{"id":22119,"date":"2024-06-21T13:41:20","date_gmt":"2024-06-21T17:41:20","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/fr-ca\/?p=22119"},"modified":"2024-06-21T13:41:21","modified_gmt":"2024-06-21T17:41:21","slug":"the-fine-frustrating-us-equity-rally","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/fr-ca\/insights\/the-fine-frustrating-us-equity-rally","title":{"rendered":"La belle, et frustrante, remont\u00e9e des actions am\u00e9ricaines"},"content":{"rendered":"\n<p>\n      L\u2019indice S&amp;P 500 a continu\u00e9 de grimper dans un contexte de volatilit\u00e9\n      plut\u00f4t faible, franchissant nouveau sommet apr\u00e8s nouveau sommet, dont 31\n      en 117 jours de bourse depuis le d\u00e9but de l\u2019ann\u00e9e.\n    <\/p>\n    <p>\n      D\u2019une part, c\u2019est merveilleux. Qui ne se r\u00e9jouit pas du gain de\n      15,0&nbsp;% r\u00e9alis\u00e9 depuis le d\u00e9but de l\u2019ann\u00e9e (15,8&nbsp;% avec les\n      dividendes) \u2013 gain qui s\u2019est produit en moins de six mois? Cela repr\u00e9sente\n      pr\u00e8s de 1,5 fois la hausse annuelle moyenne des cours des 40 derni\u00e8res\n      ann\u00e9es.\n    <\/p>\n    <p>\n      En revanche, la situation est frustrante pour certains d\u00e9tenteurs de\n      portefeuilles bien diversifi\u00e9s qui comprennent des actions am\u00e9ricaines\n      individuelles. Un petit groupe d\u2019actions a domin\u00e9 le march\u00e9, dont la tr\u00e8s\n      grande majorit\u00e9 est li\u00e9e \u00e0 l\u2019intelligence artificielle (IA) qui suscite de\n      l\u2019engouement et de l\u2019optimisme quant aux b\u00e9n\u00e9fices&nbsp;:\n    <\/p>\n    <ul class=\"list-spaced\">\n      <li>\n        \u00c0 lui seul, le fabricant de puces pour l\u2019IA NVIDIA, est responsable de\n        33&nbsp;% du gain de l\u2019indice S&amp;P 500 depuis le d\u00e9but de l\u2019ann\u00e9e.\n      <\/li>\n      <li>\n        Sept titres comptent pour 38&nbsp;% du gain, dont six sont \u00e9galement\n        li\u00e9s \u00e0 l\u2019IA (la soci\u00e9t\u00e9 pharmaceutique Eli Lilly \u00e9tant l\u2019exception).\n      <\/li>\n      <li>\n        les 499 autres titres de l\u2019indice ne repr\u00e9sentent que 29&nbsp;% du\n        rendement total pour cette p\u00e9riode.\n      <\/li>\n    <\/ul>\n    \n    <!-- ex 1 -->\n    <h3>Un petit groupe d\u2019actions a fait grimper l\u2019indice S&amp;P 500<\/h3>\n    <h4>\n      Contribution au gain de 15,8&nbsp;% de l\u2019indice S&amp;P 500 depuis le\n      d\u00e9but de l\u2019ann\u00e9e\n    <\/h4>\n    <div class=\"row mb-4\">\n      <div class=\"col-lg-10 col-md-8 col-sm-8 col-xs-10 col-xxs-12\">\n        <img decoding=\"async\"\n          src=\"https:\/\/www.rbcwealthmanagement.com\/fr-ca\/wp-content\/uploads\/sites\/6\/2023\/02\/fine-frustrating-equity-rally-fr-chart-1.png\"\n          alt=\"Contribution au gain de 15,8&nbsp;% de l\u2019indice S&amp;P 500 depuis le d\u00e9but de\n          l\u2019ann\u00e9e\"\n          class=\"img-fluid mb-1-half\"\n          aria-describedby=\"chart1desc\"\n        \/>\n        <p\n          class=\"sr-only\"\n          id=\"chart1desc\"\n        >\n          Le graphique circulaire montre les cat\u00e9gories de contributions au gain\n          de 15,8&nbsp;% enregistr\u00e9 par l\u2019indice S&#038;P 500 depuis le d\u00e9but de\n          l\u2019ann\u00e9e. NVIDIA repr\u00e9sente 33&nbsp;% des gains. Sept actions\n          repr\u00e9sentent 38&nbsp;% des gains&nbsp;: (class\u00e9es de la plus grande\n          contribution \u00e0 la plus petite) Microsoft, Alphabet (deux cat\u00e9gories\n          d\u2019actions), Meta Platforms, Amazon.