Alpha League Table 2021: who are the French champions of Alpha?

SIX is proud to announce today’s disclosure of the 2021 edition’s results of THE BEST ASSET MANAGEMENT COMPANIES RANKING 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 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

Any questions?

Please do not hesitate to contact Julian Chan.

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About SIX
SIX provides and operates stable and efficient infrastructure for the Swiss and Spanish financial centers, thus ensuring access to the capital markets and the flow of information and money between financial market players. As a global provider of financial information, SIX delivers high-quality reference, pricing, corporate actions, and ESG data and provides regulatory services and indices to clients around the world. The company is owned by its users (more than 120 banks) with a workforce of 4,160 employees and a presence in 19 countries.
www.six-group.com

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