{"id":60639,"date":"2024-10-11T11:27:23","date_gmt":"2024-10-11T18:27:23","guid":{"rendered":"https:\/\/penderfund.com\/?p=60639"},"modified":"2025-09-15T11:16:20","modified_gmt":"2025-09-15T18:16:20","slug":"beyond-gics-choosing-the-right-investments-to-protect-buying-power","status":"publish","type":"post","link":"https:\/\/penderfund.com\/fr\/articles\/beyond-gics-choosing-the-right-investments-to-protect-buying-power\/","title":{"rendered":"Au-del\u00e0 des CPG\u202f: choisir un investissement qui prot\u00e8ge votre pouvoir d\u2019achat"},"content":{"rendered":"

Rien ne dure \u00e9ternellement, et cela vaut aussi pour la hausse de l\u2019inflation. Aujourd\u2019hui, apr\u00e8s deux ans pendant lesquels les taux d\u2019int\u00e9r\u00eat n\u2019ont cess\u00e9 de monter pour combattre l\u2019inflation, celle-ci bat enfin en retraite. Selon les derni\u00e8res donn\u00e9es de juillet, elle se chiffre d\u00e9sormais \u00e0 2,5\u202f%, soit le pourcentage le plus bas depuis mars 2021, et les observateurs de la Fed s\u2019attendent \u00e0 ce que la Banque centrale du Canada soustraie encore 25\u202fpoints de base des taux d\u2019int\u00e9r\u00eat \u00e0 sa prochaine rencontre de septembre. Ce sont de bonnes nouvelles, car la diminution des taux d\u2019int\u00e9r\u00eat fait g\u00e9n\u00e9ralement monter le prix des obligations.\u202f<\/p>\n

Ce changement de r\u00e9gime en mati\u00e8re de taux d\u2019int\u00e9r\u00eat devrait r\u00e9jouir les petits entrepreneurs, les propri\u00e9taires de maisons et plusieurs investisseurs. Mais pour les investisseurs en CPG, il y a un ver dans la pomme\u202f: la vague qui a port\u00e9 ces CPG sans risque \u00e0 une hauteur de <\/span>6%<\/span><\/a> est en train de refluer. <\/span>Contrairement aux obligations dont le prix monte quand les taux d\u2019int\u00e9r\u00eat descendent, les CPG ne tirent aucun avantage de ce recul. <\/span>\u00c0 l\u2019exception de sept ann\u00e9es au cours des 42\u202fderni\u00e8res ann\u00e9es, l\u2019indice obligataire universel FTSE Canada a toujours mieux fait que les CPG\u202f(Morningstar). C\u2019est que le taux de rendement en soi ne traduit pas le rendement total lorsqu\u2019on \u00e9value la performance des fonds obligataires.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u202f\u00c0 la lumi\u00e8re de ce nouveau contexte de taux d\u2019int\u00e9r\u00eat, est-il encore sens\u00e9 de miser beaucoup sur les CPG? Est-il temps de s\u2019interroger sur les nombreux avantages qu\u2019ont les obligations par rapport aux CPG en mati\u00e8re de rendement global?\u202f\u00a0<\/span>\u00a0<\/span><\/p>\n

Mieux vaut pr\u00e9venir que gu\u00e9rir<\/span><\/b>\u00a0<\/span><\/p>\n

Comme l\u2019appellation l\u2019indique, le certificat de placement garanti (CPG) vous assure de r\u00e9cup\u00e9rer le montant investi \u00e0 l\u2019origine, tout en produisant des int\u00e9r\u00eats courus. Les CPG sont assur\u00e9s par la Soci\u00e9t\u00e9 d\u2019assurance-d\u00e9p\u00f4ts du Canada (SADC) jusqu\u2019\u00e0 concurrence de 100\u2009000\u202f$ par institution financi\u00e8re o\u00f9 ils ont \u00e9t\u00e9 achet\u00e9s. (Si vous achetez cinq CPG de 100\u2009000\u202f$ chacun dans cinq institutions financi\u00e8res diff\u00e9rentes, ce total de 500\u2009000\u202f$ sera alors enti\u00e8rement assur\u00e9.) Jusqu\u2019ici, tout va bien.\u202f\u00a0<\/span>\u00a0<\/span><\/p>\n

En creusant un peu, cependant, on d\u00e9couvre qu\u2019il y a quatre inconv\u00e9nients majeurs \u00e0 tout miser sur les CPG pour g\u00e9n\u00e9rer des revenus \u00e0 long terme.\u202f\u00a0<\/span>\u00a0<\/span><\/p>\n

Faible liquidit\u00e9\u202f:<\/span><\/b> Plus l\u2019\u00e9ch\u00e9ance est lointaine, meilleur est le taux d\u2019int\u00e9r\u00eat du CPG. Durant cette p\u00e9riode d\u2019immobilisation (quand il s\u2019agit d\u2019un CPG non rachetable), vous n\u2019aurez pas facilement acc\u00e8s \u00e0 votre argent \u00e0 moins de renoncer aux int\u00e9r\u00eats r\u00e9alis\u00e9s \u00e0 ce jour. Encaisser un CPG non rachetable avant son \u00e9ch\u00e9ance risque de vous attirer une p\u00e9nalit\u00e9 appr\u00e9ciable. Si vous avez besoin d\u2019argent avant l\u2019\u00e9ch\u00e9ance ou si vous voulez investir cette somme dans un meilleur placement, il s\u2019agit d\u2019un d\u00e9savantage certain. Par cons\u00e9quent, mettre beaucoup d\u2019argent dans un CPG pourrait entraver consid\u00e9rablement votre flexibilit\u00e9 financi\u00e8re. En revanche, la plupart des fonds obligataires, fonds communs ou FNB, sont liquides. Quand il s\u2019agit de fonds communs dont la valeur est mise \u00e0 jour quotidiennement, les parts peuvent \u00eatre vendues et les b\u00e9n\u00e9fices d\u00e9pos\u00e9s dans votre compte en un jour ou deux.<\/span>\u00a0<\/span><\/p>\n

