{"id":7444,"date":"2026-04-27T12:00:44","date_gmt":"2026-04-27T16:00:44","guid":{"rendered":"https:\/\/ex-ponent.com\/?p=7444"},"modified":"2026-04-27T12:00:44","modified_gmt":"2026-04-27T16:00:44","slug":"revue-du-premier-trimestre-2026","status":"publish","type":"post","link":"https:\/\/ex-ponent.com\/fr\/revue-du-premier-trimestre-2026\/","title":{"rendered":"Revue du premier trimestre 2026"},"content":{"rendered":"<p><iframe title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/-eIwS11QkQw?si=EdcbJHNf5kNF2JI-\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p> <pre>Bonjour et bienvenue.<\/pre> <p>Mon nom est Beno\u00eet Poliquin. Je suis le fondateur et l\u2019un des gestionnaires de portefeuille<br \/> chez Exponent Investment Management.<br \/> Vous regardez la revue du premier trimestre 2026.<\/p> <h2>Rendement des march\u00e9s<\/h2> <p>Commen\u00e7ons avec notre tableau de rendement habituel.<br \/> Nous avons connu un trimestre int\u00e9ressant, marqu\u00e9 par de nombreuses nouvelles<br \/> g\u00e9opolitiques. Malgr\u00e9 cela, le march\u00e9 canadien a tr\u00e8s bien perform\u00e9, principalement gr\u00e2ce au<br \/> secteur \u00e9nerg\u00e9tique et \u00e0 la hausse des prix du p\u00e9trole.<\/p> <h3>Aux \u00c9tats-Unis :<\/h3> <ul> <li>Le NASDAQ a recul\u00e9 d\u2019environ 7 %<\/li> <li>Le S&amp;P 500 a recul\u00e9 d\u2019environ 3 %, avec une forte pond\u00e9ration technologique (~40 %)<\/li> <\/ul> <h3>Sur un horizon plus long :<\/h3> <ul> <li>Les rendements sur 3 ans demeurent bien au-dessus de la tendance historique<\/li> <li>Les rendements \u00e0 long terme (10 \u00e0 15 ans) se situent g\u00e9n\u00e9ralement entre 6 % et 10 %<\/li> <li>Nous sommes actuellement au-dessus de cette moyenne<\/li> <\/ul> <h3>\u00c0 l\u2019international :<\/h3> <ul> <li>Les march\u00e9s europ\u00e9ens ont bien perform\u00e9, malgr\u00e9 leur d\u00e9pendance au p\u00e9trole du<br \/> Moyen-Orient<\/li> <li>Les march\u00e9s \u00e9mergents (dont ~50 % en Chine) ont g\u00e9n\u00e9r\u00e9 un rendement d\u2019environ<br \/> 1,6 %<\/li> <li>Le dollar am\u00e9ricain est relativement stable face au dollar canadien<\/li> <\/ul> <h2>Obligations, p\u00e9trole et taux d\u2019int\u00e9r\u00eat<\/h2> <ul> <li>Les obligations offrent peu de rendement depuis 3 ans (principalement le revenu<br \/> d\u2019int\u00e9r\u00eat)<\/li> <li>L\u00e9ger recul au dernier trimestre<\/li> <li>Le p\u00e9trole a connu un excellent trimestre<\/li> <li>L\u2019or est rest\u00e9 relativement stable sur le trimestre, mais en forte hausse sur une plus<br \/> longue p\u00e9riode<\/li> <\/ul> <p>Taux d\u2019int\u00e9r\u00eat au Canada :<\/p> <ul> <li>Environ 3,47 % sur 10 ans<\/li> <li>3 % sur 5 ans<\/li> <li>2,6 % sur 1 an<\/li> <\/ul> <p>Les CPG (GIC) offrent g\u00e9n\u00e9ralement environ 1 % de plus :<\/p> <ul> <li>3,6 % sur 1 an<\/li> <li>4 % sur 5 ans<\/li> <\/ul> <h2>Ce qui influence r\u00e9ellement les march\u00e9s<\/h2> <p>Malgr\u00e9 les manchettes, les march\u00e9s r\u00e9agissent surtout \u00e0 deux \u00e9l\u00e9ments :<\/p> <ol> <li>Les attentes de croissance des b\u00e9n\u00e9fices (cash flows)<\/li> <li>Les taux d\u2019int\u00e9r\u00eat et leurs perspectives<\/li> <\/ol> <p>Les \u00e9v\u00e9nements g\u00e9opolitiques peuvent cr\u00e9er de la volatilit\u00e9 \u00e0 court terme, mais l\u2019impact est<br \/> g\u00e9n\u00e9ralement temporaire.