{"id":18883,"date":"2021-12-13T10:36:25","date_gmt":"2021-12-13T09:36:25","guid":{"rendered":"https:\/\/www.etfworld.com\/fr\/?p=18883"},"modified":"2021-12-14T17:42:45","modified_gmt":"2021-12-14T16:42:45","slug":"spdr-strategy-espresso-trouver-de-la-valeur-dans-les-actions","status":"publish","type":"post","link":"https:\/\/www.etfworld.com\/fr\/spdr-strategy-espresso-trouver-de-la-valeur-dans-les-actions\/","title":{"rendered":"SPDR Strategy Espresso: Trouver de la valeur dans les actions"},"content":{"rendered":"

SPDR Strategy Espresso :\u00a0Trouver de la valeur dans les actions<\/span>,<\/span> pour finir l\u2019ann\u00e9e <\/span>en beaut\u00e9 malgr\u00e9 Omicron<\/span>.<\/p>\n

<\/p>\n

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SPDR \/ Strategy Espresso<\/strong><\/p>\n

\n

Antoine Lesn\u00e9, Responsable de la Recherche et de la Strat\u00e9gie de SPDR<\/strong><\/p>\n

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Les actions \u00ab\u00a0<\/span>V<\/span>alue\u00a0\u00bb ont<\/span> moins la cote ces derniers temps<\/span>, les investisseurs<\/span> pr\u00e9f\u00e9rant <\/span>r\u00e9duire leurs positions sur cette classe d\u2019actifs qui a d\u00e9j\u00e0 connu un d\u00e9but d\u2019ann\u00e9e <\/span>vigoureux.<\/span><\/p>\n

\u2022<\/span> L’impact \u00e0 court terme<\/span> du variant<\/span> Omicron peut repr\u00e9senter une opportunit\u00e9 <\/span>de<\/span> relancer<\/span> le<\/span>s trades sur la Value<\/span> et de positionner les portefeuilles<\/span> afin<\/span> de <\/span>capter les tendances de<\/span> long terme de la reprise \u00e9conomique.<\/span><\/p>\n

\u2022<\/span> SPDR\u00ae offre une gamme compl\u00e8te d\u2019ETFs qui r\u00e9pliquent les indices World, <\/span>Europe et USA Value Exposure Select pour les investisseurs qui cherchent \u00e0 <\/span>tirer parti des titres Value, tout en<\/span> ajoutant<\/span> une \u00ab\u00a0<\/span> l\u00e9g\u00e8re<\/span> touche<\/span> de qualit\u00e9\u00a0\u00bb <\/span>dans leur s\u00e9lection des titres.<\/span><\/p>\n

Les march\u00e9s boursiers ont<\/span> mal r\u00e9agi \u00e0<\/span> l’\u00e9mergence<\/span> du nouveau<\/span> variant Omicron du <\/span>virus COVID<\/span>–<\/span><\/strong>19.<\/strong> La r\u00e9ponse<\/span> pr\u00e9coce<\/span> des gouvernements mondiaux<\/span> afin d\u2019\u00e9viter<\/span> la <\/span>propagation de ce nouve<\/span>au<\/span> var<\/span>iant pourrait<\/span> en effet<\/span>,<\/span> de nouveau<\/span>,<\/span> entra\u00eener une baisse <\/span>de l’activit\u00e9<\/span> \u00e0 court terme, avec un recul de la<\/span> consommat<\/span>ion et de la production<\/span>. <\/span>Cette \u00e9volution a contraint les investisseurs \u00e0 reconsid\u00e9rer leurs positions longues<\/span> sur <\/span>les march\u00e9s<\/span> actions en cette fin d’ann\u00e9e.<\/span> \u00c0<\/span> court terme toutefois, l<\/span>a volatilit\u00e9 des <\/span>actions<\/span> peut constituer u<\/span>ne opportunit\u00e9<\/span> int\u00e9ressante<\/span> pour les investisseurs si les <\/span>tendances de reprise \u00e0 plus long terme restent en place (<\/span>\u00e0 savoir<\/span> u<\/span>n rebond de la <\/span>consommation conjugu\u00e9e \u00e0 la<\/span> r\u00e9solution des<\/span> probl\u00e9matiques<\/span> de la main<\/span>–<\/span>d’\u0153uvre et <\/span>de la cha\u00eene d’approvisionnement).<\/span><\/p>\n

