According to data released by French national statistics body INSEE, France's economy failed to grow in the first quarter, raising concerns that the country could be heading toward a recession.
Only three managers have achieved their first AAA ratings this month, with DWS' Per Wehrmann topping the table in this month's ratings.
Wehrmann runs the DWS Euro-Corp High Yield fund, with the fund manager attributing his recent strong risk-adjusted performance to an overweight in CCC-rated bonds and from investments in new issues.
Daniel Hemmant at BNP Paribas Investment Partners has just become eligible for the ratings analysis and enters with a AAA rating.
He runs the BNP Paribas L1 Equity Europe Growth I C fund which he has managed since November, 2009. At the end of March, energy (14.54%) and healthcare (13.57%) were Hemmant's top of his sector weightings.
Elsewhere, Leon Eidelman at JP Morgan comes straight into French ratings this month with a AA rating. He runs the JPM Emerging Markets Opportunities B Acc USD fund.
It aims to provide long-term capital growth through investing in a value-based portfolio of emerging market companies.
Another new entrant is HSBC equity manager Agnès Rabant, who debuts with an A-rating for her performance on the HSBC Small Cap France fund. The fund aims to outperform the MSCI France Small Cap index over a minimum five years.
Parus Shah at Fidelity also enters on his ratings debut with an A rating for his strong risk-adjusted performance on the Fidelity Funds - European Special Sits A-EUR fund. Over the past three years this fund has posted returns of 47.96% in Euro terms.
JP Morgan lead the group with a total 22 rated managers, followed by Fidelity with the 17 rated managers, BlackRock is in third place with 13 managers.
Ratings have been awarded to 393 managers who manage funds which are registered for sale in France, with 58 AAA, 97 AA and 238 A ratings issued in May.We are now tracking 2,718 managers running 3,901 funds; of which 1,971 have necessary performance history required to be eligible for a rating.