<\/p> <h2>L\u2019\u00e9valuation des actifs (DCF)<\/h2> <p>Les investisseurs utilisent le concept d\u2019actualisation des flux de tr\u00e9sorerie (Discounted Cash<br \/> Flow) :<\/p> <ul> <li>On estime les profits futurs<\/li> <li>On les actualise selon les taux d\u2019int\u00e9r\u00eat<\/li> <\/ul> <p>Donc :<\/p> <ul> <li>Hausse des taux \u2192 baisse de la valeur<\/li> <li>Baisse des taux \u2192 hausse de la valeur<\/li> <\/ul> <p>Exemples :<\/p> <ul> <li>2022 : hausse rapide des taux \u2192 chute des march\u00e9s<\/li> <li>2020 (COVID) : baisse des attentes de profits \u2192 chute des march\u00e9s<\/li> <\/ul> <h2>Comportement des march\u00e9s<\/h2> <p>Les march\u00e9s ont recul\u00e9 bri\u00e8vement en mars avec les nouvelles du Moyen-Orient, mais ont<br \/> rapidement rebondi.<\/p> <p>Point cl\u00e9 :<\/p> <p>Les march\u00e9s remontent lorsque les nouvelles deviennent \u201cmoins mauvaises\u201d, pas<br \/> n\u00e9cessairement lorsqu\u2019elles sont enti\u00e8rement r\u00e9solues.<\/p> <h2>Indice de volatilit\u00e9 (VIX)<\/h2> <p>Le VIX, ou \u00ab indice d\u2019anxi\u00e9t\u00e9 \u00bb :<\/p> <ul> <li>Augmente lorsque les investisseurs sont nerveux<\/li> <li>Est pass\u00e9 d\u2019environ 18 \u00e0 plus de 30 en mars<\/li> <li>Puis est revenu vers des niveaux plus normaux (~18\u201320)<\/li> <\/ul> <h2>Croissance des b\u00e9n\u00e9fices<\/h2> <ul> <li>Les attentes de croissance ont augment\u00e9 dans la technologie et l\u2019\u00e9nergie<\/li> <li>Ont diminu\u00e9 dans certains secteurs<\/li> <\/ul> <p>Encore une fois :<\/p> <p>Les march\u00e9s suivent les attentes de profits et les taux d\u2019int\u00e9r\u00eat<\/p> <h2>Intelligence artificielle (IA)<\/h2> <p>Deux concepts importants :<\/p> <h3>1. Destruction cr\u00e9atrice<\/h3> <ul> <li>Innovation \u2192 afflux de capitaux \u2192 surinvestissement<\/li> <li>Compression des rendements<\/li> <li>Disparition des acteurs plus faibles<\/li> <li>\u00c9mergence de nouveaux gagnants<\/li> <\/ul> <p>Exemple : industrie automobile (200+ entreprises \u2192 une douzaine)<\/p> <h3>2. Paradoxe de Jevons<\/h3> <ul> <li>Quand une technologie devient :<\/li> <li>Moins ch\u00e8re<\/li> <li>Plus efficace<\/li> <li>\u2192 Son utilisation augmente<\/li> <\/ul> <h3>Notre approche de l\u2019IA<\/h3> <ul> <li>Nous ne changeons pas fondamentalement notre strat\u00e9gie<\/li> <li>Nous privil\u00e9gions : <ul> <li>Des entreprises bien g\u00e9r\u00e9es<\/li> <li>Des bilans solides<\/li> <li>Des flux de tr\u00e9sorerie stables<\/li> <\/ul> <\/li> <\/ul> <p>Nous recherchons :<\/p> <ul> <li>Des entreprises qui