\u00c0 la m\u00eame \u00e9poque l’an<\/span>n\u00e9e<\/span> derni<\/span>\u00e8<\/span>r<\/span>e<\/span>, les investisseurs \u00e9taient nettement sous<\/span>– <\/span>pond\u00e9r\u00e9s<\/span> sur l<\/span>e facteur<\/span> Value<\/span><\/strong>.<\/strong> La pand\u00e9mie impos<\/span>ait<\/span> aux banques centrales<\/span> d\u2019adopter <\/span>des politiques<\/span> a<\/span>ccommodantes d<\/span>e taux d’int\u00e9r\u00eat bas et a<\/span>vait<\/span> acc\u00e9l\u00e9r\u00e9 l<\/span>\u2019av\u00e8nement de <\/span>tendances structurelles, comme le<\/span> t\u00e9l\u00e9<\/span>–<\/span>travail<\/span>. Ce<\/span>la<\/span> avai<\/span>t contribu\u00e9 \u00e0 ce que les <\/span>valeurs Growth<\/span> soient per\u00e7ues comme des positions relativement s\u00fbres. La nouvelle <\/span>selon la<\/span>quelle un vaccin contre l<\/span>e<\/span> COVID serait bient\u00f4t largement disponible<\/span> av<\/span>a<\/span>it <\/span>d\u00e9clench\u00e9 des mois de surperformance relative de<\/span> la Value<\/span>1<\/span>,<\/span> la Value<\/span> \u00e9tant consid\u00e9r\u00e9 <\/span>comme un moyen<\/span>–<\/span>cl\u00e9 pour se positionner en vue de<\/span> la reprise de l’activit\u00e9 <\/span>\u00e9conomique.<\/span><\/p>\n

\u00c0<\/span> date, l<\/span>es investisseurs sous<\/span>–<\/span>pond\u00e8rent<\/span> de nouveau<\/span> l<\/span>a Value<\/span><\/strong>.<\/strong> L<\/span>eur<\/span> pr\u00e9f\u00e9rence pour <\/span>les<\/span> titres Growth High Quality<\/span> a<\/span> contribu\u00e9 \u00e0 faire grimper<\/span> leurs b\u00e9n\u00e9fices ces derni\u00e8res <\/span>ann\u00e9es<\/span>. Si les investisseurs ont<\/span> pu<\/span> b\u00e9n\u00e9fici<\/span>er<\/span> d<\/span>e belles performances <\/span>sur les titres Growth au sein de l\u2019univers actions <\/span>, nous craignons que <\/span>ces tendances ne ralentissent ou ne s’inversent en 2022.<\/span><\/p>\n

Le catalyseur d’un<\/span> potentiel revirement des dynamiques actuelles,<\/span> pourrait \u00eatre la <\/span>pours<\/span>uite d’une politique de normalisation des taux d’int\u00e9r\u00eat<\/span> par les banques <\/span>centrales, entra\u00eenant<\/span> de fait<\/span> une hausse des taux d’int\u00e9r\u00eat \u00e0 long terme. C’est ce que <\/span>signale<\/span> d\u00e9j\u00e0<\/span> la<\/span> R\u00e9serve<\/span> F<\/span>\u00e9d\u00e9rale<\/span> am\u00e9ricaine,<\/span> qui<\/span> a<\/span> r\u00e9cemment<\/span> annonc\u00e9<\/span> une <\/span>acc\u00e9l\u00e9ration potentiell<\/span>e de la r\u00e9duction de<\/span> se<\/span>s<\/span> r<\/span>achats d’actifs et<\/span> de futures<\/span> hausses <\/span>de taux<\/span> afin de lutter contre les tendances<\/span> inflation<\/span>nistes<\/span>.<\/span><\/p>\n

Alors que les investisseurs se pr\u00e9parent pour la fin de l’ann\u00e9e 2021, la prudence <\/span>s\u2019impose<\/span> <\/strong>:<\/strong> il<\/span> fau<\/span>t<\/span> consid\u00e9rer tant<\/span> les risques<\/span> de volatilit\u00e9<\/span> \u00e0 court terme<\/span> (li\u00e9s \u00e0 la <\/span>d\u00e9couverte<\/span> d<\/span>u variant<\/span> Omicron<\/span>)<\/span> que<\/span> la tendance \u00e0<\/span> la<\/span> reprise \u00e9conomique<\/span> \u00e0 plus long <\/span>terme<\/span> pour<\/span> construire ses positions pour<\/span> le premier trimestre 2022. Si la<\/span> tendance de <\/span>reprise \u00e0 long terme n’est pas i<\/span>mpact\u00e9e<\/span> significative<\/span>ment<\/span>, alors la volatilit\u00e9 \u00e0 court <\/span>terme<\/span> repr\u00e9sente<\/span> une<\/span> opportunit\u00e9<\/span> i<\/span>nt\u00e9ressante<\/span> pour<\/span> les<\/span> investisseurs<\/span> :<\/span> en <\/span>augmentant leur exposition Value, ils pourraient en tirer parti<\/span> tout en \u00e9tant bien <\/span>positionn\u00e9<\/span>s pour b\u00e9n\u00e9ficier d\u2019une<\/span> potentiel<\/span>le<\/span> hausse<\/span> de la classe d\u2019actifs<\/span>. Nous <\/span>recommandons<\/span> toutefois<\/span> aux investisseurs d’<\/span>ajouter une touche de Qualit\u00e9<\/span> \u00e0 leur <\/span>strat\u00e9gie<\/span>, en envisageant une approche s\u00e9lective des<\/span> titres Value<\/span>.<\/span><\/p>\n

