#MARKETS & INVESTING
Of 212 French equity funds counted at the end of 2015, 60.38% were still alive at the end of 2025. The other four in ten were merged or liquidated, and appear in no ten-year league table.
Published on September 9, 2026 · to be rechecked on March 31, 2027
Twice a year S&P Dow Jones Indices compares actively managed funds with their benchmark and publishes, in the same document, the survival rate of each category. The edition dated 31 December 2025 starts from 212 French equity funds counted ten years earlier: 60.38% survived. Over one year the rate is 92.82%, over three years 82.14%, over five years 74.63%. The whole European equity category falls to 56.83% over ten years, and Spanish equity funds to 49.41%.
What are the odds a French equity fund still exists ten years later?
About three in five. A ten-year ranking therefore grades only the survivors.
In other words: a ten-year league table is first of all a list of survivors.
Five caveats that belong with the number
- A fund that disappears is usually merged into another: the saver does not lose the capital, they lose the track record.
- S&P notes that funds in the bottom quartiles are markedly more likely to be merged or liquidated: disappearance is correlated with underperformance.
- The cohorts differ across horizons: 181 funds at the start for the one-year rate, 212 for the ten-year one.
- The count stops on 31 December 2025 and covers funds domiciled in Europe and denominated in euros.
- The fund data come from Morningstar: the two most quoted measures in the industry rest on the same database.
Why it still matters: a ten-year performance figure has to be read alongside the number of funds that dropped out along the way.
For you
- Does the league table you are shown count the funds that disappeared during the period?
- Has a fund merged into another failed, or simply stopped being measured?
Source: S&P Dow Jones Indices, SPIVA Europe Scorecard Year-End 2025, report 2, data to 31 December 2025.
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