b\u00e9n\u00e9ficient de l\u2019IA (directement ou indirectement)<\/li> <\/ul> <p>Exemples :<\/p> <ul> <li>Certaines entreprises comme Thomson Reuters ou Paychex pourraient profiter de l\u2019IA<\/li> <li>Nous croyons que ces industries ne seront pas remplac\u00e9es, mais plut\u00f4t am\u00e9lior\u00e9es<\/li> <\/ul> <h2>Points cl\u00e9s du trimestre<\/h2> <ul> <li>Les march\u00e9s ont bien r\u00e9sist\u00e9 malgr\u00e9 des manchettes n\u00e9gatives<\/li> <li>La croissance des b\u00e9n\u00e9fices se poursuit<\/li> <li>Les taux d\u2019int\u00e9r\u00eat demeurent relativement stables<\/li> <li>L\u2019IA est un facteur \u00e0 suivre, sans \u00eatre un moteur principal<\/li> <\/ul> <h2>Nouvelles de la firme<\/h2> <ul> <li>John Vachon dirige d\u00e9sormais notre volet planification successorale <ul> <li>R\u00e9vision des assurances<\/li> <li>Optimisation fiscale<\/li> <li>Objectifs philanthropiques<\/li> <\/ul> <\/li> <li>Arriv\u00e9e de la rel\u00e8ve : <ul> <li>Mitch Cadieux, gestionnaire de portefeuille associ\u00e9<\/li> <li>Il travaillera avec moi et rencontrera plusieurs clients<\/li> <\/ul> <\/li> <\/ul> <p>Cette nouvelle g\u00e9n\u00e9ration apporte :<\/p> <ul> <li>Une perspective diff\u00e9rente<\/li> <li>Du dynamisme<\/li> <li>Un soutien \u00e0 notre croissance<\/li> <\/ul> <h2>Conclusion<\/h2> <p>Merci beaucoup pour votre attention.<br \/> Si vous avez des questions ou des commentaires, n\u2019h\u00e9sitez pas \u00e0 nous \u00e9crire \u00e0 l\u2019adresse<br \/> indiqu\u00e9e \u00e0 l\u2019\u00e9cran.<\/p>","protected":false},"excerpt":{"rendered":"<p>Bonjour et bienvenue. Mon nom est Beno\u00eet Poliquin. Je suis le fondateur et l\u2019un des gestionnaires de portefeuille chez Exponent Investment Management. Vous regardez la revue du premier trimestre 2026. Rendement des march\u00e9s Commen\u00e7ons avec notre tableau de rendement habituel. Nous avons connu un trimestre int\u00e9ressant, marqu\u00e9 par de nombreuses nouvelles g\u00e9opolitiques. Malgr\u00e9 cela, le [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":7445,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1221,1215,1222],"tags":[],"class_list":["post-7444","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 v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Revue du premier trimestre 2026 | 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-premier-trimestre-2026\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Revue du premier trimestre 2026\" \/>\n<meta property=\"og:description\" content=\"Bonjour et bienvenue. Mon nom est Beno\u00eet Poliquin. Je suis le fondateur et l\u2019un des gestionnaires de portefeuille chez Exponent Investment Management. Vous regardez la revue du premier trimestre 2026. Rendement des march\u00e9s Commen\u00e7ons avec notre tableau de rendement habituel. Nous avons connu un trimestre int\u00e9ressant, marqu\u00e9 par de nombreuses nouvelles g\u00e9opolitiques. 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