Summary
NICE, France (HedgeWorld.com) - Edhec Risk and Asset Management Research Centre has published the rankings of France's top 25 alpha- producing asset managers in conjunction with the fund performance measurement and analysis agency Europerformance. The Alpha League Table evaluates European asset management firms in terms of their ability to consistently generate outperformance on their equity funds when measured against an appropriate benchmark.
The research houses undertook the study because researchers believed that the rankings tables generally available failed to take into account the risks being taken by asset managers, and were therefore unable to determine an appropriate benchmark. This means any subsequent calculation of alpha will be flawed. It is inadequate, they said, to attribute scores to funds by comparing their returns to those of indexes or peer groups, because this would focus only on relative returns of individual managers, without adjusting them for the level of risk taken.See the full content of this document
Extract
Oddo Am Tops French Equities Funds Alpha Table
The research report explained that the benchmark of the risks actually taken by the manager is...
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