{"id":7237,"date":"2025-10-28T13:08:35","date_gmt":"2025-10-28T17:08:35","guid":{"rendered":"https:\/\/ex-ponent.com\/?p=7237"},"modified":"2025-10-28T15:22:51","modified_gmt":"2025-10-28T19:22:51","slug":"revue-du-3e-trimestre-2025","status":"publish","type":"post","link":"https:\/\/ex-ponent.com\/fr\/revue-du-3e-trimestre-2025\/","title":{"rendered":"Revue du 3e Trimestre 2025"},"content":{"rendered":"<p><iframe width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/Z1IhU6shMQA?si=fCm88F-PyjZHJyqG\" 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> <h3>Aper\u00e7u des March\u00e9s<\/h3> <p>Les march\u00e9s boursiers nord-am\u00e9ricains et europ\u00e9ens continuent d\u2019afficher des rendements nettement sup\u00e9rieurs \u00e0 la moyenne historique. Sur trois ans, les rendements annuels atteignent 23 % \u00e0 30 %, bien au-del\u00e0 de la tendance de long terme de 7 % \u00e0 10 %. Une correction ou un<br \/> retour \u00e0 la moyenne est donc plausible \u00e0 moyen terme. Sur le trimestre : Canada +12,5 %, NASDAQ (en $ CA) +13,8 %, S&P;\/TSX +8,1 %, march\u00e9s \u00e9mergents +8,3 % (dont 50 % Chine).<\/p> <h3>Devises et Mati\u00e8res Premi\u00e8res<\/h3> <p>Le dollar am\u00e9ricain a gagn\u00e9 2,3 % au T3 et 2,9 % sur 12 mois. Le p\u00e9trole affiche une forte contre-performance (\u201325 % au trimestre, \u201315 % sur 12 mois, \u20139,7 % annualis\u00e9s sur 3 ans). \u00c0 l\u2019inverse, l\u2019or progresse de fa\u00e7on exceptionnelle : cl\u00f4ture \u00e0 3 858 $\/oz (+23 % sur le trimestre, +54 % sur 12 mois, +42 % annualis\u00e9s sur 3 ans).<\/p> <h3>Taux d\u2019Int\u00e9r\u00eat et CPG<\/h3> <p>Les taux demeurent relativement bas, mais \u00e9lev\u00e9s d\u2019un point de vue historique : obligations canadiennes \u00e0 2,4 % (1 an), 2,8 % (5 ans), 3,22 % (10 ans). Les CPG offrent environ 1 % de plus (\u2248 3,5 % \u00e0 3,8 %).<\/p> <h3>Gestion du Risque<\/h3> <p>Apr\u00e8s un fort trimestre, Exponent a mis l\u2019accent sur la gestion du risque : r\u00e9duction des positions surpond\u00e9r\u00e9es (ramen\u00e9es \u00e0 3 %), ventes d\u00e9clench\u00e9es \u00e0 des niveaux pr\u00e9d\u00e9finis, et d\u00e9ploiement du capital ralenti en ao\u00fbt et septembre, notamment en raison de nouveaux clients<\/p> <h3>Th\u00e8mes de Placement<\/h3> <p>Les grands th\u00e8mes demeurent inchang\u00e9s : r\u00e9industrialisation des \u00c9tats-Unis (ancienne et nouvelle \u00e9conomie) et valorisation relative Canada\/Europe vs \u00c9tats-Unis. Le discount entre les march\u00e9s s\u2019est r\u00e9duit, expliquant les bons rendements malgr\u00e9 des \u00e9conomies moins dynamiques.<\/p> <h3>Risques \u00e0 Faible Probabilit\u00e9, mais \u00e0 Fort Impact<\/h3> <p>Exponent surveille les sc\u00e9narios extr\u00eames, notamment une hausse soudaine des taux d\u2019int\u00e9r\u00eat caus\u00e9e par un refus du march\u00e9 obligataire de financer les d\u00e9ficits publics. Ce sc\u00e9nario reste improbable, mais son impact serait majeur \u2014 d\u00e9j\u00e0 observ\u00e9 en Europe (2011) et au Canada (ann\u00e9es 1990).<\/p> <h3>Conclusion<\/h3> <p>Les march\u00e9s demeurent solides, mais les valorisations \u00e9lev\u00e9es exigent de la prudence. La strat\u00e9gie d\u2019Exponent reste ax\u00e9e sur la gestion disciplin\u00e9e du risque, la diversification des portefeuilles et la s\u00e9lectivit\u00e9 dans le d\u00e9ploiement du capital \u2014 une approche de mesure et vigilance, fid\u00e8le \u00e0 la philosophie d\u2019investissement d\u2019Exponent.