Raiffeisen Futura Pension Invest Yield V

Dead last at #67, negative five-year return, and CHF 325 million still invested. How?

Raiffeisen Futura Pension Invest Yield ranks dead last at #67 among 67 3a investment funds in Switzerland. With 25% stocks and 70% bonds, it's the most conservative fund in Raiffeisen's Futura range. The five-year return of -2.71% means investors literally lost money. And yet, CHF 325 million remains in this fund.

What Do the Numbers Say?

The five-year return of -2.71% is the worst of any 3a investment fund in Switzerland. If you invested CHF 50,000 five years ago, you now have about CHF 48,645. You took investment risk, paid fees, and ended up with less than you started. A savings account at 0.25% interest (the prevailing rate years ago) would have returned +1.25% over the same period.

The one-year return of -0.32% means the fund is still losing money. Even after the bond market's partial recovery and the one-year period being generally positive for markets, this fund managed to post a negative return. The 1.05% TER is consuming more than the fund generates.

What Actually Stands Out

CHF 325 million invested in a fund that's lost money over five years is remarkable. It speaks to Raiffeisen's distribution power. The 800+ branch network channels investors into Futura products by default. The sustainability credentials are legitimate: comprehensive ESG screening, active ownership, and shareholder engagement.

The Futura label means your money is voting for corporate sustainability improvements. If that mission matters to you more than returns, this fund accomplishes it at scale. Raiffeisen is the most accessible bank in Switzerland, and for many rural residents, it's the only realistic option.

What Most Reviews Miss

A -2.71% five-year return on a conservative fund means the active management destroyed value even beyond what the bond crash inflicted. Other conservative funds with similar allocations returned +3 to +12% over the same period. The specific ESG exclusions and Swiss-heavy bond selection appear to have systematically underperformed.

The pattern across all Raiffeisen Futura funds is consistent: every allocation level (Yield, Balanced, Growth, Equity) ranks near the bottom of its category. This isn't bad luck in one fund. It's a systematic issue with the Futura investment approach. The ESG restrictions plus the Swiss tilt plus the active management fees create a triple drag on returns.

The Bottom Line

Raiffeisen Futura Pension Invest Yield is the worst-performing 3a fund in Switzerland, and it's not close. Investors have lost money over five years while paying 1.05% in annual fees. If you're currently invested in this fund, the data overwhelmingly suggests you should consider alternatives. See what's available in our guide to the best Pillar 3a products in Switzerland.

Verdict: The worst 3a fund in Switzerland by five-year return. Negative performance, meaningful fees, and CHF 325 million of retirement savings trapped by distribution loyalty rather than investment merit.