Observatoire : étude au 30 septembre 2018

Publié le 26/11/2018 - Alexandre Prat
Les 80 fonds de l'observatoire de la gestion flexible passés au crible.
<p style="margin-bottom:.0001pt;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Nous venons de terminer l'étude trimestrielle des fonds de l'<a target="_blank" href="http://quantalys.com/home/HP_ObsFlexible.aspx" target="_blank">Observatoire de la Gestion Flexible</a> avec des données arrêtées au 30 septembre 2018.</span></span></p> <p style="margin-bottom:.0001pt;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Pour mémoire, cette étude analyse les <a target="_blank" href="http://quantalys.com/search/listefonds.aspx?univers=Fonds&autobind=1&detailmode=1&id_listeFCPE=0&id_bassin=1&" target="_blank">80 fonds</a> de l'Observatoire sous différents angles, afin d'essayer de distinguer les différents types de comportements quantitatifs : performance, volatilité, ratio de Sharpe, beta, perte maximum, corrélations.</span></span></p> <p style="margin-bottom:.0001pt;line-height:normal;"> </p> <p style="margin-top:0cm;"><strong><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Performance</span></span></strong></p> <p style="margin-bottom:.0001pt;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">La performance s'apprécie sur une durée à minima égale à la durée d'investissement recommandée dans le prospectus du fonds : dans l'univers de l'observatoire, cette durée est rarement inférieure à 3 ans. A notre avis, il convient même de regarder sur 5 ans pour appréhender le comportement des fonds sur un cycle économique (même si cette notion est moins stable que par le passé, en raison de la succession de crises rapprochées).</span></span></p> <p style="margin-bottom:.0001pt;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Trois premiers fonds sur 1 an :</span></span></p> <table border="1" cellpadding="0" cellspacing="0" style="width:486px;border-collapse:collapse;" width="486"> <tbody> <tr style="height:16px;"> <td style="width:64px;padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Rang</span></span></strong></p> </td> <td style="width:331px;padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Fonds</span></span></strong></p> </td> <td style="width:91px;padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Perf. 1 an</span></span></strong></p> </td> </tr> <tr style="height:16px;"> <td style="width:64px;padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">1</span></span></p> </td> <td style="width:331px;padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="left" style="margin-bottom:.0001pt;text-align:left;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;"><a target="_blank" href="http://www.quantalys.com/Fonds/76223" target="_blank">ACATIS Gané Value Event Fonds A</a></span></span></p> </td> <td style="width:91px;padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="right" style="margin-bottom:.0001pt;text-align:right;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">7,38%</span></span></span></strong></p> </td> </tr> <tr style="height:16px;"> <td style="width:64px;padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">2</span></span></p> </td> <td style="width:331px;padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="left" style="margin-bottom:.0001pt;text-align:left;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;"><a target="_blank" href="https://www.quantalys.com/Produit/130494" target="_blank">Monocle Fund SICAV Monocle Fund A EUR</a></span></span></p> </td> <td style="width:91px;padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="right" style="margin-bottom:.0001pt;text-align:right;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">5,96%</span></span></span></strong></p> </td> </tr> <tr style="height:16px;"> <td style="width:64px;padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">3</span></span></p> </td> <td style="width:331px;padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="left" style="margin-bottom:.0001pt;text-align:left;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;"><a target="_blank" href="http://www.quantalys.com/Produit/121182" target="_blank">Rouvier Valeurs C</a></span></span></p> </td> <td style="width:91px;padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="right" style="margin-bottom:.0001pt;text-align:right;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">5,39%</span></span></span></strong></p> </td> </tr> <tr style="height:16px;"> <td style="width:64px;padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">...</span></span></p> </td> <td style="width:331px;padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="left" style="margin-bottom:.0001pt;text-align:left;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">...</span></span></p> </td> <td style="width:91px;padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="right" style="margin-bottom:.0001pt;text-align:right;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">...</span></span></p> </td> </tr> <tr style="height:16px;"> <td style="width:64px;padding:.75pt .75pt .75pt .75pt;height:16px;vertical-align:bottom;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">80</span></span></p> </td> <td style="width:331px;padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="left" style="margin-bottom:.0001pt;text-align:left;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;"><a target="_blank" href="http://www.quantalys.com/Produit/73495" target="_blank">Carmignac Pf EM Patrimoine A EUR Acc</a></span></span></p> </td> <td style="width:91px;padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="right" style="margin-bottom:.0001pt;text-align:right;line-height:normal;"><strong><span style="color:red;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">-11,39%</span></span></span></strong></p> </td> </tr> </tbody> </table> <p style="margin-bottom:.0001pt;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Trois premiers fonds sur 5 ans (performance annualisée) :</span></span></p> <table border="1" cellpadding="0" cellspacing="0" style="width:489px;border-collapse:collapse;" width="489"> <tbody> <tr style="height:17px;"> <td style="padding:.75pt .75pt .75pt .75pt;height:17px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Rang</span></span></strong></p> </td> <td style="width:339px;padding:.75pt .75pt .75pt .75pt;height:17px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Fonds</span></span></strong></p> </td> <td style="width:90px;padding:.75pt .75pt .75pt .75pt;height:17px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Perf. 5 ans</span></span></strong></p> </td> </tr> <tr style="height:16px;"> <td style="padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">1</span></span></p> </td> <td style="width:339px;padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="left" style="margin-bottom:.0001pt;text-align:left;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;"><a target="_blank" href="http://www.quantalys.com/fonds/65405/Synthese_FR0010923383_H2O_Multistrategies_R_C_EUR.aspx" target="_blank">H2O Multistrategies R C EUR</a></span></span></p> </td> <td style="width:90px;padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">18,81%</span></span></span></strong></p> </td> </tr> <tr style="height:16px;"> <td style="padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">2</span></span></p> </td> <td style="width:339px;padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="left" style="margin-bottom:.0001pt;text-align:left;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;"><a target="_blank" href="http://www.quantalys.com/Produit/12213" target="_blank">R Valor C</a></span></span></p> </td> <td style="width:90px;padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">10,52%</span></span></span></strong></p> </td> </tr> <tr style="height:17px;"> <td style="padding:.75pt .75pt .75pt .75pt;height:17px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">3</span></span></p> </td> <td style="width:339px;padding:.75pt .75pt .75pt .75pt;height:17px;"> <p align="left" style="margin-bottom:.0001pt;text-align:left;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;"><a target="_blank" href="http://www.quantalys.com/Produit/19436" target="_blank"><span style="text-decoration:none;text-underline:none;"><span style="color:windowtext;">Sextant Grand Large A (C)</span></span></a></span></span></p> </td> <td style="width:90px;padding:.75pt .75pt .75pt .75pt;height:17px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">8,40%</span></span></span></strong></p> </td> </tr> <tr style="height:11px;"> <td style="padding:.75pt .75pt .75pt .75pt;height:11px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">...