\n Ratio cours\/b\u00e9n\u00e9fice des 12 derniers mois de l\u2019indice S&P 600 des\n soci\u00e9t\u00e9s \u00e0 petite capitalisation par rapport \u00e0 celui de l\u2019indice\n S&P 500 (C\/B SML\/SPX)\n <\/h4>\n \n \n ![\"Ratio](\"https:\/\/www.rbcwealthmanagement.com\/fr-ca\/wp-content\/uploads\/sites\/6\/2023\/02\/can-small-caps-go-distance-fr-chart-1.png\"\n)
\n \n Le graphique lin\u00e9aire montre le ratio cours\/b\u00e9n\u00e9fice des 12 derniers\n mois de l\u2019indice S&P 600 des soci\u00e9t\u00e9s \u00e0 petite capitalisation par\n rapport \u00e0 celui de l\u2019indice S&P 500 (ratio C\/B du SML divis\u00e9 par le\n ratio C\/B du SPX), et ce, depuis 2004, ainsi que le ratio moyen. Le\n ratio moyen est de 1 32x. Au d\u00e9but de 2024, le ratio a augment\u00e9 \u00e0\n environ 1 6. Il a ensuite rapidement baiss\u00e9 pour se situer entre\n 1 1 et 1 3 et est demeur\u00e9 dans cette fourchette pendant la\n majeure partie de 2009. Au milieu de 2009, il a commenc\u00e9 \u00e0 grimper et\n a atteint un sommet de 2 1 en avril 2010. Par la suite, il a\n recul\u00e9 progressivement, glissant juste en de\u00e7\u00e0 de 1 0 jusqu\u2019en\n avril 2020. Puis, il a rebondi \u00e0 pr\u00e8s de 2 0 en janvier 2021. \u00c0\n partir de l\u00e0, il a chut\u00e9 brusquement pour tomber \u00e0 un niveau inf\u00e9rieur\n \u00e0 0 9 en septembre 2021.\n <\/p>\n \n Sources : RBC Gestion de patrimoine, Bloomberg; donn\u00e9es mensuelles\n jusqu\u2019au 17 janvier 2024\n <\/p>\n <\/div>\n <\/div>\n
\n Les actions de soci\u00e9t\u00e9s \u00e0 petite capitalisation poss\u00e8dent des\n caract\u00e9ristiques prometteuses\n <\/h2>\n \n - \n Les valorisations sont int\u00e9ressantes. <\/strong>Comme l\u2019illustre\n le graphique de la page 1, l\u2019indice S&P 600 des soci\u00e9t\u00e9s \u00e0 petite\n capitalisation se n\u00e9gocie pr\u00e8s de son creux des 20 derni\u00e8res ann\u00e9es par\n rapport au S&P 500 sur la base du ratio C\/B sur 12 mois. L\u2019indice\n des petites capitalisations se n\u00e9gocie \u00e9galement \u00e0 un escompte relatif\n appr\u00e9ciable lorsque les pr\u00e9visions de b\u00e9n\u00e9fices sont prises en compte,\n et ses ratios C\/B actuel et pr\u00e9visionnel sont inf\u00e9rieurs \u00e0 leur moyenne\n historique. Selon les ratios cours\/chiffre d\u2019affaires, qui nous semblent\n plus importants pour les petites capitalisations, nous estimons que les\n deux indices sont raisonnables, puisqu\u2019ils fr\u00f4lent leur moyenne \u00e0 long\n terme\n <\/li>\n
- \n
Les petites capitalisations se portent g\u00e9n\u00e9ralement bien durant les\n cycles d\u2019assouplissement de la R\u00e9serve f\u00e9d\u00e9rale am\u00e9ricaine\n (Fed).<\/strong\n >\n Depuis la fin des ann\u00e9es 1970, les actions \u00e0 petite capitalisation ont\n eu tendance \u00e0 se n\u00e9gocier \u00e0 la hausse lorsque la Fed a abaiss\u00e9 son taux\n directeur et ont \u00e9prouv\u00e9 des difficult\u00e9s la plupart du temps lorsque les\n taux ont mont\u00e9, selon les travaux de Mme Calvasina. Nous sommes d\u2019avis\n que la Fed devrait commencer \u00e0 r\u00e9duire son taux au milieu de l\u2019ann\u00e9e.\n <\/li>\n - \n
Les bilans semblent sains et les probl\u00e8mes de financement, moins\n graves que pr\u00e9vu. <\/strong\n >Les hausses de taux muscl\u00e9es d\u00e9cr\u00e9t\u00e9es par la Fed ont nui aux actions\n de soci\u00e9t\u00e9s \u00e0 petite capitalisation pendant une bonne partie de l\u2019ann\u00e9e\n derni\u00e8re. Les investisseurs redoutaient en effet que les taux \u00e9lev\u00e9s\n appliqu\u00e9s aux nouvelles \u00e9missions de titres de cr\u00e9ance et aux nouveaux\n pr\u00eats restreignent consid\u00e9rablement les bilans. Les soci\u00e9t\u00e9s \u00e0 petite\n capitalisation d\u00e9pendent davantage du financement externe que leurs\n homologues \u00e0 grande capitalisation. Toutefois, les donn\u00e9es de\n Mme Calvasina montrent que les soci\u00e9t\u00e9s \u00e0 petite capitalisation ne sont\n pas aussi lourdement endett\u00e9es qu\u2019on aurait pu le croire, car elles ont\n de plus en plus souvent opt\u00e9 pour un financement \u00e0 long terme. Le taux\n d\u2019int\u00e9r\u00eat effectif des soci\u00e9t\u00e9s de l\u2019indice Russell 2000 se situait\n entre 4 8 % et 5 1 % en d\u00e9cembre 2023, ce qui est nettement\n inf\u00e9rieur aux co\u00fbts de financement moyens depuis 1989 et l\u00e9g\u00e8rement en\n de\u00e7\u00e0 de la moyenne depuis 2003.\n <\/li>\n - \n
