Descartes Index 40

A defensive 40% equity 3a where the 60% safety bucket sits in cash, not bonds.

Descartes Index 40 ranks #22 among 82 3a investment funds in Switzerland. It's a passive Swisscanto index strategy at 40% equity, 60% Swisscanto money market, held in a personal securities account at Lienhardt & Partner Privatbank Zürich. A cautious allocation for investors approaching retirement, priced at 0.66% all-in.

Is 0.66% Worth It on a 40% Equity 3a?

All-in cost is 0.66% (0.26% weighted TER plus 0.40% flat fee). On CHF 50,000 that's CHF 330 per year. Cheaper pure-digital 40% equity 3a strategies land around 0.40-0.45% all-in. You're paying roughly CHF 100-130 more annually for the Descartes hybrid model.

At this lower equity tier, fees matter more relative to expected returns. A 0.25-percentage-point fee premium on a portfolio expected to return 3-4% per year takes a bigger bite out of net performance than the same premium on a 100% equity fund expected to return 7-8%. Worth weighing before you commit at the defensive end of the allocation curve.

What Actually Stands Out

Same building blocks as the rest of the Index family: Swisscanto Responsible index funds for the equity sleeve (40% across World ex CH, Switzerland Total, MSCI World ex CH FTH1, Emerging Markets) and Swisscanto Money Market Fund CHF FT for the 60% defensive bucket. ESG at the underlying level.

Lienhardt & Partner Privatbank Zürich holds the assets in your personal securities account, with weekly trading in the 3a domain. The Descartes hybrid model means you can call a human advisor at any time. Useful as you approach retirement and start thinking through staggered withdrawals across multiple 3a accounts.

What Most Reviews Miss

The 60% defensive bucket is cash, not bonds. Bond percent on the strategy is 0%. So you're missing the duration play a real bond sleeve would give in a falling-rate cycle, but you're also avoiding the rate-rise hit a long-duration bond fund would suffer. It's a defensive choice that prioritizes stability over yield.

The 5-year return of +11.50% is unsurprising for a 40% equity strategy with a money market defensive bucket. Don't expect this to keep pace with a true 40/60 stocks-and-bonds 3a fund that catches a bond rally. If your time horizon is under 10 years, that may be the right tradeoff anyway.

The Bottom Line

Descartes Index 40 makes sense if you're closer to retirement, want low equity exposure, and value advisor access for retirement planning decisions. It costs more than pure-digital alternatives, so use the advisor or pick something cheaper. See the full lineup in our guide to the best 3a investment funds in Switzerland.

Verdict: A defensive passive 3a that pairs naturally with end-of-career retirement planning conversations with a human advisor.