\u200ccom, Broadcom, Apple et Eli Lilly.\n          Les 29&nbsp;% restants des gains proviennent de 499 titres.\n        <\/p>\n        <p class=\"footnote\">\n          * Les sept titres qui ont le plus contribu\u00e9 au rendement total de\n          l\u2019indice S&amp;P 500 sont (de la plus grande contribution \u00e0 la plus\n          petite) Microsoft, Alphabet (deux cat\u00e9gories d\u2019actions), Meta\n          Platforms, Amazon.\u200ccom, Broadcom, Apple et Eli Lilly.\n        <\/p>\n        <p class=\"disclaimer\">\n          Sources&nbsp;: RBC Gestion de patrimoine, FactSet; donn\u00e9es sur le\n          rendement total depuis le d\u00e9but de l\u2019ann\u00e9e (dividendes compris)\n          jusqu\u2019au 18 juin 2024. Au cours de la p\u00e9riode, 507 titres faisaient\n          partie de l\u2019indice S&amp;P 500 (Alphabet est compt\u00e9 une seule fois)\n        <\/p>\n      <\/div>\n    <\/div>\n    \n    <!-- section -->\n    <h2>L\u2019autre c\u00f4t\u00e9 de la m\u00e9daille<\/h2>\n    <p>\n      Les membres du groupe des \u00ab&nbsp;sept merveilles&nbsp;\u00bb ne contribuent\n      plus tous au rendement, comme ce fut le cas pendant une grande partie de\n      l\u2019ann\u00e9e derni\u00e8re.\n    <\/p>\n    <p>\n      R\u00e9cemment, le march\u00e9 a \u00e9t\u00e9 domin\u00e9 par seulement quatre des sept merveilles\n      (NVIDIA, Apple, Microsoft, Alphabet) et le fabricant de puces Broadcom.\n      Depuis le creux de la mi-avril, ces cinq soci\u00e9t\u00e9s li\u00e9es \u00e0 l\u2019IA ont\n      repr\u00e9sent\u00e9 67&nbsp;% des gains de l\u2019indice S&amp;P 500, ce qui est tr\u00e8s\n      d\u00e9s\u00e9quilibr\u00e9.\n    <\/p>\n    <p>\n      En plus du th\u00e8me de l\u2019IA, nous pensons que les nouvelles sur le\n      ralentissement de la croissance \u00e9conomique ont jou\u00e9 un r\u00f4le.\n      Historiquement, les actions affichant des caract\u00e9ristiques de croissance \u00e0\n      long terme se sont mieux comport\u00e9es lorsque la croissance \u00e9conomique \u00e9tait\n      inf\u00e9rieure \u00e0 la moyenne, principalement parce que les investisseurs\n      consid\u00e8rent que les perspectives d\u2019augmentation de leurs b\u00e9n\u00e9fices sont\n      plus solides.\n    <\/p>\n    <p>\n      Mais, du moins depuis la mi-avril, nous estimons que le syndrome\n      \u00ab&nbsp;FOMO&nbsp;\u00bb alimente ces cinq titres li\u00e9s \u00e0 l\u2019IA \u2013 le ph\u00e9nom\u00e8ne\n      psychologique aussi appel\u00e9 l\u2019\u00ab&nbsp;anxi\u00e9t\u00e9 de ratage&nbsp;\u00bb. Cette\n      situation se produit lorsque des investisseurs institutionnels et\n      individuels courent apr\u00e8s les plus grands gagnants, surtout lorsque\n      l\u2019engouement pour un th\u00e8me de placement en particulier devient plus grand\n      que nature, comme c\u2019est le cas avec l\u2019IA.