SIX launched the “EuroPerformance Alpha League Table” ranking 16 years ago. As a renowned provider of high quality financial data, SIX identified then the potential of such an analysis on the market and developed this ranking based on a cutting-edge method. It has since become a benchmark on the French market. At a time when passive forms of investment are enjoying an increased popularity, it is crucial to demonstrate the value of active management with comprehensive and detailed data.

The calculation of the alpha value requires a precise determination of risk positions. The benchmark, which represents the actual risks taken by the fund manager, is determined by analyzing the fund's returns using a multi-index regression on investment styles - using Nobel Prize winner William Sharpe's “Return Based Style Analysis” method.

2020 has shown very encouraging results for active management despite the turmoil caused by the global pandemic or the uncertainties related to the US presidential elections, without forgetting the numerous strong geopolitical tensions in Europe and Asia. The predominance of European Equities is still scoring high this year. Among the 28 institutions getting a mark, here stands our Top 10:

Rank MANAGEMENT ENTITY Frequency Average Alpha Mark
1 FINANCIERE DE L'ECHIQUIER 51.56% 2.68% 1.38%
2 COMGEST SA 64.58% 1.92% 1.24%
3 ECOFI INVESTISSEMENTS 35.07% 2.37% 0.76%
4 SMA GESTION 45.24% 1.53% 0.65%
5 OFI ASSET MANAGEMENT 39.72% 1.15% 0.48%
6 AG2R LA MONDIALE GESTION D ACTIFS 39.44% 1.11% 0.43%
7 ROTHSCHILD & CO ASSET MANAGEMENT EUROPE 17.98% 2.37% 0.42%
8 AXA INVESTMENT MANAGERS 31.58% 1.26% 0.40%
9 COVEA FINANCE SASU 36.38% 1.02% 0.39%
10 BNP PARIBAS ASSET MANAGEMENT 22.67% 1.55% 0.35%

The extended analysis and methodology are available here (document in French).

Active management players have shown a strong resiliency towards this year’s challenges. This edition’s ranking acknowledges its winner’s streak and the entry of several new major players in its Top 10.

Philippe Hellinger, Head Funds Data France, Financial Information, SIX

 
About SIX
SIX operates and develops infrastructure services for the Swiss and Spanish Stock Exchanges, for Securities Services, Banking Services and Financial Information with the aim of raising efficiency, quality and innovative capacity across the entire value chain of the Swiss and Spanish financial centers. The company is owned by its users (121 banks). With a workforce of some 3,500 employees and a presence in 20 countries, it generated operating income of CHF 1.38 billion and Group net profit of CHF 439.6 million in 2020.
www.six-group.com