La diversification de leur portefeuille a des avantages qui ne se\n limitent pas \u00e0 la taille.<\/strong\n >\n Les pond\u00e9rations sectorielles diff\u00e8rent largement entre les indices de\n soci\u00e9t\u00e9s \u00e0 grande capitalisation et les indices de soci\u00e9t\u00e9s \u00e0 petite\n capitalisation. Les secteurs de la technologie de l\u2019information et des\n services de communications ont une pond\u00e9ration beaucoup plus \u00e9lev\u00e9e dans\n l\u2019indice S&P 500, tandis que les secteurs tributaires de la\n conjoncture \u00e9conomique (cycliques) comme les produits industriels, la\n finance, la consommation discr\u00e9tionnaire et l\u2019immobilier sont plus\n fortement pond\u00e9r\u00e9s dans les indices de titres \u00e0 petite capitalisation,\n comme le montre le tableau. En outre, les dix titres les plus importants\n du S&P 500 repr\u00e9sentent pas moins de 30 9 % de l\u2019indice (ce qui\n comprend les titres technologiques des \u00ab sept merveilles \u00bb), tandis que\n les dix titres les plus importants du S&P 600 des soci\u00e9t\u00e9s \u00e0 petite\n capitalisation et du Russell 2000 ne constituent que 5 8 % et\n 3 3 % des indices, respectivement. Ceux-ci sont donc beaucoup plus\n diversifi\u00e9s.\n <\/li>\n <\/ul>\n \n Les pond\u00e9rations sectorielles et d\u2019autres caract\u00e9ristiques diff\u00e8rent\n largement entre les indices de soci\u00e9t\u00e9s \u00e0 grande capitalisation et les\n indices de soci\u00e9t\u00e9s \u00e0 petite capitalisation.\n <\/h3>\n \n \n \n \n <\/th>\n \n S&P 500 (grande cap.)\n <\/th>\n \n S&P SmallCap
\n 600\n <\/th>\n \n Russell 2000 (petite cap.)\n <\/th>\n <\/tr>\n <\/thead>\n \n \n \n Pond\u00e9rations sectorielles<\/strong>\n <\/td>\n <\/tr>\n \n \n Services de communication<\/td>\n 8,6 %<\/td>\n 2,7 %<\/td>\n 1,4 %<\/td>\n <\/tr>\n \n Cons. discr\u00e9tionnaire<\/td>\n 10,9 %<\/td>\n 14,8 %<\/td>\n 13,3 %<\/td>\n <\/tr>\n \n Consommation de base<\/td>\n 6,2 %<\/td>\n 4,4 %<\/td>\n 2,8 %<\/td>\n <\/tr>\n \n \u00c9nergie<\/td>\n 3,9 %<\/td>\n 4,2 %<\/td>\n 7,4 %<\/td>\n <\/tr>\n \n Finance<\/td>\n 13,0 %<\/td>\n 18,5 %<\/td>\n 16,0 %<\/td>\n <\/tr>\n \n Soins de sant\u00e9<\/td>\n 12,6 %<\/td>\n 10,4 %<\/td>\n 15,1 %<\/td>\n <\/tr>\n \n Produits industriels<\/td>\n 8,8 %<\/td>\n 17,2 %<\/td>\n 18,4 %<\/td>\n <\/tr>\n \n Techn. de l\u2019information<\/td>\n 28,9 %<\/td>\n 12,0 %<\/td>\n 12,6 %<\/td>\n <\/tr>\n \n Mati\u00e8res<\/td>\n 2,4 %<\/td>\n 5,9 %<\/td>\n 3,9 %<\/td>\n <\/tr>\n \n Immobilier<\/td>\n 2,5 %<\/td>\n 7,7 %<\/td>\n 6,4 %<\/td>\n <\/tr>\n \n Services publics<\/td>\n 2,3 %<\/td>\n 2,0 %<\/td>\n 2,8 %<\/td>\n <\/tr>\n \n \n Caract\u00e9ristiques de l\u2019indice<\/strong>\n <\/td>\n <\/tr>\n \n Nombre de constituants (actions)<\/td>\n 503<\/td>\n 602<\/td>\n 1966<\/td>\n <\/tr>\n \n Plus grande capitalisation boursi\u00e8re en M$ US<\/td>\n 2 994 371,34 $<\/td>\n 8 186,53 $<\/td>\n 14 993,00 $<\/td>\n <\/tr>\n \n Capitalisation boursi\u00e8re moyenne en M$ US<\/td>\n 83 594,11 $<\/td>\n 2 065,95 $<\/td>\n 3 265,00 $<\/td>\n <\/tr>\n \n Capitalisation boursi\u00e8re m\u00e9diane en M$ US<\/td>\n 33 544,75 $<\/td>\n 1 742,67 $<\/td>\n 965,00 $<\/td>\n <\/tr>\n \n Pond\u00e9ration du plus grand constituant<\/td>\n 7,1 %<\/td>\n 0,7 %<\/td>\n 0,5 %<\/td>\n <\/tr>\n \n Pond\u00e9ration des 10 principaux constituants<\/td>\n 30,9 %<\/td>\n 5,8 %<\/td>\n 3,3 %<\/td>\n <\/tr>\n \n \n Ratios des cours*<\/strong>\n <\/td>\n <\/tr>\n \n Ratio C\/B actuel<\/td>\n 22,79x<\/td>\n 15,58x<\/td>\n 29,21x<\/td>\n <\/tr>\n \n Ratio C\/B moyen sur 20 ans<\/td>\n 18,39x<\/td>\n 24,01x<\/td>\n 38,45x<\/td>\n <\/tr>\n \n Ratio C\/CA actuel<\/td>\n 2,57x<\/td>\n 0,95x<\/td>\n 1,18x<\/td>\n <\/tr>\n \n Ratio C\/CA moyen sur 20 ans<\/td>\n 1,78x<\/td>\n 1,01x<\/td>\n 1,14x<\/td>\n <\/tr>\n <\/tbody>\n <\/table>\n <\/div>\n \n * Les donn\u00e9es sur le ratio cours\/b\u00e9n\u00e9fice (C\/B) et le ratio cours\/chiffres\n d\u2019affaires (C\/CA) sont ceux des 12 derniers mois.\n <\/p>\n
\n Sources : RBC Gestion de patrimoine, indices S&P Dow Jones, FTSE\n Russell, iShares, Bloomberg et FactSet. Les pond\u00e9rations sectorielles sont\n arrondies. Pond\u00e9rations sectorielles et caract\u00e9ristiques des indices au\n 31 d\u00e9cembre 2023. Ratios des cours au 17 janvier 2024.\n <\/p>\n
Mais nous pensons qu\u2019il faut faire preuve de patience<\/h2>\n \n - \n
Les actions de soci\u00e9t\u00e9s \u00e0 petite capitalisation ont tendance \u00e0\n enregistrer des rendements inf\u00e9rieurs en p\u00e9riodes de faible croissance\n du PIB.<\/strong\n >\n Actuellement, selon les estimations des Services \u00e9conomiques RBC et les\n pr\u00e9visions consensuelles fournies par Bloomberg, la croissance du PIB\n des \u00c9tats-Unis devrait \u00eatre inf\u00e9rieure \u00e0 la moyenne en 2024. Dans ces\n conditions, les actions de soci\u00e9t\u00e9s \u00e0 petite capitalisation enregistrent\n g\u00e9n\u00e9ralement des rendements inf\u00e9rieurs, car ce segment comprend une plus\n grande part de titres cycliques, et les entreprises ont plus de\n difficult\u00e9 \u00e0 g\u00e9n\u00e9rer des b\u00e9n\u00e9fices et des revenus lorsque l\u2019\u00e9conomie est\n l\u00e9thargique. Ces actions ont tendance \u00e0 mieux se comporter lorsque le\n PIB cro\u00eet \u00e0 un rythme sup\u00e9rieur \u00e0 la tendance, surtout dans les premiers\n stades d\u2019un cycle de croissance suivant une r\u00e9cession.\n <\/li>\n - \n
Si un atterrissage brutal se concr\u00e9tise, elles pourraient reculer \u00e0\n leurs creux pr\u00e9c\u00e9dents. <\/strong\n >Selon Bloomberg Intelligence, l\u2019indice Russell 2000 tenait enti\u00e8rement\n compte d\u2019une r\u00e9cession \u00e0 son creux d\u2019octobre dernier. Si les pr\u00e9visions\n consensuelles de ralentissement de la croissance pour cette ann\u00e9e sont\n erron\u00e9es et qu\u2019une r\u00e9cession commence, les indices des titres \u00e0 petite\n capitalisation pourraient retomber \u00e0 ces creux.\n <\/li>\n <\/ul>\n Il reste encore un long chemin \u00e0 parcourir avant la ligne d\u2019arriv\u00e9e<\/h2>\n