<\/p> <h2>Narration des Graphiques \u2013 Revue du 3e Trimestre 2025<\/h2> <p>(Or, Bitcoin, Intelligence Artificielle et Valorisation des March\u00e9s)<br \/> <iframe width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/onZOkZPksoE?si=q383MdD-VAKOjLYb\" 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> <h3>Le prix de l\u2019or : une flamb\u00e9e historique<\/h3> <p>Le premier graphique illustre l\u2019ascension spectaculaire du prix de l\u2019or, pass\u00e9 d\u2019environ 2 000 $ l\u2019once \u00e0 pr\u00e8s de 3 900 $ entre 2020 et septembre 2025. Cette hausse parabolique rappelle les cycles pr\u00e9c\u00e9dents observ\u00e9s depuis 1960 : chaque flamb\u00e9e est suivie d\u2019un recul d\u2019environ 50 %, puis d\u2019une longue p\u00e9riode de stagnation avant la reprise suivante.<\/p> <p>Deux facteurs sont souvent avanc\u00e9s :<br \/> &#8211; L\u2019augmentation massive de la masse mon\u00e9taire am\u00e9ricaine (M2).<br \/> &#8211; La perte relative de dominance du dollar am\u00e9ricain.<\/p> <p>En pratique, les deux jouent un r\u00f4le partiel \u2014 mais l\u2019histoire montre que l\u2019or reste un actif cyclique : il brille dans les p\u00e9riodes de stress, mais corrige lorsque la production mini\u00e8re rattrape la demande.<\/p> <h3>Bitcoin et dollar am\u00e9ricain : deux faces d\u2019une m\u00eame pi\u00e8ce<\/h3> <p>Le deuxi\u00e8me graphique pr\u00e9sente la trajectoire du Bitcoin, lui aussi marqu\u00e9 par des hausses fulgurantes suivies de fortes corrections. Depuis 2022, la cryptomonnaie a progress\u00e9 d\u2019un facteur x6, atteignant de nouveaux sommets.<\/p> <p>Le parall\u00e8le avec l\u2019or est frappant : les deux actifs profitent des cycles de liquidit\u00e9 et des inqui\u00e9tudes li\u00e9es au dollar am\u00e9ricain. Or, les donn\u00e9es du Dollar Index (DXY) montrent une r\u00e9alit\u00e9 plus nuanc\u00e9e :<\/p> <p>&#8211; Depuis 2016, le DXY reste globalement stable.<br \/> &#8211; Apr\u00e8s un pic entre 2021 et 2022, la devise am\u00e9ricaine a recul\u00e9, mais demeure dans sa moyenne historique.<\/p> <p>La flamb\u00e9e du Bitcoin et de l\u2019or ne traduit donc pas une chute du dollar, mais plut\u00f4t un exc\u00e8s de liquidit\u00e9 mondiale et un d\u00e9placement de capitaux vers les actifs alternatifs.<\/p> <h3>Masse mon\u00e9taire, dette et croissance \u00e9conomique<\/h3> <p>Le graphique suivant met en perspective trois courbes : la masse mon\u00e9taire M2, la dette publique am\u00e9ricaine et la croissance du PIB. Depuis 2017 :<br \/> &#8211; M2 a augment\u00e9 de 68 %.<br \/> &#8211; La dette am\u00e9ricaine de 88 %.<br \/> &#8211; Et le PIB de 60 %.<\/p> <p>Ainsi, la cr\u00e9ation mon\u00e9taire est proportionnelle \u00e0 la croissance \u00e9conomique \u2014 difficile, donc, d\u2019y voir un signe d\u2019hyperinflation ou de d\u00e9clin du dollar.<\/p> <p>En comparaison, le Canada affiche une croissance environ trois fois inf\u00e9rieure \u00e0 celle des \u00c9tats -Unis depuis 2017, malgr\u00e9 un endettement public plus \u00e9lev\u00e9.<\/p> <h3>L\u2019intelligence artificielle : moteur d\u2019investissement et possible bulle<\/h3> <p>L\u2019un des graphiques les plus marquants du trimestre illustre l\u2019\u00e9cosyst\u00e8me de l\u2019IA. Depuis la sortie de ChatGPT en 2022, l\u2019IA est devenue un v\u00e9ritable moteur de croissance \u00e9conomique et d\u2019investissement.<\/p> <p>L\u2019\u00e9cosyst\u00e8me se d\u00e9compose en quatre niveaux :<br \/> &#8211; Infrastructure physique : centres de donn\u00e9es, \u00e9nergie, r\u00e9seaux.