Form 8-K - Current report

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

New York Stock Exchange

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 13, 2023

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:

Item 7.01.

Regulation FD Disclosure.

The Swiss Helvetia Fund, Inc. (the “Fund”) will hold its Annual Meeting of Stockholders on September 13, 2023. Attached are the presentation slides that the Fund’s investment adviser, Schroder Investment Management North America Inc., intends to present 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 13, 2023

Exhibit 99.1

Presentation to the Annual General MeetingStefan Frischknecht, Fund Manager September 2023 Portfolio and Performance ReviewThe Swiss Helvetia Fund, Inc.

Contents Source: Schroders 2 01 Performance 02 Portfolio positioning 03 Outlook 04 Case for Swiss Equities

Performance

Performance Q2 2023 and YTD August 2023 NAV and price performance in USD 4 Source: Bloomberg, JP Morgan, August 31, 2023.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 2023 (Jan-Aug) Q2 2023 H1 2023 (Jan-Jun) 1 year 3 years p.a. 5 years p.a. NAV (US GAAP) as per quarterly filings 12.92% 4.51% 13.27% 17.47% 5.27% 7.17% Swiss Performance Index, SPI 11.49% 4.34% 11.49% 15.67% 5.81% 8.45% Difference NAV +1.43% +0.17% +1.78% +1.80% -0.54% -1.28% Performance in USD % YTD 2023 (Jan-Aug) Q2 2023 H1 2023 (Jan-Jun) 1 year 3 years p.a. 5 years p.a. Share price SWZ 10.93% 5.22% 12.16% 17.06% 6.02% 5.19% Swiss Performance Index, SPI 11.49% 4.34% 11.49% 15.67% 5.81% 8.45% Difference -0.56% +0.88% +0.67% +1.39% +0.21% -3.26% Net asset value Share price

Performance comment Driving factors for relative performance of NAV 5 Source: Bloomberg, JP Morgan, August 31, 2023.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. 12 month period ended Aug 31, 2023 Equity markets corrected in 2022 into October and recovered since. The strength of the Swiss franc also boosted performance, helping Swiss equity investments keep pace with the rise of the S&P 500 index. Stock picking was a significant positive factor, helped to a large extent by overweight small and mid cap stocks (partially offset by positioning in large caps).Holding no Credit Suisse was also helpful for performance. Applying moderate leverage since around mid-year 2022 until the start of 2023 was beneficial For the first time in a few years, illiquid private equity investments (a legacy from the former investment advisor) had a meaningful positive impact Recent 3 year and 5 year period: Relative performance has lagged the benchmark moderately over 3 years after costs:As investment advisor, our investment philosophy in Swiss equities builds on three style biases: Quality, Value and smaller capitalization. Small & medium sized companies, which have been an overweight compared to the benchmark, underperformed by around -4% annually over 5 years, and approx. -2% over 3 years, while they did moderately better over 1 year. We continue to see more interesting opportunities in small & mid caps. We believe it is more likely to find mis-priced stocks in this market segment that has less observers than to spot them among closely followed large cap companies. Furthermore, we think a small or medium sized company, often acting in a niche, has more room to outgrow the market, which also helps it to outperform the benchmark index.

NAV total return 1.8% ahead of benchmark thanks to stock selection and currency effects Performance breakdown Driving factors behind relative performance – 1 year 6 Source: Schroders, Aladdin Explore, JP Morgan, Bloomberg, August 31, 2023 Impact on relative performance Comment Listed equities +2.6% Biggest positive impact came from stock selection in Financials, Consumer Staples and Information Technology Private equity +1.0% Positive contribution from Aravis (sold a holding and distributed cash) partially offset by Spineart Cash -0.1% Average cash of approx. 0.8% Leverage +0.7% Positive contribution from leverage applied in H2 2022 and start of 2023 Expenses -1.7% Total expenses Other / Residual -0.3% Currency, timing and other (rounding) NAV return difference +1.8%