\n    <\/p>\n    <p>\n      Bien que les p\u00e9riodes marqu\u00e9es par le syndrome FOMO peuvent durer beaucoup\n      plus longtemps que ce qui serait consid\u00e9r\u00e9 comme raisonnable, elles\n      peuvent aussi changer de forme ou prendre fin de fa\u00e7on tout \u00e0 fait\n      inattendue.\n    <\/p>\n    \n    <!-- section -->\n    <h2>Cher ne rime pas n\u00e9cessairement avec probl\u00e9matique<\/h2>\n    <p>\n      L\u2019autre choc caus\u00e9 par la reprise est qu\u2019elle a fait remonter les\n      valorisations. De notre point de vue, ce n\u2019est pas aussi probl\u00e9matique\n      qu\u2019il y para\u00eet.\n    <\/p>\n    <p>\n      Le ratio cours\/b\u00e9n\u00e9fice pr\u00e9visionnel de 21,3x de l\u2019indice S&amp;P 500 est\n      maintenant nettement sup\u00e9rieur \u00e0 la moyenne de 18,5x depuis le d\u00e9but de\n      2016. Statistiquement, cela repr\u00e9sente un \u00e9cart-type d\u2019environ 1,2\n      au-dessus de la moyenne, selon Bloomberg Intelligence. Selon nous, ce\n      chiffre est \u00e9lev\u00e9, m\u00eame s\u2019il ne tutoie pas les 2,0 ou plus, niveau qui\n      serait, \u00e0 notre avis, excessif.\n    <\/p>\n    <p>\n      Si l\u2019on omet les sept merveilles li\u00e9es \u00e0 l\u2019IA, la valorisation est\n      inf\u00e9rieure, \u00e0 18,4x, comme le montre le graphique de droite. Nous estimons\n      que ce chiffre est moins probl\u00e9matique et plus raisonnable, puisqu\u2019il\n      repr\u00e9sente un \u00e9cart-type de 0,7 environ sup\u00e9rieur \u00e0 la moyenne.\n    <\/p>\n    <p>\n      Il convient toutefois de noter que, selon Bloomberg Intelligence, l\u2019\u00e9cart\n      de valorisation entre le S&amp;P 500 et le S&amp;P 500 sans les sept\n      merveilles est anormalement \u00e9lev\u00e9, l\u2019\u00e9cart-type \u00e9tant de 1,8 environ\n      au-dessus de la moyenne. Pour nous, c\u2019est trop pr\u00e8s de l\u2019\u00e9cart-type de 2,0\n      que nous consid\u00e9rons comme excessif.\n    <\/p>\n    \n    <!-- ex 2 -->\n    <h3>\n      La valorisation de l\u2019indice S&amp;P 500 est plus raisonnable en excluant\n      les titres des sept merveilles\n    <\/h3>\n    <h4>\n      Ratios cours\/b\u00e9n\u00e9fice pr\u00e9visionnels de l\u2019indice S&amp;P 500 selon les\n      pr\u00e9visions consensuelles de Bloomberg\n    <\/h4>\n    <div class=\"row mb-4\">\n      <div class=\"col-lg-10 col-md-8 col-sm-8 col-xs-10 col-xxs-12\">\n        <img decoding=\"async\"\n          src=\"https:\/\/www.rbcwealthmanagement.com\/fr-ca\/wp-content\/uploads\/sites\/6\/2023\/02\/fine-frustrating-equity-rally-fr-chart-2.png\"\n          alt=\"Ratios cours\/b\u00e9n\u00e9fice pr\u00e9visionnels de l\u2019indice S&amp;P 500 selon les\n          pr\u00e9visions consensuelles de Bloomberg\"\n          class=\"img-fluid mb-1-half\"\n          aria-describedby=\"chart2desc\"\n        \/>\n        <p\n          class=\"sr-only\"\n          id=\"chart2desc\"\n        >\n          Le graphique lin\u00e9aire compare les ratios cours\/b\u00e9n\u00e9fice (C\/B)\n          pr\u00e9visionnels de l\u2019indice S&#038;P 500 dans son ensemble depuis