Potentiel de rendement global inf\u00e9rieur\u202f:<\/span><\/b>Si on le compare \u00e0 d\u2019autres investissements conservateurs, comme les obligations gouvernementales ou de qualit\u00e9 investissement, les CPG produisent des rendements bas\u00e9s uniquement sur les int\u00e9r\u00eats. Par contre, le potentiel des obligations est meilleur \u00e0 long terme, car il comprend les taux d\u2019int\u00e9r\u00eat (coupons) et les gains en capital. Le taux de rendement d\u2019une obligation renvoie \u00e0 son rendement global\u202f: le paiement du coupon et la valorisation du capital. Or, ce montant pourrait exc\u00e9der le taux de rendement selon la fluctuation du prix pendant une p\u00e9riode donn\u00e9e.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u202fEn fait, si les taux d\u2019int\u00e9r\u00eat baissent, la diff\u00e9rence sur le plan du rendement total sur un an pourrait \u00eatre tr\u00e8s grande. Par exemple, une obligation \u00e0 trois ans de qualit\u00e9 sup\u00e9rieure assortie d\u2019un coupon de 5\u202f% et d\u2019un prix de 99,80\u202f$ rapporterait en un an un rendement total d\u2019environ 7,7\u202f% advenant une baisse de taux d\u2019int\u00e9r\u00eat de seulement 1\u202f%. C\u2019est nettement mieux qu\u2019un CPG \u00e0 un an qui enregistrerait un gain d\u2019environ 4\u202f%. La diff\u00e9rence est encore plus frappante quand on parle d\u2019une obligation \u00e0 7\u202fans. Dans ce cas, une \u00e9mission de qualit\u00e9 sup\u00e9rieure, assortie d\u2019un coupon \u00e0 7\u202fans de 5\u202f% et valant aujourd\u2019hui 100\u2009287\u202f$, verrait son rendement total sur un an progresser d\u2019environ 11\u202f% (coupon et appr\u00e9ciation du prix) pour une baisse de taux identique de 1\u202f%. Par cons\u00e9quent, le rendement global potentiel du CPG est encore plus bas que celui de l\u2019obligation quand les taux d\u2019int\u00e9r\u00eat descendent.\u202f<\/span>\u00a0<\/span><\/p>\n

Avantages fiscaux moins importants\u202f:<\/span><\/b> Le revenu d\u2019int\u00e9r\u00eat tir\u00e9 d\u2019un compte non enregistr\u00e9 est impos\u00e9 selon le taux d\u2019imposition marginal individuel \u2014 ce qui peut doubler le taux sur le gain en capital. Le rendement total d\u2019une obligation combine les int\u00e9r\u00eats et le gain en capital, ce dernier \u00e9tant tax\u00e9 plus avantageusement, ce qui rend les obligations plus efficaces fiscalement au sein des comptes non enregistr\u00e9s.\u00a0<\/span>\u00a0<\/span><\/p>\n

Plus grand risque\u202fli\u00e9 au r\u00e9investissement\u202f:<\/span><\/b> Les taux des CPG sont plus imm\u00e9diatement touch\u00e9s par les d\u00e9cisions de la Banque du Canada en mati\u00e8re de taux d\u2019int\u00e9r\u00eat que ne le sont les coupons des obligations. Quand les taux d\u2019int\u00e9r\u00eat chutent \u2014 comme c\u2019est le cas actuellement \u2014 au renouvellement du CPG, son taux sera inf\u00e9rieur. Les obligations, surtout les obligations de soci\u00e9t\u00e9s, peuvent \u00eatre plus d\u00e9pendantes de la solvabilit\u00e9 de l\u2019entreprise sous-jacente. Elles peuvent offrir un rapport risque-rendement attrayant, des rendements concurrentiels et une possible appr\u00e9ciation du capital.\u00a0<\/span>\u00a0<\/span><\/p>\n

Comme toujours, se constituer un portefeuille diversifi\u00e9 permet aux investisseurs d\u2019amoindrir les effets de la volatilit\u00e9, de conserver leur pouvoir d\u2019achat, de prot\u00e9ger leur capital des impr\u00e9vus et de tirer avantage d\u2019occasions int\u00e9ressantes. Les obligations m\u00e9ritent bien leur r\u00e9putation en tant qu\u2019agentes de diversification des rendements \u00e0 long terme.\u202f\u00a0<\/span>\u00a0<\/span><\/p>","protected":false},"excerpt":{"rendered":"

Nothing lasts forever, and that includes rising inflation. Now, after a couple of years of ever-rising interest rates to tamp down inflation, headline inflation is easing. The latest July report came in at 2.5%, the lowest reading since March 2021 and Fed watchers expect another 25-basis point cut in interest rates at the Bank of […]<\/p>\n","protected":false},"author":4,"featured_media":60641,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[106],"tags":[109],"fund-type":[41],"class_list":["post-60639","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","tag-financial-post","fund-type-fixed-income-funds"],"acf":[],"yoast_head":"\nBeyond GICs: Choosing the right investments to protect buying power - PenderFund Capital Management<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/penderfund.com\/fr\/articles\/beyond-gics-choosing-the-right-investments-to-protect-buying-power\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Beyond GICs: Choosing the right investments to protect buying power\" \/>\n<meta property=\"og:description\" content=\"Nothing lasts forever, and that includes rising inflation. 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