SIX launched the “EuroPerformance Alpha League Table” ranking 18 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.

This 2023 edition, calculated based on 2022, is reassuring in several respects. The number of management companies that joined the prize is increasing, proof that alphas are doing well. The latter are very significantly increasing this year despite an economic situation that could have slowed down the management of assets overall. This active management has therefore never been so aptly named in a context of geopolitical tensions and inflation crisis. Among the 33 institutions getting a mark, here stands our Top 10:

Rank MANAGEMENT ENTITY Frequency Average Alpha Mark
1 FINANCIERE ARBEVEL 71.85% 4.66% 3.36%
2 MEESCHAERT ASSET MANAGEMENT 40.93% 5.07% 2.05%
3 TOCQUEVILLE FINANCE SA 55.17% 3.31% 1.81%
4 AMPLEGEST 26.39% 7.25% 1.77%
5 MANDARINE GESTION 53.98% 3.00% 1.61%
6 GROUPE LA FRANCAISE 33.33% 4.85% 1.55%
7 ODDO BHF ASSET MANAGEMENT 38.86% 3.23% 1.25%
8 LAZARD FRERES GESTION SAS 48.30% 2.56% 1.24%
9 SMA GESTION 50.00% 1.83% 0.92%
10 DNCA FINANCE 46.93% 1.85% 0.87%

The extended analysis and methodology are available here.

This 2023 edition demonstrates once again that active management never ceases to renew itself and to carry the alpha, whatever the global context.

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


Any questions?

Please do not hesitate to contact Julian Chan.

 
About SIX
SIX operates and develops infrastructure services for the Swiss and Spanish Stock Exchanges, for Post-Trade 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 (120 banks). With a workforce of 4,044 employees and a presence in 20 countries, it generated operating income of CHF 1.5 billion and Group net profit of CHF 185.0 million in 2022.
www.six-group.com