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Contactez votre représentant Robeco pour plus d'informations ou lisez ",[],{"nodeType":952,"data":953,"content":955},"hyperlink",{"uri":954},"https://www.robeco.com/docm/docu-robeco-myrobeco-clientportal-brochure.pdf",[956],{"nodeType":17,"data":957,"value":958,"marks":959},{},"la brochure MyRobeco",[],{"nodeType":17,"data":961,"value":606,"marks":962},{},[],{"id":964,"items":965},"5iTIOUkYYtQSeSZYluAfoB",[966,971],{"id":967,"internal":968,"title":969,"url":970},"2LhyOnhfpCcaQabHry6y8V","settings","Settings","/portal#/settings/profile",{"id":972,"internal":973,"title":974,"url":975},"4UvrdpaXTbVZvsrOorhZT0","faq","FAQ","/portal/faq",[],[978,1041,1067,1101,1132,1170,1214,1245,1294],{"id":131,"title":979,"text":980,"design":1039,"type":130},"Mesurer la réussite : trois stratégies, trois paramètres",{"nodeType":9,"data":981,"content":982},{},[983,990,1025],{"nodeType":13,"data":984,"content":985},{},[986],{"nodeType":17,"data":987,"value":988,"marks":989},{},"Pour évaluer les stratégies Conservative Equities de Robeco, nous examinons les performances depuis leur lancement dans trois grandes régions : les marchés développés mondiaux, l'Europe et les marchés émergents. Chaque stratégie a été évaluée à l'aide de trois paramètres :",[],{"nodeType":991,"data":992,"content":993},"unordered-list",{},[994,1005,1015],{"nodeType":995,"data":996,"content":997},"list-item",{},[998],{"nodeType":13,"data":999,"content":1000},{},[1001],{"nodeType":17,"data":1002,"value":1003,"marks":1004},{},"L'alpha par rapport à l'indice de marché",[],{"nodeType":995,"data":1006,"content":1007},{},[1008],{"nodeType":13,"data":1009,"content":1010},{},[1011],{"nodeType":17,"data":1012,"value":1013,"marks":1014},{},"L'alpha par rapport à l'indice de volatilité minimale (MinVol)",[],{"nodeType":995,"data":1016,"content":1017},{},[1018],{"nodeType":13,"data":1019,"content":1020},{},[1021],{"nodeType":17,"data":1022,"value":1023,"marks":1024},{},"L'alpha par rapport à l'indice de marché, corrigé pour un beta cible de 0,7",[],{"nodeType":13,"data":1026,"content":1027},{},[1028,1032,1036],{"nodeType":1029,"data":1030,"key":1031},"break",{},"break-0-0",{"nodeType":17,"data":1033,"value":1034,"marks":1035},{},"Cela fait neuf scores au total et huit d'entre eux étaient positifs. La seule exception concerne la stratégie Marchés développés par rapport à l'indice MSCI World, pour laquelle une surperformance de 20 points de base sur 18 ans n'est pas économiquement significative.",[],{"nodeType":1029,"data":1037,"key":1038},{},"break-0-1",{"alignment":1040},"100 Center",{"id":134,"internal":1042,"title":1043,"image":1044,"source":1049,"design":1065,"type":133},"2025-05-21 | 8 out of 9: Conservative Equities scores - 02","Graphique 1 I Alpha des stratégies Conservative Equities Marchés mondiaux, Marchés européens et Marchés émergents depuis leur lancement",{"id":1045,"src":1046,"width":1047,"height":1048,"alt":64},"3MH3ZkbUoMYfQX3ch19SSv","//images.ctfassets.net/tl4x668xzide/3MH3ZkbUoMYfQX3ch19SSv/32eed1a1ddb1096ace90efca6ea8c004/20250521-8-out-of-9-conservative-equities-scores-fig1.jpg",800,285,{"nodeType":9,"data":1050,"content":1051},{},[1052],{"nodeType":13,"data":1053,"content":1054},{},[1055,1061],{"nodeType":17,"data":1056,"value":1057,"marks":1058},{},"Les performances passées ne préjugent pas des performances futures. La valeur de vos investissements peut fluctuer. Source",[1059],{"type":1060},"bold",{"nodeType":17,"data":1062,"value":1063,"marks":1064},{},". Robeco Performance Measurement. Indice : MSCI World, MSCI Europe, MSCI Emerging Markets et indices MSCI Minimum Volatility correspondants. Portefeuille, Part et date de lancement : Robeco QI Institutional Developed Conservative Equities (« Global »), septembre 2006 ; Robeco QI European Conservative Equities B EUR (« European »), août 2007 ; Robeco QI Emerging Conservative Equities I EUR (« Emerging »), février 2011. Tous les chiffres sont en euros. Données au 30 avril 2025. Performances brutes de frais, sur la base de la valeur brute d'inventaire. Si la devise dans laquelle la performance