Comment une strat\u00e9gie Exposure Select<\/span> peut<\/span>–<\/span>elle aider les investisseurs <\/span>\u00e0 jouer la Value tout en \u00e9vitant les<\/span> \u00ab<\/span> Value trap<\/span> \u00bb<\/span> ?<\/span><\/h6>\n

Les investisseurs qui utilisent des strat\u00e9gies<\/span> Va<\/span>lue pour profiter d’actions bon march\u00e9 <\/span>doivent prot\u00e9ger leurs portefeuilles contre les actions qui sont<\/span> peu ch\u00e8re<\/span> pour une <\/span>raison pr\u00e9cise. Les strat\u00e9gies d’exposition s\u00e9lective \u00e0<\/span> la Value<\/span> peuvent permettre aux <\/span>investisseurs d’acc\u00e9der \u00e0 une forte exposition au facteur<\/span> Value<\/span>, tout en cherchant \u00e0 <\/span>\u00e9viter les<\/span> \u00ab<\/span> Value trap<\/span> \u00bb<\/span>, \u00e0 condition d\u2019utiliser une l\u00e9g\u00e8re touche Quality da<\/span>ns leur <\/span>s\u00e9lection de titres<\/span>.<\/span><\/p>\n

Les ETF<\/span>s<\/span> SPDR\u00ae ont toujours propos\u00e9 une gamme de strat\u00e9gies Value Exposure Select <\/span>dans les<\/span> univers a<\/span>m\u00e9ricain<\/span> et europ\u00e9en. Nous avons \u00e9largi<\/strong><\/span> cette<\/span> gamme<\/span> afin d\u2019y <\/span>inclure<\/span> une version mondiale<\/span> de l\u2019<\/span>exposition<\/span> avec l\u2019ETF<\/span> SPDR\u00ae MSCI World Value <\/span>UCITS qui<\/span> r\u00e9plique<\/span> l’indice MSCI World Value Exposure Select.<\/span><\/strong><\/p>\n

1<\/span> L\u2019ETF SPDR\u00ae MSCI World Value UCITS a surperform\u00e9 l’indice MSCI World d’environ 7,2 % au 1<\/span>er <\/span><\/span>trimestre 2021. Source : FactSet du 1<\/span>er<\/span> janvier 2021 au 31 mars 21<\/span><\/span><\/p>\n

Source: ETFWordl.fr<\/p>\n","protected":false},"excerpt":{"rendered":"

SPDR Strategy Espresso :\u00a0Trouver de la valeur dans les actions, pour finir l\u2019ann\u00e9e en beaut\u00e9 malgr\u00e9 Omicron.<\/p>\n","protected":false},"author":4,"featured_media":17900,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"telegram_tosend":false,"telegram_tosend_message":"","telegram_tosend_target":0,"footnotes":"","_wpscp_schedule_draft_date":"","_wpscp_schedule_republish_date":"","_wpscppro_advance_schedule":false,"_wpscppro_advance_schedule_date":"","_wpscppro_dont_share_socialmedia":false,"_wpscppro_custom_social_share_image":0,"_facebook_share_type":"","_twitter_share_type":"","_linkedin_share_type":"","_pinterest_share_type":"","_linkedin_share_type_page":"","_instagram_share_type":"","_medium_share_type":"","_threads_share_type":"","_google_business_share_type":"","_selected_social_profile":[],"_wpsp_enable_custom_social_template":false,"_wpsp_social_scheduling":{"enabled":false,"datetime":null,"platforms":[],"status":"template_only","dateOption":"today","timeOption":"now","customDays":"","customHours":"","customDate":"","customTime":"","schedulingType":"absolute"},"_wpsp_active_default_template":true},"categories":[44],"tags":[80,170,223],"class_list":["post-18883","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analyses-etf","tag-etf","tag-spdr","tag-strategy-espresso"],"blocksy_meta":{"styles_descriptor":{"styles":{"desktop":"","tablet":"","mobile":""},"google_fonts":[],"version":6}},"_links":{"self":[{"href":"https:\/\/www.etfworld.com\/fr\/wp-json\/wp\/v2\/posts\/18883","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.etfworld.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.etfworld.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.etfworld.com\/fr\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.etfworld.com\/fr\/wp-json\/wp\/v2\/comments?post=18883"}],"version-history":[{"count":2,"href":"https:\/\/www.etfworld.com\/fr\/wp-json\/wp\/v2\/posts\/18883\/revisions"}],"predecessor-version":[{"id":18900,"href":"https:\/\/www.etfworld.com\/fr\/wp-json\/wp\/v2\/posts\/18883\/revisions\/18900"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.etfworld.com\/fr\/wp-json\/wp\/v2\/media\/17900"}],"wp:attachment":[{"href":"https:\/\/www.etfworld.com\/fr\/wp-json\/wp\/v2\/media?parent=18883"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.etfworld.com\/fr\/wp-json\/wp\/v2\/categories?post=18883"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.etfworld.com\/fr\/wp-json\/wp\/v2\/tags?post=18883"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}