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25 Apr 2022

Création d alpha

Régulièrement, le marché se plaint de l’incapacité des gérants actifs à créer de la valeur, de l’alpha. Des études plus ou moins sérieuses (plus ou moins neutres) s’ingénient à démontrer que la création d’alpha est égale à 0 voire négative. Qu'en est-il sur amLeague ?

Antoine Briant, CEO amLeague -

Click here for read the article in french

31 Mar 2022

amLeague historical partner, AlphaValue provides us with its Growth and Value ratings for each STOXX 600 component for many years. Since March the 22nd, 2022 amLeague and AlphaValue reinforced this partnership with ESG scores developed under AlphaValue Sustainability brand. ESG and Sustainability are presented for each portfolio of EURO and EUROPE competitions.  Maxime MATHON, Head of External Relations presents us in below interview where these scores and ratings are coming from and how we must understand the different figures displayed on amLeague rankings.

 NB: as usually, amLeague is the sole operator to get a view on amLeague participants portfolios. amLeague gets a special access to the provider database then apply security score for each component of portfolios in order to get ratings per portfolio. Alpha Value does not get access to asset managers portfolios.

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14 Jan 2022

2021 was a tough year for active European equity management. "You can see that the number of managers above the benchmark is less than the number below."

Commented by Antoine Briant, CEO amLeague

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27 Sep 2021

Interview croisée d’Antoine Briant (amLeague) et des associés de WS Partners

Interview with Antoine Briant, CEO of amLeague and WS Partners. The latter have created a new index based on the selection of managers from the Global Low Carbon mandates of the amLeague platform. A new index in the SRI universe, but above all, a high-performance index.

Click here to read the article in french

06 Jul 2021

The portfolio managers present on the amLeague platform fail to meet their objectives.

Click here to read the article in french

23 Mar 2021

Exemple d’un dictionnaire pour le thème “Clear Water” (extrait)

Dictionary's example for the theme “Clear Water” (extrait)

Source: Invesco

In today’s digital age, artificial intelligence opens up completely new possibilities for asset managers to gain information advantages through systematic data analysis. Coupled with human expertise, it helps to give investors early access to the trends of tomorrow.

Dr. Martin Kolrep, portfolio manager Invesco

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17 Mar 2021

Tommaso Sanzin

Tommaso Sanzin - Managing Director-Alternative Investment Solutions

A new partnership between UBP and amLeague, a specialised index provider, allows investors to combine the advantages of active investment management with those of passive index tracking. 

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15 Feb 2021

UBP & amLeague partnership extracts alpha from best managers of amLeague Platform

Tommaso Sanzin - Managing Director - Atlternative Investment Solutions auprès de l'UBP dans

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21 Jan 2021

Special Award for 10 years track record on Europe Equities (June 10 to June 20) is for Dr. Martin Kolrep Invesco Ltd. with an astounding +166% vs +96% for benchmark STOXX Ltd. (now part of Qontigo) 600 NR.

Congratulations Martin, wishing you the best for following 10 years !

Martin Kolrep Trophee   

14 Jan 2021

Des gérants actifs en mesure de battre le benshmark !

Bonne nouvelle : de nombreux gérants actifs ont démontré leurs capacités de stockpicking sans déroger aux règles strictes de la plateforme comparative amLeague.

Click here to read the article in french

08 Oct 2020

UBP AM developed a very clever way to extract outperformance of amLeague_Euro50 index vs market reference, the EURO STOXX 50 NR.

Discover it here : Click here to read the article

11 Aug 2020

Martyn Jones, Lion Trust   Chris Foster, Lion Trust

ENG Readers heads up !  Martyn Jones and Chris Foster, portfolio managers of the LionTrust amLeague Low Carbon account did publish an article.

Click here to the read the article
30 Jul 2020
Beating benchmark by 600+ bps on H1 2020: detailed study below
NB: text in French but easy to get for ENG readers 
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28 Jul 2020
Martin Kolrep 
Martin Kolrep (INVESCO) is one of the first amLeague portfolio managers: 10 years since start on amLeague Europe Equities, present on amLeague Global Low Carbon since inception (Dec 2015). He provides us with his analysis of its management on its Low Carbon portfolio, combining Low Vol and Low Carbon impact. Thank you Martin !
Click here to the read the article (in french)
17 Jun 2020
"Il serait plus facile de surperformer les marchés en période baissière car les risques sont prédictibles, alors que les rendements positis sont difficiles à prédire et relativement uniformes". Par Etienne Vincent Head of Quant Strategy and Marketing chez OSSIAM
24 Feb 2019
Despite the significant hurdles that European equity markets are facing this year, there are plenty of reasons to invest. Strong earnings growth prospects, the attractiveness of valuation levels and business-specific performance drivers can help boost stock market results ...
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15 Nov 2018
amLeague Partner Sustainalytics published an interesting white paper dedicated to its ESG RISK RATINGS Methodology.
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19 Sep 2018

Edmond Schaff (SANSO IS) explains how he uses amLeague notional portfolios in order to build up Sanso‎ proprietary Global Equities Low Carbon index...