<br \/> &#8211; Fabricants de puces : Nvidia, AMD (GPU), Intel, TSMC (CPU\/fonderies).<br \/> &#8211; Hyperscalers : Microsoft, Meta, Oracle, Amazon \u2014 qui int\u00e8grent et mon\u00e9tisent l\u2019IA.<br \/> &#8211; Logiciels et mod\u00e8les : OpenAI, Anthropic, etc.<\/p> <p>Cette structure interconnect\u00e9e rappelle celle du secteur des t\u00e9l\u00e9coms avant 2000. Deux pr\u00e9occupations principales \u00e9mergent :<br \/> 1. La rentabilit\u00e9 des investissements massifs dans l\u2019IA.<br \/> 2. Le risque syst\u00e9mique : un choc chez un acteur majeur pourrait se propager \u00e0 tout l\u2019\u00e9cosyst\u00e8me.<\/p> <h3>Valorisation des march\u00e9s et signaux techniques<\/h3> <p>Depuis le creux du 23 mars 2020, le S&#038;P 500 a progress\u00e9 de +232 %. Mais cette croissance est tr\u00e8s concentr\u00e9e : les \u201cMagnificent 7\u201d (Apple, Microsoft, Nvidia, etc.) ont bondi de +772 %, tandis que les 493 autres titres ont affich\u00e9 un rendement globalement n\u00e9gatif.<\/p> <p>Sur le plan fondamental :<br \/> &#8211; Les b\u00e9n\u00e9fices ont cr\u00fb d\u2019environ 150 %.<br \/> &#8211; Les prix de +230 %.<br \/> \u2192 Les valorisations sont environ 33 % au-dessus de leur moyenne post-COVID \u2014 \u00e9lev\u00e9es, mais pas excessives.<\/p> <p>Le graphique technique montre aussi que le march\u00e9 est actuellement 10 % au-dessus de sa moyenne mobile 200 jours. Historiquement, cela s\u2019est produit 10 fois depuis 2005 :<br \/> &#8211; 5 fois, une correction de 10 \u00e0 15 % a suivi.<br \/> &#8211; 5 fois, le march\u00e9 a simplement consolid\u00e9 avant de remonter.<\/p> <h3>Conclusion<\/h3> <p>Les graphiques du 3e trimestre 2025 racontent une histoire de croissance soutenue mais fragile :<br \/> &#8211; Des actifs refuges (or, Bitcoin) dop\u00e9s par la liquidit\u00e9.<br \/> &#8211; Un \u00e9cosyst\u00e8me IA en pleine expansion, potentiellement sur\u00e9valu\u00e9.<br \/> &#8211; Des march\u00e9s boursiers chers mais pas d\u00e9raisonnables.<\/p> <p>En r\u00e9sum\u00e9 : opportunit\u00e9s et vigilance doivent aller de pair. La discipline et la gestion du risque demeurent les meilleurs alli\u00e9s des investisseurs \u00e0 long terme.<\/p>","protected":false},"excerpt":{"rendered":"<p>Aper\u00e7u des March\u00e9s Les march\u00e9s boursiers nord-am\u00e9ricains et europ\u00e9ens continuent d\u2019afficher des rendements nettement sup\u00e9rieurs \u00e0 la moyenne historique. Sur trois ans, les rendements annuels atteignent 23 % \u00e0 30 %, bien au-del\u00e0 de la tendance de long terme de 7 % \u00e0 10 %. Une correction ou un retour \u00e0 la moyenne est donc [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":7240,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1221,1215,1222],"tags":[],"class_list":["post-7237","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 v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Revue du 3e Trimestre 2025 | 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-3e-trimestre-2025\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Revue du 3e Trimestre 2025\" \/>\n<meta property=\"og:description\" content=\"Aper\u00e7u des March\u00e9s Les march\u00e9s boursiers nord-am\u00e9ricains et europ\u00e9ens continuent d\u2019afficher des rendements nettement sup\u00e9rieurs \u00e0 la moyenne historique. Sur trois ans, les rendements annuels atteignent 23 % \u00e0 30 %, bien au-del\u00e0 de la tendance de long terme de 7 % \u00e0 10 %. Une correction ou un retour \u00e0 la moyenne est donc [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ex-ponent.com\/fr\/revue-du-3e-trimestre-2025\/\" \/>\n<meta property=\"og:site_name\" content=\"Exponent Investment Management\" \/>\n<meta property=\"article:published_time\" content=\"2025-10-28T17:08:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-28T19:22:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ex-ponent.com\/wp-content\/uploads\/2025\/10\/Revue-du-Marche-q3-2025.