\n Nous estimons toujours qu\u2019une surpond\u00e9ration mod\u00e9r\u00e9e des actions\n am\u00e9ricaines \u00e0 petite capitalisation est justifi\u00e9e en raison de leur\n valorisation grande r\u00e9duite par rapport aux actions \u00e0 grande\n capitalisation. Toutefois, nous savons qu\u2019une fourchette inhabituellement\n large de r\u00e9sultats \u00e9conomiques plausibles en 2024 pourrait avoir une\n incidence sur la croissance des b\u00e9n\u00e9fices et des revenus des soci\u00e9t\u00e9s \u00e0\n petite capitalisation. C\u2019est pourquoi nous pensons que les titres de\n soci\u00e9t\u00e9s \u00e0 petite capitalisation \u00e9volueront probablement en dents de scie\n cette ann\u00e9e, et que les investisseurs devraient faire preuve de patience.\n <\/p>\n","protected":false},"excerpt":{"rendered":"
Apr\u00e8s une forte remont\u00e9e \u00e0 la fin de 2023, les actions de soci\u00e9t\u00e9s am\u00e9ricaines \u00e0 petite capitalisation ont c\u00e9d\u00e9 une grande partie de leurs gains. Nous cherchons \u00e0 savoir si cette cat\u00e9gorie d\u2019actif justifie la patience des investisseurs.<\/p>\n","protected":false},"author":15,"featured_media":19806,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"2024-01-18T16:51:42","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[510],"tags":[682,681],"rbcwm_content_owner":[675],"rbcwm_need":[],"rbcwm_segment":[538,537],"rbcwm_solution":[],"rbcwm_topic":[590],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-19805","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analyse","tag-les-petites-capitalisations","tag-petite-capitalisation","rbcwm_content_owner-pag","rbcwm_segment-particuliers-et-familles","rbcwm_segment-proprietaires-dentreprise-et-entrepreneurs","rbcwm_topic-global-insights"],"acf":{"rbcwm_subtitle":"Apr\u00e8s une forte remont\u00e9e \u00e0 la fin de 2023, les actions de soci\u00e9t\u00e9s am\u00e9ricaines \u00e0 petite capitalisation ont c\u00e9d\u00e9 une grande partie de leurs gains. Nous cherchons \u00e0 savoir si cette cat\u00e9gorie d\u2019actif justifie la patience des investisseurs.","rbcwm_post_author":[949],"rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":["Yes"],"perspective_disclaimer":"","expandable":"","omit_from_pages":[],"disclaimer_footnote":""},"rbcwm_insight_cta_id":[10888],"rbcwm_pagination":{"next_link":"","next_link_text":"Next article","previous_link":"","previous_link_text":"Previous article"},"rbcwm_video_duration":"","article_time":"","rbcwm_enable_toc":false,"rbcwm_toc_selector":"h2"},"yoast_head":"\n
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\n \n \n Le graphique lin\u00e9aire montre le ratio cours\/b\u00e9n\u00e9fice des 12 derniers\n mois de l\u2019indice S&P 600 des soci\u00e9t\u00e9s \u00e0 petite capitalisation par\n rapport \u00e0 celui de l\u2019indice S&P 500 (ratio C\/B du SML divis\u00e9 par le\n ratio C\/B du SPX), et ce, depuis 2004, ainsi que le ratio moyen. Le\n ratio moyen est de 1 32x. Au d\u00e9but de 2024, le ratio a augment\u00e9 \u00e0\n environ 1 6. Il a ensuite rapidement baiss\u00e9 pour se situer entre\n 1 1 et 1 3 et est demeur\u00e9 dans cette fourchette pendant la\n majeure partie de 2009. Au milieu de 2009, il a commenc\u00e9 \u00e0 grimper et\n a atteint un sommet de 2 1 en avril 2010. Par la suite, il a\n recul\u00e9 progressivement, glissant juste en de\u00e7\u00e0 de 1 0 jusqu\u2019en\n avril 2020. Puis, il a rebondi \u00e0 pr\u00e8s de 2 0 en janvier 2021. \u00c0\n partir de l\u00e0, il a chut\u00e9 brusquement pour tomber \u00e0 un niveau inf\u00e9rieur\n \u00e0 0 9 en septembre 2021.\n <\/p>\n \n Les actions de soci\u00e9t\u00e9s \u00e0 petite capitalisation poss\u00e8dent des\n caract\u00e9ristiques prometteuses\n <\/h2>\n
\n \n Sources : RBC Gestion de patrimoine, Bloomberg; donn\u00e9es mensuelles\n jusqu\u2019au 17 janvier 2024\n <\/p>\n <\/div>\n <\/div>\n
\n Les actions de soci\u00e9t\u00e9s \u00e0 petite capitalisation poss\u00e8dent des\n caract\u00e9ristiques prometteuses\n <\/h2>\n \n - \n Les valorisations sont int\u00e9ressantes. <\/strong>Comme l\u2019illustre\n le graphique de la page 1, l\u2019indice S&P 600 des soci\u00e9t\u00e9s \u00e0 petite\n capitalisation se n\u00e9gocie pr\u00e8s de son creux des 20 derni\u00e8res ann\u00e9es par\n rapport au S&P 500 sur la base du ratio C\/B sur 12 mois. L\u2019indice\n des petites capitalisations se n\u00e9gocie \u00e9galement \u00e0 un escompte relatif\n appr\u00e9ciable lorsque les pr\u00e9visions de b\u00e9n\u00e9fices sont prises en compte,\n et ses ratios C\/B actuel et pr\u00e9visionnel sont inf\u00e9rieurs \u00e0 leur moyenne\n historique. Selon les ratios cours\/chiffre d\u2019affaires, qui nous semblent\n plus importants pour les petites capitalisations, nous estimons que les\n deux indices sont raisonnables, puisqu\u2019ils fr\u00f4lent leur moyenne \u00e0 long\n terme\n <\/li>\n