Top 10 contributors and detractors – stock 7 12 Months to 31 August 2023 Swiss Helvetia Fund, Inc Past performance is not a guide to future performance and may not be repeated. The value of investment can go down as well as up and is not guaranteed. The return may increase or decrease as a result of currency fluctuations. Source: Schroders, FactSet. 1vs. Switzerland: SPI The accounting data used by FactSet is un-audited, therefore any subsequent cleaning of data will not be reflected in FactSet. The sectors, securities, regions and countries shown above are for illustrative purposes only and are not to be viewed as a recommendation to buy or sell. Contributors Portfolio average weight Active average weight Absolute portfolio total return Relative1 return Total effect Credit Suisse Group 0.0 -0.4 0.0 82.9 +0.9 Swissquote Gp Hldg 1.7 +1.6 63.0 0.0 +0.8 Aryzta 2.1 +2.0 28.4 0.0 +0.5 Roche 12.2 -1.9 -14.5 0.4 +0.5 Logitech International 2.0 +1.4 28.1 0.0 +0.4 BKW 1.9 +1.7 31.3 0.0 +0.4 Richemont 5.5 +1.0 18.0 0.0 +0.2 Comet Holdings 0.9 +0.8 35.7 0.0 +0.2 Julius Baer 1.3 +0.5 35.1 0.0 +0.2 Medacta Group Sa 0.6 +0.6 44.3 0.0 +0.2 Detractors Portfolio average weight Active average weight Absolute portfolio total return Relative1 return Total effect Ubs Group Ag 2.4 -1.4 55.3 0.0 -0.6 Oc Oerlikon Corp 1.2 +1.1 -35.1 0.0 -0.6 Holcim Ltd 0.0 -1.9 0.0 -40.3 -0.6 ABB 1.4 -1.9 33.2 0.0 -0.4 Idorsia Ltd 0.4 +0.3 -68.4 0.0 -0.4 Swiss Re 0.0 -1.7 0.0 -20.0 -0.2 Straumann 0.0 -0.9 0.0 -25.2 -0.2 Novartis 11.2 -1.1 17.6 0.0 -0.1 Schindler 0.0 -0.8 -10.4 -27.2 -0.1 Partners Group 2.8 +1.5 5.5 0.0 -0.1

Positioning

Stock Sector Portfolio weight (%) Benchmark1 weight (%) Active weight (%) 1 Nestle Consumer Staples 19.4 18.9 +0.5 2 Novartis Health Care 12.0 12.6 -0.6 3 Roche Health Care 11.1 12.7 -1.6 4 Richemont Consumer Discretionary 5.1 4.4 +0.7 5 Zurich Insurance Financials 4.5 4.2 +0.3 6 Ubs Group Ag Financials 3.1 5.1 -2.0 7 Partners Group Financials 2.6 1.4 +1.2 8 Lonza Health Care 2.3 2.4 -0.1 9 Baloise Holding Financials 2.3 0.4 +1.9 10 Swiss Life Financials 2.2 1.1 +1.1 Total 64.5 63.1 Top 10 holdings by absolute weight 9 Swiss Helvetia Fund, Inc As at 31 August 2023 Source: Schroders, FactSet. 1Switzerland: SPI. The accounting data used by FactSet is un-audited, therefore any subsequent cleaning of data will not be reflected in FactSet. The sectors, securities, regions and countries shown above are for illustrative purposes only and are not to be considered a recommendation to buy or sell

Stock positions – Top 10 and Bottom 10 10 As at 31 August 2023 Swiss Helvetia Fund, Inc Source: Schroders, FactSet. 1Switzerland: SPI. The accounting data used by FactSet is un-audited, therefore any subsequent cleaning of data will not be reflected in FactSet. The sectors, securities, regions and countries shown above are for illustrative purposes only and are not to be considered a recommendation to buy or sell. Portfolio (%) Benchmark1 (%) Underweight Overweight 12M change Aryzta 2.0 0.1 0.1 BKW 2.1 0.2 0.5 Baloise Holding 2.3 0.4 0.8 Swissquote Gp Hldg 1.4 0.1 0.0 Partners Group 2.6 1.4 -0.5 Tecan Group 1.5 0.3 -0.3 Swiss Life 2.2 1.1 0.2 VZ 1.1 0.1 0.2 Sfs Group Ag 1.1 0.1 0.1 Sig Group Ag 1.5 0.5 -0.5 Sgs Sa -- 0.8 0.1 Swisscom -- 0.9 -0.1 Straumann -- 1.0 -0.2 Geberit Ag -- 1.1 -0.9 Lindt & Spruengli -- 1.5 0.0 Roche 11.1 12.7 0.3 Swiss Re -- 1.7 -0.2 Ubs Group Ag 3.1 5.1 -1.0 Holcim Ltd -- 2.1 -0.5 ABB 1.4 3.6 -1.3

