Our Take on Valiant Helvetique Conservative V
Swiss bonds and 25% stocks at 0.84% TER. Valiant's conservative fund quietly outperforms pricier peers.
Valiant Helvetique Conservative ranks #57 among 67 3a investment funds in Switzerland. With 25% stocks and 70% bonds, all in Swiss securities, it's the least aggressive in Valiant's Helvetique range. The five-year return of +11.86% outperforms many conservative competitors, including some charging higher fees.
How Does the Return Stack Up?
The five-year return of +11.86% is strong for a 25/70 conservative allocation. Compare that to Swisscanto's Portfolio 25 (+9.36%) or BCV Pension 25 (+6.96%), and Valiant looks genuinely competitive. The one-year +4.50% is particularly impressive, beating many balanced funds with higher equity allocations.
The 0.84% TER is higher than digital alternatives but lower than most cantonal bank and sustainability-labeled funds in the same category. Combined with the solid returns, the net-of-fee performance is among the best for conservative 3a funds.
What Actually Stands Out
The Swiss-only bond portfolio benefits from Switzerland's unique position. Swiss government and corporate bonds are among the safest in the world, denominated in the world's premier safe-haven currency. When global markets panic, Swiss franc bonds typically appreciate, providing a genuine hedge.
Valiant's CHF 215 million in this fund provides solid liquidity. The Swiss equity allocation focuses on blue-chip domestic companies, reinforcing the defensive character. For investors who believe Switzerland's economic stability is the best protection for retirement savings, this fund is purpose-built for that thesis.
What Most Reviews Miss
The Swiss bond focus also means limited yield potential. Swiss government bonds pay some of the lowest yields globally. When Swiss rates were negative (pre-2022), this fund's 70% bond allocation was literally earning negative returns on the fixed income portion. The equity slice was carrying the entire return burden.
Valiant's conservative fund also suffers from the same concentration issue as the rest of the range. Swiss bonds and Swiss stocks mean total dependence on one small economy. If Switzerland faces a domestic crisis (unlikely but possible), there's zero geographic diversification to protect you.
The Bottom Line
Valiant Helvetique Conservative is arguably the best traditional bank option for conservative Swiss-only 3a investing. The returns outperform most peers, and the 0.84% TER is competitive for the category. If you want domestic safety with branch access, this is your fund. Explore how it compares in our Pillar 3a comparison tool.
Verdict: The strongest conservative Swiss-only 3a fund, delivering above-average returns at a fair price for investors who want domestic focus and cantonal bank service.
Pros
- No custody fee
Cons
- Higher total costs (0.84% p.a.)
- Active management = higher fees
- No swing pricing protection
- Issuing fee of 0.05%
- Sales/redemption fee of 0.05%
Product Details
At a Glance
- 25% stocks allocation
- TER: 0.84%
- Actively managed
- No custody fee
Fund Details & Allocation
Fund Details & Allocation
Asset Allocation
Stocks
25%
Bonds
70%
Other
5%
Investment Strategy
Actively-managed fund
Fund Size
CHF 215M
Depositary Bank
Lombard Odier
Swing Pricing
No
Fees & Costs
Fees & Costs
TER
0.84%
Custody Fee
Free
Issuing Fee
0.05%
Performance Over Time
Historical performance of this investment fund. Past performance is not indicative of future results.
1 Year
+4.5%
3 Years
+19.8%
5 Years
+11.9%
10 Years
+9.4%
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 is the maximum annual Pillar 3a contribution?
- For employees with a pension fund, the maximum is CHF 7,258 per year (2025). Self-employed without a pension fund can contribute up to 20% of net income, max CHF 35,288. These amounts are fully tax-deductible.
- What are the tax benefits of this Pillar 3a product?
- Contributions to Valiant Helvetique Conservative V are fully deductible from your taxable income. Interest and returns grow tax-free. You only pay tax at a reduced rate when you withdraw at retirement.
- Can I transfer to Valiant Helvetique Conservative V from another provider?
- Yes, you can transfer your 3a balance to Valiant Helvetique Conservative V at any time without tax consequences, and Valiant charges no transfer or closure fee.
- Should I choose a savings account or investment fund for my 3a?
- Savings accounts offer guaranteed returns with zero risk — ideal if you're close to retirement. Investment funds provide higher growth potential but with market risk — ideal for 10+ year horizons. Many Swiss residents split their contributions between both.
- Is the performance of Valiant Helvetique Conservative V guaranteed?
- No, investment fund returns are not guaranteed. Past performance of +11.9% over 5 years does not guarantee future results. Your capital can fluctuate with markets.
How We Rated This Product
Valiant Helvetique Conservative 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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