Managed Portfolios & Unit-Linked Funds
All about managed portfolios and unit-linked funds in France: risk profiles, ETFs, SCPI real estate, risks, and performance benchmarks.
Managed portfolios and unit-linked funds represent the dynamic side of French life insurance and PER, offering higher performance potential than the euro fund in exchange for a risk of capital loss. Unit-linked funds (unites de compte or UC) are investment supports whose value fluctuates with financial markets: equities, bonds, real estate (SCPI, OPCI, SCI), commodities, private equity, or structured products. Unlike the euro fund whose capital is guaranteed by the insurer, the value of unit-linked funds is expressed in units whose price changes daily.
Managed allocation (gestion pilotee, or discretionary management) involves delegating the management of your asset allocation to a professional -- asset management company or robo-advisor -- who makes switches between different supports according to your risk profile (conservative, balanced, dynamic, or aggressive) and market conditions. Since the PACTE Law, horizon-based managed allocation is even the default investment mode for the PER, with automatic progressive securing as retirement approaches. In 2025-2026, managed allocation performance shows considerable gaps between providers: the best ETF-based managed portfolios have delivered between 8% and 15% annual performance on a dynamic profile over the past three years, while some traditional bank managed portfolios struggle to exceed 3 to 5% due to high fees and an overly conservative allocation.
The choice of manager and fee structure are therefore determining factors for the net performance of your unit-linked investment. In 2025, assets invested in unit-linked funds represented approximately 40% of total French life insurance assets, or more than 750 billion euros, compared to only 20% ten years ago. This structural progression reflects the growing awareness among savers that the euro fund alone is no longer sufficient to generate a positive real return after inflation, and that unit-linked funds constitute the indispensable performance engine of a modern life insurance contract.
Our guides on managed portfolios & unit-linked funds
Automatic Switches in Assurance Vie: Complete 2026 Guide
Automatic switches (arbitrage automatique) in assurance vie: locking in gains, stop-loss, automatic rebalancing and gradual investment strategies explained.
Unités de Compte in Assurance Vie: Choosing Them in 2026
Selecting the best unit-linked funds (unités de compte) in assurance vie: risk profiles, asset classes, diversification strategies and common mistakes to avoid.
ETFs in Assurance Vie: The Complete Guide for 2026
How to invest in ETFs (trackers) through your assurance vie: advantages, selection criteria, best ETFs available, model portfolios, and fee comparisons.
Structured Products in Assurance Vie: How They Work
Structured products (fonds structurés) in assurance vie: capital protection, conditional coupons, autocall features, the risks involved and how to select them.
Self-Managed vs Managed Allocation in Assurance Vie
Self-managed (gestion libre) and managed allocation (gestion pilotée) in assurance vie compared: fees, past performance, autonomy and the profiles each suits.
Gestion Pilotée in Assurance Vie: Complete Guide for 2026
Managed allocation (gestion pilotée) in assurance vie: how it works, risk profiles, fees, average performance and advice for delegating your contract in 2026.
ISR and ESG in Life Insurance: Responsible Investing 2026
Responsible investing in French life insurance: ISR and Greenfin labels, ESG options, SFDR rules, performance and detailed strategies for investors in 2026.
Management Mandates in Life Insurance: Complete Guide 2026
Management mandates in French life insurance: the legal framework, the agent's obligations, how they differ from managed portfolios and how to choose one.
OPCVM in Life Insurance: How to Select the Best Funds 2026
Choosing the best OPCVM funds in French life insurance: selection criteria, performance, fees and Morningstar ratings, plus the common mistakes to avoid.
Managed Portfolio Performance 2024–2026: Detailed Review
Performance of managed portfolios (gestion pilotée) in French life insurance, 2024 to 2026: returns by risk profile and a comparison between providers.
Private Equity in Life Insurance: Unlisted Firms in 2026
Private equity through French life insurance: eligible FCPR funds, advantages, illiquidity risks, the PACTE law and diversification strategies for 2026.
Conservative, Balanced or Dynamic Profile: How to Choose
Conservative, balanced and dynamic managed portfolio profiles compared: selection criteria, typical allocations and examples for your life insurance in 2026.
SCPI in Life Insurance: Returns and Advantages in 2026
Investing in SCPIs through French life insurance: tax advantages, returns, choosing the best SCPIs, fees and real estate allocation strategies for 2026.
Unit-Linked Funds in Life Insurance: Managing the Risks
Risks of unit-linked funds in French life insurance: market, currency and liquidity risk. Practical strategies to protect your capital and diversify well.
Key takeaways
Risk-adapted management profiles
Managed portfolios generally offer four profiles: conservative (20-30% equities), balanced (40-60%), dynamic (70-80%), and aggressive (90-100%). Each profile corresponds to a specific risk-return combination. The choice should reflect your investment horizon and capacity to withstand market fluctuations.