- \n
Les petites capitalisations se portent g\u00e9n\u00e9ralement bien durant les\n cycles d\u2019assouplissement de la R\u00e9serve f\u00e9d\u00e9rale am\u00e9ricaine\n (Fed).<\/strong\n >\n Depuis la fin des ann\u00e9es 1970, les actions \u00e0 petite capitalisation ont\n eu tendance \u00e0 se n\u00e9gocier \u00e0 la hausse lorsque la Fed a abaiss\u00e9 son taux\n directeur et ont \u00e9prouv\u00e9 des difficult\u00e9s la plupart du temps lorsque les\n taux ont mont\u00e9, selon les travaux de Mme Calvasina. Nous sommes d\u2019avis\n que la Fed devrait commencer \u00e0 r\u00e9duire son taux au milieu de l\u2019ann\u00e9e.\n <\/li>\n - \n
Les bilans semblent sains et les probl\u00e8mes de financement, moins\n graves que pr\u00e9vu. <\/strong\n >Les hausses de taux muscl\u00e9es d\u00e9cr\u00e9t\u00e9es par la Fed ont nui aux actions\n de soci\u00e9t\u00e9s \u00e0 petite capitalisation pendant une bonne partie de l\u2019ann\u00e9e\n derni\u00e8re. Les investisseurs redoutaient en effet que les taux \u00e9lev\u00e9s\n appliqu\u00e9s aux nouvelles \u00e9missions de titres de cr\u00e9ance et aux nouveaux\n pr\u00eats restreignent consid\u00e9rablement les bilans. Les soci\u00e9t\u00e9s \u00e0 petite\n capitalisation d\u00e9pendent davantage du financement externe que leurs\n homologues \u00e0 grande capitalisation. Toutefois, les donn\u00e9es de\n Mme Calvasina montrent que les soci\u00e9t\u00e9s \u00e0 petite capitalisation ne sont\n pas aussi lourdement endett\u00e9es qu\u2019on aurait pu le croire, car elles ont\n de plus en plus souvent opt\u00e9 pour un financement \u00e0 long terme. Le taux\n d\u2019int\u00e9r\u00eat effectif des soci\u00e9t\u00e9s de l\u2019indice Russell 2000 se situait\n entre 4 8 % et 5 1 % en d\u00e9cembre 2023, ce qui est nettement\n inf\u00e9rieur aux co\u00fbts de financement moyens depuis 1989 et l\u00e9g\u00e8rement en\n de\u00e7\u00e0 de la moyenne depuis 2003.\n <\/li>\n - \n
La diversification de leur portefeuille a des avantages qui ne se\n limitent pas \u00e0 la taille.<\/strong\n >\n Les pond\u00e9rations sectorielles diff\u00e8rent largement entre les indices de\n soci\u00e9t\u00e9s \u00e0 grande capitalisation et les indices de soci\u00e9t\u00e9s \u00e0 petite\n capitalisation. Les secteurs de la technologie de l\u2019information et des\n services de communications ont une pond\u00e9ration beaucoup plus \u00e9lev\u00e9e dans\n l\u2019indice S&P 500, tandis que les secteurs tributaires de la\n conjoncture \u00e9conomique (cycliques) comme les produits industriels, la\n finance, la consommation discr\u00e9tionnaire et l\u2019immobilier sont plus\n fortement pond\u00e9r\u00e9s dans les indices de titres \u00e0 petite capitalisation,\n comme le montre le tableau. En outre, les dix titres les plus importants\n du S&P 500 repr\u00e9sentent pas moins de 30 9 % de l\u2019indice (ce qui\n comprend les titres technologiques des \u00ab sept merveilles \u00bb), tandis que\n les dix titres les plus importants du S&P 600 des soci\u00e9t\u00e9s \u00e0 petite\n capitalisation et du Russell 2000 ne constituent que 5 8 % et\n 3 3 % des indices, respectivement. Ceux-ci sont donc beaucoup plus\n diversifi\u00e9s.\n <\/li>\n <\/ul>\n \n Les pond\u00e9rations sectorielles et d\u2019autres caract\u00e9ristiques diff\u00e8rent\n largement entre les indices de soci\u00e9t\u00e9s \u00e0 grande capitalisation et les\n indices de soci\u00e9t\u00e9s \u00e0 petite capitalisation.\n <\/h3>\n \n \n \n \n <\/th>\n \n S&P 500 (grande cap.)\n <\/th>\n \n S&P SmallCap
\n 600\n <\/th>\n \n Russell 2000 (petite cap.)\n <\/th>\n <\/tr>\n <\/thead>\n \n \n \n Pond\u00e9rations sectorielles<\/strong>\n <\/td>\n <\/tr>\n \n \n Services de communication<\/td>\n 8,6 %<\/td>\n 2,7 %<\/td>\n 1,4 %<\/td>\n <\/tr>\n \n Cons. discr\u00e9tionnaire<\/td>\n 10,9 %<\/td>\n 14,8 %<\/td>\n 13,3 %<\/td>\n <\/tr>\n \n Consommation de base<\/td>\n 6,2 %<\/td>\n 4,4 %<\/td>\n 2,8 %<\/td>\n <\/tr>\n \n \u00c9nergie<\/td>\n 3,9 %<\/td>\n 4,2 %<\/td>\n 7,4 %<\/td>\n <\/tr>\n \n Finance<\/td>\n 13,0 %<\/td>\n 18,5 %<\/td>\n 16,0 %<\/td>\n <\/tr>\n \n Soins de sant\u00e9<\/td>\n 12,6 %<\/td>\n 10,4 %<\/td>\n 15,1 %<\/td>\n <\/tr>\n \n Produits industriels<\/td>\n 8,8 %<\/td>\n 17,2 %<\/td>\n 18,4 %<\/td>\n <\/tr>\n \n Techn. de l\u2019information<\/td>\n 28,9 %<\/td>\n 12,0 %<\/td>\n 12,6 %<\/td>\n <\/tr>\n \n Mati\u00e8res<\/td>\n 2,4 %<\/td>\n 5,9 %<\/td>\n 3,9 %<\/td>\n <\/tr>\n \n Immobilier<\/td>\n 2,5 %<\/td>\n 7,7 %<\/td>\n 6,4 %<\/td>\n <\/tr>\n \n Services publics<\/td>\n 2,3 %<\/td>\n 2,0 %<\/td>\n 2,8 %<\/td>\n <\/tr>\n \n \n Caract\u00e9ristiques de l\u2019indice<\/strong>\n <\/td>\n <\/tr>\n \n Nombre de constituants (actions)<\/td>\n 503<\/td>\n 602<\/td>\n 1966<\/td>\n <\/tr>\n \n Plus grande capitalisation boursi\u00e8re en M$ US<\/td>\n 2 994 371,34 $<\/td>\n 8 186,53 $<\/td>\n 14 993,00 $<\/td>\n <\/tr>\n \n Capitalisation boursi\u00e8re moyenne en M$ US<\/td>\n 83 594,11 $<\/td>\n 2 065,95 $<\/td>\n 3 265,00 $<\/td>\n <\/tr>\n \n Capitalisation boursi\u00e8re m\u00e9diane en M$ US<\/td>\n 