</span></span></p> </td> <td style="width:339px;padding:.75pt .75pt .75pt .75pt;height:11px;"> <p align="left" style="margin-bottom:.0001pt;text-align:left;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">...</span></span></p> </td> <td style="width:90px;padding:.75pt .75pt .75pt .75pt;height:11px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">...</span></span></p> </td> </tr> <tr style="height:17px;"> <td style="padding:.75pt .75pt .75pt .75pt;height:17px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">80</span></span></p> </td> <td style="width:339px;padding:.75pt .75pt .75pt .75pt;height:17px;"> <p align="left" style="margin-bottom:.0001pt;text-align:left;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;"><a target="_blank" href="http://www.quantalys.com/Produit/53312" target="_blank">Diamant Bleu LFP P</a></span></span></p> </td> <td style="width:90px;padding:.75pt .75pt .75pt .75pt;height:17px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">0,20%</span></span></span></strong></p> </td> </tr> </tbody> </table> <p style="margin-bottom:.0001pt;"> </p> <p style="margin-bottom:.0001pt;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Les 80 fonds de l’observatoire ont plus de 5 ans. La dispersion des performances est moins importante que le trimestre précédent (18,61% entre la meilleure et la moins bonne performance annualisée contre 22,99% pour le trimestre précédent).  Cet écart s’explique par les très bonnes performances d’</span></span><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;"><a target="_blank" href="http://www.quantalys.com/fonds/65405/Synthese_FR0010923383_H2O_Multistrategies_R_C_EUR.aspx" target="_blank">H2O Multistrategies R C EUR</a>.</span></span></p> <p style="margin-bottom:.0001pt;"> </p> <p style="margin-top:0cm;"><strong><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Volatilité</span></span></strong></p> <p style="margin-bottom:.0001pt;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Nous observons également les volatilités des fonds sur 1, 3, 5 et 8 ans. Nous avons décidé de calculer un score de volatilité selon une méthode sans doute très rustique, mais qui nous semble restituer de façon assez fidèle le profil du risque de chacun des fonds de l'Observatoire.</span></span></p> <p style="margin-bottom:.0001pt;"> </p> <table border="1" cellpadding="0" cellspacing="0" style="width:599px;border-collapse:collapse;" width="599"> <tbody> <tr style="height:8px;"> <td style="padding:.75pt .75pt .75pt .75pt;height:8px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Fonds</span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:8px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">1 an</span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:8px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">3 ans</span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:8px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">5 ans</span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:8px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">8 ans</span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:8px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Moyenne</span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:8px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Score</span></span></strong></p> </td> </tr> <tr style="height:11px;"> <td style="padding:.75pt .75pt .75pt .75pt;height:11px;"> <p align="left" style="margin-bottom:.0001pt;text-align:left;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;"><a target="_blank" href="http://www.quantalys.com/Produit/5686" target="_blank"><span style="color:black;">Echiquier Patrimoine A</span></a></span></span></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:11px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">3,04%</span></span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:11px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">2,96%</span></span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:11px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">2,69%</span></span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:11px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">2,52%</span></span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:11px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">2,80%</span></span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:11px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Bon</span></span></span></strong></p> </td> </tr> <tr style="height:12px;"> <td style="padding:.75pt .75pt .75pt .75pt;height:12px;"> <p align="left" style="margin-bottom:.0001pt;text-align:left;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;"><a target="_blank" href="http://www.quantalys.com/Produit/7041" target="_blank"><span style="color:black;">M&G Optimal Income Fd EUR AH Acc</span></a></span></span></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:12px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">2,44%</span></span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:12px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">3,62%</span></span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:12px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">3,08%</span></span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:12px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">3,47%</span></span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:12px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">3,16%</span></span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:12px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Bon</span></span></span></strong></p> </td> </tr> <tr style="height:12px;"> <td style="padding:.75pt .75pt .75pt .75pt;height:12px;"> <p align="left" style="margin-bottom:.0001pt;text-align:left;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;"><a target="_blank" href="http://www.quantalys.com/Produit/26860" target="_blank"><span style="color:black;">LMdG Absolute Return R</span></a></span></span></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:12px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">2,09%</span></span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:12px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">2,64%</span></span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:12px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">3,19%</span></span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:12px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">4,72%</span></span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:12px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">3,16%</span></span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:12px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Bon</span></span></span></strong></p> </td> </tr> </tbody> </table> <p><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Parmi les fonds ayant au moins 5 ans d’historique, <a target="_blank" href="http://www.quantalys.com/fonds/5686/Synthese_FR0010434019_ECHIQUIER_PATRIMOINE_C.aspx" target="_blank">Echiquier Patrimoine</a>, <a target="_blank" href="http://www.quantalys.com/fonds/7041/Synthese_GB00B1VMCY93_M_G_Optimal_Income_Fund_EUROAH_Acc.aspx" target="_blank">M&G Optimal Income Fd Euro AH Acc</a>, <a target="_blank" href="https://www.quantalys.com/Produit/26860" target="_blank">LMdG Absolute Return R</a>,</span> <a target="_blank" href="http://www.quantalys.com/fonds/53996/Synthese_FR0010708925_RMA_Diversifi%C3%A9_Vol_4_P.aspx" target="_blank">RMA Diversifié Vol 4 P</a>, <a target="_blank" href="http://www.quantalys.com/fonds/87708/Synthese_LU0431139764_Ethna_AKTIV_T.aspx" target="_blank">Ethna-AKTIV T</a>, <a target="_blank" href="http://www.quantalys.com/fonds/12188/Synthese_FR0010094789_AFER_Patrimoine.aspx" target="_blank">AFER Patrimoine</a> et <a target="_blank" href="http://www.quantalys.com/Produit/75490" target="_blank">Federal Multi Patrimoine</a>  font partie des options les moins volatiles sur toutes les périodes considérées avec des volatilités systématiquement inférieures à 4%.</span></p> <p style="margin-bottom:.0001pt;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Sans surprise, la majorité de ces fonds font partie des flexibles prudents. Un de ces fonds s’était d’ailleurs fixé un objectif de volatilité maximale dans son prospectus et le respecte parfaitement : 8% pour <a target="_blank" href="http://www.quantalys.com/fonds/12188/Synthese_FR0010094789_AFER_Patrimoine.aspx" target="_blank">AFER Patrimoine</a>.