BSD Investing is a new and independent firm devoted to consulting and research on portfolio construction. It is the only company in Europe providing reliable data on active/passive allocation. BSD Investing has created a state-of-the-art interactive tool based on an innovative method and unique active/passive fund allocation recommendations to enhance portfolio performance. Discover more in our latest Expert Voice.

“Selecting the right active and passive funds is as important to portfolio performance as being in the right markets at the right time.”

Marlene Hassine Konqui – Associate Director General, BSD Investing


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BSD Investing, the independent expert in Active/Passive fund allocation has partnered with L’Allocataire, the independent expert in asset allocation to offer clients model portfolios based on the best of both worlds for portfolio construction

BSD Investing & L’Allocataire model portfolios​


An active/passive fund allocation portfolio model with limited risk exposure


An active/passive fund allocation portfolio model with moderate risk exposure


An active/passive fund allocation portfolio model allowing for higher risk exposure

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Thanks to its independent research, BSD Investing is the first to provide value-added analysis with a clear recommendation on active/passive fund allocation.

Some environments are more conducive to outperformance for active or passive management styles. Our unique analysis & recommendations help to identify them, using more than 100 proprietary indicators. They are based on refined data from Morningstar on traditional, and ESG funds.

Our database is unique and allows us to offer optimal portfolio allocations. We have redefined 31 universes of funds that are both active and passive, on equity and fixed income asset classes. The funds are selected from more than 11000 European domiciled mutual funds with assets under management of EUR4 trillion.

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Analysis Platform


Our latest research on Active/ Passive fund allocation worldwide

% of active managers outperforming passive funds
Source: Morningstar and BSD Investing average data of all universes
All funds
ESG funds
All equity funds
All fixed income funds
Universe ranking

Active fund vs ETF in 2022: Who is the winner?

For the full year 2022, 36% of active managers outperformed passive management. This figure masks a contrasting situation throughout the year. In the first half of the year, in a context of geopolitical crisis and an uncertain economic environment, few active managers managed to outperform passive management, on average 36% over the first two quarters.  In the second half of the year, in the wake of the Fed's policy change and the rebound in the market, there was a significant improvement in the performance of active management as shown in the graph below with an average of 51% of active managers outperforming passive management over the two quarters.

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