33 544,75 $<\/td>\n 1 742,67 $<\/td>\n 965,00 $<\/td>\n <\/tr>\n \n Pond\u00e9ration du plus grand constituant<\/td>\n 7,1 %<\/td>\n 0,7 %<\/td>\n 0,5 %<\/td>\n <\/tr>\n \n Pond\u00e9ration des 10 principaux constituants<\/td>\n 30,9 %<\/td>\n 5,8 %<\/td>\n 3,3 %<\/td>\n <\/tr>\n \n \n Ratios des cours*<\/strong>\n <\/td>\n <\/tr>\n \n Ratio C\/B actuel<\/td>\n 22,79x<\/td>\n 15,58x<\/td>\n 29,21x<\/td>\n <\/tr>\n \n Ratio C\/B moyen sur 20 ans<\/td>\n 18,39x<\/td>\n 24,01x<\/td>\n 38,45x<\/td>\n <\/tr>\n \n Ratio C\/CA actuel<\/td>\n 2,57x<\/td>\n 0,95x<\/td>\n 1,18x<\/td>\n <\/tr>\n \n Ratio C\/CA moyen sur 20 ans<\/td>\n 1,78x<\/td>\n 1,01x<\/td>\n 1,14x<\/td>\n <\/tr>\n <\/tbody>\n <\/table>\n <\/div>\n \n * Les donn\u00e9es sur le ratio cours\/b\u00e9n\u00e9fice (C\/B) et le ratio cours\/chiffres\n d\u2019affaires (C\/CA) sont ceux des 12 derniers mois.\n <\/p>\n
\n Sources : RBC Gestion de patrimoine, indices S&P Dow Jones, FTSE\n Russell, iShares, Bloomberg et FactSet. Les pond\u00e9rations sectorielles sont\n arrondies. Pond\u00e9rations sectorielles et caract\u00e9ristiques des indices au\n 31 d\u00e9cembre 2023. Ratios des cours au 17 janvier 2024.\n <\/p>\n
Mais nous pensons qu\u2019il faut faire preuve de patience<\/h2>\n \n - \n
Les actions de soci\u00e9t\u00e9s \u00e0 petite capitalisation ont tendance \u00e0\n enregistrer des rendements inf\u00e9rieurs en p\u00e9riodes de faible croissance\n du PIB.<\/strong\n >\n Actuellement, selon les estimations des Services \u00e9conomiques RBC et les\n pr\u00e9visions consensuelles fournies par Bloomberg, la croissance du PIB\n des \u00c9tats-Unis devrait \u00eatre inf\u00e9rieure \u00e0 la moyenne en 2024. Dans ces\n conditions, les actions de soci\u00e9t\u00e9s \u00e0 petite capitalisation enregistrent\n g\u00e9n\u00e9ralement des rendements inf\u00e9rieurs, car ce segment comprend une plus\n grande part de titres cycliques, et les entreprises ont plus de\n difficult\u00e9 \u00e0 g\u00e9n\u00e9rer des b\u00e9n\u00e9fices et des revenus lorsque l\u2019\u00e9conomie est\n l\u00e9thargique. Ces actions ont tendance \u00e0 mieux se comporter lorsque le\n PIB cro\u00eet \u00e0 un rythme sup\u00e9rieur \u00e0 la tendance, surtout dans les premiers\n stades d\u2019un cycle de croissance suivant une r\u00e9cession.\n <\/li>\n - \n
Si un atterrissage brutal se concr\u00e9tise, elles pourraient reculer \u00e0\n leurs creux pr\u00e9c\u00e9dents. <\/strong\n >Selon Bloomberg Intelligence, l\u2019indice Russell 2000 tenait enti\u00e8rement\n compte d\u2019une r\u00e9cession \u00e0 son creux d\u2019octobre dernier. Si les pr\u00e9visions\n consensuelles de ralentissement de la croissance pour cette ann\u00e9e sont\n erron\u00e9es et qu\u2019une r\u00e9cession commence, les indices des titres \u00e0 petite\n capitalisation pourraient retomber \u00e0 ces creux.\n <\/li>\n <\/ul>\n Il reste encore un long chemin \u00e0 parcourir avant la ligne d\u2019arriv\u00e9e<\/h2>\n
\n Nous estimons toujours qu\u2019une surpond\u00e9ration mod\u00e9r\u00e9e des actions\n am\u00e9ricaines \u00e0 petite capitalisation est justifi\u00e9e en raison de leur\n valorisation grande r\u00e9duite par rapport aux actions \u00e0 grande\n capitalisation. Toutefois, nous savons qu\u2019une fourchette inhabituellement\n large de r\u00e9sultats \u00e9conomiques plausibles en 2024 pourrait avoir une\n incidence sur la croissance des b\u00e9n\u00e9fices et des revenus des soci\u00e9t\u00e9s \u00e0\n petite capitalisation. C\u2019est pourquoi nous pensons que les titres de\n soci\u00e9t\u00e9s \u00e0 petite capitalisation \u00e9volueront probablement en dents de scie\n cette ann\u00e9e, et que les investisseurs devraient faire preuve de patience.\n <\/p>\n","protected":false},"excerpt":{"rendered":"
Apr\u00e8s une forte remont\u00e9e \u00e0 la fin de 2023, les actions de soci\u00e9t\u00e9s am\u00e9ricaines \u00e0 petite capitalisation ont c\u00e9d\u00e9 une grande partie de leurs gains. Nous cherchons \u00e0 savoir si cette cat\u00e9gorie d\u2019actif justifie la patience des investisseurs.<\/p>\n","protected":false},"author":15,"featured_media":19806,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"2024-01-18T16:51:42","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[510],"tags":[682,681],"rbcwm_content_owner":[675],"rbcwm_need":[],"rbcwm_segment":[538,537],"rbcwm_solution":[],"rbcwm_topic":[590],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-19805","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analyse","tag-les-petites-capitalisations","tag-petite-capitalisation","rbcwm_content_owner-pag","rbcwm_segment-particuliers-et-familles","rbcwm_segment-proprietaires-dentreprise-et-entrepreneurs","rbcwm_topic-global-insights"],"acf":{"rbcwm_subtitle":"Apr\u00e8s une forte remont\u00e9e \u00e0 la fin de 2023, les actions de soci\u00e9t\u00e9s am\u00e9ricaines \u00e0 petite capitalisation ont c\u00e9d\u00e9 une grande partie de leurs gains. Nous cherchons \u00e0 savoir si cette cat\u00e9gorie d\u2019actif justifie la patience des investisseurs.","rbcwm_post_author":[949],"rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":["Yes"],"perspective_disclaimer":"","expandable":"","omit_from_pages":[],"disclaimer_footnote":""},"rbcwm_insight_cta_id":[10888],"rbcwm_pagination":{"next_link":"","next_link_text":"Next article","previous_link":"","previous_link_text":"Previous article"},"rbcwm_video_duration":"","article_time":"","rbcwm_enable_toc":false,"rbcwm_toc_selector":"h2"},"yoast_head":"\n
