Why Is BENDURA BANK AG Recognised Among Liechtenstein’s “Best Investment Strategy” Banks?
The independent Institut für Vermögensaufbau (IVA) successfully certified BENDURA BANK AG’s EURO Balanced Strategy in the second quarter of 2026, awarding it the highest rating of five stars and an A(3) risk rating. This article explains what this distinction means, how it is achieved, and why it is relevant for a balanced core investment.
At a Glance
- Award: Certified Quality Portfolio, 5 out of 5 stars (Q2 2026 rating)
- Risk Rating: A(3) – attractive return potential (long- and short-term)
- Awarded by: Institut für Vermögensaufbau (IVA), independent, in cooperation with the DSW
- Strategy: Balanced euro strategy, medium risk profile, investment horizon of 5 to 7 years
- Review Process: Quarterly; certified since 2026
What Was Recognised?
The EURO Balanced Strategy is BENDURA BANK AG’s balanced investment mandate. As part of the quarterly review conducted by the Institut für Vermögensaufbau, the portfolio received the highest possible overall rating of five stars in the second quarter of 2026 and was awarded the “Certified Quality Portfolio” seal. The reference date for all calculations was 1 May 2026; the underlying report is dated June 2026.
According to the IVA methodology, the five stars indicate that the risks and return opportunities of the portfolio are in an excellent relationship to one another – meaning that it is well suited as a long-term core investment for wealth accumulation.
Who Is Behind the Certification? The Institut für Vermögensaufbau
The Institut für Vermögensaufbau (IVA), based in Munich, is an independent analysis and rating boutique. Since 2005, IVA has produced scientifically based studies on investment topics and has certified approximately EUR 60 billion in securities portfolios. The certification process applied here was developed in the same year and is regarded as an established procedure for external quality assurance within the German-speaking financial sector.
The investor-protection focus of the process is supported by the German Association for the Protection of Shareholders (DSW); its Managing Director, Marc Tüngler, is represented on the institute’s advisory board. Members of the advisory board also include Prof. Dr. Thorsten Hens, Professor of Financial Economics at the University of Zurich, and Dr. Christian Waigel, a lawyer specialising in investment and securities law. Data sources include LSEG Data & Analytics and Morningstar.
Why is this relevant? The assessment is not produced by the provider itself, but by an independent third party. Investors therefore receive a transparently documented expert opinion – a quality signal that goes beyond a firm’s own self-presentation.
How Is the Assessment Conducted?
Before admission to the certification process, IVA reviews fundamental requirements such as approval status, structure, transparency, and costs. During the ongoing process, the following steps are performed on a regular basis:
- Individual Security Analysis: Examination of the portfolio at the level of individual securities for comprehensive calculations of risk structure and return expectations.
- Diversification: Assessment of diversification across regions, sectors, and issuers.
- Stress Testing: Analysis of portfolio behaviour under simulated stress scenarios.
- Benchmark Comparison: Evaluation of risk and return expectations relative to a simple benchmark.
Only portfolios that successfully pass all analysis and assessment stages receive certification. Importantly, the provider is contractually obliged to have the portfolio reviewed on a quarterly basis, regardless of the outcome. The certification is therefore not a one-time event, but a recurring point of reference.
Understanding the A(3) Risk Rating
In addition to the stars, IVA assigns a risk rating on a five-level scale ranging from A(5) to A(1). The EURO Balanced Strategy receives an A(3) rating for both long-term risk (investment period of more than five years) and short-term risk (investment period of less than twelve months). The fact that both ratings are identical means that the current investment structure corresponds to the long-term strategic allocation.
| Rating | Meaning |
| A (5) | Extremely strong protection of invested capital, limited growth potential |
| A (4) | Strong protection of invested capital, some growth potential |
| A (3) | Attractive return potential with relevant downside risks ← EURO Balanced Strategy |
| A (2) | Higher return potential with elevated downside risks |
| A (1) | High return potential with significantly elevated downside risks |
An A(3) rating describes a portfolio that, due to its long-term orientation, is expected to respond robustly to market changes. It has the potential to generate attractive long-term returns while also involving relevant downside risks. This classification is consistent with the balanced nature of the strategy.
The EURO Balanced Strategy Profile
The mandate aims to preserve capital while achieving moderate growth over a medium- to long-term investment horizon of five to seven years. The risk profile is classified as medium and reflects a balanced relationship between return opportunities and risk limitation.