</span></span></p> <p style="margin-bottom:.0001pt;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">36 fonds ont une volatilité 1 an inférieure à 5%. Sur cette période, seul le fonds <a target="_blank" href="http://www.quantalys.com/fonds/65405/Synthese_FR0010923383_H2O_Multistrategies_R_C_EUR.aspx" target="_blank">H2O Multistrategies R C EUR</a> obtient une volatilité importante.</span></span></p> <p style="margin-bottom:.0001pt;"><strong><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Perte maximum</span></span></strong></p> <table border="1" cellpadding="0" cellspacing="0" style="width:603px;border-collapse:collapse;" width="603"> <tbody> <tr style="height:16px;"> <td style="padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Fonds</span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">1 an</span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">3 ans</span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">5 ans</span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">8 ans</span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Score</span></span></strong></p> </td> </tr> <tr style="height:16px;"> <td style="padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="left" style="margin-bottom:.0001pt;text-align:left;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;"><a target="_blank" href="http://www.quantalys.com/Produit/7041" target="_blank"><span style="text-decoration:none;text-underline:none;"><span style="color:windowtext;">M&G Optimal Income Fd EUR AH Acc</span></span></a></span></span></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">3,59%</span></span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">4,43%</span></span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">6,35%</span></span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">6,35%</span></span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Bon</span></span></span></strong></p> </td> </tr> <tr style="height:17px;"> <td style="padding:.75pt .75pt .75pt .75pt;height:17px;"> <p align="left" style="margin-bottom:.0001pt;text-align:left;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;"><a target="_blank" href="http://www.quantalys.com/Produit/5686" target="_blank"><span style="text-decoration:none;text-underline:none;"><span style="color:windowtext;">Echiquier Patrimoine A</span></span></a></span></span></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:17px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">4,30%</span></span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:17px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">4,30%</span></span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:17px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">5,92%</span></span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:17px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">5,92%</span></span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:17px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;"><a target="_blank" href="http://www.quantalys.com/Produit/5686" target="_blank"><strong><span style="text-decoration:none;text-underline:none;"><span style="color:green;">Bon </span></span></strong></a></span></span></p> </td> </tr> <tr style="height:16px;"> <td style="padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="left" style="margin-bottom:.0001pt;text-align:left;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;"><a target="_blank" href="http://www.quantalys.com/Produit/12188" target="_blank"><span style="text-decoration:none;text-underline:none;"><span style="color:windowtext;">Afer Patrimoine D</span></span></a></span></span></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">3,95%</span></span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">4,41%</span></span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">5,01%</span></span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">9,88%</span></span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Bon</span></span></span></strong></p> </td> </tr> </tbody> </table> <p style="margin-bottom:.0001pt;"> </p> <p style="margin-bottom:.0001pt;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Parmi les fonds ayant au moins 5 ans d’historique, les champions sur toutes les périodes sont <a target="_blank" href="https://www.quantalys.com/Fonds/90078" target="_blank">Tikehau Income Cross Assets C</a>, </span><a target="_blank" href="http://www.quantalys.com/fonds/12188/Synthese_FR0010094789_AFER_Patrimoine.aspx" target="_blank">AFER Patrimoine</a>, </span><a target="_blank" href="http://www.quantalys.com/fonds/6717/Synthese_LU0227384020_Nordea_1_Stable_Return_Fund_BP_EUR.aspx" target="_blank">Nordea 1 Stable Return Fund BP EUR</a>, <a target="_blank" href="http://www.quantalys.com/fonds/5686/Synthese_FR0010434019_Echiquier_Patrimoine_A.aspx" target="_blank">Echiquier Patrimoine A</a>, <a target="_blank" href="http://www.quantalys.com/fonds/19436/Synthese_FR0010286013_SEXTANT_GRAND_LARGE.aspx" target="_blank">Sextant Grand Large A (C</a>) et <a target="_blank" href="http://www.quantalys.com/fonds/7041/Synthese_GB00B1VMCY93_M_G_Optimal_Income_Fund_EUROAH_Acc.aspx" target="_blank">M&G Optimal Income Fund</a> qui réussisent à être parmi les plus résistants sur chacune de ces périodes.</p> <p style="margin-bottom:.0001pt;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">A l’autre extrémité, certains fonds ont exposé l’investisseur à des baisses considérables. Par exemple, à 5 ans, <a target="_blank" href="http://www.quantalys.com/fonds/65405/Synthese_FR0010923383_H2O_Multistrategies_R_C_EUR.aspx" target="_blank">H2O Multistrategies R C EUR</a> a enregistré une perte maximum de près de 40% soit 5 points de plus que les actions émergentes. Ce fonds réalise toutefois de très bonnes performances à long terme mais au prix d’une volatilité extrêmement élevée.</span></span></p> <p style="margin-bottom:.0001pt;"> </p> <p style="margin-top:0cm;"><strong><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Ratio de Sharpe</span></span></strong></p> <p style="margin-bottom:.0001pt;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Le ratio de Sharpe permet de confronter les rendements d'un fonds avec sa volatilité. Il mesure le rendement obtenu par point de risque pris. Plus un ratio de Sharpe est élevé, plus l'équipe de gestion aura su créer de la performance tout en maîtrisant la volatilité.</span></span></p> <p style="margin-bottom:.0001pt;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Trois premiers fonds sur 8 ans :</span></span></p> <table border="1" cellpadding="0" cellspacing="0" style="width:517px;border-collapse:collapse;" width="517"> <tbody> <tr style="height:16px;"> <td style="padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Rang</span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Fonds</span></span></strong></p> </td> <td style="width:113px;padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Sharpe 8 ans</span></span></strong></p> </td> </tr> <tr style="height:17px;"> <td style="padding:.75pt .75pt .75pt .75pt;height:17px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">1</span></span></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:17px;"> <p align="left" style="margin-bottom:.0001pt;text-align:left;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;"><a target="_blank" href="http://www.quantalys.com/Produit/19436" target="_blank"><span style="text-decoration:none;text-underline:none;"><span style="color:windowtext;">Sextant Grand Large A (C)</span></span></a></span></span></p> </td> <td style="width:113px;padding:.75pt .75pt .75pt .75pt;height:17px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">1,55</span></span></span></strong></p> </td> </tr> <tr style="height:16px;"> <td style="padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">2</span></span></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="left" style="margin-bottom:.0001pt;text-align:left;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;"><a target="_blank" href="http://www.quantalys.com/Produit/7041" target="_blank"><span style="text-decoration:none;text-underline:none;"><span style="color:windowtext;">M&G Optimal Income Fd EUR AH Acc</span></span></a></span></span></p> </td> <td style="width:113px;padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">1,34</span></span></span></strong></p> </td> </tr> <tr style="height:16px;"> <td style="padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">3</span></span></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="left" style="margin-bottom:.0001pt;text-align:left;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;"><a target="_blank" href="http://www.quantalys.com/Produit/12311" target="_blank"><span style="text-decoration:none;text-underline:none;"><span style="color:windowtext;">SLF (F) Defensive P EUR Cap</span></span></a></span></span></p> </td> <td style="width:113px;padding:.75pt .75pt .75pt .75pt;height:16px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">1,20</span></span></span></strong></p> </td> </tr> </tbody> </table> <p style="margin-bottom:.0001pt;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Il est très difficile de garder sur le long terme une très bonne performance avec une volatilité faible. C'est pour cela qu'il est préférable d'étudier ce critère sur la durée la plus longue possible, ici 8 ans.