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\n Les pond\u00e9rations sectorielles et d\u2019autres caract\u00e9ristiques diff\u00e8rent\n largement entre les indices de soci\u00e9t\u00e9s \u00e0 grande capitalisation et les\n indices de soci\u00e9t\u00e9s \u00e0 petite capitalisation.\n <\/h3>\n \n \n \n \n <\/th>\n \n S&P 500 (grande cap.)\n <\/th>\n \n S&P SmallCap
\n 600\n <\/th>\n \n Russell 2000 (petite cap.)\n <\/th>\n <\/tr>\n <\/thead>\n \n \n \n Pond\u00e9rations sectorielles<\/strong>\n <\/td>\n <\/tr>\n \n \n Services de communication<\/td>\n 8,6 %<\/td>\n 2,7 %<\/td>\n 1,4 %<\/td>\n <\/tr>\n \n Cons. discr\u00e9tionnaire<\/td>\n 10,9 %<\/td>\n 14,8 %<\/td>\n 13,3 %<\/td>\n <\/tr>\n \n Consommation de base<\/td>\n 6,2 %<\/td>\n 4,4 %<\/td>\n 2,8 %<\/td>\n <\/tr>\n \n \u00c9nergie<\/td>\n 3,9 %<\/td>\n 4,2 %<\/td>\n 7,4 %<\/td>\n <\/tr>\n \n Finance<\/td>\n 13,0 %<\/td>\n 18,5 %<\/td>\n 16,0 %<\/td>\n <\/tr>\n \n Soins de sant\u00e9<\/td>\n 12,6 %<\/td>\n 10,4 %<\/td>\n 15,1 %<\/td>\n <\/tr>\n \n Produits industriels<\/td>\n 8,8 %<\/td>\n 17,2 %<\/td>\n 18,4 %<\/td>\n <\/tr>\n \n Techn. de l\u2019information<\/td>\n 28,9 %<\/td>\n 12,0 %<\/td>\n 12,6 %<\/td>\n <\/tr>\n \n Mati\u00e8res<\/td>\n 2,4 %<\/td>\n 5,9 %<\/td>\n 3,9 %<\/td>\n <\/tr>\n \n Immobilier<\/td>\n 2,5 %<\/td>\n 7,7 %<\/td>\n 6,4 %<\/td>\n <\/tr>\n \n Services publics<\/td>\n 2,3 %<\/td>\n 2,0 %<\/td>\n 2,8 %<\/td>\n <\/tr>\n \n \n Caract\u00e9ristiques de l\u2019indice<\/strong>\n <\/td>\n <\/tr>\n \n Nombre de constituants (actions)<\/td>\n 503<\/td>\n 602<\/td>\n 1966<\/td>\n <\/tr>\n \n Plus grande capitalisation boursi\u00e8re en M$ US<\/td>\n 2 994 371,34 $<\/td>\n 8 186,53 $<\/td>\n 14 993,00 $<\/td>\n <\/tr>\n \n Capitalisation boursi\u00e8re moyenne en M$ US<\/td>\n 83 594,11 $<\/td>\n 2 065,95 $<\/td>\n 3 265,00 $<\/td>\n <\/tr>\n \n Capitalisation boursi\u00e8re m\u00e9diane en M$ US<\/td>\n 33 544,75 $<\/td>\n 1 742,67 $<\/td>\n 965,00 $<\/td>\n <\/tr>\n \n Pond\u00e9ration du plus grand constituant<\/td>\n 7,1 %<\/td>\n 0,7 %<\/td>\n 0,5 %<\/td>\n <\/tr>\n \n Pond\u00e9ration des 10 principaux constituants<\/td>\n 30,9 %<\/td>\n 5,8 %<\/td>\n 3,3 %<\/td>\n <\/tr>\n \n \n Ratios des cours*<\/strong>\n <\/td>\n <\/tr>\n \n Ratio C\/B actuel<\/td>\n 22,79x<\/td>\n 15,58x<\/td>\n 29,21x<\/td>\n <\/tr>\n \n Ratio C\/B moyen sur 20 ans<\/td>\n 18,39x<\/td>\n 24,01x<\/td>\n 38,45x<\/td>\n <\/tr>\n \n Ratio C\/CA actuel<\/td>\n 2,57x<\/td>\n 0,95x<\/td>\n 1,18x<\/td>\n <\/tr>\n \n Ratio C\/CA moyen sur 20 ans<\/td>\n 1,78x<\/td>\n 1,01x<\/td>\n 1,14x<\/td>\n <\/tr>\n <\/tbody>\n <\/table>\n <\/div>\n \n * Les donn\u00e9es sur le ratio cours\/b\u00e9n\u00e9fice (C\/B) et le ratio cours\/chiffres\n d\u2019affaires (C\/CA) sont ceux des 12 derniers mois.\n <\/p>\n
\n Sources : RBC Gestion de patrimoine, indices S&P Dow Jones, FTSE\n Russell, iShares, Bloomberg et FactSet. Les pond\u00e9rations sectorielles sont\n arrondies. Pond\u00e9rations sectorielles et caract\u00e9ristiques des indices au\n 31 d\u00e9cembre 2023. Ratios des cours au 17 janvier 2024.\n <\/p>\n
Mais nous pensons qu\u2019il faut faire preuve de patience<\/h2>\n \n - \n
Les actions de soci\u00e9t\u00e9s \u00e0 petite capitalisation ont tendance \u00e0\n enregistrer des rendements inf\u00e9rieurs en p\u00e9riodes de faible croissance\n du PIB.<\/strong\n >\n Actuellement, selon les estimations des Services \u00e9conomiques RBC et les\n pr\u00e9visions consensuelles fournies par Bloomberg, la croissance du PIB\n des \u00c9tats-Unis devrait \u00eatre inf\u00e9rieure \u00e0 la moyenne en 2024. Dans ces\n conditions, les actions de soci\u00e9t\u00e9s \u00e0 petite capitalisation enregistrent\n g\u00e9n\u00e9ralement des rendements inf\u00e9rieurs, car ce segment comprend une plus\n grande part de titres cycliques, et les entreprises ont plus de\n difficult\u00e9 \u00e0 g\u00e9n\u00e9rer des b\u00e9n\u00e9fices et des revenus lorsque l\u2019\u00e9conomie est\n l\u00e9thargique. Ces actions ont tendance \u00e0 mieux se comporter lorsque le\n PIB cro\u00eet \u00e0 un rythme sup\u00e9rieur \u00e0 la tendance, surtout dans les premiers\n stades d\u2019un cycle de croissance suivant une r\u00e9cession.\n <\/li>\n - \n
Si un atterrissage brutal se concr\u00e9tise, elles pourraient reculer \u00e0\n leurs creux pr\u00e9c\u00e9dents. <\/strong\n >Selon Bloomberg Intelligence, l\u2019indice Russell 2000 tenait enti\u00e8rement\n compte d\u2019une r\u00e9cession \u00e0 son creux d\u2019octobre dernier. Si les pr\u00e9visions\n consensuelles de ralentissement de la croissance pour cette ann\u00e9e sont\n erron\u00e9es et qu\u2019une r\u00e9cession commence, les indices des titres \u00e0 petite\n capitalisation pourraient retomber \u00e0 ces creux.\n <\/li>\n <\/ul>\n Il reste encore un long chemin \u00e0 parcourir avant la ligne d\u2019arriv\u00e9e<\/h2>\n
