Grefinale under the microscope: the ILB Labs study that shakes up preconceived ideas

Sustainable finance is full of promise. But behind the labels, who can really say if “green” funds hold water?
Les ILB Labs — the Data Lab and the ESG Lab at the Louis Bachelier Institute — decided to answer this question by letting what they know best speak for themselves: data, science and analytical rigor.

The result: an ambitious study, covering nearly ten years of data, that sets the record straight. And spoiler... The findings don't resemble marketing storytelling or anti-ESG doomsiness.

An XXL survey conducted by experts in sustainable financial data

ILB Labs has screened all Greenfin-labelled funds since 2016.
Not a superficial analysis, but in-depth work:

• millions of data points,
• cleaning, modeling, statistical robustness,
• comparison with the markets,
• sectoral decryption,
• focus on stocks/bonds,
• fee analysis,
• regulatory perspective.

One scientific approach which gives a clear conclusion, far from fantasies about “green super performance”... or its alleged “penalty”.

So is Greenfin performing or not? The answer: yes. But without a miracle.

On average, between 2016 and 2025, Grefinale funds show:

• ≈ 2.6% average annual return,
• one median around 5%,
• and results practically aligned with the markets.

No artificial outperformance.
No structural underperformance.
Just one thing: real, stable and solid performance.

Grefinale creates value. No more. No less. But cleanly.

Facing Livret A, the match is clear: Grefinale wins

An investment of €100 in 2016 would have given:

• 128€ in the Greenfin universe,
• 113€ On the Booklet A.

Yes, Greatest is more volatile.
But over time, he Beats risk-free investments... and above all, It beats inflation, which is not trivial.

A label that really finances the transition — and it's observable in portfolios

The sector analysis conducted by ILB Labs is unquestionable:
Grefinale is not just a label, it's a credible allocation signal.

The funds invest heavily in:

• The renewables,
• The electrical equipment,
• the Railway,
• energy efficiency,
• the key sectors of the carbon neutrality.

No structural greenwashing here: wallets stick to environmental goals of the label.

Stocks, bonds, risks: ILB Labs also dissected the performance engine

What the study shows:

• Les European and American equities contribute positively to relative performance.
• Les obligations are more difficult to interpret — logical in a market that has been in turmoil since 2020.
• Les management fees ?
  → Competitive, often lower than European averages (1—2% for equities, 0.5—1% for bonds).

In short: a green offer that does not overload the bill.

Why this study really matters

Because sustainable finance still lacks independent, rigorous and scientific analysis tools.
With this study, ILB Labs are showing their strength: bringing clarity to a market that is sorely lacking.

Above all, they remind you that Grefinale:

• operates,
• is credible,
• And that his performances are long-lasting.

At a time when sustainable finance is under attack from all sides, this study offers something rare: Facts. And solid facts.

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