Our Take on Raiffeisen Futura Pension Invest Balanced V
CHF 2.4 billion and only +5.86% over five years. Switzerland's largest balanced 3a fund is its worst performer.
Raiffeisen Futura Pension Invest Balanced ranks #74 among 82 3a investment funds in Switzerland. With CHF 2.4 billion in assets, it's the single largest 3a fund in the country. The 45% stock, 50% bond split is a classic balanced allocation. But the five-year return of +5.86% makes this the worst-performing balanced fund in the ranking.
What Are You Actually Paying For?
The 1.10% TER on CHF 2.4 billion generates over CHF 26 million per year in management fees for Raiffeisen. On a per-investor basis, someone with CHF 50,000 pays CHF 550 annually. After the 1.10% fee, a five-year return of +5.86% leaves you with roughly +0.36% per year net.
For comparison: Valiant Helvetique Balanced (45/50 split, 0.84% TER) returned +18.56% over five years. That's more than three times the return at a lower fee. The performance gap is not a rounding error. It represents a fundamental difference in investment outcomes for your retirement savings.
What Actually Stands Out
CHF 2.4 billion is an extraordinary amount of retirement savings. This is the single most popular 3a fund in Switzerland, largely driven by Raiffeisen's 800+ branch distribution network. When your local bank advisor recommends a 3a fund, this is often what they suggest.
The Futura sustainability framework is genuinely comprehensive, with active ownership, shareholder engagement, and strict ESG criteria. The scale of this fund means Raiffeisen's sustainability engagement carries real weight when voting at shareholder meetings. Your money is literally voting for change.
What Most Reviews Miss
The +0.25% one-year return is alarming for a 45% equity fund in a positive market year. This is not a one-off: Raiffeisen Futura funds consistently underperform across their entire range (Equity, Growth, Balanced, Yield). The ESG exclusions and Swiss-heavy tilt systematically reduce exposure to the high-growth sectors driving global returns.
With CHF 2.4 billion, this fund is the ultimate closet indexer. The managers cannot make meaningful active bets because the positions would be too large. Yet the 1.10% TER prices it as active management. Investors are paying premium fees for what amounts to a constrained index strategy with ESG overlays.
The Bottom Line
Raiffeisen Futura Pension Invest Balanced is a triumph of distribution over performance. It's the most popular 3a fund because Raiffeisen has the most branches, not because it delivers the best results. If you're in this fund, the numbers suggest you should seriously explore alternatives. Our guide to the best 3a investment funds in Switzerland shows what competitive balanced funds actually return.
Verdict: The biggest 3a fund in Switzerland is also one of the worst performers. Branch access and ESG credentials don't compensate for years of underperformance.
Pros
- No custody fee
- Large fund size (stable)
Cons
- Higher total costs (1.10% p.a.)
- Active management = higher fees
- No swing pricing protection
- Issuing fee of 0.75%
Product Details
At a Glance
- 45% stocks allocation
- TER: 1.10%
- Actively managed
- No custody fee
Fund Details & Allocation
Fund Details & Allocation
Asset Allocation
Stocks
45%
Bonds
50%
Other
5%
Investment Strategy
Actively-managed fund
Fund Size
CHF 2.4B
Depositary Bank
State Street Bank International GmbH, Zweigniederlassung Zürich
Swing Pricing
No
Fees & Costs
Fees & Costs
TER
1.10%
Custody Fee
Free
Issuing Fee
0.75%
Performance Over Time
Historical performance of this investment fund. Past performance is not indicative of future results.
1 Year
+0.3%
3 Years
+16.8%
5 Years
+5.9%
10 Years
+23.9%
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
- What does CHF 2.35 billion in assets say about Raiffeisen Futura Pension Invest Balanced V?
- It's one of the largest 3a funds in Switzerland, roughly five times the CHF 464 million segment average. The scale reflects Raiffeisen's massive cooperative banking network and the 45% equity / 50% bond split being a popular default. Size doesn't equal cheaper fees here: the TER is 1.10% plus a one-time 0.75% issuing fee.
- Why is the 5-year return only 5.86%?
- Over 5 years, the fund returned 5.86% cumulatively, well below the 23.5% segment average. The combination of a heavy 50% bond weight during a tough period for bonds, plus active-management overhead at 1.10% TER, dragged on results. The 10-year figure of 23.94% is closer to typical balanced-fund territory.
- What does the 0.75% issuing fee mean for your contributions?
- Every time you buy units, 0.75% of the contribution goes to the fund as a one-time issuing fee. On a maxed CHF 7,258 annual contribution, that's about CHF 54 per year off the top, on top of the 1.10% TER. Over 25 years of max contributions, the issuing fees alone add up to roughly CHF 1,350.
How We Rated This Product
Raiffeisen Futura Pension Invest Balanced 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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