\n Nous estimons toujours qu\u2019une surpond\u00e9ration mod\u00e9r\u00e9e des actions\n am\u00e9ricaines \u00e0 petite capitalisation est justifi\u00e9e en raison de leur\n valorisation grande r\u00e9duite par rapport aux actions \u00e0 grande\n capitalisation. Toutefois, nous savons qu\u2019une fourchette inhabituellement\n large de r\u00e9sultats \u00e9conomiques plausibles en 2024 pourrait avoir une\n incidence sur la croissance des b\u00e9n\u00e9fices et des revenus des soci\u00e9t\u00e9s \u00e0\n petite capitalisation. C\u2019est pourquoi nous pensons que les titres de\n soci\u00e9t\u00e9s \u00e0 petite capitalisation \u00e9volueront probablement en dents de scie\n cette ann\u00e9e, et que les investisseurs devraient faire preuve de patience.\n <\/p>\n","protected":false},"excerpt":{"rendered":"
Apr\u00e8s une forte remont\u00e9e \u00e0 la fin de 2023, les actions de soci\u00e9t\u00e9s am\u00e9ricaines \u00e0 petite capitalisation ont c\u00e9d\u00e9 une grande partie de leurs gains. Nous cherchons \u00e0 savoir si cette cat\u00e9gorie d\u2019actif justifie la patience des investisseurs.<\/p>\n","protected":false},"author":15,"featured_media":19806,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"2024-01-18T16:51:42","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[510],"tags":[682,681],"rbcwm_content_owner":[675],"rbcwm_need":[],"rbcwm_segment":[538,537],"rbcwm_solution":[],"rbcwm_topic":[590],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-19805","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analyse","tag-les-petites-capitalisations","tag-petite-capitalisation","rbcwm_content_owner-pag","rbcwm_segment-particuliers-et-familles","rbcwm_segment-proprietaires-dentreprise-et-entrepreneurs","rbcwm_topic-global-insights"],"acf":{"rbcwm_subtitle":"Apr\u00e8s une forte remont\u00e9e \u00e0 la fin de 2023, les actions de soci\u00e9t\u00e9s am\u00e9ricaines \u00e0 petite capitalisation ont c\u00e9d\u00e9 une grande partie de leurs gains. Nous cherchons \u00e0 savoir si cette cat\u00e9gorie d\u2019actif justifie la patience des investisseurs.","rbcwm_post_author":[949],"rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":["Yes"],"perspective_disclaimer":"","expandable":"","omit_from_pages":[],"disclaimer_footnote":""},"rbcwm_insight_cta_id":[10888],"rbcwm_pagination":{"next_link":"","next_link_text":"Next article","previous_link":"","previous_link_text":"Previous article"},"rbcwm_video_duration":"","article_time":"","rbcwm_enable_toc":false,"rbcwm_toc_selector":"h2"},"yoast_head":"\n
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\n 600\n <\/th>\n
\n * Les donn\u00e9es sur le ratio cours\/b\u00e9n\u00e9fice (C\/B) et le ratio cours\/chiffres\n d\u2019affaires (C\/CA) sont ceux des 12 derniers mois.\n <\/p>\n
\n Sources : RBC Gestion de patrimoine, indices S&P Dow Jones, FTSE\n Russell, iShares, Bloomberg et FactSet. Les pond\u00e9rations sectorielles sont\n arrondies. Pond\u00e9rations sectorielles et caract\u00e9ristiques des indices au\n 31 d\u00e9cembre 2023. Ratios des cours au 17 janvier 2024.\n <\/p>\n
Mais nous pensons qu\u2019il faut faire preuve de patience<\/h2>\n \n - \n
Les actions de soci\u00e9t\u00e9s \u00e0 petite capitalisation ont tendance \u00e0\n enregistrer des rendements inf\u00e9rieurs en p\u00e9riodes de faible croissance\n du PIB.<\/strong\n >\n Actuellement, selon les estimations des Services \u00e9conomiques RBC et les\n pr\u00e9visions consensuelles fournies par Bloomberg, la croissance du PIB\n des \u00c9tats-Unis devrait \u00eatre inf\u00e9rieure \u00e0 la moyenne en 2024. Dans ces\n conditions, les actions de soci\u00e9t\u00e9s \u00e0 petite capitalisation enregistrent\n g\u00e9n\u00e9ralement des rendements inf\u00e9rieurs, car ce segment comprend une plus\n grande part de titres cycliques, et les entreprises ont plus de\n difficult\u00e9 \u00e0 g\u00e9n\u00e9rer des b\u00e9n\u00e9fices et des revenus lorsque l\u2019\u00e9conomie est\n l\u00e9thargique. Ces actions ont tendance \u00e0 mieux se comporter lorsque le\n PIB cro\u00eet \u00e0 un rythme sup\u00e9rieur \u00e0 la tendance, surtout dans les premiers\n stades d\u2019un cycle de croissance suivant une r\u00e9cession.\n <\/li>\n - \n
Si un atterrissage brutal se concr\u00e9tise, elles pourraient reculer \u00e0\n leurs creux pr\u00e9c\u00e9dents. <\/strong\n >Selon Bloomberg Intelligence, l\u2019indice Russell 2000 tenait enti\u00e8rement\n compte d\u2019une r\u00e9cession \u00e0 son creux d\u2019octobre dernier. Si les pr\u00e9visions\n consensuelles de ralentissement de la croissance pour cette ann\u00e9e sont\n erron\u00e9es et qu\u2019une r\u00e9cession commence, les indices des titres \u00e0 petite\n capitalisation pourraient retomber \u00e0 ces creux.\n <\/li>\n <\/ul>\n Il reste encore un long chemin \u00e0 parcourir avant la ligne d\u2019arriv\u00e9e<\/h2>\n