</span></span></p> <p style="margin-bottom:.0001pt;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">5 fonds obtiennent un ratio de Sharpe supérieur à 1 sur 8 ans dans un contexte majoritairement haussier dans la mesure où la crise liée à la « Faillite de Lehman Brothers » n’est plus prise en compte.</span></span></p> <p style="margin-bottom:.0001pt;"><strong><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Corrélations</span></span></strong></p> <table border="1" cellpadding="0" cellspacing="0" style="width:509px;border-collapse:collapse;" width="509"> <tbody> <tr style="height:14px;"> <td style="padding:.75pt .75pt .75pt .75pt;height:14px;"> <p style="margin-bottom:.0001pt;line-height:normal;"><strong><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Rang</span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:14px;"> <p style="margin-bottom:.0001pt;line-height:normal;"><strong><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Fonds</span></span></strong></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:14px;"> <p style="margin-bottom:.0001pt;line-height:normal;"><strong><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Corr. 5 ans</span></span></strong></p> </td> </tr> <tr style="height:14px;"> <td style="padding:.75pt .75pt .75pt .75pt;height:14px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">1</span></span></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:14px;vertical-align:bottom;"> <p align="left" style="margin-bottom:.0001pt;text-align:left;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;"><a target="_blank" href="http://www.quantalys.com/Produit/9920" target="_blank"><span style="text-decoration:none;text-underline:none;"><span style="color:windowtext;">JPM Gbl Macro Opps A EUR Cap</span></span></a></span></span></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:14px;vertical-align:bottom;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">-0,06</span></span></span></strong></p> </td> </tr> <tr style="height:15px;"> <td style="padding:.75pt .75pt .75pt .75pt;height:15px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">2</span></span></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:15px;vertical-align:bottom;"> <p align="left" style="margin-bottom:.0001pt;text-align:left;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;"><a target="_blank" href="http://www.quantalys.com/Produit/80176" target="_blank"><span style="text-decoration:none;text-underline:none;"><span style="color:windowtext;">GlobalAllocation-StrategiesPlus (S)</span></span></a></span></span></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:15px;vertical-align:bottom;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">0,36</span></span></span></strong></p> </td> </tr> <tr style="height:14px;"> <td style="padding:.75pt .75pt .75pt .75pt;height:14px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">3</span></span></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:14px;vertical-align:bottom;"> <p align="left" style="margin-bottom:.0001pt;text-align:left;line-height:normal;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;"><a target="_blank" href="http://www.quantalys.com/Produit/65405" target="_blank"><span style="text-decoration:none;text-underline:none;"><span style="color:windowtext;">H2O Multistrategies R C EUR</span></span></a></span></span></p> </td> <td style="padding:.75pt .75pt .75pt .75pt;height:14px;vertical-align:bottom;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;line-height:normal;"><strong><span style="color:green;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">0,38</span></span></span></strong></p> </td> </tr> </tbody> </table> <p style="margin-bottom:.0001pt;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">A 3 et 5 ans, le fonds <a target="_blank" href="http://www.quantalys.com/fonds/9920/Synthese_LU0095938881_JPM_Global_Macro_Opportunities_A_(C)_EUR.aspx" target="_blank">JPM Global Macro Opportunities A (C) EUR</a>  est décorrélé du marché actions (corrélation inférieure à 0). Ce fonds constitue une bonne opportunité de diversification dans un portefeuille contenant des fonds actions. </span></span></p> <p style="margin-bottom:.0001pt;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Attention toutefois : certains fonds sont peu corrélés au marché actions car ils n’ont pas su prendre la hausse. C’est le cas de <a target="_blank" href="http://www.quantalys.com/fonds/80176/Synthese_AT0000A090H8_GlobalAllocation-StrategiesPlus_(S).aspx" target="_blank">Global Allocation-StrategiesPlus</a> qui a gagné 4,62% sur les 5 dernières années alors que sur la même période la moyenne de la catégoire (Allocation Flexible Monde) gagnait 19,37%.</span></span></p> <p style="margin-bottom:.0001pt;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">C’est pourquoi, même s’il est important d’étudier la corrélation des fonds avec les autres marchés pour bénéficier des effets de la diversification, ce seul critère ne doit pas être suffisant.</span></span></p> <p style="margin-bottom:.0001pt;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">A l'autre extrémité, certains fonds dit flexibles sont très fortement corrélés aux marchés actions et ne permettent pas de diversifier un portefeuille. C'est par exemple le cas d’AXA WF Optimal Income E (C) </span>et <a target="_blank" href="http://www.quantalys.com/fonds/18549/Synthese_FR0010097683_CPR_Croissance_Reactive_P.aspx" target="_blank">CPR Croissance Réactive P (C)</a> qui ont une corrélation égale ou supérieure à 0,92 avec l'indice MSCI Monde sur toutes les périodes considérées.</span></p> <p style="margin-bottom:.0001pt;"> </p> <p style="line-height: 19.5px; text-align: justify;"><strong style="font-size: 12px; font-family: verdana, geneva, sans-serif; line-height: 20.8px;">Conclusions</strong></p> <p style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:justify;line-height:14.65pt;"><span style="color:black;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Comme nous l’avons vu lors de notre article </span></span></span><span style="color:#333333;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;"><a target="_blank" href="https://www.quantalys.com/ACTU/11/12702/article_L_ete_de_l_Observatoire_de_la_gestion_flexible.aspx" target="_blank"><span style="color:black;">L’été de la gestion flexible</span></a></span></span></span><span style="color:black;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">, le troisième trimestre a été mouvementé, notamment pour les fonds exposés aux pays émergents. Les grands indices mondiaux se reprennent toutefois avec une belle performance sur la deuxième moitié du mois de septembre. Sur ce trimestre, le CAC 40 et le S&P 500 affichent respectivement une hausse de 3,31% et 8,12%, tandis que le MSCI Emerging Markets affiche une baisse de 0,39%. Les performances de ce trimestre s’inscrivent donc dans une continuité avec de grands écarts entre les différentes zones géographiques. Voyons maintenant comment les fonds de l’observatoire de la gestion flexible ont réussi à capter ces performances.</span></span></span></p> <p style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:justify;line-height:14.65pt;font-variant-ligatures:normal;font-variant-caps:normal;orphans:2;widows:2;-webkit-text-stroke-width:0px;text-decoration-style:initial;word-spacing:0px;"><span style="color:black;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Lors du 1<sup trebuchet="">er</sup> trimestre 2018 seulement 2 fonds affichaient des performances positives, contre la moitié lors du second trimestre. Pour ce 3ème trimestre, 19 fonds affichent une performance positive. Signe que les performances passées ne présagent pas des performances futures, nous avons ainsi pu assister à des retournements de situations successifs. Finalement, seulement 13 fonds réussissent à obtenir des performances positives depuis le début de l’année malgré de très bonnes performances des actions américaines sur la période (+14,06% pour le S&P 500).