Swiss Leader Index

Swiss Leader Index
Foundation2 July 2007
OperatorSIX Swiss Exchange
ExchangesSIX Swiss Exchange
Trading symbolSLI
Constituents30
TypeLarge and mid-cap, price index
Market capCHF 590 billion (free-float and capped-market adjusted, end 2017)[1]
Weighting methodCapitalization-weighted, with 9/4.5 capping
Related indicesSMI, SMI MID, SMI Expanded, SPI
Websitesix-group.com
ISINCH0030252883
Reuters.SLI[dead link‍]
BloombergSLI:IND

The Swiss Leader Index (SLI) is an index comprising large and mid-cap companies primarily listed on SIX Swiss Exchange. It is made up of 30 of the largest and most liquid Swiss Performance Index (SPI) large- and mid-cap stocks.[1] As a price index, the SLI is not adjusted for dividends, but there exists a total-return version as well.[1]

The SLI was introduced on July 2, 2007 and computed back to December 30, 1999, with a baseline value of 1,000 points on this starting date.[2]

The capping model of the SLI makes it suitable as a benchmark for a broader range of products and markets than other indices offered by SIX Swiss Exchange, because it is compatible with regulatory requirements in the European Union as well as in the United States.[1] With its 9/4.5 caps, the SLI is more diversified, and its risk/return profile is more tilted towards smaller capitalizations, than other indices such as the SMI and SPI.

In 2020, the SLI, along with other SIX indices, was endorsed under the EU Benchmarks Regulation and is registered in ESMA, which means that it can be used as an underlying for financial products sold in the EU.[3]

Rules

Universe

The SLI comprises the 20 securities of the SMI, as well as the largest 10 securities in the SMI MID.[2]

Capped weightings

The largest four components of the SLI are capped at 9%. All other components, if necessary, are capped at 4.5%.[1] The caps are enforced with a multiplication factor that is updated every three months.[2]

This was made to conform the SLI to the EU's UCITS 5/10/40 rule, which says that:

  • The value of any single position cannot be more than 10% of the fund's value, and
  • all positions that are larger than 5% of the fund's value cannot, together, make up more than 40% of the fund's value.

Current constituents

As of September 20, 2021, the following 30 stocks make up the SLI index.[4] Components marked as 1 have a 9% weight as of September 18, 2020.[5] Sizes are based on the SPI classification by market capitalization: L for SPI Large, M for SPI Mid.[6]

Company size SMI ICB Sector Canton Ticker symbol
ABB L SMI electronic and electrical equipment Zurich ABBN
Adecco M SMI MID business training and employment agencies Zurich ADEN
Alcon L SMI healthcare Fribourg ALC
ams M SMI MID technology Austria AMS
Geberit L SMI building materials and fixtures St. Gallen GEBN
Givaudan L SMI specialty chemicals Geneva GIVN
Holcim L SMI building materials and fixtures St. Gallen HOLN
Julius Bär M SMI MID banks Zurich BAER
Kuehne + Nagel M SMI industrial goods and services Schwyz KNIN
Lindt (PS) M SMI MID chocolate Zurich LISP
Logitech M SMI technology Vaud LOGN
Lonza L SMI pharmaceuticals and biotechnology Basel LONN
Nestlé1 L SMI food products Vaud NESN
Novartis1 L SMI pharmaceuticals Basel NOVN
Partners Group L SMI financial services Zug PGHN
Richemont L SMI clothing and accessories Geneva CFR
Roche1 L SMI pharmaceuticals Basel ROG
Schindler M SMI MID industrial goods and services Lucerne SCHN
SGS L SMI MID business support services Geneva SGSN
Sika L SMI specialty chemicals Zug SIKA
Sonova L SMI healthcare Zurich SOON
Swatch Group M SMI MID clothing and accessories Bern UHR
Straumann L SMI MID pharmaceuticals Basel City STMN
Swiss Life L SMI life insurance Zurich SLHN
Swiss Re L SMI reinsurance Zurich SREN
Swisscom L SMI fixed line telecommunications Bern SCMN
Temenos M SMI MID technology Geneva TEMN
UBS L SMI banks Zurich UBSG
VAT Group M SMI MID industrial good and services St. Gallen VACN
Zurich Insurance1 L SMI full line insurance Zurich ZURN

Notes and references

  1. ^ a b c d e "SLI Family – Factsheet" (PDF). SIX Swiss Exchange. Retrieved 23 June 2019.
  2. ^ a b c "SLI® – the Swiss share index with capped weightings". SIX Swiss Exchange. Retrieved 23 June 2019.
  3. ^ "Swiss Indices Endorsed Under the EU Benchmarks Regulation". SIX Swiss Exchange. Retrieved 12 April 2020.
  4. ^ "SMI® - the Swiss Share Index with capped weightings". SIX Swiss Exchange. Retrieved 19 July 2019.
  5. ^ "Index adjustments on the occasion of the ordinary index review" (PDF). SIX Swiss Exchange. Retrieved 3 September 2020.
  6. ^ "Index adjustments on the occasion of the ordinary index review". SIX Swiss Exchange. Retrieved 26 September 2021.