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The Swiss Helvetia
Fund, Inc.
Annual Meeting of Stockholders
May 22, 2008
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Macro-Economic Topics and
Comments on Financial Markets
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Consumer Price Indexes Comparisons (CPI)
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10 Year French, Italian and Spanish Government Bond Spreads
vs. Germany
(1/1/99 – 4/30/08)
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Debt Spreads of Financial Sector in Europe
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Swiss Banks: cost of credit insurance
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Swiss Market Implied Volatility: cost of hedging
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Swiss Helvetia Fund and Swiss
Market Performance Analysis
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Swiss Performance Index (SPI) Industry Groups
Performance in Swiss Francs YTD as of 04/30/08
*includes real estate companies
- 9.11%
ENTIRE SPI
- 8.70%
Basic Resources
- 5.29%
Utilities
- 15.29%
Retail
- 20.09%
Technology
- 11.32%
Financial Services*
- 12.66%
Construction
+ 3.96%
Chemicals
- 18.99%
Personal & Household Goods
5.01%
Insurances
2.35%
Industrial Goods & Services
22.01%
Banks
2.85%
Food and Beverages
11.28%
Healthcare
YTD
Industry Group
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SWZ 10 Largest Holdings
as of 04/30/08
0.16%
2.79%
TEMENOS GROUP AG
not part of SPI
2.83%
ATEL HOLDING AG
0.57%
2.85%
ACTELION LTD
6.93%
3.25%
ABB LTD
0.17%
3.28%
BKW FMB ENERGIE AG
6.60%
5.30%
UBS AG
12.98%
6.50%
NOVARTIS AG
2.93%
8.51%
SYNGENTA AG
11.40%
9.91%
ROCHE HOLDING AG
18.35%
15.66%
NESTLE SA
% of SPI
% of SWZ
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SWZ Sector Allocation 04/30/08
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SWZ Sector Active Weight vs. SPI (04/30/08)
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SWZ: Private Equity Portfolio (04/30/08)
Total invested : 1% in Limited Partnerships
a) Buyout: 0.85%
b) Venture: 0.15%
Total invested plus commitments :
a) Buyout : 2.5%
b) Venture : 0.8%
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The Swiss Helvetia Fund: portfolio statistics
4/30/08
SWZ BETA
0.73
SWZ PORTFOLIO VOLATILITY
(100 days annualized)
21%
BENCHMARK VOLATILITY
(100 days annualized)
25%
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The Swiss Helvetia Fund, Inc. Total Return
Comparative Summary
YTD 4/30/08
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Year to Date
4/30/08
Performance in Swiss Francs
SWZ (NAV)
-12.90%
Swiss Performance Index (SPI)
-9.11%
Performance in U.S. Dollars
SWZ (NAV)
-5.33%
SWZ share price
-1.88%
S&P 500 Index
-5.03%
Change in U.S. Dollar vs Swiss Franc
8.00%
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Best and Worst Performers on the Swiss Market
(large caps) in Swiss Francs during the most recent rebound in
the market from 3/17/08 to 04/30/08
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The Swiss Helvetia Fund Total Return Comparative Summary
YTD 4/30/08
SWZ minus SPI
-3.8%
SPI Perf. YTD
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SWZ: Performance Analysis
ytd 12/31/07 - 4/30/08 (USD)
S&P 500 total return : - 5.03 %
Share price total return in USD: - 1.88 %
Performance of Fund
In local currency :
-12.90%
Swiss Francs
vs. USD:
+8.00%
Discount
Impact:
+4.31%
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SWZ: Performance Analysis
calendar year 12/31/06 - 12/31/07 (USD)
Share price total return in USD: - 3.39 %
S&P 500 total return : + 5.49 %
Performance of Fund
In local currency:
-2.67%
Swiss Francs
vs. USD:
+7.25%
Discount
Impact:
-7.45%
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SWZ: Cumulative Performance Analysis
5 calendar years 12/31/02 - 12/31/07 (USD)
S&P 500 total return : + 27.25%
Share price total return in USD: + 164.48%
Performance of Fund
In local currency :
+107.01%
Swiss Francs
vs. USD:
+18.12%
Discount
Impact:
+8.16%
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Peer Group Performance Comparison in Swiss Francs as of
4/30/081
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SWZ Distribution Yield
1/1/97 - 12/31/07
7.45%
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SWZ: investment strategy
1.