13 Jun 2018
Head of Euities and Asset Allocation @ SwissLife AM, Tatjana PUHAN just wrote an article on ....Equities and Asset Allocation, which not surprising. Article title is appealing (In the engine room ), the development too: how to use a risk premia approach led by factors to maximize portfolio risk/return profile.
Click here to read the full article
01 Jun 2018
Lucy Mac DONALD (ALLIANZ GI) did start its Global Equities on amLeague since launch, on Dec 2011. Its proven capacity to deliver alpha (one of the best amLeague track record) has to stay in mind of the reader of this article. The aim is to show how digital assets valuation is critical for the portfolio manager.
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08 Feb 2018
Les seuls outils publics de comparaison de performance des gérants sont les classements de fonds alors même que tous les professionnels connaissent parfaitement leurs limites, dont la plus évidente est la réputation justifiée de vouloir forcer à entrer dans des catégories dites homogènes... par - Lire l'article
01 Dec 2017
Nicolas Simar, responsable des stratégies actions high dividend chez NN Investment Partners explique à NewsManagers la philosophie d'investissement de son mandat Euro Equities chez amLeague, par Réjane Reibaud  

21 Nov 2017
Interview made by Pierre Gelis for Funds Magazine.

What valuation method seems effective in our environment of negative interest rates?

Conventional valuation tools still work, as nothing has changed fundamentally. We are still in the same world, and companies have not changed. However, valuation multiples in some sectors do look overdone to me. One of these sectors is food and beverages. In the current environment of very low or negative interest rates, the argument that this is a highly stable sector in terms of earnings and cash flow has pushed price/earnings ratios as high as 20, 25, or 35 times, which I think is crazy. I have my doubts when people try to convince me to overpay for a stock because it is supposed to behave like a bond.

What surprises you the most?

Be wary of the multiples the market is trading at but not necessarily of the tools that it uses. When it comes down to it, the market is schizophrenic in paying very high multiples for some sectors while, in other sectors such as energy, multiples are still depressed even though they have better positive exposure to what could happen in the coming months. In theory, this is due to a premium on security. It makes sense to overpay for visibility when growth is weak and when earnings growth is flat. But now the economy has recovered and earnings are rising. So it no longer makes sense to overpay for earnings growth.

In your investment process how do you determine the number of ideas needed to build up a portfolio?

We usually have almost 55 holdings in the portfolio. This number gives me both good diversification of each stock’s specific risks, while, at the same time offering convictions that are strong enough so that each holding can have a positive impact on fund performance. This means balancing out the two opposing forces of diversification and positive contributions to performance. And then there is the human aspect, as 55 holdings are feasible for a manager, and we can keep up with all portfolio stocks.

OK, but how do you get your positions to deliver performance as regularly as possible?

The fact that there is the price you pay is closely correlated to future performance is why I make no changes to the investment policy. We keep an open mind and a close eye on companies’ macroeconomic and fundamental aspects. Because of this, investment ideas can change. By repeating the same process, idea by idea, sector by sector, we ultimately create a portfolio that is compatible with locking in positive returns. And that seems to work, despite some disappointing quarters. This year, for example, I had a poor first quarter, a good second one, and a rather neutral third one. Some ideas take time to deliver performance. Energy, for example, is a sector that should have worked earlier this year. I added to that exposure. And now the planets appear to be aligned for energy to achieve good long-term performance. From time to time, you have to be a little patient. That’s another reason I maintain some diversification.

How do you keep ideas from leading to a concentration of hidden risks?

Whether buying or selling, we research each stock but also how each stock interacts within the portfolio. Does this long or short position create a specific risk? If so, is that a good thing? Each team member’s experience is very useful in giving us an in-depth understanding of the European markets, and the correlations and non-correlations between sectors and stocks. We have been working together for decades. In addition to this qualitative approach, we check risks on a quantitative approach, which allows us to keep an eye on volatility, concentration and contribution to tracking error. This analysis most often confirms what I believed from the start. From time to time, I have to make incremental adjustments. Invesco Euro Equity Fund’s track record shows that we capture more value than we lose compared to our benchmark, the MSCI EMU NR.

What do you think the difference is between valuation and value?

It’s mainly a state of mind. If I were to call myself a value manager, I would be painting an unflattering picture of what I do and of my way of reasoning. True, the concepts of valuation and value are very often rather similar. Looking back at the fund’s past five years, I find that, most of the time, the portfolio has been invested in value stocks. Even so, last year a bought a nice position in Ryanair, which is a classic growth stock. At that time the stock was available at a cheap price. From a valuation perspective I cannot ignore the opportunities that exist outside the segment of reputed value stocks. So I bought Ryanair in summer 2016 and sold it last summer after a very good performance achieved faster than expected. That’s why I give priority to underlying valuation and not just whether a stock is a value stock.

Pierre Gelis, Funds Magazine
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