{"id":9579,"date":"2022-02-11T13:50:24","date_gmt":"2022-02-11T18:50:24","guid":{"rendered":"https:\/\/www.lba.ca\/?post_type=perspective&p=9579"},"modified":"2023-02-02T12:01:26","modified_gmt":"2023-02-02T17:01:26","slug":"le-point-sur-les-portefeuilles-fevrier-2022","status":"publish","type":"perspective","link":"https:\/\/www.lba.ca\/fr\/perspective\/le-point-sur-les-portefeuilles-fevrier-2022\/","title":{"rendered":"Le point sur les portefeuilles \u2013 F\u00e9vrier 2022"},"content":{"rendered":"

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 <\/p>\n

Le point sur les portefeuilles<\/h1>\n

Le 8 f\u00e9vrier 2022<\/p>\n

 <\/p>\n

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Les march\u00e9s boursiers mondiaux ont commenc\u00e9 la nouvelle ann\u00e9e en baisse. En janvier, l\u2019indice S&P 500 a recul\u00e9 de 4,9\u00a0% (en dollars canadiens), l\u2019indice S&P\/TSX a fl\u00e9chi de 0,6\u00a0% et l\u2019indice MSCI Monde a chut\u00e9 de 5\u00a0%. La volatilit\u00e9 des march\u00e9s a \u00e9t\u00e9 principalement attribuable \u00e0 la perception que les taux directeurs des banques centrales augmenteront plus rapidement que pr\u00e9vu au d\u00e9part. Nos portefeuilles ont nettement surclass\u00e9 les indices de r\u00e9f\u00e9rence du march\u00e9 et fini le mois en territoire positif.<\/p>\n

En cette deuxi\u00e8me ann\u00e9e de reprise apr\u00e8s la pand\u00e9mie, la politique mon\u00e9taire commence \u00e0 se normaliser. En raison des perturbations de l\u2019offre, de la forte demande et des p\u00e9nuries de main-d\u2019\u0153uvre, l\u2019inflation s\u2019est acc\u00e9l\u00e9r\u00e9e, ce qui accro\u00eet la pression en faveur du resserrement des politiques mon\u00e9taires. Le march\u00e9 \u00e0 terme int\u00e8gre six \u00e0 sept hausses d\u2019un quart de point de pourcentage du taux directeur de la R\u00e9serve f\u00e9d\u00e9rale sur les deux prochaines ann\u00e9es, dans le cadre d\u2019une strat\u00e9gie progressive de rel\u00e8vement des taux. Comme la juste valeur des actions ordinaires d\u00e9coule de l\u2019actualisation des flux de tr\u00e9sorerie futurs pr\u00e9vus, la hausse des taux d\u2019int\u00e9r\u00eat est particuli\u00e8rement n\u00e9gative pour les soci\u00e9t\u00e9s qui ne d\u00e9gagent pas ou presque pas de b\u00e9n\u00e9fices et qui affichent des ratios cours\/b\u00e9n\u00e9fices et cours\/flux de tr\u00e9sorerie \u00e9lev\u00e9s. Nous avons beaucoup \u00e9crit \u00e0 ce sujet et nous vous invitons \u00e0 relire notre rapport intitul\u00e9 \u00ab L\u2019investissement ax\u00e9 sur la valeur : une glorieuse histoire de croissance<\/em><\/a> \u00bb, qui pr\u00e9sente un examen exhaustif de cet important concept.<\/p>\n

Le virage vers une politique mon\u00e9taire plus restrictive ne s\u2019est pas r\u00e9percut\u00e9 uniform\u00e9ment sur toutes les actions. Celles qui affichent des multiples \u00e9lev\u00e9s ont davantage souffert. Comme le montre le tableau 1, les cours des actions class\u00e9es dans le quintile des actions les plus ch\u00e8res du S&P 500 (qui se n\u00e9gocient en moyenne \u00e0 59 fois les b\u00e9n\u00e9fices) ont diminu\u00e9 de 11,5\u00a0% en janvier. Netflix, par exemple, qui se n\u00e9gociait \u00e0 46 fois les b\u00e9n\u00e9fices \u00e0 la fin de 2021, a plong\u00e9 de 29\u00a0% au cours du premier mois de l\u2019ann\u00e9e. \u00c0 l\u2019autre extr\u00eame, les cours des actions class\u00e9es dans le quintile des actions les moins ch\u00e8res ont progress\u00e9 de 2,3\u00a0%.<\/p>\n

\n
Tableau 1<\/div>\n

Ventilation des niveaux de valorisation et des rendements trimestriels des actions de l\u2019indice S&P 500, par quintile<\/h4>\n

\"\"<\/p>\n

\n

*Bas\u00e9 sur les cours boursiers au 1 janvier\u00a02022<\/p>\n

Sources\u00a0: Estimations consensuelles de FactSet (Donn\u00e9es financi\u00e8res et analyse de FactSet (www.factset.com<\/a>)) et calculs de Letko Brosseau<\/p>\n<\/div>\n<\/div>\n