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\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 name=\"twitter:data1\" content=\"Benoit Poliquin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Dur\u00e9e de lecture estim\u00e9e\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/ex-ponent.com\\\/fr\\\/revue-du-3e-trimestre-2025\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/ex-ponent.com\\\/fr\\\/revue-du-3e-trimestre-2025\\\/\"},\"author\":{\"name\":\"Benoit Poliquin\",\"@id\":\"https:\\\/\\\/ex-ponent.com\\\/#\\\/schema\\\/person\\\/4b8f711c65681be978f5551039e52b1d\"},\"headline\":\"Revue du 3e Trimestre 2025\",\"datePublished\":\"2025-10-28T17:08:35+00:00\",\"dateModified\":\"2025-10-28T19:22:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/ex-ponent.com\\\/fr\\\/revue-du-3e-trimestre-2025\\\/\"},\"wordCount\":1095,\"image\":{\"@id\":\"https:\\\/\\\/ex-ponent.com\\\/fr\\\/revue-du-3e-trimestre-2025\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/ex-ponent.com\\\/wp-content\\\/uploads\\\/2025\\\/10\\\/Revue-du-Marche-q3-2025.jpg\",\"articleSection\":[\"Actualit\u00e9s du march\u00e9\",\"Aper\u00e7us\",\"Vid\u00e9os\"],\"inLanguage\":\"fr-FR\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/ex-ponent.com\\\/fr\\\/revue-du-3e-trimestre-2025\\\/\",\"url\":\"https:\\\/\\\/ex-ponent.com\\\/fr\\\/revue-du-3e-trimestre-2025\\\/\",\"name\":\"Revue du 3e Trimestre 2025 | Exponent Investment Management\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/ex-ponent.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/ex-ponent.com\\\/fr\\\/revue-du-3e-trimestre-2025\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/ex-ponent.com\\\/fr\\\/revue-du-3e-trimestre-2025\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/ex-ponent.com\\\/wp-content\\\/uploads\\\/2025\\\/10\\\/Revue-du-Marche-q3-2025.jpg\",\"datePublished\":\"2025-10-28T17:08:35+00:00\",\"dateModified\":\"2025-10-28T19:22:51+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/ex-ponent.com\\\/#\\\/schema\\\/person\\\/4b8f711c65681be978f5551039e52b1d\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/ex-ponent.com\\\/fr\\\/revue-du-3e-trimestre-2025\\\/#breadcrumb\"},\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/ex-ponent.com\\\/fr\\\/revue-du-3e-trimestre-2025\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-FR\",\"@id\":\"https:\\\/\\\/ex-ponent.com\\\/fr\\\/revue-du-3e-trimestre-2025\\\/#primaryimage\",\"url\":\"https:\\\/\\\/ex-ponent.com\\\/wp-content\\\/uploads\\\/2025\\\/10\\\/Revue-du-Marche-q3-2025.jpg\",\"contentUrl\":\"https:\\\/\\\/ex-ponent.com\\\/wp-content\\\/uploads\\\/2025\\\/10\\\/Revue-du-Marche-q3-2025.jpg\",\"width\":1280,\"height\":720},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/ex-ponent.com\\\/fr\\\/revue-du-3e-trimestre-2025\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/ex-ponent.