janvier\n          2016 et de l\u2019indice S&#038;P 500 excluant les titres des \u00ab&nbsp;sept\n          merveilles&nbsp;\u00bb (Microsoft, Apple, NVIDIA, Alphabet, Amazon.com,\n          Meta Platforms et Tesla). Les deux s\u00e9ries de donn\u00e9es sont semblables\n          en 2016 et 2017, commen\u00e7ant \u00e0 environ 15,8x et se terminant \u00e0 environ\n          18x. Les deux s\u00e9ries ont commenc\u00e9 \u00e0 se s\u00e9parer par la suite, mais\n          l\u2019\u00e9cart n\u2019\u00e9tait pas tr\u00e8s important jusqu\u2019au d\u00e9but de 2020. Puis, \u00e0\n          compter du printemps 2020, les ratios C\/B des deux s\u00e9ries ont bondi et\n          l\u2019\u00e9cart entre l\u2019indice S&#038;P 500 dans son ensemble et l\u2019indice S&#038;P 500\n          excluant les sept merveilles s\u2019est consid\u00e9rablement \u00e9largi. En ao\u00fbt\n          2020, le ratio C\/B de l\u2019indice S&#038;P 500 a atteint un sommet de 22,9x,\n          tandis que celui de l\u2019indice S&#038;P 500 excluant les sept merveilles a\n          atteint un sommet de 20,6x. Par la suite, m\u00eame si les ratios C\/B des\n          deux indices ont diminu\u00e9, l\u2019\u00e9cart est demeur\u00e9 important pendant la\n          majeure partie de 2021. Les ratios C\/B ont encore diminu\u00e9 par la suite\n          et l\u2019\u00e9cart s\u2019est r\u00e9tr\u00e9ci. Le ratio C\/B de l\u2019indice S&#038;P 500 a atteint\n          15,2x en ao\u00fbt 2022; le ratio C\/B de l\u2019indice S&#038;P 500 excluant les sept\n          merveilles a atteint un creux de 14,0x; ces deux indices figurent\n          parmi les plus bas du graphique. Au cours de cette p\u00e9riode et peu\n          apr\u00e8s, l\u2019\u00e9cart est demeur\u00e9 \u00e9troit jusqu\u2019au d\u00e9but de 2023. Mais l\u2019\u00e9cart\n          s\u2019est de nouveau creus\u00e9, les ratios C\/B des deux indices ayant\n          augment\u00e9. Selon les donn\u00e9es les plus r\u00e9centes du 18 juin 2024, le\n          ratio C\/B de l\u2019indice S&#038;P 500 s\u2019\u00e9tablit \u00e0 21,3x et celui de l\u2019indice\n          S&#038;P 500 excluant les sept merveilles, \u00e0 18,4x, ce qui repr\u00e9sente l\u2019un\n          des \u00e9carts les plus importants depuis 2016.\n        <\/p>\n        <ul class=\"rbc-legend\">\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line c-dark-blue-tint-1\"><\/div>\n            Indice S&amp;P&nbsp;500\n          <\/li>\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line c-tundra\"><\/div>\n            Indice S&amp;P&nbsp;500 excluant les titres des sept merveilles*\n          <\/li>\n        <\/ul>\n        <p class=\"arial footnote\">\n          * Les titres des sept merveilles sont Alphabet, Amazon.com, Apple,\n          Meta Platforms, Microsoft, NVIDIA et Tesla.\n        <\/p>\n        <p class=\"disclaimer\">\n          Sources&nbsp;: Bloomberg Intelligence, RBC Gestion de patrimoine;\n          donn\u00e9es de fin de mois, \u00e0 l\u2019exception des donn\u00e9es finales du\n          18 juin 2024\n        <\/p>\n      <\/div>\n    <\/div>\n    \n    <!