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Investment Team – Phileas Asset Management

Cyril Bertrand

Portfolio Manager

Cyril has worked in the equity markets for 23 years. He started as an equity salesman at Société Générale and then at Exane where he became co-head of sales in France and continental Europe.

From 1998 to 2009, he advised institutional investors on their European equity investments. In 2009, Cyril joined Ludovic Labal in Exane's Equity Proprietary Account team as a long / short market neutral manager. In 2010, Cyril co-founded Phileas Asset Management with Ludovic.

Cyril is a graduate of EM Lyon and holds a DESS in Corporate Finance and International Capital Markets from IEP Paris, as well as an ESG certification issued by the European SFAF association (CESGA: Certified ESG Analyst).

Ludovic Labal

Portfolio Manager

Ludovic Labal has 21 years of experience in equity markets. He spent six years at Lazard Frères Gestion as an equity manager, from 2001 to 2006 where he became head of the Mid Caps division.

Ludovic then joined Exane's Equity Proprietary Account team. For four years, he managed a portfolio of European equities using a long / short market-neutral strategy. At the end of 2010, Ludovic co-founded Phileas Asset Management with Cyril Bertrand.

Ludovic graduated from HEC, and holds a DECF, a CFA designation and an ESG certification issued by the European SFAF association (CESGA: Certified ESG Analyst).

Axel Manjary

Head of Risk

Axel Manjary is Head of Risk and lead contact with Phileas’ external compliance consultancy firm. He has four years of experience in the investment universe.

From 2018 to 2022, Axel supported Portfolio Managers in different fields of portfolio management such as security analysis and risk management in several companies in France and the US. In 2022, he joined Phileas Asset Management as Risk Manager.

Axel graduated from Paris Dauphine-PSL University and holds a Master’s degree in Asset Management (222).

Webinar: Phileas’ Investment Approach to European Equities

Ludovic Labal provides an overview of Phileas’ investment approach with a focus on ‘Quality’ European Equities.

Ratings & Awards

Cyril Bertrand and Ludovic Labal are Citywire + rated for their 3-year risk adjusted performance for the period 31.12.2019 - 31.12.2022. Source and copyright Citywire.


The Strategic Europe Quality Fund received a Morningstar 5 Globe Sustainability Award. Sustainability Rating as of 31/12/2022. Out of 2,639 Europe Equity Large Cap funds as of 31/12/2022. Based on 100.00% of AUM. Historical Sustainability Score as of 30/11/2022. Sustainalytics provides company-level analysis used in the calculation of Morningstar’s Historical Sustainability Score. Data is based on long positions only.

Morningstar Low Carbon Award

The Strategic Europe Quality Fund received a Morningstar Low Carbon Award. Carbon Metrics as of 31/12/2022. Based on 97.83% of AUM. Data is based on long positions only.

Top Performer Award – 2022 Allocator Investors Choice Awards

Top Performer 2022, Long Only Equity Fund under $1bn.

© Copyright 2022 The Investors Choice Awards. All rights reserved in respect of the use of the Investors Choice Awards and Allocator trademark logos.

Top Performer 2020 - Allocator Investors Choice Awards

Top Performer 2020, UCITS Equity Fund, EMEA. Top Performer 2020, UCITS Equity Fund, Long Term Performance, EMEA.