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Revue du 3e Trimestre 2025\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/ex-ponent.com\\\/#website\",\"url\":\"https:\\\/\\\/ex-ponent.com\\\/\",\"name\":\"Exponent Investment Management\",\"description\":\"Trusted Company For Wealth Management\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/ex-ponent.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"fr-FR\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/ex-ponent.com\\\/#\\\/schema\\\/person\\\/4b8f711c65681be978f5551039e52b1d\",\"name\":\"Benoit Poliquin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-FR\",\"@id\":\"https:\\\/\\\/ex-ponent.com\\\/wp-content\\\/uploads\\\/2026\\\/02\\\/Untitled-design-25-150x150.png\",\"url\":\"https:\\\/\\\/ex-ponent.com\\\/wp-content\\\/uploads\\\/2026\\\/02\\\/Untitled-design-25-150x150.png\",\"contentUrl\":\"https:\\\/\\\/ex-ponent.com\\\/wp-content\\\/uploads\\\/2026\\\/02\\\/Untitled-design-25-150x150.png\",\"caption\":\"Benoit Poliquin\"},\"description\":\"Benoit is responsible for the portfolio management and research efforts at Exponent. He is a member of the CFA institute and the CFA Society of Ottawa along with being a Certified Financial Planner in good standing.\",\"sameAs\":[\"https:\\\/\\\/ex-ponent.com\\\/benoit-poliquin\\\/\"],\"url\":\"https:\\\/\\\/ex-ponent.com\\\/fr\\\/author\\\/benoitpoliquin\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Revue du 3e Trimestre 2025 | Exponent Investment Management","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ex-ponent.com\/fr\/revue-du-3e-trimestre-2025\/","og_locale":"fr_FR","og_type":"article","og_title":"Revue du 3e Trimestre 2025","og_description":"Aper\u00e7u des March\u00e9s Les march\u00e9s boursiers nord-am\u00e9ricains et europ\u00e9ens continuent d\u2019afficher des rendements nettement sup\u00e9rieurs \u00e0 la moyenne historique. Sur trois ans, les rendements annuels atteignent 23 % \u00e0 30 %, bien au-del\u00e0 de la tendance de long terme de 7 % \u00e0 10 %. Une correction ou un retour \u00e0 la moyenne est donc [&hellip;]","og_url":"https:\/\/ex-ponent.com\/fr\/revue-du-3e-trimestre-2025\/","og_site_name":"Exponent Investment Management","article_published_time":"2025-10-28T17:08:35+00:00","article_modified_time":"2025-10-28T19:22:51+00:00","og_image":[{"width":1280,"height":720,"url":"https:\/\/ex-ponent.com\/wp-content\/uploads\/2025\/10\/Revue-du-Marche-q3-2025.jpg","type":"image\/jpeg"}],"author":"Benoit Poliquin","twitter_card":"summary_large_image","twitter_misc":{"\u00c9crit par":"Benoit Poliquin","Dur\u00e9e de lecture estim\u00e9e":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ex-ponent.com\/fr\/revue-du-3e-trimestre-2025\/#article","isPartOf":{"@id":"https:\/\/ex-ponent.com\/fr\/revue-du-3e-trimestre-2025\/"},"author":{"name":"Benoit Poliquin","@id":"https:\/\/ex-ponent.com\/#\/schema\/person\/4b8f711c65681be978f5551039e52b1d"},"headline":"Revue du 3e Trimestre 2025","datePublished":"2025-10-28T17:08:35+00:00","dateModified":"2025-10-28T19:22:51+00:00","mainEntityOfPage":{"@id":"https:\/\/ex-ponent.com\/fr\/revue-du-3e-trimestre-2025\/"},"wordCount":1095,"image":{"@id":"https:\/\/ex-ponent.com\/fr\/revue-du-3e-trimestre-2025\/#primaryimage"},"thumbnailUrl":"https:\/\/ex-ponent.com\/wp-content\/uploads\/2025\/10\/Revue-du-Marche-q3-2025.jpg","articleSection":["Actualit\u00e9s du march\u00e9","Aper\u00e7us","Vid\u00e9os"],"inLanguage":"fr-FR"},{"@type":"WebPage","@id":"https:\/\/ex-ponent.com\/fr\/revue-du-3e-trimestre-2025\/","url":"https:\/\/ex-ponent.com\/fr\/revue-du-3e-trimestre-2025\/","name":"Revue du 3e Trimestre 2025 | Exponent Investment Management","isPartOf":{"@id":"https:\/\/ex-ponent.