At the centre of the strategy is a strategic allocation between equities and bonds. The equity allocation enables participation in long-term capital growth, while fixed-income and alternative investments contribute to stabilisation. Key parameters of the strategy include:
- Maximum equity allocation of 50% in order to preserve the conservative balanced character
- Maximum bond allocation of 50%
- Maximum allocation to alternative investments of 25%
In implementing the strategy, BENDURA follows a best-in-class approach. ETFs and investment funds are selected based on compelling risk-return profiles and high cost efficiency. Broad diversification across regions, sectors, and issuers forms the core of risk management; management is actively conducted using a top-down approach, taking macroeconomic developments and market conditions into account.
Investment Structure as of the Reference Date (1 May 2026)
Breakdown by asset class and product category. The classification is determined by IVA; the composition changes continuously as a result of market movements and management decisions.
| Asset Class | Allocation |
| Bonds | 48 % |
| Equities | 40 % |
| Precious Metals | 5 % |
| Asset Class | Allocation |
| Other | 5 % |
| Liquidity | 3 % |
| Product Category | Allocation |
| ETFs | 53 % |
| Active Investment Funds | 36 % |
| Other | 10 % |
| Liquidity | 1 % |
| Individual Securities | 0 % |
How Robust Is the Strategy? Sensitivity and Stress Testing
In addition to pure volatility analysis, IVA evaluates the portfolio’s sensitivity to external risks, including equity, interest-rate, currency, liquidity, credit, and management risks. In addition, it simulates four typical capital-market stress scenarios. The hypothetical impact on the current portfolio is set out below:
| Stress Scenario | Expected Loss |
| Increase in the Yield Curve | −1,7 % |
| Widening of Credit Spreads | −3,3 % |
| Global Equity Market Decline | −16,0 % |
| Depreciation of Foreign Currencies | −3,1 % |
These figures are hypothetical, relate to the current portfolio composition, and do not include commissions, fees, or other charges. They illustrate that the greatest downside risk, as expected for a balanced portfolio with a limited equity allocation, results from a broad equity market decline, while interest-rate, spread, and currency shocks have a significantly more moderate impact.
What Does This Mean for Investors?
A balanced, broadly diversified portfolio reduces the probability of permanent losses as the investment holding period increases – unlike an individual stock, whose company-specific risk remains consistently high over time.
This is precisely where the EURO Balanced Strategy comes in: it combines growth-oriented and stability-oriented components and is designed for an investment horizon of five to seven years.
The IVA certification provides an independent assessment of the strategy’s long-term suitability. However, it is not a return forecast and does not constitute an investment recommendation. The actual amount investors receive depends on future market developments and their individual holding period.
Frequently Asked Questions
What Is a “Certified Quality Portfolio”?
The seal identifies a portfolio that has successfully completed the certification process of the Institut für Vermögensaufbau. It confirms an excellent relationship between risks and return opportunities for long-term wealth accumulation.
What Does the A(3) Rating Mean?
A(3) stands for “attractive return potential”. The portfolio is expected to respond robustly to market changes and has the potential to generate attractive long-term returns, while at the same time involving relevant downside risks.
Who Grants the Certification?
The Institut für Vermögensaufbau (IVA), an independent analysis and rating boutique based in Munich that has been active since 2005, in cooperation with the German Association for the Protection of Shareholders (DSW).
How Often Is the Strategy Reviewed?
Quarterly. The provider undertakes to have the portfolio analysed regularly throughout the duration of the agreement, regardless of the outcome of the respective review.
Who Is the EURO Balanced Strategy Suitable For?
For investors with a medium risk profile and an investment horizon of approximately five to seven years who are looking for a balanced core investment consisting of equities, bonds, and complementary alternative investments.
Who Is the Provider?
BENDURA BANK AG, Schaaner Strasse 27, 9487 Gamprin-Bendern, Principality of Liechtenstein.
Important Information
This article constitutes a marketing communication and does not represent a complete financial analysis. It does not replace advice tailored to the individual circumstances of a client by a qualified advisor. Any investment decision should always be made on the basis of the respective legally binding contractual and/or offering documents. The assessments presented are intended solely to provide a simplified illustration of opportunities and risks and do not take commissions, fees, or other charges into account. Past performance and forecasts based on current market conditions are not reliable indicators of future performance. The certification is carried out on behalf of the portfolio provider; the provider may pay a fee for this service. The calculations are based on the information regarding portfolio composition reported quarterly by the provider as of the stated reference date.
