BKB Nachhaltig Einkommen (CHF) V

Same return as Bank Cler's income fund, down to the decimal. BKB's version just has more assets.

BKB Nachhaltig Einkommen ranks #87 among 90 3a investment funds in Switzerland. With 32% stocks and 65% bonds at a 1.22% TER, it's the conservative income option from Basler Kantonalbank. The five-year return of +3.79% is identical to Bank Cler's version, confirming these are the same product with different labels. The CHF 50 million in assets makes this the larger of the twin funds.

Are the Fees Worth It?

The 1.22% TER takes a disproportionate bite from already-modest returns. Over five years, this fund returned +3.79% total. The TER alone consumed roughly 6.10% of assets over the same period (1.22% x 5 years). In simple terms, the manager earned more than the investor. That's a ratio no one should be comfortable with.

A savings account paying 0.80% would have returned more over five years without the management fee, without market risk, and without the 2022 bond crash that likely pushed this fund into negative territory before recovering. The math doesn't work in this fund's favor.

What Actually Stands Out

CHF 50 million is more viable than Bank Cler's CHF 21 million, making BKB's version the slightly safer choice from a fund longevity perspective. Swing pricing is included, and BKB's cantonal bank status provides a state guarantee from Basel-Stadt.

The sustainability screening is the same comprehensive framework applied across BKB's entire Nachhaltig range. Exclusions cover fossil fuel extraction, controversial weapons, and poor governance. The income-oriented strategy selects higher-yielding bonds and dividend-paying stocks within the ESG universe.

What Most Reviews Miss

Like Bank Cler's version, the "Einkommen" (income) label is meaningless in a 3a wrapper. No dividends or interest are paid out to you. Everything is reinvested. The income strategy might marginally affect security selection, but it has zero impact on your experience as a 3a investor. It's a product naming convention, not a feature.

The three-year return of +13.86% versus Bank Cler's +13.57% shows a slight divergence, suggesting minor differences in execution timing despite the shared strategy. Both trail the market significantly. The ESG screening and active management combined have not justified the 1.22% annual cost.

The Bottom Line

BKB Nachhaltig Einkommen is the more stable of two identical twins, thanks to its larger asset base. But the fundamental problem remains: a 1.22% TER on a conservative fund that returned +3.79% over five years is a poor deal for investors. If you must stay in the BKB ecosystem, at least consider the Ausgewogen version. Otherwise, explore our Pillar 3a comparison tool for better value.

Verdict: Slightly preferable to Bank Cler's twin due to larger fund size, but the same problem applies: too expensive for too little return.