passée est indiquée n'est pas celle du pays dans lequel vous résidez, vous devez être conscient qu'en raison des fluctuations de taux de change, la performance indiquée peut être inférieure ou supérieure une fois convertie dans votre devise locale. Depuis le lancement, la performance est calculée à partir du premier mois complet. Les périodes inférieures à un an ne sont pas annualisées. Les valeurs et les performances indiquées sont présentées brutes de frais ; les données de performance ne prennent pas en compte les commissions ni les frais encourus relatifs à l'émission ou au rachat de Parts. Ceux-ci ont un effet négatif sur les performances indiquées.",[],{"background":1066},"White",{"id":136,"title":1068,"text":1069,"design":1100,"type":130},"Réduire les pertes, améliorer la capitalisation",{"nodeType":9,"data":1070,"content":1071},{},[1072],{"nodeType":13,"data":1073,"content":1074},{},[1075,1079,1081,1083,1087,1090,1093,1097],{"nodeType":17,"data":1076,"value":1077,"marks":1078},{},"La caractéristique des stratégies Conservative Equities est de « gagner en réduisant les pertes » En se concentrant sur la protection contre les baisses, les stratégies visent à lisser le parcours d'investissement. Lorsque les marchés ont chuté de plus de 10 %, la stratégie Global Conservative de Robeco a réduit les pertes de 31 % en moyenne, par rapport à l'indice MSCI World. Les stratégies European et Emerging ont montré des résultats similaires.",[],{"nodeType":1029,"data":1080,"key":1031},{},{"nodeType":1029,"data":1082,"key":1038},{},{"nodeType":17,"data":1084,"value":1085,"marks":1086},{},"Cela a plus d'importance qu'il n'y paraît : par exemple, une perte de -22 % nécessite un gain asymétrique de +28 % pour atteindre le seuil de rentabilité. La réduction des pertes améliore la capitalisation à long terme, qui est au cœur d'une croissance robuste des portefeuilles.",[],{"nodeType":1029,"data":1088,"key":1089},{},"break-0-2",{"nodeType":1029,"data":1091,"key":1092},{},"break-0-3",{"nodeType":17,"data":1094,"value":1095,"marks":1096},{},"Sur un cycle complet, les actions défensives devraient offrir des rendements similaires à ceux des actions avec un risque plus faible. Robeco vise une surperformance d'au moins 2,0 % par rapport au marché sur une base corrigée du beta. Cette barre a été franchie pour les trois stratégies. En fait, pour les marchés émergents, la stratégie a largement dépassé les attentes, grâce à des signaux alpha plus forts et à un environnement favorable aux actions à faible volatilité.",[],{"nodeType":1029,"data":1098,"key":1099},{},"break-0-4",{"alignment":1040},{"id":138,"title":1102,"text":1103,"design":1131,"type":130},"Deux décennies, deux histoires",{"nodeType":9,"data":1104,"content":1105},{},[1106],{"nodeType":13,"data":1107,"content":1108},{},[1109,1113,1115,1117,1121,1123,1125,1129],{"nodeType":17,"data":1110,"value":1111,"marks":1112},{},"Depuis leur lancement jusqu'en 2014, les stratégies Conservative Equities ont prospéré dans un monde à faible rendement. Nos stratégies Global, European et Emerging ont toutes affiché une importante surperformance par rapport aux indices de marché et MinVol. L'intégration prudente de facteurs de valorisation a permis d'atténuer le risque de voir les valeurs défensives devenir trop onéreuses à mesure qu'elles gagnaient en popularité auprès des investisseurs.",[],{"nodeType":1029,"data":1114,"key":1031},{},{"nodeType":1029,"data":1116,"key":1038},{},{"nodeType":17,"data":1118,"value":1119,"marks":1120},{},"Mais de 2015 à 2024, les marchés ont évolué de manière spectaculaire. Alimentés notamment par l'essor des grandes entreprises technologiques, les marchés développés se sont envolés. Le rendement annualisé de +11,7 % du MSCI World a créé une référence difficile pour les stratégies défensives. Bien que la stratégie Global Conservative de Robeco ait enregistré un rendement annuel élevé de +9,4 %, elle n'a pas été à la hauteur de l'indice.",[],{"nodeType":1029,"data":1122,"key":1089},{},{"nodeType":1029,"data":1124,"key":1092},{},{"nodeType":17,"data":1126,"value":1127,"marks":1128},{},"Néanmoins, la