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/ex-ponent.com\/fr\/revue-du-3e-trimestre-2025\/#primaryimage"},"image":{"@id":"https:\/\/ex-ponent.com\/fr\/revue-du-3e-trimestre-2025\/#primaryimage"},"thumbnailUrl":"https:\/\/ex-ponent.com\/wp-content\/uploads\/2025\/10\/Revue-du-Marche-q3-2025.jpg","datePublished":"2025-10-28T17:08:35+00:00","dateModified":"2025-10-28T19:22:51+00:00","author":{"@id":"https:\/\/ex-ponent.com\/#\/schema\/person\/4b8f711c65681be978f5551039e52b1d"},"breadcrumb":{"@id":"https:\/\/ex-ponent.com\/fr\/revue-du-3e-trimestre-2025\/#breadcrumb"},"inLanguage":"fr-FR","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ex-ponent.com\/fr\/revue-du-3e-trimestre-2025\/"]}]},{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/ex-ponent.com\/fr\/revue-du-3e-trimestre-2025\/#primaryimage","url":"https:\/\/ex-ponent.com\/wp-content\/uploads\/2025\/10\/Revue-du-Marche-q3-2025.jpg","contentUrl":"https:\/\/ex-ponent.com\/wp-content\/uploads\/2025\/10\/Revue-du-Marche-q3-2025.jpg","width":1280,"height":720},{"@type":"BreadcrumbList","@id":"https:\/\/ex-ponent.com\/fr\/revue-du-3e-trimestre-2025\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ex-ponent.com\/"},{"@type":"ListItem","position":2,"name":"Revue du 3e Trimestre 2025"}]},{"@type":"WebSite","@id":"https:\/\/ex-ponent.com\/#website","url":"https:\/\/ex-ponent.com\/","name":"Exponent Investment Management","description":"Trusted Company For Wealth Management","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ex-ponent.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"fr-FR"},{"@type":"Person","@id":"https:\/\/ex-ponent.com\/#\/schema\/person\/4b8f711c65681be978f5551039e52b1d","name":"Benoit Poliquin","image":{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/ex-ponent.com\/wp-content\/uploads\/2026\/02\/Untitled-design-25-150x150.png","url":"https:\/\/ex-ponent.com\/wp-content\/uploads\/2026\/02\/Untitled-design-25-150x150.png","contentUrl":"https:\/\/ex-ponent.com\/wp-content\/uploads\/2026\/02\/Untitled-design-25-150x150.png","caption":"Benoit Poliquin"},"description":"Benoit is responsible for the portfolio management and research efforts at Exponent. He is a member of the CFA institute and the CFA Society of Ottawa along with being a Certified Financial Planner in good standing.","sameAs":["https:\/\/ex-ponent.com\/benoit-poliquin\/"],"url":"https:\/\/ex-ponent.com\/fr\/author\/benoitpoliquin\/"}]}},"_links":{"self":[{"href":"https:\/\/ex-ponent.com\/fr\/wp-json\/wp\/v2\/posts\/7237","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ex-ponent.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ex-ponent.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ex-ponent.com\/fr\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/ex-ponent.com\/fr\/wp-json\/wp\/v2\/comments?post=7237"}],"version-history":[{"count":0,"href":"https:\/\/ex-ponent.com\/fr\/wp-json\/wp\/v2\/posts\/7237\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ex-ponent.com\/fr\/wp-json\/wp\/v2\/media\/7240"}],"wp:attachment":[{"href":"https:\/\/ex-ponent.com\/fr\/wp-json\/wp\/v2\/media?parent=7237"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ex-ponent.com\/fr\/wp-json\/wp\/v2\/categories?post=7237"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ex-ponent.com\/fr\/wp-json\/wp\/v2\/tags?post=7237"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}