My comment is not about Equity vs Bonds
It’s simply about where to place bonds
Let’s assume your total portfolio is 200K (out of which 50K is in 3a). For whatever reason, you decide that you should have 50K in Swiss bonds and 150K in VT.
I am saying in some cases it might be worth to have VT in taxable account and Swiss bonds in 3a account.
** some cases depend on wealth tax, lump sum tax , marginal tax etc
Theoretically makes sense but I think people hold cash when they want fast access to it …. So 3a option would need waiting for rebalancing days etc
I would recommend to first check what is the absolute benefit in your particular scenario of doing this.
The benefit is not much if lump sum tax is low. Check this
In addition, the main purpose of Emergency fund is to have cash and not be forced to sell in market downturn. So staying out of market might be similar.