Swisscanto BVG 3 Responsible Portfolio 15 RT

15% stocks and +3.19% over five years. This ultra-conservative fund barely outpaced a savings account.

Swisscanto BVG 3 Responsible Portfolio 15 ranks #71 among 82 3a investment funds in Switzerland. With just 15% in stocks and 70% in bonds, it's designed for the most risk-averse investors. Managed by ZKB's Swisscanto unit, the five-year return of +3.19% raises a fundamental question: why invest at all if the return is this close to zero?

What Do the Numbers Say?

The five-year return of +3.19% works out to about +0.64% per year. After deducting fees (which aren't disclosed as a standard TER but are embedded in the fund cost), you're looking at returns that may not have beaten inflation over the full period. The one-year return of +1.76% is marginally better but still underwhelming.

A standard 3a savings account currently pays 0.50-1.00% per year with zero market risk. Over five years at 0.80% interest, you'd have earned roughly +4.04%. This investment fund, which carries actual market risk, returned less. That's the uncomfortable reality of ultra-conservative funds in a period of bond market turbulence.

What Actually Stands Out

Swing pricing protects existing investors from transaction costs, which is standard in Swisscanto's fund range. The "Responsible" label means ESG screening is applied, excluding controversial weapons and applying positive sustainability selection criteria. The CHF 248 million fund size is substantial for a conservative mandate.

ZKB (Zurcher Kantonalbank) is the largest cantonal bank in Switzerland and one of the safest financial institutions in the world. The state guarantee from the Canton of Zurich provides institutional backing that few can match. For ultra-conservative investors, this institutional pedigree is the real product.

What Most Reviews Miss

With 70% in bonds, this fund was devastated by the 2022 interest rate shock. Bond prices fell sharply when central banks raised rates, and a fund with this much bond exposure took the full hit. The "recovery" to +3.19% over five years masks the fact that this fund was likely negative for an extended period in 2022-2023.

The 15% stock allocation is almost too low to matter. At this level, you're essentially buying a bond fund with a tiny equity garnish. The equity component adds complexity and cost without meaningfully improving returns. For most investors, either a pure savings account or a 25% equity fund would be more logical.

The Bottom Line

Swisscanto BVG 3 Responsible Portfolio 15 is for investors who want to be technically "invested" while taking minimal risk. The five-year return shows why ultra-conservative investment funds struggle to justify their existence versus savings accounts. Unless you have a specific reason for this exact allocation, consider alternatives. Use our Pillar 3a calculator to see what a slightly higher equity allocation could mean.

Verdict: Institutional quality from ZKB but returns so low that a savings account would have served you better over the past five years.