{"id":6971,"date":"2025-01-21T16:53:24","date_gmt":"2025-01-21T21:53:24","guid":{"rendered":"https:\/\/ex-ponent.com\/revue-du-marche-t4-2024\/"},"modified":"2025-01-28T11:29:30","modified_gmt":"2025-01-28T16:29:30","slug":"revue-du-marche-t4-2024","status":"publish","type":"post","link":"https:\/\/ex-ponent.com\/fr\/revue-du-marche-t4-2024\/","title":{"rendered":"Revue du March\u00e9 T4 2024"},"content":{"rendered":"<p><iframe width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/pTtJ7Hb2_Fs?si=J88BcngQZ9kD4_2_\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p> <p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-6969\" src=\"https:\/\/ex-ponent.com\/wp-content\/uploads\/2025\/01\/2024-q1-img1.png\" alt=\"\" width=\"1008\" height=\"495\" srcset=\"https:\/\/ex-ponent.com\/wp-content\/uploads\/2025\/01\/2024-q1-img1.png 1008w, https:\/\/ex-ponent.com\/wp-content\/uploads\/2025\/01\/2024-q1-img1-300x147.png 300w, https:\/\/ex-ponent.com\/wp-content\/uploads\/2025\/01\/2024-q1-img1-768x377.png 768w\" sizes=\"(max-width: 1008px) 100vw, 1008px\" \/><\/p> <p>L&rsquo;ann\u00e9e \u00e9coul\u00e9e a enregistr\u00e9 des rendements exceptionnels sur plusieurs indices, avec le TSX canadien affichant un gain de 21,7 %, le S&amp;P 500 atteignant 35,7 % en dollars canadiens et le NASDAQ grimpant de 39,7 %. Les march\u00e9s europ\u00e9ens ont \u00e9t\u00e9 \u00e0 la tra\u00eene, avec le Dow Jones Stoxx 50 n&rsquo;affichant qu&rsquo;une hausse de 7,2 % sur l&rsquo;ann\u00e9e, tandis que les march\u00e9s \u00e9mergents ont r\u00e9alis\u00e9 un modeste 14,0 %. Sur une p\u00e9riode de trois ans, les march\u00e9s canadien et am\u00e9ricain ont d\u00e9pass\u00e9 ou atteint leurs moyennes \u00e0 long terme, tandis que les march\u00e9s \u00e9mergents sont rest\u00e9s stables. Les obligations ont offert des rendements minimaux au cours des trois derni\u00e8res ann\u00e9es, avec une l\u00e9g\u00e8re am\u00e9lioration en 2024 (4,2 %), tandis que l&rsquo;or s&rsquo;est d\u00e9marqu\u00e9 avec une performance exceptionnelle, affichant un gain de 133 % sur trois ans, dont 28 % en 2024.<\/p> <p>Malgr\u00e9 une forte performance des march\u00e9s, de nombreux investisseurs ont eu du mal \u00e0 \u00e9galer les rendements des indices de r\u00e9f\u00e9rence en 2024. Cela est attribu\u00e9 \u00e0 une croissance concentr\u00e9e dans quelques secteurs et actions, en particulier la technologie, qui a domin\u00e9 le S&amp;P 500. Les 10 principales valeurs de l\u2019indice, dont Nvidia (+171 %) et Microsoft (+12 %), ont repr\u00e9sent\u00e9 37,3 % de sa performance. Cependant, des contraintes de portefeuille, telles que le plafonnement de l\u2019exposition sectorielle sp\u00e9cifique \u00e0 10\u201315 %, ont limit\u00e9 la participation \u00e0 ces gains. La diversification vers d&rsquo;autres secteurs ou r\u00e9gions g\u00e9ographiques, ainsi que des strat\u00e9gies ax\u00e9es sur les valorisations, comme la r\u00e9duction des positions gagnantes, ont \u00e9galement pes\u00e9 sur les rendements. On peut \u00e9galement souligner des erreurs de classification sectorielle, avec des entreprises comme Alphabet et Meta class\u00e9es en dehors du domaine technologique malgr\u00e9 leurs op\u00e9rations fortement ax\u00e9es sur la technologie.<\/p> <p>L&rsquo;ann\u00e9e a suscit\u00e9 des inqui\u00e9tudes concernant les valorisations de march\u00e9 et d&rsquo;\u00e9ventuelles bulles, certains experts, comme Howard Marks, avertissant que la hausse des prix des actifs pourrait r\u00e9duire les rendements attendus pour la prochaine d\u00e9cennie. Bien que 2024 ait \u00e9t\u00e9 la deuxi\u00e8me ann\u00e9e cons\u00e9cutive de gains sup\u00e9rieurs \u00e0 20 %, le d\u00e9bat entre gestion passive et gestion active s&rsquo;est poursuivi, la performance concentr\u00e9e parmi quelques actions cr\u00e9ant des d\u00e9fis pour les deux approches.<\/p> <p>Exponent Investment Management reste concentr\u00e9 sur la g\u00e9n\u00e9ration de rendements constants et \u00e9quilibr\u00e9s en combinant croissance, s\u00e9curit\u00e9 et stabilit\u00e9. La soci\u00e9t\u00e9 met l&rsquo;accent sur une gestion active bas\u00e9e sur la recherche pour naviguer dans des march\u00e9s volatils et minimiser les risques. Malgr\u00e9 les pr\u00e9occupations g\u00e9opolitiques et la volatilit\u00e9 des march\u00e9s, nous exprimons un optimisme prudent, notant que les valorisations des grandes franchises mondiales restent raisonnables et que de nombreux risques sont d\u00e9j\u00e0 int\u00e9gr\u00e9s dans les prix.<\/p>","protected":false},"excerpt":{"rendered":"<p>L&rsquo;ann\u00e9e \u00e9coul\u00e9e a enregistr\u00e9 des rendements exceptionnels sur plusieurs indices, avec le TSX canadien affichant un gain de 21,7 %, le S&amp;P 500 atteignant 35,7 % en dollars canadiens et le NASDAQ grimpant de 39,7 %. Les march\u00e9s europ\u00e9ens ont \u00e9t\u00e9 \u00e0 la tra\u00eene, avec le Dow Jones Stoxx 50 n&rsquo;affichant qu&rsquo;une hausse de 7,2 [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":6979,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1221,1215,1222],"tags":[],"class_list":["post-6971","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actualites-du-marche","category-apercus","category-videos"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.0 (Yoast SEO v27.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Revue du March\u00e9 T4 2024 | Exponent Investment Management<\/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:\/\/ex-ponent.com\/fr\/revue-du-marche-t4-2024\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Revue du March\u00e9 T4 2024\" \/>\n<meta property=\"og:description\" content=\"L&rsquo;ann\u00e9e \u00e9coul\u00e9e a enregistr\u00e9 des rendements exceptionnels sur plusieurs indices, avec le TSX canadien affichant un gain de 21,7 %, le S&amp;P 500 atteignant 35,7 % en dollars canadiens et le NASDAQ grimpant de 39,7 %. Les march\u00e9s europ\u00e9ens ont \u00e9t\u00e9 \u00e0 la tra\u00eene, avec le Dow Jones Stoxx 50 n&rsquo;affichant qu&rsquo;une hausse de 7,2 [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ex-ponent.com\/fr\/revue-du-marche-t4-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Exponent Investment Management\" \/>\n<meta property=\"article:published_time\" content=\"2025-01-21T21:53:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-01-28T16:29:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ex-ponent.com\/wp-content\/uploads\/2025\/01\/2013Q1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1440\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Benoit Poliquin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u00c9crit par\" \/>\n\t<meta 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