ETFs vs active funds in managed portfolios
ETF-based managed portfolios show total fees of 0.5 to 1.5% per year compared to 2 to 3.5% for traditional active fund management. Over 20 years, this fee difference can represent 30 to 40% less capital. Robo-advisors like Yomoni, Nalo, or Ramify favor ETFs to maximize net performance.
SCPI in life insurance: hassle-free real estate
SCPI real estate funds accessible as unit-linked supports allow investing in income-producing real estate (offices, retail, healthcare, logistics) with returns of 4 to 6% per year, without the constraints of direct rental management. Within life insurance, SCPIs additionally benefit from the contract's favorable tax treatment.
Capital loss risk to manage
Unit-linked funds carry no capital guarantee. In the event of a market downturn, the value of your investments can decrease significantly. Diversification across asset classes, horizon-based management, and regular contributions (smoothing effect) are the main risk management tools.
Automatic switching and rebalancing
In managed portfolios, the manager performs the necessary switches to maintain the target allocation or adapt it to market conditions. These switches are generally free of additional charge within life insurance. In self-directed management, you can also program automatic switches to secure capital gains.
Frequently asked questions
What is the difference between self-directed and managed portfolio management?
In self-directed management (gestion libre), you select your own investment supports and make your own switches. You have complete control but must dedicate time and knowledge. In managed portfolio management (gestion pilotee), a professional manages your allocation according to your risk profile. Managed management is recommended if you lack the time or expertise to follow markets. Self-directed management suits informed investors who want to optimize their custom allocation and reduce mandate fees.
How are managed portfolio fees calculated?
Managed portfolio fees break down into three layers: the life insurance contract management fees (0.5 to 0.85% per year), the managed mandate fees (0.1 to 0.7% per year), and the internal fund fees (0.05 to 2% per year depending on whether ETFs or active funds are used). The total can range from 0.6% to more than 3.5% per year. Comparing total 'all-in' fees is essential to evaluate the competitiveness of a managed portfolio, because it is net fees that determine your actual performance.
Is the PER's horizon-based managed allocation mandatory?
Horizon-based managed allocation is the default management mode for the PER under the PACTE Law, but it is not mandatory. You can opt for self-directed management when opening the contract or at any time afterwards. Horizon-based management progressively secures your allocation as the retirement date approaches, reducing the share of risky assets in favor of euro funds or secure bonds. It is suited to savers who do not wish to actively manage their PER.
What are the specific risks of real estate unit-linked funds?
Real estate unit-linked funds (SCPI, OPCI, SCI) present specific risks: vacancy risk, risk of property value depreciation, liquidity risk (SCPIs within life insurance may impose extended withdrawal delays during periods of high redemption demand), and interest rate risk (rising interest rates weigh on real estate valuations). It is recommended to invest no more than 15 to 25% of your allocation in real estate unit-linked funds and to favor SCPIs diversified geographically and sectorally.
How do you evaluate the performance of a managed portfolio?
To evaluate a managed portfolio, compare its net-of-fees performance with that of a benchmark adapted to the risk profile (for example, a 60% global equities / 40% bonds composite index for a balanced profile). Examine performance over at least 3 to 5 years to smooth out market effects. Also analyze the Sharpe ratio (risk-adjusted return), the maximum drawdown (maximum loss experienced), and the consistency of returns. The best robo-advisors publish these statistics transparently on their websites.
Can you combine self-directed and managed management?
Some life insurance contracts allow combining both management modes within a single contract, by splitting your savings between a managed portfolio portion and a self-directed portion. This is the case notably with Linxea, Boursorama, or Fortuneo. This hybrid approach lets you delegate the management of part of your savings while retaining control over another part for specific investments (SCPI, thematic ETFs, conviction-based funds). It is an attractive solution for semi-active investors.
Summary
Managed portfolios and unit-linked funds provide democratized access to financial and real estate diversification within French life insurance and PER. In 2026, the choice between self-directed and managed portfolios depends primarily on your level of market knowledge and the time you wish to devote to managing your savings.
ETF-based managed portfolios stand out for their reduced fees and generally superior performance compared to traditional active fund management. Whatever your choice, controlling total fees remains the most determining factor for your long-term net performance.
Favor contracts that are transparent about their cost structure and compare net-of-fees performance over meaningful periods. Note that an investor who placed 10,000 euros in an ETF-based dynamic managed portfolio in 2019 would have reached approximately 17,000 to 19,000 euros by the end of 2025, representing cumulative performance of 70 to 90% despite volatility episodes related to Covid and the war in Ukraine.
Our guides help you decode the various management options and choose the solution best suited to your profile, investment horizon, and wealth objectives.