Alpha League Table 2025: Who Are the French Champions of Alpha?

SIX is proud to announce today’s disclosure of the 2025 edition’s results of the best equities asset management companies, based on alpha, a risk-adjusted performance measure, an indicator of the manager's over-performance against the market.

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SIX launched the “EuroPerformance Alpha League Table” ranking 20 years ago. As a renowned provider of high quality financial data, SIX already identified the potential of such an analysis in the market at that time and developed this ranking based on a cutting-edge methodology. 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 is an approximation of 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 2025 edition, based on calculations for the full year 2024, is quite exceptional. We have never observed so few ranked companies and such low levels of average frequency and alpha. In fact, numerous economic, political, and geopolitical moves have been challenging the active management industry, which has been impacted by the various upheavals observed in the markets throughout the year. The companies ranked this year have overcome these challenges and managed to generate enough winning funds, with positive average alpha. Among the 18 institutions getting a mark, here stands our Top 10:

Rank MANAGEMENT ENTITY Frequency Average Alpha Mark
1 COMGEST SA 40.97% 2.98% 1.24%
2 AMPLEGEST 24.95% 3.62% 0.90%
3 SMA GESTION 40.48% 1.01% 0.49%
4 DNCA FINANCE 27.55% 1.55% 0.43%
5 CA INDOSUEZ GESTION 33.33% 1.23% 0.41%
6 LAZARD FRERES GESTION SAS 28.82% 1.11% 0.37%
7 HSBC GLOBAL AM 36.03% 1.00% 0.35%
8 BNP PARIBAS ASSET MANAGEMENT 12.32% 2.08% 0.25%
9 OSTRUM ASSET MANAGEMENT 14.29% 1.68% 0.24%
10 CHOLET DUPONT ASSET MANAGEMENT 18.96% 1.25% 0.23%

Further information: the extended analysis and methodology of the Alpha League Table 2025.

This year, we observed a profound renewal of the rankings with historical players who left, and a new trend with companies standing out thanks to a varied and extensive range.

Philippe Hellinger, Head FR Funds Products & Press, Financial Information, SIX

Any questions?

Please do not hesitate to contact Julian Chan.

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About SIX
SIX serves the Swiss and Spanish financial centers and a broad international client base, offering stable and efficient infrastructure services. SIX operates stock exchanges and provides services in securities, financial information as well as the payments business. The company is owned by its users (about 120 financial institutions). With over 4,400 employees and a presence in 19 countries, SIX generated operating income of CHF 1.6 billion and EBITDA of CHF 443.7 million in 2024.
www.six-group.com

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