</span></span></span></p> <p style="margin-bottom:12.0pt;text-align:justify;line-height:14.65pt;font-variant-ligatures:normal;font-variant-caps:normal;orphans:2;widows:2;-webkit-text-stroke-width:0px;text-decoration-style:initial;word-spacing:0px;"><span style="color:black;"><span style="font-family:trebuchet ms,sans-serif;"><span style="font-size:9.0pt;">V</span></span></span><span style="color:black;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">oici les trois fonds qui ont réussi à tirer leur épingle du jeu :</span></span></span></p> <table border="0" cellpadding="0" cellspacing="0" style="width:636px;border-collapse:collapse;font-variant-ligatures:normal;font-variant-caps:normal;orphans:2;text-align:start;widows:2;-webkit-text-stroke-width:0px;text-decoration-style:initial;word-spacing:0px;" width="636"> <tbody> <tr style="height:19px;"> <td style="width:246px;border:solid windowtext 1.0pt;background:#1F3864;padding:0cm 5.4pt 0cm 5.4pt;height:19px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:lavenderblush;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Fonds</span></span></span></strong></p> </td> <td style="width:95px;border:solid windowtext 1.0pt;border-left:none;background:#1F3864;padding:0cm 5.4pt 0cm 5.4pt;height:19px;border-image:initial;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:lavenderblush;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Perf. T1</span></span></span></strong></p> </td> <td style="width:124px;border:solid windowtext 1.0pt;border-left:none;background:#1F3864;padding:0cm 5.4pt 0cm 5.4pt;height:19px;border-image:initial;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:lavenderblush;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Perf. T2</span></span></span></strong></p> </td> <td style="width:88px;border:solid windowtext 1.0pt;border-left:none;background:#1F3864;padding:0cm 5.4pt 0cm 5.4pt;height:19px;border-image:initial;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:lavenderblush;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Perf.T3</span></span></span></strong></p> </td> <td style="width:83px;border:solid windowtext 1.0pt;border-left:none;background:#1F3864;padding:0cm 5.4pt 0cm 5.4pt;height:19px;border-image:initial;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:lavenderblush;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Perf. YTD</span></span></span></strong></p> </td> </tr> <tr style="height:16px;"> <td style="width:246px;border:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:16px;border-image:initial;"> <p style="margin-bottom:0cm;margin-bottom:.0001pt;"><span style="text-decoration:none;text-underline:none;"><span style="color:black;"><a target="_blank" href="http://www.quantalys.com/Fonds/76223" target="_blank"><span style="text-decoration:none;text-underline:none;"><span style="color:black;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Acatis Gane Value Event Fonds A</span></span></span></span></a></span></span></p> </td> <td style="width:95px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:red;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">-1,79%</span></span></span></strong></p> </td> <td style="width:124px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#00B050;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">4,42%</span></span></span></strong></p> </td> <td style="width:88px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#00B050;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">3,76%</span></span></span></strong></p> </td> <td style="width:83px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#00B050;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">6,41%</span></span></span></strong></p> </td> </tr> <tr style="height:16px;"> <td style="width:246px;border:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:16px;border-image:initial;"> <p style="margin-bottom:0cm;margin-bottom:.0001pt;"><span style="color:black;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;"><a target="_blank" href="https://www.quantalys.com/Produit/130494" target="_blank" title="Monocle Fund SICAV - Monocle Fund A EUR"><span style="text-decoration:none;text-underline:none;"><span style="color:black;">Monocle Fund A</span></span></a></span></span></span></p> </td> <td style="width:95px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:red;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">- 4,79%</span></span></span></strong></p> </td> <td style="width:124px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#00B050;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">5,72%</span></span></span></strong></p> </td> <td style="width:88px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#00B050;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">0,04%</span></span></span></strong></p> </td> <td style="width:83px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#00B050;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">4,70%</span></span></span></strong></p> </td> </tr> <tr style="height:16px;"> <td style="width:246px;border:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:16px;border-image:initial;"> <p style="margin-bottom:0cm;margin-bottom:.0001pt;"><span style="color:#333333;"><span style="font-family:arial,sans-serif;"><span style="font-size:10.0pt;"><a target="_blank" href="http://www.quantalys.com/Produit/53900" target="_blank"><span style="text-decoration:none;text-underline:none;"><span style="color:#333333;">Optigest Patrimoine P</span></span></a></span></span></span></p> </td> <td style="width:95px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:red;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">- 1%</span></span></span></strong></p> </td> <td style="width:124px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#00B050;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">4,55%</span></span></span></strong></p> </td> <td style="width:88px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#00B050;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">1,96%</span></span></span></strong></p> </td> <td style="width:83px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#00B050;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">4,51%</span></span></span></strong></p> </td> </tr> </tbody> </table> <p style="margin-bottom:12.0pt;text-align:justify;line-height:14.65pt;font-variant-ligatures:normal;font-variant-caps:normal;orphans:2;widows:2;-webkit-text-stroke-width:0px;text-decoration-style:initial;word-spacing:0px;"><span style="color:black;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Comme nous le rappelons souvent, l’objectif d’une gestion flexible est de profiter des marchés haussiers et de se protéger des marchés baissiers. Il est donc attendu d’un fonds flexible, que celui-ci adapte son allocation afin de tirer le meilleur parti des différents marchés. Ce n’est clairement pas le cas depuis le début de l’année puisque les performances des catégories Quantalys « Flexible » sont inférieures aux indices Américains et Européens.</span></span></span></p> <table border="0" cellpadding="0" cellspacing="0" style="width:476px;border-collapse:collapse;" width="476"> <tbody> <tr style="height:21px;"> <td style="width:222px;border:solid windowtext 1.0pt;background:#1F3864;padding:0cm 5.4pt 0cm 5.4pt;height:21px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><span style="color:lavenderblush;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;"> <strong><span style="color:lavenderblush;">Fonds</span></strong></span></span></span></p> </td> <td style="width:131px;border:solid windowtext 1.0pt;border-left:none;background:#1F3864;padding:0cm 5.4pt 0cm 5.4pt;height:21px;border-image:initial;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:lavenderblush;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Perf. YTD</span></span></span></strong></p> </td> <td style="width:123px;border:solid windowtext 1.0pt;border-left:none;background:#1F3864;padding:0cm 5.4pt 0cm 5.4pt;height:21px;border-image:initial;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:lavenderblush;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Volatilité YTD</span></span></span></strong></p> </td> </tr> <tr style="height:16px;"> <td style="width:222px;border:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:16px;border-image:initial;"> <p style="margin-bottom:0cm;margin-bottom:.0001pt;"><span