Our Take on frankly Moderate 45 Responsible
CHF 738 million in assets. The most popular moderate 3a fund in Switzerland.
Frankly Moderate 45 Responsible ranks #14 among 82 3a investment funds in Switzerland. With the largest fund size in the entire frankly lineup, it's clearly the choice most Swiss investors make when they want some market exposure without going aggressive. The 45% stocks / 40% bonds split is designed for people who want to beat savings account rates but can't stomach big drawdowns.
Are the Fees Competitive?
Total cost: 0.44% (0.00% TER plus 0.44% flat fee). For an actively managed balanced fund with ESG screening and swing pricing, that's excellent. Traditional bank equivalents typically charge 0.90-1.20% for similar moderate allocations.
The three-year return of +24.15% and five-year return of +24.03% tell an interesting story. Notice how similar they are? That 5-year figure suggests the fund barely grew between year 3 and year 5, likely due to the 2022 bond-and-stock sell-off hitting balanced funds hard.
What Actually Stands Out
CHF 738 million makes this the largest frankly fund, and fund size matters. Large funds benefit from better liquidity, lower per-unit costs, and greater stability. When markets get rough, a massive fund is less likely to face forced selling due to redemptions.
The swing pricing mechanism protects you from the costs of other investors entering or leaving. Combined with the ESG screening by Swisscanto, you get a responsible investment approach without paying a premium. The 40% bond allocation provides genuine income and stability.
What Most Reviews Miss
The near-identical three-year and five-year returns (+24.15% vs +24.03%) reveal that this fund essentially went nowhere between 2021 and early 2023. The 2022 double hit of falling stocks and falling bonds erased two years of gains. Moderate doesn't mean safe. It just means less extreme.
Active management hasn't helped here either. The index version (frankly Moderate 45 Index) returned +24.96% over three years, slightly outperforming this actively managed version. You're paying for ESG screening and active decisions that haven't added value recently.
The Bottom Line
Frankly Moderate 45 Responsible is the comfort-zone pick for investors who want market exposure with guardrails. The massive fund size is reassuring, and the fees are fair. Just don't expect spectacular returns with a 45% equity allocation. Find out if this allocation fits your goals with our Pillar 3a product finder.
Verdict: The default choice for risk-averse investors who want ESG alignment and can accept moderate, not stellar, returns.
Pros
- Low total costs (0.48% p.a.)
- Good 3-year performance (+24.1%)
- No custody fee
- Large fund size (stable)
- Swing pricing protection
Cons
- High flat fee (0.44%)
- Active management = higher fees
Product Details
At a Glance
- 45% stocks allocation
- TER: 0.04%
- Swing pricing protection
- Actively managed
- No custody fee
Fund Details & Allocation
Fund Details & Allocation
Asset Allocation
Stocks
45%
Bonds
40%
Real Estate
15%
Investment Strategy
Actively-managed fund
Fund Size
CHF 738M
Depositary Bank
Zürcher Kantonalbank (ZKB)
Swing Pricing
Yes
Fees & Costs
Fees & Costs
Synthetic TER
0.04%
Flat Fee
0.44%
Custody Fee
Free
Performance Over Time
Historical performance of this investment fund. Past performance is not indicative of future results.
1 Year
+4.8%
3 Years
+24.1%
5 Years
+24.0%
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
- Did the active Responsible version beat the Index version over 5 years?
- Yes, narrowly. The Responsible version returned +24.03% over five years versus +21.93% for the Index version. Past performance doesn't guarantee future results, but it's notable that an actively-managed ESG variant outpaced the cheaper passive sibling in this window.
- How is the bond and real-estate allocation different from the Index?
- At 45% stock, the Responsible variant trims bonds to 40% and adds 15% real estate, versus 43% bond and 5% real estate in the Index sibling. The larger real-estate sleeve provides additional diversification away from purely fixed-income exposure.
- Does swing pricing affect monthly contributions?
- For a 3a saver contributing every month, swing pricing typically adjusts NAV by a few basis points. The impact is small per transaction but real over a long horizon. The Index variant doesn't apply swing pricing, so you avoid that friction at the cost of slightly weaker recent performance.
How We Rated This Product
frankly Moderate 45 Responsible 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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