Sector positions 11 As at 31 August 2023 Swiss Helvetia Fund, Inc Source: Schroders, FactSet. 1Switzerland: SPI The accounting data used by FactSet is un-audited, therefore any subsequent cleaning of data will not be reflected in FactSet. The sectors, securities, regions and countries shown above are for illustrative purposes only and are not to be considered a recommendation to buy or sell. Portfolio (%) Benchmark1 (%) Underweight Overweight 12M change Financials 19.8 16.9 0.4 Utilities 2.1 0.2 0.5 Consumer Staples 22.4 21.1 0.8 Information Technology 3.3 2.0 -2.1 Consumer Discretionary 6.3 5.4 -1.0 Communication Services 0.0 0.9 -0.1 Real Estate 0.0 1.2 0.0 Health Care 31.7 33.4 4.1 Materials 5.2 7.4 1.1 Industrials 8.1 11.4 -3.1 [Cash] 1.2 0.0 -0.6 Total 100.0 100.0

Portfolio positioning Swiss Helvetia Fund, Inc 12 Source: Aladdin, Bloomberg, August 31, 2023. Swiss Helvetia Fund Swiss Performance Index Valuation P/E 2023 est 19.0x 19.6x P/E 2024 est 17.5x 18.0x Price/book 3.2x 3.1x Quality Net Debt to Equity 18% 39% Portfolio characteristics Swiss Helvetia Fund August 31, 2023 August 31, 2022 Tracking error 1.5% 2.2% Active share 27.5% 29.5% Risk measures (ex private equity)

Biggest weight changes 13 12 Months to 31 August 2023 Swiss Helvetia Fund, Inc Source: Schroders, FactSet. 1vs. Switzerland: SPIThe accounting data used by FactSet is un-audited, therefore any subsequent cleaning of data will not be reflected in FactSet. The sectors, securities, regions and countries shown above are for illustrative purposes only and are not to be viewed as a recommendation to buy or sell. Purchases Sector Issuer Active weight1 31/08/2022 Active weight1 31/08/2023 Active weight1 change Comments Alcon Ag Health Care Alcon Ag -2.1 -0.6 +1.5 Increase due to positive outlook Givaudan Sa Materials Givaudan Sa -1.4 0.0 +1.4 Increase after weakness Lonza Health Care Lonza Group Ag -1.4 -0.1 +1.3 Increase after weakness Barry Callebaut Consumer Staples Barry Callebaut Ag -0.5 +0.6 +1.0 Increase after weakness Novartis Health Care Novartis Ag -1.6 -0.6 +1.0 Market movement Sales Sector Issuer Active weight1 31/08/2022 Active weight1 31/08/2023 Active weight1 change Comments ABB Industrials Abb Ltd -1.0 -2.3 -1.3 Partial profit taking after strong relative performance Ubs Group Ag Financials Ubs Group Ag -1.0 -2.0 -1.0 Expect complex integration process for acquired Credit Suisse Logitech International Information Technology Logitech Intl +1.8 +0.9 -1.0 Took some profit after recovery Geberit Ag Industrials Geberit Ag -0.2 -1.1 -0.9 Sold the position as outlook is still weak Richemont Consumer Discretionary Richemont(Cie Fin) +1.4 +0.7 -0.7 Partial profit taking after strong relative performance

