BCV Pension 70 AP
Cantonal Bank of Vaud (BCV)
Overall Rating
Total Costs
1.29%
Stocks
70%
Investment Strategy
Actively-managed fund
Currency
CHF
Our Take on BCV Pension 70 AP
0.00% TER, 70% stocks, and +25% over five years. BCV's growth fund punches well above its weight.
BCV Pension 70 ranks #68 among 90 3a investment funds in Switzerland. This is the growth-oriented sibling of BCV Pension 40, with 70% stocks and 20% bonds at a remarkable 0.00% TER. The five-year return of +25.36% is competitive with funds charging five times more. For growth investors on a budget, this is the cantonal bank option to watch.
What Does a 0.00% TER Actually Mean?
Like its balanced sibling, the 0.00% TER means zero fund-level management cost. BCV recovers costs through the account-level fee structure, but the fund itself runs at no direct expense to investors. Even after accounting for BCV's account fees, the total cost undercuts most competitors significantly.
The five-year return of +25.36% puts this fund in strong company. Many funds with similar 70/20 allocations that charge 0.80-1.20% TER delivered lower net returns. The cost advantage at the fund level means more compounding over time. For a 30-year retirement horizon, that structural edge accumulates into a substantial difference.
What Actually Stands Out
The combination of 0.00% TER and strong returns makes this fund almost unique among traditional bank offerings. BCV manages CHF 189 million in this fund, providing adequate liquidity and stability. The active management team has the resources of one of Switzerland's top-10 banks behind them.
The 70/20 allocation hits a sweet spot for growth investors who want meaningful equity exposure without going all-in. The 20% bond cushion provided real protection during the 2022 downturn while still allowing strong recovery. For investors with 15+ years to retirement, this growth-oriented split captures most of the equity upside with some downside buffer.
What Most Reviews Miss
BCV Pension 70 has fewer assets (CHF 189 million) than BCV Pension 40 (CHF 663 million). The growth fund is less popular, which might surprise you given its stronger returns. This likely reflects the general risk aversion of Swiss 3a investors who default to conservative allocations even when they have decades until retirement.
The same caveats about language and geography apply. BCV is a Romandie bank, and the customer experience is optimized for French speakers. The one-year return of +4.97% is good but trails some competitors like Valiant Helvetique Dynamic (+5.78%) that have higher equity concentration in Swiss stocks specifically.
The Bottom Line
BCV Pension 70 is one of the best-kept secrets in Swiss 3a investing. A 0.00% TER on a growth fund with +25% five-year returns is a combination few can match. The main limitation is the Romandie-focused service. If that doesn't bother you, this deserves a place on your shortlist. See how it compares in our guide to the best 3a investment funds in Switzerland.
Verdict: Outstanding value for growth investors who want a traditional bank at near-zero fund cost. The 0.00% TER makes this one of the most cost-efficient growth 3a funds in Switzerland.
Pros
- Good 3-year performance (+27.4%)
- No custody fee
Cons
- Higher total costs (1.29% p.a.)
- Active management = higher fees
- No swing pricing protection
Product Details
At a Glance
- 70% stocks allocation
- TER: 1.29%
- Actively managed
- No custody fee
Fund Details & Allocation
Fund Details & Allocation
Asset Allocation
Stocks
70%
Bonds
20%
Real Estate
10%
Investment Strategy
Actively-managed fund
Fund Size
CHF 189M
Depositary Bank
Waadtländische Kantonalbank (BCV)
Swing Pricing
No
Fees & Costs
Fees & Costs
Synthetic TER
1.29%
Custody Fee
Free
Performance Over Time
Historical performance of this investment fund. Past performance is not indicative of future results.
1 Year
+5.0%
3 Years
+27.4%
5 Years
+25.4%
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 BCV Pension 70's synthetic TER higher than its 25 AP and 40 AP siblings?
- At 1.29%, this is the most expensive of the BCV Pension trio, with 25 AP at 1.10% and 40 AP at 1.20%. The higher equity exposure costs more in active management because BCV uses a more diversified equity sleeve in the underlying funds. Over a 30-year horizon, the 0.19 percentage point gap to 25 AP compounds noticeably.
- How did the +25.36% 5-year return stack up for a 70% equity fund?
- +25.36% over 5 years is roughly 4.6% annualised after compounding. For 70% equity exposure that is modest, partly because the 1.29% synthetic TER drained roughly 6.4 percentage points of cumulative return over five years compared to a no-cost benchmark.
- Is CHF 189 million a healthy fund size?
- CHF 189 million sits below the segment average of CHF 464 million but well above the under-CHF 50M risk zone. It is meaningfully smaller than the BCV Pension 25 AP at CHF 918M because higher-equity vehicles attract less Swiss 3a money. It is not at risk of closure, but lacks the scale efficiencies of its conservative sibling.
How We Rated This Product
BCV Pension 70 AP 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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