{"id":69571,"date":"2023-11-09T09:50:34","date_gmt":"2023-11-09T17:50:34","guid":{"rendered":"https:\/\/penderfund.com\/?p=69571"},"modified":"2025-10-21T08:23:00","modified_gmt":"2025-10-21T15:23:00","slug":"optimizing-the-balanced-portfolio-in-an-uncertain-world","status":"publish","type":"post","link":"https:\/\/penderfund.com\/fr\/education\/optimizing-the-balanced-portfolio-in-an-uncertain-world\/","title":{"rendered":"Optimiser le portefeuille \u00e9quilibr\u00e9 en p\u00e9riode d\u2019incertitude"},"content":{"rendered":"

L'\u00e9chec du fonds \u00e9quilibr\u00e9 60\/40<\/h1>\n
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On consid\u00e8re que le traditionnel portefeuille \u00e9quilibr\u00e9, c\u2019est-\u00e0-dire compos\u00e9 \u00e0 60 % d\u2019actions et \u00e0 40 % d\u2019obligations, est id\u00e9al sur le plan de la r\u00e9partition des actifs \u2014 ni trop risqu\u00e9, ni trop sage, juste parfait pour l\u2019investisseur moyen.<\/p>\n

T\u00e9l\u00e9charger le pdf<\/a><\/p>\n

Cette r\u00e9partition des actifs est destin\u00e9e \u00e0\u00a0\u00e9quilibrer<\/em>\u00a0les risques et les rendements, d\u2019o\u00f9 son nom. Les actions repr\u00e9sentent la part risqu\u00e9e, mais ce sont elles qui font cro\u00eetre le capital. Les obligations de qualit\u00e9 repr\u00e9sentent la part du portefeuille qui g\u00e9n\u00e8re des revenus et pr\u00e9serve le capital.<\/p>\n

Les actions et les obligations sont (habituellement) inversement ou n\u00e9gativement corr\u00e9l\u00e9es entre elles. Cela veut dire que si les unes montent, les autres descendent. En th\u00e9orie, le fait de d\u00e9tenir ces deux cat\u00e9gories d\u2019actifs dans un traditionnel portefeuille \u00e9quilibr\u00e9 devrait att\u00e9nuer la volatilit\u00e9 tout en g\u00e9n\u00e9rant des rendements positifs mod\u00e9r\u00e9s \u00e0 long terme.<\/p>\n

Malheureusement, cette corr\u00e9lation traditionnelle entre les actions et les obligations peut se rompre, comme cela est arriv\u00e9 en 2022 quand les corr\u00e9lations entre toutes les principales cat\u00e9gories d\u2019actifs ont converg\u00e9. Alors que les obligations auraient d\u00fb monter pour compenser la chute des actions, les deux sont tomb\u00e9es ensemble. Un indice Bloomberg qui fait le suivi d'un\u00a0m\u00e9lange 60\/40<\/a>\u00a0a recul\u00e9 de 17 % en 2022 \u00e0 cause des effets conjugu\u00e9s de la flamb\u00e9e de l\u2019inflation et des taux d\u2019int\u00e9r\u00eat qui ont fait reculer tant les actions que les obligations.<\/p>\n

Comme on peut le voir dans le tableau ci-dessous, 2022 a \u00e9t\u00e9 la pire ann\u00e9e pour les obligations am\u00e9ricaines en plus de deux si\u00e8cles!<\/p>\n

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Strat\u00e9gies d\u2019investissement et incertitude boursi\u00e8re croissante<\/h1>\n
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Les investisseurs se demandent peut-\u00eatre si la volatilit\u00e9 du march\u00e9 en 2022 \u00e9tait une anomalie ou si elle annonce encore plus d\u2019incertitude. La corr\u00e9lation habituelle entre les actions et les obligations tiendra-t-elle ou continuera-t-elle d\u2019\u00eatre d\u00e9mentie par l\u2019incertitude macro\u00e9conomique et boursi\u00e8re\u2009? Comme le montre le tableau ci-dessous, les actions et les obligations ont tendance \u00e0 bouger de concert, et \u00e0 r\u00e9agir de la m\u00eame fa\u00e7on aux pressions \u00e9conomiques.<\/p>\n<\/div>\n

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Source: Bloomberg<\/a><\/figcaption><\/figure>\n<\/div>\n

