Our Take on Bank Cler Nachhaltig Einkommen (CHF) V
1.22% TER on a conservative income fund. Bank Cler charges growth-fund prices for a bond-heavy product.
Bank Cler Nachhaltig Einkommen ranks #78 among 82 3a investment funds in Switzerland. With just 32% stocks and 65% bonds, this is the income-focused, conservative option in Bank Cler's sustainability lineup. The five-year return of +3.79% barely beats inflation, and the 1.22% TER is disproportionately high for what's essentially a bond-dominated portfolio.
Are the Fees Worth It?
Let's be direct: a 1.22% TER on a 32/65 stock-bond fund is hard to justify. The five-year return of +3.79% means you earned roughly +0.76% per year. After deducting the 1.22% TER from gross returns, you can see that the fund's gross performance was about +1.98% per year. The manager took more than you kept.
A 3a savings account at 0.80% interest would have returned approximately +4.07% over five years with zero risk and zero fees. This investment fund, carrying market risk and charging premium fees, delivered less. For a product marketed as "Einkommen" (income), it delivered precious little of it.
What Actually Stands Out
Swing pricing and Bank Cler's digital platform are the main differentiators. The sustainability screening is comprehensive, and the "Einkommen" (income) label suggests a focus on yield-generating securities, which makes theoretical sense for investors who want regular distributions.
The CHF 21 million fund size is small but not critically so. Bank Cler positions this as the entry-level sustainability product for cautious investors who want some market participation. The BKB group backing provides institutional stability even if the individual fund is modest.
What Most Reviews Miss
The "Einkommen" label is misleading in a 3a context. Unlike regular investment funds, 3a funds don't pay dividends to investors. Returns are reinvested automatically. The income-focused strategy might select higher-yielding bonds and dividend stocks, but you never see that income as cash flow. It just compounds within the fund, making the label a marketing choice rather than a functional feature.
BKB's sister fund (Nachhaltig Einkommen) has identical performance at +3.79% over five years. Same managers, same securities, same story. The CHF 50 million in BKB's version versus CHF 21 million here again makes the parent fund the more stable choice if you're in this product family.
The Bottom Line
Bank Cler Nachhaltig Einkommen charges too much for too little return. A 3a savings account would have beaten it over five years with no risk. If you need a conservative sustainability fund, cheaper options exist with better outcomes. Explore your options in our guide to the best Pillar 3a products in Switzerland.
Verdict: Expensive, underperforming, and struggling to justify its existence when savings accounts deliver more. Only for committed Bank Cler customers who insist on an ESG fund wrapper.
Pros
- No custody fee
- Swing pricing protection
Cons
- Higher total costs (1.22% p.a.)
- Active management = higher fees
- Below-average 3-year performance
- Smaller fund size
Product Details
At a Glance
- 32% stocks allocation
- TER: 1.22%
- Swing pricing protection
- Actively managed
- No custody fee
Fund Details & Allocation
Fund Details & Allocation
Asset Allocation
Stocks
32%
Bonds
65%
Other
2%
Investment Strategy
Actively-managed fund
Fund Size
CHF 21M
Depositary Bank
UBS Switzerland AG, Zürich
Swing Pricing
Yes
Fees & Costs
Fees & Costs
Synthetic TER
1.22%
Custody Fee
Free
Performance Over Time
Historical performance of this investment fund. Past performance is not indicative of future results.
1 Year
+2.3%
3 Years
+13.6%
5 Years
+3.8%
Retirement Projection
Based on max. contribution of CHF 7'258/year, age 30 to 65 (35 years), starting from CHF 0.
Compare to Similar Products
Frequently Asked Questions
- Why is the 5-year return only +3.79% on Cler Nachhaltig Einkommen?
- With 65% bonds and only 32% equities, the fund is built for income stability, not growth. Five-year returns of +3.79% reflect both the bond-heavy allocation through a low-rate environment and the 1.22% TER drag. After fees, returns are roughly 0.76% per year, marginally above CHF cash but below segment-average 3a savings rates.
- Is the small fund size a real concern for an income product?
- CHF 20.69 million is well below the segment average of CHF 464 million and small for a fund expecting steady inflows. Small bond-heavy funds are slightly less likely to be merged than equity ones, but the under-CHF 50M tier still carries a real consolidation risk over a multi-decade 3a horizon.
- Does swing pricing add value on a bond-heavy fund?
- Yes, more than on equity funds, because bond markets reprice on lower turnover and large flows can move NAV materially. Cler enables swing pricing here, which protects existing investors. It does not, however, change the 1.22% TER conversation.
How We Rated This Product
Bank Cler Nachhaltig Einkommen (CHF) V was evaluated as a product using our weighted scoring system.
Ratings are updated monthly based on the latest available data. All products are evaluated using the same methodology.
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