NYSE Wang Lei/ZumaPress

Alpha, bêta et au-delà

NEW YORK – Même en temps normal, les investisseurs particuliers et institutionnels éprouvent des difficultés à déterminer où investir, et dans quel domaine. Est-il plus judicieux d’investir davantage dans les économies développées ou dans les marchés émergents ? Comment faire le choix de telle ou telle économie ? Comment déterminer le moment et la manière de rééquilibrer son portefeuille ?

Bien entendu, ces choix se corsent davantage en période inhabituelle, lorsque surviennent d’importants changements globaux, et que les banques centrales recourent à des politiques non conventionnelles. Néanmoins, une approche nouvelle et peu coûteuse promet aujourd’hui d’atténuer le défi auquel sont confrontés les investisseurs, en temps normal comme en période inédite.

Dans le secteur de la gestion d’actifs, deux types de stratégies d’investissement dominent traditionnellement : démarche passive et démarche active. L’approche passive consiste à investir dans des indices associés à des repères spécifiques, de type S&P 500 aux États-Unis ou encore indices des valeurs dans les économies développées ou les marchés émergents. L’investisseur achète ici l’indice du marché.

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