style="color:black;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">MSCI USA</span></span></span></p> </td> <td style="width:131px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#00B050;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">14,14%</span></span></span></strong></p> </td> <td style="width:123px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#333333;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">13,78%</span></span></span></strong></p> </td> </tr> <tr style="height:16px;"> <td style="width:222px;border:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:16px;border-image:initial;"> <p style="margin-bottom:0cm;margin-bottom:.0001pt;"><span style="color:black;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">MSCI Europe</span></span></span></p> </td> <td style="width:131px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#00B050;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">1,06%</span></span></span></strong></p> </td> <td style="width:123px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#333333;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">12,60%</span></span></span></strong></p> </td> </tr> <tr style="height:16px;"> <td style="width:222px;border:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:16px;border-image:initial;"> <p style="margin-bottom:0cm;margin-bottom:.0001pt;"><span style="color:black;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">ML Global Broad Market</span></span></span></p> </td> <td style="width:131px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#00B050;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">0,38%</span></span></span></strong></p> </td> <td style="width:123px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#333333;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">4,68%</span></span></span></strong></p> </td> </tr> <tr style="height:16px;"> <td style="width:222px;border:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:16px;border-image:initial;"> <p style="margin-bottom:0cm;margin-bottom:.0001pt;"><span style="color:#333333;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">ML Pan Europe Broad Market</span></span></span></p> </td> <td style="width:131px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:red;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">-0,03%</span></span></span></strong></p> </td> <td style="width:123px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#333333;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">2,38%</span></span></span></strong></p> </td> </tr> <tr style="height:16px;"> <td style="width:222px;border:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:16px;border-image:initial;"> <p style="margin-bottom:0cm;margin-bottom:.0001pt;"><span style="color:black;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Flexible Monde</span></span></span></p> </td> <td style="width:131px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:red;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">- 0,97%</span></span></span></strong></p> </td> <td style="width:123px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#333333;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">5,31%</span></span></span></strong></p> </td> </tr> <tr style="height:16px;"> <td style="width:222px;border:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:16px;border-image:initial;"> <p style="margin-bottom:0cm;margin-bottom:.0001pt;"><span style="color:black;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Flexible Europe</span></span></span></p> </td> <td style="width:131px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:red;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">- 1,63%</span></span></span></strong></p> </td> <td style="width:123px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#333333;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">6.00%</span></span></span></strong></p> </td> </tr> <tr style="height:16px;"> <td style="width:222px;border:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:16px;border-image:initial;"> <p style="margin-bottom:0cm;margin-bottom:.0001pt;"><span style="color:black;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Flexible Prudent Europe</span></span></span></p> </td> <td style="width:131px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:red;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">- 1,53%</span></span></span></strong></p> </td> <td style="width:123px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#333333;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">3,62%</span></span></span></strong></p> </td> </tr> <tr style="height:16px;"> <td style="width:222px;border:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:16px;border-image:initial;"> <p style="margin-bottom:0cm;margin-bottom:.0001pt;"><span style="color:black;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Flexible Prudent Monde</span></span></span></p> </td> <td style="width:131px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:red;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">- 1,63%</span></span></span></strong></p> </td> <td style="width:123px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#333333;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">3,22%</span></span></span></strong></p> </td> </tr> <tr style="height:16px;"> <td style="width:222px;border:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:16px;border-image:initial;"> <p style="margin-bottom:0cm;margin-bottom:.0001pt;"><span style="color:black;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">MSCI Emerging Markets</span></span></span></p> </td> <td style="width:131px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:red;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">-4,35%</span></span></span></strong></p> </td> <td style="width:123px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#333333;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">14,56%</span></span></span></strong></p> </td> </tr> </tbody> </table> <p style="margin-bottom:12.0pt;text-align:justify;line-height:14.65pt;font-variant-ligatures:normal;font-variant-caps:normal;orphans:2;widows:2;-webkit-text-stroke-width:0px;text-decoration-style:initial;word-spacing:0px;"><span style="color:black;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Nous avons d’abord sélectionné 10 fonds offrant les meilleures performances YTD puis nous avons affiné cette sélection en retenant 3 fonds avec le meilleur ratio de Sharpe sur 5 ans.</span></span></span></p> <table align="left" border="0" cellpadding="0" cellspacing="0" style="width:632px;border-collapse:collapse;margin-left:4.8pt;margin-right:4.8pt;" width="632"> <tbody> <tr style="height:19px;"> <td style="width:244px;border:solid windowtext 1.0pt;background:#1F3864;padding:0cm 5.4pt 0cm 5.4pt;height:19px;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;"><strong><span style="color:white;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Top 3 & Flop 3</span></span></span></strong></p> </td> <td style="width:74px;border:solid windowtext 1.0pt;border-left:none;background:#1F3864;padding:0cm 5.4pt 0cm 5.4pt;height:19px;border-image:initial;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;"><strong><span style="color:white;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Perf.</span></span></span></strong></p> <p align="center" style="margin-bottom:.0001pt;text-align:center;"><strong><span style="color:white;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">YTD</span></span></span></strong></p> </td> <td style="width:75px;border:solid windowtext 1.0pt;border-left:none;background:#1F3864;padding:0cm 5.4pt 0cm 5.4pt;height:19px;border-image:initial;vertical-align:top;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;"><strong><span style="color:white;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Perf.