Nos portefeuilles sont bien diversifi\u00e9s sur les plans sectoriel et g\u00e9ographique et pr\u00e9sentent des caract\u00e9ristiques de valeur semblables \u00e0 celles des actions du quintile de valorisation inf\u00e9rieur, se n\u00e9gociant \u00e0 11,5 fois les b\u00e9n\u00e9fices et \u00e0 6,8 fois les flux de tr\u00e9sorerie, avec un taux de dividende de 3\u00a0%. Nous avons soigneusement \u00e9vit\u00e9 les titres sp\u00e9culatifs affichant des niveaux de valorisation excessifs. Nous sommes convaincus que votre capital est bien positionn\u00e9 pour cro\u00eetre sur le moyen \u00e0 long terme tout en b\u00e9n\u00e9ficiant d\u2019une protection contre les hausses des taux d\u2019int\u00e9r\u00eat.<\/p>\n

[\/et_pb_text][et_pb_toggle title=\u00a0\u00bbMentions l\u00e9gales\u00a0\u00bb open_toggle_text_color=\u00a0\u00bb#3e395b\u00a0\u00bb open_toggle_background_color=\u00a0\u00bb#ffffff\u00a0\u00bb closed_toggle_background_color=\u00a0\u00bb#ffffff\u00a0\u00bb icon_color=\u00a0\u00bb#3e395b\u00a0\u00bb open_icon_color=\u00a0\u00bb#3e395b\u00a0\u00bb admin_label=\u00a0\u00bbLegal notes FR\u00a0\u00bb _builder_version=\u00a0\u00bb4.16″ title_text_color=\u00a0\u00bb#3e395b\u00a0\u00bb title_font=\u00a0\u00bbArchivo||||||||\u00a0\u00bb title_text_align=\u00a0\u00bbcenter\u00a0\u00bb vertical_offset_tablet=\u00a0\u00bb0″ horizontal_offset_tablet=\u00a0\u00bb0″ title_text_shadow_horizontal_length_tablet=\u00a0\u00bb0px\u00a0\u00bb title_text_shadow_vertical_length_tablet=\u00a0\u00bb0px\u00a0\u00bb title_text_shadow_blur_strength_tablet=\u00a0\u00bb1px\u00a0\u00bb closed_title_text_shadow_horizontal_length_tablet=\u00a0\u00bb0px\u00a0\u00bb closed_title_text_shadow_vertical_length_tablet=\u00a0\u00bb0px\u00a0\u00bb closed_title_text_shadow_blur_strength_tablet=\u00a0\u00bb1px\u00a0\u00bb body_text_shadow_horizontal_length_tablet=\u00a0\u00bb0px\u00a0\u00bb body_text_shadow_vertical_length_tablet=\u00a0\u00bb0px\u00a0\u00bb body_text_shadow_blur_strength_tablet=\u00a0\u00bb1px\u00a0\u00bb body_link_text_shadow_horizontal_length_tablet=\u00a0\u00bb0px\u00a0\u00bb body_link_text_shadow_vertical_length_tablet=\u00a0\u00bb0px\u00a0\u00bb body_link_text_shadow_blur_strength_tablet=\u00a0\u00bb1px\u00a0\u00bb body_ul_text_shadow_horizontal_length_tablet=\u00a0\u00bb0px\u00a0\u00bb body_ul_text_shadow_vertical_length_tablet=\u00a0\u00bb0px\u00a0\u00bb body_ul_text_shadow_blur_strength_tablet=\u00a0\u00bb1px\u00a0\u00bb body_ol_text_shadow_horizontal_length_tablet=\u00a0\u00bb0px\u00a0\u00bb body_ol_text_shadow_vertical_length_tablet=\u00a0\u00bb0px\u00a0\u00bb body_ol_text_shadow_blur_strength_tablet=\u00a0\u00bb1px\u00a0\u00bb body_quote_text_shadow_horizontal_length_tablet=\u00a0\u00bb0px\u00a0\u00bb body_quote_text_shadow_vertical_length_tablet=\u00a0\u00bb0px\u00a0\u00bb body_quote_text_shadow_blur_strength_tablet=\u00a0\u00bb1px\u00a0\u00bb box_shadow_horizontal_tablet=\u00a0\u00bb0px\u00a0\u00bb box_shadow_vertical_tablet=\u00a0\u00bb0px\u00a0\u00bb box_shadow_blur_tablet=\u00a0\u00bb40px\u00a0\u00bb box_shadow_spread_tablet=\u00a0\u00bb0px\u00a0\u00bb text_shadow_horizontal_length_tablet=\u00a0\u00bb0px\u00a0\u00bb text_shadow_vertical_length_tablet=\u00a0\u00bb0px\u00a0\u00bb text_shadow_blur_strength_tablet=\u00a0\u00bb1px\u00a0\u00bb saved_tabs=\u00a0\u00bball\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<\/p>\n