Outlook Confidential - For SWZ Board Distribution Only

Outlook 15 Source: Schroders, 30 June 2023. Views expressed are the portfolio management team’s view and not necessarily a «house view». These views are subject to change. Three possible scenarios: Soft landing (or mild recession) in the US economy at some point in 2024 Resilient consumers, strong balance sheets and encouraging labour market conditions might help “muddling through” A potentially deeper recession as would normally be likely after strong increase of interest rates Inflationary pressure, hawkish actions from central banks and the impact of higher interest rates would lead to lower GDP. The recession does not occur until market participants stop thinking it might be coming soon The massive monetary and fiscal interventions during Covid-lockdowns may have distorted economic transmission mechanisms so much that events do not unfold according to the usual playbook. We are not betting on one of the scenarios. We think there might be phases of “risk-on” and “risk-off” with ‘over’-interpretation of data and central banker comments This is a period for active management with a focus on strong balance sheets and pricing power no matter which future economic pathway may occur Swiss Helvetia Fund, Inc

Outlook & market situation Development of corporate earnings estimates: back to ‘normal’ patterns 16 Source: Bloomberg, 06 July 2023. In USD, rebased as of 02 January 2012. Consensus EPS development – MSCI World

Outlook & Market Situation Comparison of earnings expectations across equity markets Source: Schroders, Bloomberg, 06 July 2023; all earnings converted into CHF. 17 Swiss Small & mid caps Swiss all caps US all caps Eurozone all caps

Investment outlook Global comparison of dividend yield versus government bond yield 18 Source: Schroders, Bloomberg, 06 July 2023.

Outlook Volatility likely to stay above long-term average 19 Source: Schroders, Bloomberg, 30 June 2023. Asian crises Tech bubble burst 3y bear market Irrational exuberance Surprise rate hike by Fed Black Wednesday & ERM Various hedge fund collapses Financial crisis Greek crisis Euro crisis 6m bear market after China bubble burst Start of trade war Q4 2018 meltdown 9/11 Coronavirus Russia’s invasion of Ukraine

Outlook & Market Situation Swiss franc development 20 Source: Swiss National Bank, December 2000 = 100, 31 July, 2023 Trade weighted exchange rate index – real, CPI-based Confidential - For SWZ Board Distribution Only

Case for Switzerland Confidential - For SWZ Board Distribution Only

The Swiss stock market has a large proportion of global market leaders (not only among large corporations), with competitive advantages High innovation rate Global diversification helps to better balance revenue sources 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 International Institute for Management Development has been looking into drivers of competitiveness and prosperity in 64 economies. Amongst others, the following help explain the strong position of Switzerland: Domestic economy Infrastructure Governance efficiency Productivity & business efficiency Labor market Tax policy Switzerland has been ranked within the top 4 economies over the last 6 years. Switzerland offers an attractive business environment Switzerland ranks in the top three of 64 economies regarding global competitiveness Source: International Institute for Management Development (IMD), World Competitiveness Ranking 2023, rank out of 64 economies

Switzerland is an innovation leader (1/2) Switzerland is the most innovative country in Europe Source: European Innovation Scoreboard 2023

Switzerland has the highest performance in six indicators: New doctorate graduates International scientific co-publications Foreign doctorate students Public-private co-publications Resource productivity Air emissions by fine particulates Switzerland is an innovation leader (2/2) Strong education-related & environment-related indicators Source: European Innovation Scoreboard 2023

Global leadership results in high profitability Swiss company leadership transforms into margins Source: Schroders, Bloomberg, December 31, 2022.

Long term outperformance of Swiss equities Source: Schroders, August 31, 2023. 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 2.3% p.a. in USD 9.9% p.a. in USD 7.6% p.a. in USD

CHF appreciation is nothing new Source: Schroders, Bloomberg, August 31, 2023. Views expressed are the portfolio management team’s view and not necessarily a «house view». These views are subject to change. 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 exchange rate (as happened in 2011 and 2015) had short term impacts that were successfully absorbed after 1-2 years in terms of margin recovery

Swiss Equity Market World’s Top Countries by Market Cap Source: Bloomberg, World Bank, December 31, 2020. Rank Market Mkt Cap (US$ trillion) 1 USA 40.7 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 Source: Bloomberg, August 31, 2023, 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 Swiss ETF 6.4% p.a. The Swiss Helvetia Fund 6.5% p.a. MSCI Europe (ex Switzerland) 4.8% p.a.

Important information 31 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. Schroder Investment Management North America Inc. is registered as an investment adviser with the US Securities and Exchange Commission and is a wholly-owned subsidiary of Schroders plc For more information, visit www.swzfund.com

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