Mercedes 2015 Annual Report Download - page 232

E | CONSOLIDATED FINANCIAL STATEMENTS | NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 239
Market prices are available for equities and bonds due to their
listing in active markets. Most of the bonds have investment
grade ratings. They include government bonds of very good
creditworthiness.
The investment strategy is reviewed regularly and adjusted
if deemed necessary. The investment strategy is determined
by Investment Committees, which are generally composed
of representatives of the Finance and Human Resources depart-
ments. Several pension plans use dedicated liability driven
investment approaches to take the structure of pension obliga-
tions into account in the investment process.
E.50
Composition of plan assets
At December 31, 2015 At December 31, 2014
Total
German
Plans
Non-German
Plans Total
German
Plans
Non-German
Plans
In millions of euros
Energy, commodities and utilities 896 799 97 832 718 114
Financials 1,466 1,269 197 1,097 925 172
Healthcare 641 544 97 461 367 94
Industrials 658 578 80 503 416 87
Consumer goods 1,440 1,220 220 955 788 167
Information technology and telecommunication services 1,229 1,071 158 778 650 128
Others 50 – 50 64 – 64
Equities 6,380 5,481 899 4,690 3,864 826
Government bonds in EUR 2,353 2,340 13 3,854 3,853 1
Government bonds in USD 1,951 1,479 472 969 555 414
Government bonds in other currencies 458 – 458 443 – 443
Government bonds 4,762 3,819 943 5,266 4,408 858
Corporate bonds in EUR 2,603 2,594 9 2,247 2,241 6
Corporate bonds in USD 3,161 2,637 524 1,925 1,521 404
Corporate bonds in other currencies 205 21 184 200 44 156
Corporate bonds 5,969 5,252 717 4,372 3,806 566
Securitized bonds 64 4 60 54 5 49
Bonds 10,795 9,075 1,720 9,692 8,219 1,473
Other exchange-traded instruments12 1 1 -4 -5 1
Total exchange-traded instruments 17,177 14,557 2,620 14,378 12,078 2,300
Alternative investments2616 507 109 675 567 108
Real estate 493 395 98 514 410 104
Other non-exchange-traded instruments1255 219 36 -124 -154 30
Cash and cash equivalents 1,685 1,628 57 3,138 3,072 66
Total non-exchange-traded instruments 3,049 2,749 300 4,203 3,895 308
Fair value of plan assets 20,226 17,306 2,920 18,581 15,973 2,608
thereof fair value of own transferable
financial instruments
– – –
7 7 –
thereof fair value of self-used plan assets 73 73 – 88 88 –
1 Includes derivative financial instruments which could have a negative fair value at the balance sheet date.
2 Alternative investments mainly comprise private equity.