Le r\u00f4le des actifs alternatifs dans un portefeuille \u00e9quilibr\u00e9<\/h2>\n
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Les investisseurs pourraient entamer une p\u00e9riode o\u00f9 une incertitude accrue sera la nouvelle normalit\u00e9. La probabilit\u00e9 d\u2019une r\u00e9cession imminente dans les \u00e9conomies d\u00e9velopp\u00e9es, les pressions exerc\u00e9es sur les gains des entreprises, le ralentissement de la croissance \u00e9conomique et la mont\u00e9e des conflits g\u00e9opolitiques, tout \u00e7a jumel\u00e9 aux changements climatiques, pourraient obliger les investisseurs \u00e0 opter pour une autre sorte de fonds \u00e9quilibr\u00e9, un fonds bien diversifi\u00e9 et moins corr\u00e9l\u00e9 aux actions et aux obligations, qui fournirait un meilleur rapport risque-rendement.<\/p>\n

Il est de plus en plus probable qu\u2019une r\u00e9cession frappe les \u00e9conomies d\u00e9velopp\u00e9es et qu\u2019elle soit accompagn\u00e9e d\u2019une contraction des gains des entreprises et d\u2019une croissance \u00e9conomique amoindrie. Et tout ceci dans un contexte o\u00f9 les conflits g\u00e9opolitiques s\u2019accroissent et o\u00f9 les changements climatiques transforment les affaires et les collectivit\u00e9s. Il deviendra de plus en plus important pour tous les investisseurs, et non pas uniquement pour les investisseurs fortun\u00e9s ou institutionnels, de se montrer plus strat\u00e9giques dans la r\u00e9partition de leurs actifs s\u2019ils veulent b\u00e9n\u00e9ficier d\u2019un rapport risque-rendement aussi stable que celui auquel ils \u00e9taient habitu\u00e9s.<\/p>\n

Ajouter des actifs alternatifs est un bon moyen d\u2019y parvenir. Mais que sont les \u00ab actifs alternatifs \u00bb? En gros, il s\u2019agit d\u2019actifs financiers qui ne trouvent pas leur place dans des cat\u00e9gories d\u2019investissement conventionnelles comme les actions, les obligations et les liquidit\u00e9s. Une grande diversit\u00e9 d\u2019actifs fait partie des actifs alternatifs, dont le capital-investissement, les fonds sp\u00e9culatifs, le capital de risque, les mati\u00e8res premi\u00e8res, et leurs d\u00e9riv\u00e9s.<\/p>\n

Les actifs alternatifs sont normalement peu corr\u00e9l\u00e9s aux investissements conventionnels comme les actions et les obligations. Les ajouter au portefeuille peut rendre celui-ci plus r\u00e9silient \u00e0 l\u2019inflation, moins vuln\u00e9rable \u00e0 la volatilit\u00e9 et meilleur sur le plan risque-rendement \u00e0 long terme que ne l\u2019est un portefeuille \u00e9quilibr\u00e9 conventionnel.\u00a0Les strat\u00e9gies alternatives<\/a>\u00a0sont particuli\u00e8rement avantageuses en p\u00e9riode d\u2019inflation.<\/p>\n

Fonds strat\u00e9gique de croissance et de revenu Pender (Fonds SCR)<\/h1>\n
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Le Fonds strat\u00e9gique de croissance et de revenu Pender est un fonds \u00e9quilibr\u00e9 quelque peu diff\u00e9rent. L\u2019une des principales caract\u00e9ristiques du Fonds est qu\u2019il contient des actifs alternatifs (jusqu\u2019\u00e0 10 %) et un assortiment diversifi\u00e9 d\u2019actions, d\u2019obligations de soci\u00e9t\u00e9 et d\u2019obligations d\u2019\u00c9tat tant canadiennes qu\u2019\u00e9trang\u00e8res.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"

The failure of the 60\/40 balanced portfolio The traditional balanced investment portfolio, typically composed of 60 per cent equities and 40 per cent bonds, is deemed to be the goldilocks of asset allocations\u2014neither too hot, nor too cold but just right for the average investor. Download the PDF This asset allocation aims to\u00a0balance\u00a0risk and return, […]<\/p>\n","protected":false},"author":10,"featured_media":69573,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[124],"tags":[],"fund-type":[],"class_list":["post-69571","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education"],"acf":[],"yoast_head":"\nOptimizing the balanced portfolio in an uncertain world - 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\/education\/optimizing-the-balanced-portfolio-in-an-uncertain-world\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Optimizing the balanced portfolio in an uncertain world\" \/>\n<meta property=\"og:description\" content=\"The failure of the 60\/40 balanced portfolio The traditional balanced investment portfolio, typically composed of 60 per cent equities and 40 per cent bonds, is deemed to be the goldilocks of asset allocations\u2014neither too hot, nor too cold but just right for the average investor. 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