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Lepointsurlesfrais Etlesrétrocessions Fonds deplacement Lepointsurlesfrais etlesrétrocessions Perspectives pourlesactions etlesobligations en2010 Mercredi 3 février 2010 Le Temps Classements: lesperformances desfondsdumarché suisseen2009 Ce supplément ne peut être vendu séparément 2 Fonds de placement Le Temps Mercredi 3 février 2010 ÉDITO Les statistiques d’afflux d’ar- qu’une solution: répartir ses sier, et les coupons des obli- Cela ne signifie pas que l’in- gent de l’Association suisse investissements sur plusieurs gations. Les marchés finan- vestisseur individuel ne des fonds de placement (SFA) actifs, actions, obligations ou ciers peuvent être hostiles. pourra pas faire évoluer sa montrent que les Helvètes autres, ainsi qu’acheter régu- Cependant, le temps joue en stratégie. Jeune, il choisira de achètent souvent au plus lièrement des parts de fonds. faveur de l’investisseur, pour détenir une part élevée d’ac- haut et vendent au plus bas. Il Et attendre. Il pourra y avoir autant que celui-ci soit disci- tions. Quand il approchera de s’agit d’une façon certaine de des périodes où le porte- pliné et prenne la précaution l’âge de la retraite, il donnera perdre de l’argent, puisque feuille sera en perte, mais ce de pas mettre tous ses œufs plus de poids aux obligations. l’investisseur individuel ne sera provisoire. dans le même panier. profite pas des hausses de En période de taux d’intérêt cours et subit les baisses. Ce Ainsi, rappelait un consul- On observe aussi que les indi- élevés et après quelques an- n’est pas que nous soyons tant, en investissant dans un ces diversifiés de la société nées de croissance, il pourra idiots. Nous sommes simple- portefeuille équilibré aux genevoise BBGI affichent, sur aussi vendre des parts de ment humains et cédons à DR Etats-Unis en septembre la période 1993-2008, un fonds en actions pour acheter l’enthousiasme et à la dé- 1929, il aurait fallu attendre rendement annuel de quel- un produit obligataire. Après prime. Miser six ans pour retrouver le ni- que 4,7% en francs. Ce chiffre une baisse des taux, et proba- veau initial. Certes, les actions bénéficie certes de la perfor- blement des actions, il pourra Acheter et vendre au bon surladurée ont chuté de 90% et elles ont mance de la deuxième moitié faire l’inverse. moment est déjà difficile mis 25 ans à remonter au d’un extraordinaire marché Dans tous les cas, il ne faudra pour un professionnel. Un Jean-Pascal Baechler niveau de 1929. Mais c’est haussier, mais il reflète aussi particulier ne devrait pas s’y sans compter les dividendes, les effets de deux plongeons pas viser l’optimum. Et sur- risquer. Pour faire fructifier qui constituent une grande boursiers et n’inclut pas le tout ne pas courir derrière ses son capital, ce dernier n’a partie du rendement bour- rebond de 2009. erreurs. SOMMAIRE 4te 5 «La croissance restera longtemps très vulnérable» 15 Vers un rebond des bénéfices des sociétés américaines Le rebond est-il durable? Quelles performances les actions Aux Etats-Unis, les entreprises ont été promptes à couper leurs et les obligations afficheront-elles cette année? coûts. Le redémarrage de l’activité fait bondir les marges. Trois experts font le point. Par Douglas Burtnick Propos recueillis par Jean-Pascal Baechler Emergentes bien qu’européennes 6 et 7 Le point sur les commissions et les rétrocessions Des sociétés européennes offrent une exposition aux pays Les commissions d’émission et les rétrocessions peuvent créer émergents, tout en étant valorisées de manière attrayante. des conflits d’intérêts. Il vaut mieux en être conscient. Par Eric Bendahan Par Pierre Novello 16 Hedge funds ou fonds d’investissement «normal»? 8 Combiner des styles de gestion Les fonds alternatifs habillés dans une structure conforme à Trouver le meilleur gérant est impossible. Il vaut mieux réunir la directive OPCVM III sont une alternative aux fonds offshore. plusieurs fonds gérés différemment dans un fonds de fonds. Par Gérard Sanz Par Haroldo Jimenez La directive européenne sur les fonds alternatifs Les ETF, jusqu’où? Le projet de réglementation des gérants alternatifs (AIFM) Les fonds indiciels négociables en bourse sont en plein essor. recèle un potentiel de discrimination pour les Etats tiers. L’investisseur devrait cependant éviter certains écueils. Par Matthäus Den Otter Par Frédéric Lorenzini 17 Les déséquilibres favorisent la gestion absolute return 10 Obligations en francs: un large choix d’émetteurs Par rapport à l’investissement adossé à un indice, l’approche à La structure du marché obligataire suisse s’est modifiée objectif de rendement absolu a l’avantage de plus de flexibilité. ces dernières années avec l’arrivée d’émetteurs étrangers. Par Nick Lewington Par Stéphane Monier 18 L’essor des fonds de placement immobiliers suisses 11 Sociétés suisses: innovantes et solides Plusieurs produits ont été lancés en 2009 et les perspectives Les entreprises suisses de taille moyenne continuent d’investir et gagnent des parts de marché. sont excellentes pour 2010. Par Thomas Funk Par Philippe Zufferey 12 Obligations internationales: course d’obstacles? Les sociétés immobilières étrangères se remettent Le rendement des emprunts d’Etats occidentaux devrait rester Des recapitalisations, une stabilisation des prix et des projets bas. Dans les créances privées, la sélectivité s’impose. d’acquisition marquent un retour à la normale. Par Stéphane Decrauzat Par Indraneel Karlekar Emprunts d’entreprises: cycliques et financières 19 L’appétit de consommation asiatique Les créances privées continuent d’offrir des rendements Si l’agriculture est importante en Asie, des changements struc- intéressants, surtout dans les secteurs cycliques et de la finance. turels favorisent l’émergence d’une société de consommation. Par Mirko Santucci Par Martin Thommen 14 Actions mondiales: à la recherche des perles délaissées 20 Le redressement du marché de l’industrie solaire Les actions de sociétés susceptibles d’être achetées De nombreuses entreprises suisses commercialisent avec une décote importante sont très nombreuses. des produits innovants sur les marchés internationaux. Par Gregor Trachsel Par Matthias Fawer L’attrait des marchés émergents en quatre exemples 21 à 31 Les classements En Asie ou en Amérique latine, des sociétés se développent Les performances d’une sélection de fonds. L’intégralité de manière exemplaire, au plan local ou mondial. des classements est disponible sur www.letemps.ch/finance. Par Julien Fulop Par Lipper Toutes les illustrations de ce hors-série sont dues à la plume talentueuse de Denis Kormann. Editeur Le Temps SA Iconographie Courrier La rédaction décline Place Cornavin 3 Marc Sauser-Hall Case postale 2570 toute responsabilité envers les manuscrits et les photos non CH-1201 Genève CH-1211 Genève 2 commandés ou non sollicités. Illustrateur Tél. +41-22-799 58 58 Président du conseil Denis Kormann Tous les droits sont réservés. d’administration Fax +41-22-799 58 59 Toute réimpression, toute copie Stéphane Garelli Réalisation, graphisme de texte ou d’annonce ainsi que Publicité Le Temps Media toute utilisation sur des supports Christine Immelé Directrice générale Case postale 2564 optiques ou électroniques est CH-1211 Genève 2 soumise à l’approbation préalable Valérie Boagno Photolitho de la rédaction. L’exploitation Patrick Thoos Tél. +41-22-799 59 00 Rédacteur en chef intégrale ou partielle Fax +41-22-799 59 01 des annonces par des tiers Jean-Jacques Roth Infographie Directrice: Marianna di Rocco non autorisés, notamment Joël Sutter sur des services en ligne, Rédactrice en chef Impression déléguée aux hors-séries est expressément interdite. Correction Zollikofer AG, Saint-Gall ISSN: 1423-3967 Isabelle Cerboneschi Virginie Jaton Rédacteur responsable du hors-série Fonds Responsable production de placement Nicolas Gressot Jean-Pascal Baechler Internet Rédacteur www.letemps.ch Pierre Novello Catherine Framery <wm>10CAsNsjY0MDQx0TUyszAyMgIAV0f74A8AAAA=</wm> <wm>10CEXKMQ6AIBBE0RNBZsZViFsSqIiFGk9grL1_pbGx-K_6vfsY8VXqstfVCZoFTVmSv0RYcspSlDkoCMRM42CmDP_vUFrYoAYcYLzP6wGN_dysXQAAAA==</wm> 1000 opportunités de placement 2 personnes, qui veulent investir en toute sérénité Une banque, qui s’occupe de gérer votre fortune Profi tez de l’expertise du Credit Suisse pour vos placements. La complexité croissante des marchés fi nanciers a rendu les placements compliqués ces dernières années. Faites appel à nos spécialistes et bénéfi ciez des avantages d’une gestion de fortune professionnelle. Demandez un entretien de conseil en placement personnalisé: credit-suisse.com/investir 4 Fonds de placement Le Temps Mercredi 3 février 2010 TABLERONDE TABLERONDE «Lacroissanceresteralongtemps trèsvulnérable» trielle se combinant à un statut de Un thème défensif est celui des rendement, elles ne sont pas attrac- la politique monétaire très expan- d’allouer du capital. Nous préférons de la Réserve fédérale américaine, le valeur refuge. La montée récente titres à dividende élevé. Il est inté- tives. Nous sommes plus favorables sive de la Banque nationale suisse investir dans des actifs productifs. dollar baisserait face à l’euro. Il ne Lacroissance du prix traduit une demande de ressant s’il n’y a pas d’accélération au crédit d’entreprises de bonne est le risque de la naissance d’une Les actions sont le meilleur moyen. faudrait toutefois pas y voir le début précaution. En outre, le dollar de l’inflation et si les rendements qualité, qui offre un rendement de bulle immobilière en Suisse. J’espère A moyen terme, je suis persuadé que d’une chute incontrôlée du dollar. estderetour baisse et les taux d’intérêt sont bas. obligataires sont stables. Il vaut 4,5 à 5,5%. La prime de risque de que nous pourrons l’éviter, mais les entreprises réaliseront des gains Même si un dollar plus faible est Cependant, une croissance plus mieux choisir un fonds géré active- 1,5 à 2% compense l’investisseur tous les ingrédients sont réunis: les de productivité et amélioreront le aujourd’hui dans l’intérêt des ousemblel’être. équilibrée cette année pourrait ment. Les indices spécialisés aux- pour le risque additionnel, à condi- taux sont bas et la demande de rendement de leurs fonds propres.
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