stratégie a tout de même surperformé l'indice MinVol   et a continué à offrir une protection contre le risque de baisse. Les stratégies European et Emerging ont encore mieux résisté, Emerging surperformant à la fois les indice de marché et MinVol pendant cette période de rendement élevé.",[],{"nodeType":1029,"data":1130,"key":1099},{},{"alignment":1040},{"id":141,"internal":1133,"title":1134,"layoutType":1135,"relatedFunds":1136,"relatedShareClasses":1166,"charts":1167,"design":1168,"type":140},"QI Emerging Conservative Eq, QI European Conservative Eq, QI Global Developed Conservative Eq | Ribbon White - H3","Related funds","Ribbon",[1137,1156],{"id":1138,"title":1138,"url":1139,"date":1140,"currentDate":1141,"size":1142,"method":1143,"disclaimers":1144,"tableData":1148},"QI Emerging Conservative Equities D EUR","{{prefix}}-lu0582533245/robeco-qi-emerging-conservative-equities-d-eur",1780185600000,1784073600000,90532606.8,"Annualized",[1145,1146,1147],"fund.detail.general.performance-disclaimer","fund.detail.tabs.performance-costs.performance-table.annualized-method","fund.detail.tabs.performance-costs.performance-table.return-type.transaction",{"performanceYtd":1149,"performance3Y":1150,"rating":1151,"sfdr":1152,"dividend":1153,"currentPrice":1154,"inception":1155},19.1750982251911,15.1857938557038,3,"article8","No",282.23,1297641600000,{"id":1157,"title":1157,"url":1158,"date":1140,"currentDate":1141,"size":1159,"method":1143,"disclaimers":1160,"tableData":1161},"QI European Conservative Equities D EUR","{{prefix}}-lu0339661307/robeco-qi-european-conservative-equities-d-eur",105374695.25,[1145,1146,1147],{"performanceYtd":1162,"performance3Y":1163,"rating":1151,"sfdr":1152,"dividend":1153,"currentPrice":1164,"inception":1165},9.0092508048824,14.0749110947743,324.57,1201219200000,[],[],{"title":1169,"background":1066},"H3 Title",{"id":143,"title":1171,"text":1172,"design":1213,"type":130},"Pourquoi ce retard dans les marchés développés ?",{"nodeType":9,"data":1173,"content":1174},{},[1175],{"nodeType":13,"data":1176,"content":1177},{},[1178,1182,1196,1200,1203,1206,1210],{"nodeType":17,"data":1179,"value":1180,"marks":1181},{},"La domination d'une poignée de grandes valeurs technologiques américaines – les « ",[],{"nodeType":591,"data":1183,"content":1191},{"target":1184,"type":29,"props":1187},{"sys":1185},{"id":1186,"type":27,"linkType":28},"6HhZuaunv24rRhBigNr0E5",{"id":1186,"internal":1188,"title":1189,"url":1190,"isAllowed":34},"Glossary - Thematic investing - Magnificent Seven","Magnificent Seven","/glossaire/investissement-thematique/magnificent-seven",[1192],{"nodeType":17,"data":1193,"value":1194,"marks":1195},{},"Sept Magnifiques",[],{"nodeType":17,"data":1197,"value":1198,"marks":1199},{}," » – explique en grande partie le retard des marchés développés. Ces actions ont tendance à être très volatiles et sont souvent exclues ou sous-pondérées dans les portefeuilles à faible risque. Si certaines, comme Apple et Microsoft, sont plus stables et souvent incluses dans le portefeuille de Robeco, d'autres, comme Tesla ou NVIDIA, n'obtiennent généralement pas de bons résultats en termes de faible risque ou de valorisation.",[],{"nodeType":1029,"data":1201,"key":1202},{},"break-2-0",{"nodeType":1029,"data":1204,"key":1205},{},"break-2-1",{"nodeType":17,"data":1207,"value":1208,"marks":1209},{},"Cette asymétrie dans la composition de l'indice a créé un environnement exceptionnellement difficile pour les stratégies à faible risque. Mais le vent est peut-être en train de tourner.",[],{"nodeType":1029,"data":1211,"key":1212},{},"break-2-2",{"alignment":1040},{"id":145,"title":1215,"text":1216,"design":1244,"type":130},"Perspectives : privilégier une approche défensive",{"nodeType":9,"data":1217,"content":1218},{},[1219],{"nodeType":13,"data":1220,"content":1221},{},[1222,1226,1228,1230,1234,1236,1238,1242],{"nodeType":17,"data":1223,"value":1224,"marks":1225},{},"Nous pensons que les perspectives actuelles pour les actions à faible volatilité sont plutôt favorables, ceci sur la base de trois observations. La première est que la durée du leadership