Tellco Classic – Strategy 45 V

Tellco's balanced option: 46% stocks in a CHF 14 million fund. Functional but unproven.

Tellco Classic Strategy 45 V ranks #49 among 82 3a investment funds in Switzerland. It's Tellco's moderate option with 46% equities and 27% bonds. The three-year return of +18.06% is modest, and the CHF 14 million fund size raises viability questions. Tellco's pension expertise is real, but this fund hasn't yet demonstrated a compelling reason to choose it over established alternatives.

What Do the Numbers Say?

The three-year return of +18.06% is below average for a 46% equity fund. Swisscanto's 45% fund returned +21.75%, and LUKB's 45% option delivered +27.46% over the same period. That's a significant gap. Without a published TER, cost analysis is difficult, but the underperformance suggests either higher costs, weaker stock selection, or both.

The one-year return of +3.42% is similarly underwhelming. No five-year data is available, which means you can't evaluate long-term consistency. For a fund that ranks #30 out of 67, the numbers are simply average. Nothing catastrophic, but nothing compelling either.

What Actually Stands Out

Tellco brings genuine pension expertise to the table. As a Swiss pension specialist managing billions in occupational pension assets, they understand retirement investing at an institutional level. Swing pricing protects existing holders from large cash flow impacts, which matters more in small funds.

Tellco has operated since 2003 and manages pension assets for thousands of Swiss companies. If you already have your occupational pension (2nd pillar) with Tellco, adding your 3a creates a consolidated retirement view. The active management approach gives the portfolio manager flexibility to adapt to changing market conditions.

What Most Reviews Miss

The CHF 14 million fund size is a real concern. Funds this small carry higher proportional operating costs and face closure risk if they can't attract more assets. For perspective, Swisscanto's comparable fund manages CHF 1.2 billion, roughly 85 times larger. Scale matters for cost efficiency and stability.

The underperformance versus cheaper passive alternatives is consistent across the one-year and three-year periods. Active management at this fee level needs to add value, and the data so far suggests it hasn't. Without a five-year track record, you're essentially taking a leap of faith that Tellco's approach will improve.

The Bottom Line

Tellco Classic Strategy 45 is a functional balanced fund from a legitimate pension provider. But the small fund size, below-average returns, and missing long-term track record make it hard to recommend over established alternatives. If you're already a Tellco client, it's convenient. Otherwise, better options exist. See the full picture with our guide to best Pillar 3a products in Switzerland.

Verdict: A serviceable option for existing Tellco pension clients, but most investors will find stronger performance and larger funds elsewhere.