It actually makes sense if someone isn’t comfortable enough to invest 100% in factor-fonds.
I don’t see an issue behind investing in a mix of Bogle and Kommer/Felix. 
Absolutely. The (only) true issue that required a slight attitude adjustment would then be his/her level of comfortableness. If you deviate (in your stock market index fund allocation) from MSCI World at all, you may just as well do it with conviction.
Whatever you choose, you’ll still be getting pretty much a similar investment results. Because Both they’re both they‘re both global stock market indices that have been and are extremely highly correlated. And the Quality index is - not only/strictly, but in effect - largely market-cap weighted as well. But out of these two very similar and correlated indices, why not choose the one that outperforms the other by two percentage points or so a year, over the long run?
If all you‘ve ever drunk before is Coke but someone just gave you a can of Pepsi-Cola that makes you realise how slightly better Pepsi tastes …why would you go on drinking them both in a 50-50 mixture?
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has outperformed
The fact there are explainable factors to that outperformance, and that one believes in them going forward, is another story (but agreed, the best one we can have).
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So this means you go allin quality without adding Switzerland, Emerging Markets or small caps?
This also means, that even for the non 3a stock investments, you go allin quality or some other factors, that aren’t available at Finpension?
Yes, very important to note. Factor investing fans sometimes tend to argue there’s a god-given right to a factor premium going forward. But noone of us has a crystal ball.
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Where I can, yes.
Can’t do at VIAC, where I still keep some capital, but finpension has become my number one 3a provider for that reason. I still have a small position of an emerging markets fund outside of 3a, but otherwise all my fund holdings can be considered quality funds.
I’m not aware of any MSCI World Quality though that would is accessible for retail investors - except the iShares (ex-AUS) one in Australia.
Certainly not god-given and while I may have a crystal ball, I’m not much gathering the future from it.
That said, the evidence on the quality factor is among the strongest and most long-lasting though.
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I’m not really sure what you mean by that.
There are tons of UCITS quality ETFs:
ETF Suche: ETFs finden & filtern | Finanzfluss
So it’s pretty much guaranteed, that there are US-ETFs with quality tilt.
→ But maybe I didn’t understand you correctly.
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I don‘t mean random fund with the word „Quality“ in their name. I was referring specifically to funds tracking the MSCI World Quality index.
Even allowing for exclusions of a single country (e.g. Switzerland, like the CSIF funds available at finpension), I‘m aware of just this one from Australia (VanEck, not iShares as I seem to have mistakenly referred to above) that would available to retail investors. If it’s available in practice to European investors at all.
More about quality index investing in this discussion thread.
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Does anyone know, where the funds are held? What is the Depotbank of finpension?
Does it differ, if you have swisscanton funds or cs funds?
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The custodian bank is Credit Suisse for CS funds and Swisscanto (part of ZKB) for Swisscanto funds.
https://www.comparis.ch/altersvorsorge/vorsorgesystem/digitale-vorsorge
All in all I think finpension is still the best 3a provider.
Haven’t heard about Tellco before, but it also doesn’t look like anything useful for a typical forum member.
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At this point, the index funds managed from CS and used by Finpension/VIAC don’t seem to be strongly affected by outflow:
CSIF (CH) Equity Emerging Markets - (all classes)
Date - AUM in millions
23/03/2023 - 3’978.72
31/01/2023 - 4’148.85
30/11/2022 - 3’948.85
Link: Fund detail | Credit Suisse Asset Management
CSIF (CH) Equity World ex CH - (all classes)
Date - AUM in millions
23/03/2023 - 1’010.40
31/01/2023 - 1’050.74
30/11/2022 - 1’056.36
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Has anyone recently checked their 3a performance? I’ve got a VT-like total world allocation. However, compared to the performance of VT, my 3a portfolio performs significantly worse.
I’ve been looking at fees, dividends etc. but couldn’t figure out the reason for this. Any idea?
Can you be more specific? Which funds, which allocation? YTD:
FTSE 100 +1.03%
SMI +1.16%
CSI 300 +4.19%
SP500 +7.46%
Nikkei 225 +9.04%
Eurostoxx +11.90%
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Sure, it’s all CSIF-funds:
71% world ex-CH
15% world small cap
10% emerging markets
3% CH
I’ve compared my 3a performance vs. VT since July 2021 and get -10.5% for 3a, but -4.5% for VT.
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… hedging?
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Have you taken into account currency ? VT is in USD and CSIF fund in CHF
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No hedging. But maybe rebalancing in the beginning? Or less small cap in VT?
Good point, might explain maybe 1-2% of the difference!
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