\n

Les informations et opinions contenues dans les pr\u00e9sentes sont fournies \u00e0 titre indicatif seulement, sont sujettes \u00e0 changement et ne visent pas \u00e0 fournir des conseils d\u2019ordre comptable, juridique ou fiscal, ni des recommandations en mati\u00e8re de placement, et ne doivent pas \u00eatre utilis\u00e9es comme tel. Les soci\u00e9t\u00e9s mentionn\u00e9es sont \u00e0 titre indicatif uniquement et ne sont pas consid\u00e9r\u00e9es comme une recommandation d\u2019achat ou de vente. Il ne faut pas supposer qu\u2019un investissement dans ces entreprises \u00e9tait ou serait rentable. \u00c0 moins d\u2019indication contraire, les renseignements sont pr\u00e9sent\u00e9s aux dates indiqu\u00e9es. Bien que ces renseignements soient consid\u00e9r\u00e9s comme exacts \u00e0 la date o\u00f9 ils ont \u00e9t\u00e9 pr\u00e9par\u00e9s, Letko, Brosseau & Associ\u00e9s Inc. ne peut garantir qu\u2019ils sont exacts, complets et \u00e0 jour en tout temps.<\/p>\n

Lorsque les renseignements proviennent ou sont d\u00e9riv\u00e9s de sources externes, les sources sont consid\u00e9r\u00e9es comme fiables, mais la soci\u00e9t\u00e9 n\u2019en a pas effectu\u00e9 une v\u00e9rification ind\u00e9pendante. Aucune repr\u00e9sentation ou garantie n\u2019est fournie quant \u00e0 l\u2019exactitude, \u00e0 l\u2019exhaustivit\u00e9 ou \u00e0 la fiabilit\u00e9 de ces renseignements. Les opinions ou estimations pr\u00e9sent\u00e9es constituent notre jugement \u00e0 cette date et sont modifiables sans pr\u00e9avis.<\/p>\n

Les rendements pass\u00e9s ne sont pas garants des r\u00e9sultats futurs. Tous les placements pr\u00e9sentent un risque de perte et il n\u2019y a aucune garantie que les avantages exprim\u00e9s seront atteints ou r\u00e9alis\u00e9s.<\/p>\n

Les renseignements pr\u00e9sent\u00e9s ne constituent pas une offre ou une sollicitation d\u2019achat ou de vente de titres. Ils ne tiennent pas compte des objectifs, strat\u00e9gies, statuts fiscaux ou horizons d\u2019investissement particuliers des investisseurs. Aucune repr\u00e9sentation ou garantie n\u2019est fournie quant \u00e0 l\u2019exactitude des renseignements ni quant \u00e0 la responsabilit\u00e9 pour des d\u00e9cisions fond\u00e9es sur ceux-ci.<\/p>\n

Les pr\u00e9sentes peuvent contenir certaines d\u00e9clarations prospectives qui refl\u00e8tent nos attentes actuelles ou pr\u00e9visions quant \u00e0 des \u00e9v\u00e9nements futurs concernant l\u2019\u00e9conomie, les changements du march\u00e9 et ses tendances. De par leur nature, les \u00e9nonc\u00e9s prospectifs sont assujettis, entre autres, \u00e0 des risques, \u00e0 des incertitudes et \u00e0 des hypoth\u00e8ses concernant les devises, la croissance \u00e9conomique, les conditions actuelles et pr\u00e9vues et d\u2019autres facteurs appropri\u00e9s dans les circonstances qui peuvent faire en sorte que les performances, perspectives, \u00e9v\u00e9nements ou r\u00e9sultats r\u00e9els diff\u00e8rent sensiblement de ceux exprim\u00e9s dans, ou sous-entendus par, lesdits \u00e9nonc\u00e9s. Les lecteurs sont avis\u00e9s de ne pas se fier ind\u00fbment \u00e0 ces \u00e9nonc\u00e9s prospectifs.<\/p>\n<\/div>\n

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Les march\u00e9s boursiers mondiaux ont commenc\u00e9 la nouvelle ann\u00e9e en baisse. La volatilit\u00e9 des march\u00e9s a \u00e9t\u00e9 principalement attribuable \u00e0 la perception que les taux directeurs des banques centrales augmenteront plus rapidement que pr\u00e9vu au d\u00e9part […]<\/p>\n

Lire la suite…<\/a><\/p>\n","protected":false},"author":9,"featured_media":9584,"template":"landing-perspective-wCSS.php","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":""},"perspectives":[46],"class_list":["post-9579","perspective","type-perspective","status-publish","has-post-thumbnail","hentry","perspectives-strategie-dinvestissement"],"acf":[],"yoast_head":"\nLe point sur les portefeuilles \u2013 F\u00e9vrier 2022 - Letko, Brosseau & Associ\u00e9s<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lba.ca\/fr\/perspective\/le-point-sur-les-portefeuilles-fevrier-2022\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Le point sur les portefeuilles \u2013 F\u00e9vrier 2022 - Letko, Brosseau & Associ\u00e9s\" \/>\n<meta property=\"og:description\" content=\"Les march\u00e9s boursiers mondiaux ont commenc\u00e9 la nouvelle ann\u00e9e en baisse. 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