{"id":1015,"date":"2013-11-18T14:28:41","date_gmt":"2013-11-18T13:28:41","guid":{"rendered":"https:\/\/www.devadeas.fr\/?p=1015"},"modified":"2013-11-18T14:28:41","modified_gmt":"2013-11-18T13:28:41","slug":"orientations-de-la-gestion-obligataire-dans-les-fonds-peg-et-perco","status":"publish","type":"post","link":"https:\/\/www.devadeas.fr\/index.php\/laction-de-ladeas\/orientations-de-la-gestion-obligataire-dans-les-fonds-peg-et-perco\/","title":{"rendered":"Orientations de la gestion obligataire dans les fonds PEG et PERCO"},"content":{"rendered":"<p>Avec le risque de la hausse des taux et de la volatilit\u00e9, les gestionnaires de fonds sont tenus \u00e0 avoir une plus grande flexibilit\u00e9. <strong>Pour rappel, les obligations \u00e9voluent inversement aux taux d\u2019int\u00e9r\u00eats. Lorsque les taux d\u2019int\u00e9r\u00eat montent le prix des obligations diminue.<\/strong><\/p>\n<p>Voici les solutions mises en \u0153uvre par les gestionnaires de fonds PEG et PERCO du Groupe Orange :<\/p>\n<ul>\n<li>L\u2019\u00e9volution des taux peut \u00eatre contrast\u00e9e selon les zones. Il pourrait y avoir un d\u00e9couplage entre les march\u00e9s obligataires d\u2019Europe et ceux am\u00e9ricains et britanniques.<\/li>\n<li>Les fonds qui pratiquent une gestion active de la duration (arbitrage sur la dur\u00e9e des obligations) se sont multipli\u00e9s. Plus la dur\u00e9e est longue et plus le changement du taux d\u2019int\u00e9r\u00eat est impactant sur le prix de l\u2019obligation.<\/li>\n<li>D\u2019o\u00f9 les orientations pour certains fonds vers la diversification g\u00e9ographique. Elle permet de b\u00e9n\u00e9ficier de zones \u00e0 forte croissance dont les comptes courants s\u2019am\u00e9liorent et les devises s\u2019appr\u00e9cient. Elle permet \u00e9galement de jouer sur le d\u00e9couplement entre l\u2019Europe et les Etats-Unis sur le p\u00e9rim\u00e8tre des taux d\u2019int\u00e9r\u00eat.<\/li>\n<li>Autre orientation\u00a0: le high yield (obligations \u00e0 taux d\u2019int\u00e9r\u00eat \u00e9lev\u00e9) qui offre des rendements de 5 % \u00e0 8 % et des niveaux de d\u00e9faut tr\u00e8s bas. Il peut \u00eatre assorti de CDS (cr\u00e9dit default swaps).<\/li>\n<\/ul>\n<p>Ce nouvel environnement offre une marge de man\u0153uvre accrue aux g\u00e9rants des fonds. Rappelons cependant que <strong>l\u2019objet premier est de pr\u00e9server le capital des salari\u00e9s et ne pas le risquer au d\u00e9triment d\u2019une performance non garantie<\/strong>.<br \/>\n<strong>Les r\u00e8gles internes et r\u00e9glementaires port\u00e9es par les Repr\u00e9sentants CFE-CGC dans les Conseils de Surveillance permettent d\u2019effectuer les contr\u00f4les n\u00e9cessaires afin de respecter cet objectif.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Avec le risque de la hausse des taux et de la volatilit\u00e9, les gestionnaires de fonds sont tenus \u00e0 avoir une plus grande flexibilit\u00e9. Pour rappel, les obligations \u00e9voluent inversement aux taux d\u2019int\u00e9r\u00eats. Lorsque les taux d\u2019int\u00e9r\u00eat montent le prix des obligations diminue. Voici les solutions mises en \u0153uvre par les gestionnaires de fonds PEG [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3,25],"tags":[45,39],"class_list":["post-1015","post","type-post","status-publish","format-standard","hentry","category-laction-de-ladeas","category-nos-analyses","tag-peg","tag-perco"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Orientations de la gestion obligataire dans les fonds PEG et PERCO - ADEAS<\/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:\/\/www.devadeas.fr\/index.php\/laction-de-ladeas\/orientations-de-la-gestion-obligataire-dans-les-fonds-peg-et-perco\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Orientations de la gestion obligataire dans les fonds PEG et PERCO - ADEAS\" \/>\n<meta property=\"og:description\" content=\"Avec le risque de la hausse des taux et de la volatilit\u00e9, les gestionnaires de fonds sont tenus \u00e0 avoir une plus grande flexibilit\u00e9. Pour rappel, les obligations \u00e9voluent inversement aux taux d\u2019int\u00e9r\u00eats. Lorsque les taux d\u2019int\u00e9r\u00eat montent le prix des obligations diminue. 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