</span></span></span></strong></p> <p align="center" style="margin-bottom:.0001pt;text-align:center;"><strong><span style="color:white;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">3T 2018</span></span></span></strong></p> </td> <td style="width:87px;border:solid windowtext 1.0pt;border-left:none;background:#1F3864;padding:0cm 5.4pt 0cm 5.4pt;height:19px;border-image:initial;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;"><strong><span style="color:white;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Perte max</span></span></span></strong></p> <p align="center" style="margin-bottom:.0001pt;text-align:center;"><strong><span style="color:white;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">5 ans</span></span></span></strong></p> </td> <td style="width:84px;border:solid windowtext 1.0pt;border-left:none;background:#1F3864;padding:0cm 5.4pt 0cm 5.4pt;height:19px;border-image:initial;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;"><strong><span style="color:white;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Volatilité</span></span></span></strong></p> <p align="center" style="margin-bottom:.0001pt;text-align:center;"><strong><span style="color:white;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">5 ans</span></span></span></strong></p> </td> <td style="width:66px;border:solid windowtext 1.0pt;border-left:none;background:#1F3864;padding:0cm 5.4pt 0cm 5.4pt;height:19px;border-image:initial;"> <p align="center" style="margin-bottom:.0001pt;text-align:center;"><strong><span style="color:white;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Sharpe</span></span></span></strong></p> <p align="center" style="margin-bottom:.0001pt;text-align:center;"><strong><span style="color:white;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">5 ans</span></span></span></strong></p> </td> </tr> <tr style="height:16px;"> <td style="width:244px;border:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:16px;border-image:initial;"> <p style="margin-bottom:0cm;margin-bottom:.0001pt;"><span style="text-decoration:none;text-underline:none;"><span style="color:black;"><a target="_blank" href="http://www.quantalys.com/Fonds/76223" target="_blank"><span style="text-decoration:none;text-underline:none;"><span style="color:black;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Acatis Gane Value Event Fonds A</span></span></span></span></a></span></span></p> </td> <td style="width:74px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#00B050;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">6,41%</span></span></span></strong></p> </td> <td style="width:75px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#00B050;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">3,76%</span></span></span></strong></p> </td> <td style="width:87px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#333333;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">-10,41%</span></span></span></strong></p> </td> <td style="width:84px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#333333;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">7,22%</span></span></span></strong></p> </td> <td style="width:66px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#333333;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">0,95</span></span></span></strong></p> </td> </tr> <tr style="height:16px;"> <td style="width:244px;border:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:16px;border-image:initial;"> <p style="margin-bottom:0cm;margin-bottom:.0001pt;"><span style="color:black;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;"><a target="_blank" href="https://www.quantalys.com/Produit/130494" target="_blank" title="Monocle Fund SICAV - Monocle Fund A EUR"><span style="text-decoration:none;text-underline:none;"><span style="color:black;">Monocle Fund A</span></span></a></span></span></span></p> </td> <td style="width:74px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#00B050;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">4,70%</span></span></span></strong></p> </td> <td style="width:75px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#00B050;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">0,04%</span></span></span></strong></p> </td> <td style="width:87px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#333333;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">-10,21%</span></span></span></strong></p> </td> <td style="width:84px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#333333;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">5,99%</span></span></span></strong></p> </td> <td style="width:66px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#333333;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">0,94</span></span></span></strong></p> </td> </tr> <tr style="height:16px;"> <td style="width:244px;border:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:16px;border-image:initial;"> <p style="margin-bottom:0cm;margin-bottom:.0001pt;"><span style="text-decoration:none;text-underline:none;"><span style="color:black;"><a target="_blank" href="http://www.quantalys.com/Produit/52096" target="_blank"><span style="text-decoration:none;text-underline:none;"><span style="color:black;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Invest Latitude Monde A</span></span></span></span></a></span></span></p> </td> <td style="width:74px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#00B050;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">3,32%</span></span></span></strong></p> </td> <td style="width:75px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#00B050;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">2,30%</span></span></span></strong></p> </td> <td style="width:87px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#333333;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">-17,29%</span></span></span></strong></p> </td> <td style="width:84px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#333333;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">9,20%</span></span></span></strong></p> </td> <td style="width:66px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#333333;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">0,80</span></span></span></strong></p> </td> </tr> <tr style="height:16px;"> <td style="width:244px;border:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:16px;border-image:initial;"> <p style="margin-bottom:0cm;margin-bottom:.0001pt;"><span style="color:#333333;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">…</span></span></span></p> </td> <td style="width:74px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> </td> <td style="width:75px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> </td> <td style="width:87px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> </td> <td style="width:84px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> </td> <td style="width:66px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> </td> </tr> <tr style="height:16px;"> <td style="width:244px;border:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:16px;border-image:initial;"> <p style="margin-bottom:0cm;margin-bottom:.0001pt;"><span style="text-decoration:none;text-underline:none;"><span style="color:black;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;"><a target="_blank" href="http://www.quantalys.com/Produit/26818" target="_blank"><span style="text-decoration:none;text-underline:none;"><span style="color:black;">Apprecio E</span></span></a></span></span></span></span></p> </td> <td style="width:74px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:red;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">-6,67%</span></span></span></strong></p> </td> <td style="width:75px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:red;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">-2,90%</span></span></span></strong></p> </td> <td style="width:87px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#333333;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">-9,20%</span></span></span></strong></p> </td> <td style="width:84px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#333333;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">4,77%</span></span></span></strong></p> </td> <td style="width:66px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#333333;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">0,35</span></span></span></strong></p> </td> </tr> <tr style="height:16px;"> <td style="width:244px;border:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:16px;border-image:initial;"> <p style="margin-bottom:0cm;margin-bottom:.0001pt;"><span style="text-decoration:none;text-underline:none;"><span style="color:black;"><a target="_blank" href="http://www.quantalys.com/Produit/64434" target="_blank"><span style="text-decoration:none;text-underline:none;"><span style="color:black;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Talence Optimal</span></span></span></span></a></span></span></p> </td> <td style="width:74px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:red;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">-7,28%</span></span></span></strong></p> </td> <td style="width:75px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:red;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">-1,25%</span></span></span></strong></p> </td> <td