Private Equity : exploiting synergies between private and public equity in
venture and buyout, developing a portfolio mix to diversify investment types
and time to exit (cash flow management)
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Derivatives: purchase options on indices (SMI, SMI mid Cap)
for cash equitization (pre-investing) and hedge.
Purchase options on individual stocks for hedging or manage capital more
effectively in specific instances.
In times where there we believe there is downside risk to volatility and
potential for sideways markets (time decay impact), derivatives will not be
actively used.
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Listed Equity : find market inefficiencies and liquidity premiums
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Swiss Market Outlook
Industrial companies : inflation vs growth, valuation multiple no longer expanding,
limitation due to capacity utilization, questions on order intake perspective
mixed
Financials : low valuation in terms of price to asset under management, balance
sheet crisis most likely over but earnings power diminished outlook improving
Healthcare : very low valuation but corporate initiative needed (m&a, restructuring
programs and R&D partnership) outlook improving
Food producers : pricing power a necessity to combat cost inflation, growth still
present. Market share, branding to sustain margin outlook stable
Luxury goods : some cost inflation, but Asian consumer a big positive
Outlook stable to improving
Private equity: credit market dislocations affect very large deals but reduce the
valuation target companies, financing readily available for mid size and small size
deal more opportunities now to realized higher future returns
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Marketing
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Marketing Efforts Since May 2007
On July 28, 2007 the Fund participated in the annual Swiss National Day Celebration in
New York City. This celebration included various traditional Swiss attractions including
music, crafts and food. The event attracted approximately 2,500 attendees. The Fund
had a booth where information on the Fund was distributed along with key chains with
the Fund’s new logo.
Ease of movement between topics
Graphics that are quick to upload
Faster updating of information
On September 20, 2007 the Fund attended the 6th Annual Alumni Garden Party at the
Embassy of Switzerland in Washington, D.C. This event was hosted by Ambassador and
Mrs. Urs Ziswiler.
On August 3, 2007 the Fund launched its new user-friendly website. This website
includes the new Swiss Helvetia logo which was established through the Swiss Roots
program. Focus on this website is:
On August 1, 2007 the Fund co-sponsored the Swiss National Day in New York. The
festivities included live bands and a light show. The fund distributed flashlight key
chains to the approximate 1000 revelers.
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Marketing Efforts Since May 2007 cont’d
Highlight in the Swiss Roots quarterly newsletter which included the launch of the new
www.swz.com website, the 20th anniversary celebration of the Swiss Helvetia Fund, and
the closing bell ceremony at the New York Stock Exchange. This article included a link
to the webcast of the closing bell ceremony.
Participation in the virtual forum for the Closed End Fund Association on December 4,
2007.
Monthly advertisement in The New Swiss Journal.
Ongoing efforts in keeping www.swz.com up to date with current news and statistics.
Mailing of quarterly reports to all Swiss Consulates in the U.S.
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Stock Repurchase Program
Basic Data
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Stock Repurchase Program 2008 (as of 4/30/08)
¹ Issue of 8,148,552 shares through rights offering.
² Dividend distribution of 1,204,020 shares issued 1/29/08.
$277,875
Net gain for the Fund
12.76%
Average discount
$15.53
Average purchase price
121,870
Shares repurchased
33,238,757²
Outstanding shares as of 4/30/08
32,547,207¹
Outstanding shares as of 6/28/07
24,397,655
Outstanding shares as of 12/31/06
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