The Swiss fund market has recovered strongly after a weak start to the year. The total volume has increased by CHF 187.1 billion since the beginning of the year to CHF 1,927.4 billion. Approximately CHF 155 billion, or 8.9% of the volume, can be attributed to the positive market development, currency, and other valuation effects. The net new money inflows amounted to CHF 32.7 billion, slightly below the level of the corresponding prior-year period (CHF 35.4 billion). In the third quarter alone, funds received net inflows of CHF 10.8 billion.
Bond funds clearly led with CHF 13.9 billion in new money, followed by equity funds with CHF 9.7 billion. Money market and commodity funds recorded inflows of around CHF 3.3 billion each. In the third quarter, new money was concentrated on bond and commodity funds. Despite the high inflows, the volume of bond funds increased by only around CHF 3 billion to CHF 439.4 billion, as bond markets declined (SBI -0.97%, Bloomberg US Aggregate Bond Index -2.91%).
The positive stock market development significantly increased the wealth of equity funds. Their volume has risen by approximately CHF 147 billion since the beginning of the year to CHF 1,010.6 billion. More than half of the Swiss fund market is now accounted for by equity funds. The share of this fund category reached a new high of approximately 52.4%. About two-thirds of the net new money (CHF 22.7 billion) flowed into exchange-traded index funds (ETFs) (previous year: CHF 16.7 billion).
"The positive development in the financial markets has significantly increased fund assets this year compared to new money. It's noteworthy that investors have simultaneously invested most in bond funds, even though fixed-income securities' prices have predominantly declined. This indicates that many investors place more value on ongoing income and stability than on short-term price gains," says Adrian Schatzmann, CEO of the Asset Management Association Switzerland (AMAS).
Concentration in the Swiss fund market remains high. The ten largest providers hold about 75% of the total fund volume. UBS remains unchallenged at the top with a slightly increased market share of 36.9%. It is followed by Swisscanto (10.6%), BlackRock (10.4%), and Pictet (5.9%). Swiss Life was able to expand its market share to 2.5%, overtaking Vontobel (2.2%) to take fifth place. Newly included among the ten largest fund providers is Vanguard with a market share of 1.1%.
Development of selected indices and currencies at the end of the third quarter of 2026: Dow Jones +5.91%, S&P 500 +11.77%, EURO STOXX 50 +8.25%, and SMI +4.24% as well as SBI -0.97% and Bloomberg US Aggregate Bond Index -2.91%. The euro strengthened by 1.81% against the Swiss franc, while the US dollar rose by 5.37%. Statistics from Swiss Fund Data AG and Morningstar are based on the FINMA-approved list and include all funds under Swiss law as well as all foreign funds authorised for public distribution in Switzerland, including their institutional share classes. Foreign funds exclusively reserved for qualified investors are not covered by the statistics because these products are only privately placed and cannot receive FINMA approval.
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Peter
Hody
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peter.hody@am-switzerland.ch
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