style="width:87px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#333333;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">-20,87%</span></span></span></strong></p> </td> <td style="width:84px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#333333;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">10,36%</span></span></span></strong></p> </td> <td style="width:66px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:16px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#333333;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">0,47</span></span></span></strong></p> </td> </tr> <tr style="height:17px;"> <td style="width:244px;border:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:17px;border-image:initial;"> <p style="margin-bottom:0cm;margin-bottom:.0001pt;"><span style="text-decoration:none;text-underline:none;"><span style="color:black;"><a target="_blank" href="http://www.quantalys.com/Produit/73495" target="_blank"><span style="text-decoration:none;text-underline:none;"><span style="color:black;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Carmignac Pf EM Patrimoine A</span></span></span></span></a></span></span></p> </td> <td style="width:74px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:17px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:red;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">-11,92%</span></span></span></strong></p> </td> <td style="width:75px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:17px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:red;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">-3,28%</span></span></span></strong></p> </td> <td style="width:87px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:17px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#333333;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">-20,79%</span></span></span></strong></p> </td> <td style="width:84px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:17px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#333333;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">9,54%</span></span></span></strong></p> </td> <td style="width:66px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:17px;"> <p align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;text-align:center;"><strong><span style="color:#333333;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">0,19</span></span></span></strong></p> </td> </tr> </tbody> </table> <p style="margin-bottom:.0001pt;text-align:justify;line-height:14.65pt;font-variant-ligatures:normal;font-variant-caps:normal;orphans:2;widows:2;-webkit-text-stroke-width:0px;text-decoration-style:initial;word-spacing:0px;"> </p> <p style="margin-bottom:.0001pt;text-align:justify;line-height:14.65pt;"> </p> <p style="margin-bottom:.0001pt;text-align:justify;line-height:14.65pt;"> </p> <p style="margin-bottom:.0001pt;text-align:justify;line-height:14.65pt;"> </p> <p style="margin-bottom:.0001pt;text-align:justify;line-height:14.65pt;"> </p> <p style="margin-bottom:.0001pt;text-align:justify;line-height:14.65pt;"> </p> <p style="margin-bottom:.0001pt;text-align:justify;line-height:14.65pt;"> </p> <p style="margin-bottom:.0001pt;text-align:justify;line-height:14.65pt;"> </p> <p style="margin-bottom:.0001pt;text-align:justify;line-height:14.65pt;"> </p> <p style="margin-bottom:.0001pt;text-align:justify;line-height:14.65pt;"> </p> <p style="margin-bottom:.0001pt;text-align:justify;line-height:14.65pt;"> </p> <p style="margin-bottom:.0001pt;text-align:justify;line-height:14.65pt;"><span style="color: black;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">Le fonds </span></span></span><strong><em><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;"><a target="_blank" href="http://www.quantalys.com/Fonds/76223" target="_blank"><span style="text-decoration-line: none;"><span style="color:black;">Acatis Gane Value Event Fonds A</span></span></a> </span></span></em></strong><span style="color: black;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">a fortement augmenté sa position en cash et diminué sa poche obligation. Trouvant le marché très cher, les gestionnaires ont préféré garder une part conséquente en cash (32%). Le fonds </span></span></span><strong><em><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;"><a target="_blank" href="http://www.quantalys.com/Fonds/130494" target="_blank"><span style="text-decoration-line: none;"><span style="color:black;">Monocle Fund A</span></span></a></span></span></em></strong> <span style="color: black;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">a su adapter son allocation face à cette période de doute sur les marchés. Ils ont notamment réduit leur exposition aux actions, diversifier les devises et retirer du fonds les obligations long-terme. Le fonds </span></span></span><strong><em><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;"><a target="_blank" href="http://www.quantalys.com/Produit/52096" target="_blank"><span style="text-decoration-line: none;"><span style="color:black;">Invest Latitude Monde A</span></span></a></span></span></em></strong> <span style="color: black;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">a quant à lui bénéficier de sa forte exposition au marché américain (environ 40%).</span></span></span></p> <p style="margin-bottom:.0001pt;text-align:justify;line-height:14.65pt;"> </p> <p style="margin-top:0cm;margin-right:0cm;margin-bottom:6.0pt;margin-left:0cm;text-align:justify;line-height:14.65pt;"><span style="color:black;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">En complément, voici quelques informations sur les 3 fonds ci-dessous :</span></span></span></p> <ul> <li style="color:#333333;margin-bottom:12.0pt;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;"><a target="_blank" href="http://www.quantalys.com/Fonds/76223" target="_blank"><span style="color:black;">Acatis Gane Value Event Fonds A</span></a></span></span><span style="color:black;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;"> : le fonds d’Universal Investment se positionne dans le 1er quartile de sa catégorie sur toutes les périodes sauf à 1 mois. Il a réalisé une très bonne année 2017 en réalisant une performance de 8,88%. Ce fonds combinant une stratégie value et une stratégie de détection d’évènements a su se démarquer des autres fonds de l’observatoire depuis le début de l’année malgré de nombreuses périodes de doutes sur le marché.</span></span></span></li> <li style="color:#333333;margin-bottom:12.0pt;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;"><a target="_blank" href="http://www.quantalys.com/Fonds/130494" target="_blank"><span style="color:black;">Monocle Fund A</span></a></span></span><span style="color:black;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;"> : le fonds Flexible Prudent de Monocle se positionne dans le 1er quartile de sa catégorie sur toutes les périodes. Malgré une performance négative en 2017, celui-ci affiche une performance de 4,70% depuis le début de l’année contre -1,54% pour sa catégorie.</span></span></span></li> <li style="color:#333333;margin-bottom:12.0pt;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;"><a target="_blank" href="http://www.quantalys.com/Produit/52096" target="_blank"><span style="color:black;">Invest Latitude Monde A</span></a></span></span><span style="color:black;"><span style="font-family:verdana,sans-serif;"><span style="font-size:9.0pt;">: le fonds Flexible Monde d’Invest AM se positionne dans le 1er quartile de sa catégorie sur toutes les périodes sauf à 1 et 3 mois. Attention, il fait toutefois partie des fonds de l’observatoire présentant une volatilité à 5 ans relativement élevée (environ 9%).</span></span></span></li> </ul> <p style="margin-bottom: 0.0001pt; line-height: 150%; text-align: justify;"><span style="font-family:verdana,geneva,sans-serif;"><span style="font-size:12px;"><span style="color:#000000;"><span style="text-align: justify;">Vous pouvez télécharger l'étude complète</span><span style="text-align: justify;"> </span></span><span style="text-align: justify; text-decoration-line: none;"><a target="_blank" href="http://bit.ly/2FG2fXz" style="text-align: justify; font-family: verdana, geneva, sans-serif; font-size: 12px; text-decoration-line: none; color: rgb(22, 141, 217) !important;" target="_blank"><span style="color:#000000;">ici</span></a><span style="color:#000000;">.</span></span></span></span></p> <p style="margin-bottom:.0001pt;text-align:justify;line-height:150%;"> </p>
Par Alexandre Prat est analyste chez Quantalys.