\n Nous estimons toujours qu\u2019une surpond\u00e9ration mod\u00e9r\u00e9e des actions\n am\u00e9ricaines \u00e0 petite capitalisation est justifi\u00e9e en raison de leur\n valorisation grande r\u00e9duite par rapport aux actions \u00e0 grande\n capitalisation. Toutefois, nous savons qu\u2019une fourchette inhabituellement\n large de r\u00e9sultats \u00e9conomiques plausibles en 2024 pourrait avoir une\n incidence sur la croissance des b\u00e9n\u00e9fices et des revenus des soci\u00e9t\u00e9s \u00e0\n petite capitalisation. C\u2019est pourquoi nous pensons que les titres de\n soci\u00e9t\u00e9s \u00e0 petite capitalisation \u00e9volueront probablement en dents de scie\n cette ann\u00e9e, et que les investisseurs devraient faire preuve de patience.\n <\/p>\n","protected":false},"excerpt":{"rendered":"
Apr\u00e8s une forte remont\u00e9e \u00e0 la fin de 2023, les actions de soci\u00e9t\u00e9s am\u00e9ricaines \u00e0 petite capitalisation ont c\u00e9d\u00e9 une grande partie de leurs gains. Nous cherchons \u00e0 savoir si cette cat\u00e9gorie d\u2019actif justifie la patience des investisseurs.<\/p>\n","protected":false},"author":15,"featured_media":19806,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"2024-01-18T16:51:42","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[510],"tags":[682,681],"rbcwm_content_owner":[675],"rbcwm_need":[],"rbcwm_segment":[538,537],"rbcwm_solution":[],"rbcwm_topic":[590],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-19805","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analyse","tag-les-petites-capitalisations","tag-petite-capitalisation","rbcwm_content_owner-pag","rbcwm_segment-particuliers-et-familles","rbcwm_segment-proprietaires-dentreprise-et-entrepreneurs","rbcwm_topic-global-insights"],"acf":{"rbcwm_subtitle":"Apr\u00e8s une forte remont\u00e9e \u00e0 la fin de 2023, les actions de soci\u00e9t\u00e9s am\u00e9ricaines \u00e0 petite capitalisation ont c\u00e9d\u00e9 une grande partie de leurs gains. Nous cherchons \u00e0 savoir si cette cat\u00e9gorie d\u2019actif justifie la patience des investisseurs.","rbcwm_post_author":[949],"rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":["Yes"],"perspective_disclaimer":"","expandable":"","omit_from_pages":[],"disclaimer_footnote":""},"rbcwm_insight_cta_id":[10888],"rbcwm_pagination":{"next_link":"","next_link_text":"Next article","previous_link":"","previous_link_text":"Previous article"},"rbcwm_video_duration":"","article_time":"","rbcwm_enable_toc":false,"rbcwm_toc_selector":"h2"},"yoast_head":"\n
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Il reste encore un long chemin \u00e0 parcourir avant la ligne d\u2019arriv\u00e9e<\/h2>\n
\n Nous estimons toujours qu\u2019une surpond\u00e9ration mod\u00e9r\u00e9e des actions\n am\u00e9ricaines \u00e0 petite capitalisation est justifi\u00e9e en raison de leur\n valorisation grande r\u00e9duite par rapport aux actions \u00e0 grande\n capitalisation. Toutefois, nous savons qu\u2019une fourchette inhabituellement\n large de r\u00e9sultats \u00e9conomiques plausibles en 2024 pourrait avoir une\n incidence sur la croissance des b\u00e9n\u00e9fices et des revenus des soci\u00e9t\u00e9s \u00e0\n petite capitalisation. C\u2019est pourquoi nous pensons que les titres de\n soci\u00e9t\u00e9s \u00e0 petite capitalisation \u00e9volueront probablement en dents de scie\n cette ann\u00e9e, et que les investisseurs devraient faire preuve de patience.\n <\/p>\n","protected":false},"excerpt":{"rendered":"
Apr\u00e8s une forte remont\u00e9e \u00e0 la fin de 2023, les actions de soci\u00e9t\u00e9s am\u00e9ricaines \u00e0 petite capitalisation ont c\u00e9d\u00e9 une grande partie de leurs gains. Nous cherchons \u00e0 savoir si cette cat\u00e9gorie d\u2019actif justifie la patience des investisseurs.<\/p>\n","protected":false},"author":15,"featured_media":19806,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"2024-01-18T16:51:42","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[510],"tags":[682,681],"rbcwm_content_owner":[675],"rbcwm_need":[],"rbcwm_segment":[538,537],"rbcwm_solution":[],"rbcwm_topic":[590],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-19805","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analyse","tag-les-petites-capitalisations","tag-petite-capitalisation","rbcwm_content_owner-pag","rbcwm_segment-particuliers-et-familles","rbcwm_segment-proprietaires-dentreprise-et-entrepreneurs","rbcwm_topic-global-insights"],"acf":{"rbcwm_subtitle":"Apr\u00e8s une forte remont\u00e9e \u00e0 la fin de 2023, les actions de soci\u00e9t\u00e9s am\u00e9ricaines \u00e0 petite capitalisation ont c\u00e9d\u00e9 une grande partie de leurs gains. Nous cherchons \u00e0 savoir si cette cat\u00e9gorie d\u2019actif justifie la patience des investisseurs.","rbcwm_post_author":[949],"rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":["Yes"],"perspective_disclaimer":"","expandable":"","omit_from_pages":[],"disclaimer_footnote":""},"rbcwm_insight_cta_id":[10888],"rbcwm_pagination":{"next_link":"","next_link_text":"Next article","previous_link":"","previous_link_text":"Previous article"},"rbcwm_video_duration":"","article_time":"","rbcwm_enable_toc":false,"rbcwm_toc_selector":"h2"},"yoast_head":"\n