actuel des valeurs cycliques (y compris les grandes entreprises technologiques) sur les valeurs défensives a été exceptionnellement longue : l'histoire indique qu'une inversion est probable et lorsque cela se produit, les stratégies à faible risque excellent généralement. ",[],{"nodeType":1029,"data":1227,"key":1031},{},{"nodeType":1029,"data":1229,"key":1038},{},{"nodeType":17,"data":1231,"value":1232,"marks":1233},{},"La deuxième observation est que, les marchés américains se négociant à des multiples de valorisation historiquement élevés, le potentiel de correction du marché s'est accru. Les recherches de Robeco montrent que dans les scénarios de contraction des multiples, les stratégies actions défensives sont susceptibles de surperformer. ",[],{"nodeType":1029,"data":1235,"key":1089},{},{"nodeType":1029,"data":1237,"key":1092},{},{"nodeType":17,"data":1239,"value":1240,"marks":1241},{},"La troisième observation est que nos stratégies Conservative Equities se négocient avec une décote par rapport à leur indice de marché respectif – les attentes concernant les actions à faible volatilité sont plutôt faibles, tandis que les fondamentaux semblent solides. Nous pensons que cet écart de valorisation, ou marge de sécurité, sera un atout pour les investisseurs à long terme dans les stratégies Conservative Equities, et nous prévoyons une décote similaire pour la stratégie Emerging, ainsi qu'une décote plus faible pour notre stratégie European. ",[],{"nodeType":1029,"data":1243,"key":1099},{},{"alignment":1040},{"id":147,"title":1246,"text":1247,"design":1293,"type":130},"Se positionner pour la résilience",{"nodeType":9,"data":1248,"content":1249},{},[1250,1282,1288],{"nodeType":13,"data":1251,"content":1252},{},[1253,1257,1259,1261,1265,1279],{"nodeType":17,"data":1254,"value":1255,"marks":1256},{},"Si le sentiment des investisseurs pour les valeurs défensives s'est détérioré à l'ère de la domination des grandes entreprises technologiques américaines, les valorisations élevées des actions américaines, les risques de concentration croissants et la volatilité accrue suggèrent que la tendance pourrait s'inverser. Le leadership du marché est cyclique et les stratégies Conservative Equities de Robeco ont historiquement prospéré dans des environnements de rendements modérés des actions et de volatilité accrue. ",[],{"nodeType":1029,"data":1258,"key":1031},{},{"nodeType":1029,"data":1260,"key":1038},{},{"nodeType":17,"data":1262,"value":1263,"marks":1264},{},"En restant rigoureusement concentrée sur la réduction des risques, la stabilité des fondamentaux et la prise en compte des valorisations, la stratégie reste bien positionnée pour ceux qui recherchent la résilience et une solution qui a fait ses preuves : ",[],{"nodeType":591,"data":1266,"content":1274},{"target":1267,"type":29,"props":1270},{"sys":1268},{"id":1269,"type":27,"linkType":28},"1cqE3oC3n6RvLtakEj1o6j",{"id":1269,"internal":1271,"title":1272,"url":1273,"isAllowed":34},"2022-07-21 | Quant chart: Winning by losing less","Quant chart: Winning by losing less","/actualites/2022/07/quant-chart-winning-by-losing-less",[1275],{"nodeType":17,"data":1276,"value":1277,"marks":1278},{},"gagner en réduisant les pertes",[],{"nodeType":17,"data":1280,"value":606,"marks":1281},{},[],{"nodeType":22,"data":1283,"content":1287},{"target":1284,"type":29,"props":1286},{"sys":1285},{"id":26,"type":27,"linkType":28},{"id":26,"internal":31,"title":32,"url":33,"external":34,"openInNewWindow":34,"variant":35},[],{"nodeType":13,"data":1289,"content":1290},{},[1291],{"nodeType":1029,"data":1292,"key":1031},{},{"alignment":1040},{"id":150,"title":1295,"text":1296,"link":1306,"design":1307,"type":149},"Bénéficiez de nos derniers points de vue",{"nodeType":9,"data":1297,"content":1298},{},[1299],{"nodeType":13,"data":1300,"content":1301},{},[1302],{"nodeType":17,"data":1303,"value":1304,"marks":1305},{},"Abonnez-vous à notre newsletter pour recevoir des mises à jour sur les investissements et des analyses d'experts.",[],{"id":627,"internal":628,"title":629,"url":630,"variant":631},{"cirle":1308,"background":1066},"Blue-Orange"]