Managed Portfolios & Unit-Linked Funds

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. In self-directed mode, an investor can build a diversified ETF portfolio for a total cost below 0.7% per year, compared to 1.2 to 1.8% in managed mode, a saving that can represent more than 15,000 euros over 20 years on a 100,000 euro capital.

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.

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. Concretely, a saver 30 years from retirement will be invested approximately 80% in equities in the default dynamic profile, then the equity share will gradually decrease to reach approximately 20% in the last two years before departure, thus limiting risk exposure at the most critical time.

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. You should also verify the rental distribution rate passed on by the insurer, which ranges from 85% to 100% depending on the contract, a gap that significantly impacts the net return on your real estate investment within life insurance.

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.

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.