-- section -->\n    <h2>N\u2019oubliez pas que les remont\u00e9es comportent toujours des replis<\/h2>\n    <p>\n      Nous pensons que l\u2019indice S&amp;P 500 s\u2019est emball\u00e9 et que le march\u00e9\n      am\u00e9ricain fera une pause ou subira un repli normal au cours des prochaines\n      semaines ou des prochains mois. Selon nous, ce n\u2019est pas le moment de\n      courir apr\u00e8s les grands gagnants.\n    <\/p>\n    <p>\n      \u00c0 l\u2019approche de la p\u00e9riode de publication des r\u00e9sultats du deuxi\u00e8me\n      trimestre, qui s\u2019amorcera \u00e0 la mi-juillet, les pr\u00e9visions consensuelles\n      des b\u00e9n\u00e9fices pour cette ann\u00e9e et la prochaine ann\u00e9e semblent tributaires\n      d\u2019une croissance du PIB au moins satisfaisante, mais <a href=\"https:\/\/www.rbcwealthmanagement.com\/fr-ca\/insights\/redder-updating-our-recession-scorecard\" title=\"\u00c0 la baisse : Mise \u00e0 jour de notre feuille de pointage sur la r\u00e9cession\">\n        le risque de\n        r\u00e9cession persiste<\/a>. La campagne pr\u00e9sidentielle am\u00e9ricaine pourrait attiser\n      la volatilit\u00e9, alors que les investisseurs institutionnels commenceront \u00e0\n      porter leur attention sur les d\u00e9bats et les conventions des partis\n      politiques cet \u00e9t\u00e9.\n    <\/p>\n    <p>\n      Nous recommandons de conserver une exposition pond\u00e9r\u00e9e en fonction du\n      march\u00e9 aux actions am\u00e9ricaines. \u00c9tant donn\u00e9 que l\u2019activit\u00e9 semble selon\n      nous port\u00e9e par le syndrome FOMO, les investisseurs individuels devraient\n      s\u2019en tenir \u00e0 leur plan de placement \u00e0 long terme.\n    <\/p>\n","protected":false},"excerpt":{"rendered":"<p>La remont\u00e9e du march\u00e9 boursier am\u00e9ricain continue de se surpasser. Or, plusieurs facteurs demandent une analyse plus nuanc\u00e9e. Nous \u00e9valuons le contexte qui encadre la remont\u00e9e et la fa\u00e7on de positionner les portefeuilles d\u2019actions.<\/p>\n","protected":false},"author":15,"featured_media":22120,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"2024-06-20T11:41:55","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":[],"rbcwm_content_owner":[675],"rbcwm_need":[],"rbcwm_segment":[537],"rbcwm_solution":[],"rbcwm_topic":[590],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-22119","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analyse","rbcwm_content_owner-pag","rbcwm_segment-proprietaires-dentreprise-et-entrepreneurs","rbcwm_topic-global-insights"],"acf":{"rbcwm_subtitle":"La remont\u00e9e du march\u00e9 boursier am\u00e9ricain continue de se surpasser. Or, plusieurs facteurs demandent une analyse plus nuanc\u00e9e. Nous \u00e9valuons le contexte qui encadre la remont\u00e9e et la fa\u00e7on de positionner les portefeuilles d\u2019actions.","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":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.8 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>La belle, et frustrante, remont\u00e9e des actions am\u00e9ricaines<\/title>\n<meta name=\"description\" content=\"La remont\u00e9e du march\u00e9 boursier am\u00e9ricain continue de se surpasser. 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