund takes advantage of diversification benefits Constituents ranked in descending weight order Constituents ranked in descending weight order

Total return:The Swiss Helvetia Fund, Inc.198.4%5.8% p.a. (since year end 1998) ETF on Swiss stocks162.7%5.1% “ MSCI Europe ex Switzerland131.1%4.4% “ Performance of The Swiss Helvetia Fund Compared to ETF and European Index since introduction of the Euro Source: Schroders, Bloomberg May 31, 2018. 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.