Thus Credit Switzerland is 4th 6th UBS Swisscanto 7th

In Switzerland, these are the venerable management companies and sometimes very old private banks that are champions of the performance, with strong expertise beyond their narrow market national, including on emerging markets and Asia, and sectors. This is what emerges from the top by Fininfo group EuroPerformance and Edhec Risk and Asset Management Research Centre.

A ranking whose objective is to measure the alpha of the Fund management companies. The latter is an absolute measure of performance, which is not defined arbitrary categories. It is the addition of performance obtained by a Manager from the normal remuneration of its portfolio. It is its added value, its ability to be effective regardless of the environment of markets. In short, his talent. And this talent is fairly evenly divided between institutions as evidenced by the very tight classification of this Swiss Edition, compared to the other Alpha League Table, the France, the Spain and the Italy. It is fairly well distributed among funds investing in different geographical areas (see illustration). Thus, on 365 funds actively managed Swiss and history of at least three years, a little more than a quarter (27.5) deliver a significant alpha and that persists over time on the period between April 2005 and March 2006. In contrast to the other charts, shops, these small entrepreneurial management companies, are this time totally absent from the classification, which places are captured by old houses in the mature and rode investment process.

Mastery of risk

Arrive at the top of the classification to equality, Vontobel Asset Management, Vontobel Private Banking created in 1924, and Pictet & Cie. The first was a better average alpha by the second fund, 3, compared to 1.77, but a smaller proportion of its funds rated 4 and 5 stars (best notes), 30, 50. Final score that determines the ranking is the synthesis of the level of alpha and share funds rated in the range. There are 7 for example at Vontobel Asset Management, which gets good results in most geographic areas or management styles (small and large values). On the other hand, in Pictet, top funds appear to be those positioned on small and medium-sized companies, including Swiss and international, including Asian shares. For this private bank, these good performance is also obtained with a low level and a large risk management. The first two of the top is followed by another institution of the private bank, Bank Sarasin. It gets an average alpha of 2.9 for 5 funds, with expertise particularly assertive in Asia and emerging markets.

The major Swiss commercial banks are not very far from leading the Pack. Thus, Credit Switzerland is 4th, 6th UBS, Swisscanto 7th. It is more difficult for these large institutions to save alpha high on a significant number of their funds, which is a handicap to private banks that have a range much more limited and focused, legacy of a historic position on a few targeted skills.

High-performance international

Thus, Credit Switzerland has the highest level of alpha (5.92) of all grading but only 16 of its funds, one of the lowest scores for that last test behind Julius Baer and Swiss Life Funds. The latter, in the 9th place is in a situation comparable to that of Credit Switzerland while another subsidiary of an insurance company, AIG Private Bank is 8th. An absent of size of the Top 10, Lombard Odier Darier Hentsch, is that the 11th position.

In areas of investment, Swiss funds invested in shares appear to be particularly efficient sectors, and international. Indeed, the best Swiss funds rated average alpha 4 and 5 stars is the strongest, around 3.7, for those who invest in Asia out of Japan, and then in emerging markets (3.3), business (3,1) and the eurozone (2.7). It is almost identical, slightly higher than 2 for the Swiss funds that invest in their own market or in Europe (Germany...). The best of the latter are generally funds that invest at least half of their assets on small and medium-sized companies. Conversely, international non-euro area, as in the emerging markets, the most successful managers have only a very modest number of small and medium-sized companies in their portfolio.