{"id":7481,"date":"2023-06-08T20:00:00","date_gmt":"2023-06-09T00:00:00","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/fr-ca\/insights\/reading-between-the-lines-of-the-stock-market-rally\/"},"modified":"2024-02-05T13:40:59","modified_gmt":"2024-02-05T18:40:59","slug":"reading-between-the-lines-of-the-stock-market-rally","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/fr-ca\/insights\/reading-between-the-lines-of-the-stock-market-rally","title":{"rendered":"Les coulisses du redressement du march\u00e9 boursier"},"content":{"rendered":"\n<p><strong>Par Kelly Bogdanova et Ben Graham, CFA<\/strong><\/p>\n\n\n\n<p>       Alors que nous sommes presque au milieu de l\u2019ann\u00e9e, le S&amp;P 500 fait       preuve d\u2019une r\u00e9sistance \u00e9tonnante malgr\u00e9 les multiples obstacles, comme       les nombreuses hausses de taux de la R\u00e9serve f\u00e9d\u00e9rale dans un contexte       d\u2019incertitude \u00e9conomique, l\u2019instabilit\u00e9 du syst\u00e8me bancaire r\u00e9gional des       \u00c9tats\u2011Unis ainsi que les pr\u00e9visions des b\u00e9n\u00e9fices des soci\u00e9t\u00e9s, qui       diminuaient jusqu\u2019\u00e0 tout r\u00e9cemment.     <\/p>\n\n\n\n<p>       Malgr\u00e9 cette solidit\u00e9, la reprise du S&amp;P 500 ne refl\u00e8te pas forc\u00e9ment       ce qui se passe dans les portefeuilles d\u2019actions diversifi\u00e9s.     <\/p>\n\n\n\n<p>       L\u2019explication tient au fait qu\u2019un petit groupe d\u2019actions, surtout li\u00e9es       aux secteurs des technologies (et que nous appelons les actions des       \u00ab&nbsp;7 grandes soci\u00e9t\u00e9s&nbsp;\u00bb), surclasse nettement l\u2019indice global.     <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>         Le S&amp;P 500 a augment\u00e9 de 12,0&nbsp;%, dividendes inclus, depuis le         d\u00e9but de l\u2019ann\u00e9e.       <\/li>\n\n\n\n<li>         Les actions des 7 grandes soci\u00e9t\u00e9s, soit Alphabet,Amazon.com, Apple,         Meta Platforms, Microsoft, NVIDIA et Tesla, affichent toutefois une         hausse de 69,0&nbsp;% en moyenne.       <\/li>\n\n\n\n<li>         Les autres titres du S&amp;P 500 n\u2019ont progress\u00e9 que de 2,5&nbsp;% en         moyenne depuis le d\u00e9but de l\u2019ann\u00e9e (voir le graphique).       <\/li>\n<\/ul>\n\n\n\n<p>Il va sans dire qu\u2019il s\u2019agit d\u2019un \u00e9cart colossal.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-les-actions-des-7-grandes-societes-ont-genere-une-enorme-part-des-rendements-totaux-du-s-amp-p-500-depuis-le-debut-de-2023\">       Les actions des 7 grandes soci\u00e9t\u00e9s ont g\u00e9n\u00e9r\u00e9 une \u00e9norme part des       rendements totaux du S&amp;P 500 depuis le d\u00e9but de 2023     <\/h3>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-rendement-depuis-le-debut-de-2023-dividendes-inclus-ajuste-en-fonction-du-scenario-et-de-la-ponderation\">       Rendement depuis le d\u00e9but de 2023, dividendes inclus, ajust\u00e9 en fonction       du sc\u00e9nario et de la pond\u00e9ration (%)     <\/h4>\n\n\n\n<div class=\"row mb-4 migrated\">       <div class=\"col-lg-10 col-md-8 col-sm-8 col-xs-10 col-xxs-12\">         <img decoding=\"async\" src=\"https:\/\/www.rbcwealthmanagement.com\/fr-ca\/wp-content\/uploads\/sites\/6\/2023\/06\/reading-between-lines-fr-chart-1.png\" alt=\"Rendement de l\u2019indice S&#038;P 500 du d\u00e9but de l\u2019ann\u00e9e jusqu\u2019au 7 juin 2023 selon quatre cas de figure\" class=\"img-fluid mb-2\" \/>         <p           class=\"sr-only\"           id=\"chart1desc\"         >           Le graphique \u00e0 barres montre le rendement de l\u2019indice S&#038;P 500 du d\u00e9but           de l\u2019ann\u00e9e jusqu\u2019au 7 juin 2023, selon quatre cas de figure. Les           actions des sept grandes soci\u00e9t\u00e9s (Alphabet, Amazon.com, Apple, Meta,           Microsoft, Nvidia et Tesla) ont gagn\u00e9 69&nbsp;% en moyenne. Le S&#038;P 500           a progress\u00e9 de 12&nbsp;%. Lorsqu\u2019on exclut Apple (la soci\u00e9t\u00e9 la plus           importante du S&#038;P 500 selon la capitalisation boursi\u00e8re), l\u2019indice a           avanc\u00e9 de 10,6&nbsp;%. Et lorsqu\u2019on exclut les sept grandes soci\u00e9t\u00e9s,           le rendement de l\u2019indice s\u2019\u00e9tablit \u00e0 2,5&nbsp;%.         <\/p>         <p class=\"footnote\">           Nota&nbsp;: Les 7 grandes soci\u00e9t\u00e9s sont Alphabet (deux cat\u00e9gories           d\u2019actions), Amazon.com, Apple, Meta Platforms, Microsoft, NVIDIA et           Tesla. L\u2019abr\u00e9viation \u00ab&nbsp;excl.&nbsp;\u00bb signifie           \u00ab&nbsp;excluant&nbsp;\u00bb.         <\/p>         <p class=\"disclaimer\">           Sources&nbsp;: RBC Gestion de patrimoine, FactSet&nbsp;; donn\u00e9es           prises en compte jusqu\u2019au 7 juin 2023.         <\/p>       <\/div>     <\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Le gros du travail<\/h2>\n\n\n\n<p>       Ce ph\u00e9nom\u00e8ne a des r\u00e9percussions d\u00e9mesur\u00e9es sur le rendement du S&amp;P       500, et ce, de deux mani\u00e8res.     <\/p>\n\n\n\n<p>       En premier lieu, les valeurs marchandes (capitalisations boursi\u00e8res) des       actions des 7 grandes soci\u00e9t\u00e9s sont importantes ou tr\u00e8s importantes. Or,       le S&amp;P 500 est un indice pond\u00e9r\u00e9 en fonction de la capitalisation       boursi\u00e8re, ce qui signifie que les actions \u00e0 grande capitalisation ont un       impact plus marqu\u00e9 sur les rendements de l\u2019indice. Le rendement des 7       grandes soci\u00e9t\u00e9s influe donc \u00e9videmment davantage sur le S&amp;P 500.     <\/p>\n\n\n\n<p>       En second lieu, le S&amp;P 500 se caract\u00e9rise par une forte concentration       actuellement. Selon les normes historiques, une part exceptionnellement       \u00e9lev\u00e9e de la capitalisation totale du S&amp;P 500 est attribuable aux       actions \u00e0 grande capitalisation de l\u2019indice (parmi lesquelles figurent les       actions de bon nombre des 7 grandes soci\u00e9t\u00e9s).     <\/p>\n\n\n\n<p>       La combinaison de ces deux facteurs signifie concr\u00e8tement que les actions       des 7 grandes soci\u00e9t\u00e9s ont constitu\u00e9 une part \u00e9crasante des derniers       rendements du S&amp;P 500.     <\/p>\n\n\n\n<p>       Les 7 grandes soci\u00e9t\u00e9s ont effectivement produit 84,1&nbsp;% du rendement       de 12 &nbsp;% enregistr\u00e9 depuis le d\u00e9but de l\u2019ann\u00e9e. Les autres actions du       S&amp;P 500, au nombre de 496, ne repr\u00e9sentent qu\u2019une maigre proportion       (15,9&nbsp;%) du rendement de l\u2019indice jusqu\u2019\u00e0 pr\u00e9sent cette ann\u00e9e. Le       diagramme circulaire illustre pr\u00e9cis\u00e9ment de quelle mani\u00e8re les actions       des 7 grandes soci\u00e9t\u00e9s influent sur l\u2019indice global.     <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">       Les actions des 7 grandes soci\u00e9t\u00e9s repr\u00e9sentent une part importante des       rendements du S&amp;P 500     <\/h3>\n\n\n\n<h4 class=\"wp-block-heading\">       Proportions des rendements des 7 grandes soci\u00e9t\u00e9s et des 496 autres titres       du S&amp;P 500, dividendes inclus, depuis le d\u00e9but de l\u2019ann\u00e9e*     <\/h4>\n\n\n\n<div class=\"row mb-4 migrated\">       <div class=\"col-lg-10 col-md-8 col-sm-8 col-xs-10 col-xxs-12\">         <img decoding=\"async\" src=\"https:\/\/www.rbcwealthmanagement.com\/fr-ca\/wp-content\/uploads\/sites\/6\/2023\/06\/reading-between-lines-fr-chart-2.png\" alt=\"Proportions des rendements des 7 grandes soci\u00e9t\u00e9s et des autres titres du S&amp;P 500\" class=\"img-fluid mb-2\" \/>         <p           class=\"sr-only\"           id=\"chart2desc\"         >           Le diagramme montre la part du rendement du S&#038;P 500 depuis le d\u00e9but de           l\u2019ann\u00e9e, hors dividendes, g\u00e9n\u00e9r\u00e9e par les sept grandes soci\u00e9t\u00e9s par           rapport au reste des 496 titres. Le rendement total en cumul annuel de           l\u2019indice est de 12&nbsp;%. Apple a produit 18,7&nbsp;% de ce           rendement, Microsoft, 16,5&nbsp;%, NVIDIA, 14,7&nbsp;%, Alphabet,           10,1&nbsp;%, Amazon.com, 8,8 &nbsp;%, Meta Platforms, 8,4&nbsp;% et           Tesla, 6,8&nbsp;%. Ensemble, cela repr\u00e9sente 84,1&nbsp;% du rendement.           Les autres actions du S&#038;P 500, au nombre de 496, ne repr\u00e9sentent           qu\u2019une maigre proportion, soit 15,9&nbsp;%, du rendement jusqu\u2019\u00e0           pr\u00e9sent cette ann\u00e9e.         <\/p>         <p class=\"footnote\">           Le rendement total du S&#038;P 500 depuis le d\u00e9but de l\u2019ann\u00e9e est de           12&nbsp;%. Apple repr\u00e9sente 18,7&nbsp;% de ce rendement&nbsp;;           Microsoft, 16,5&nbsp;%&nbsp;; et ainsi de suite.         <\/p>         <p class=\"footnote\">           *\u2009Le S&amp;P 500 compte actuellement 503 titres         <\/p>          <p class=\"disclaimer\">           Sources&nbsp;: RBC Gestion de patrimoine, FactSet&nbsp;; donn\u00e9es           prises en compte jusqu\u2019au 7 juin 2023.         <\/p>       <\/div>     <\/div>\n\n\n\n<h2 class=\"wp-block-heading\">L\u2019\u00e9cart de rendement est\u2011il m\u00e9rit\u00e9&nbsp;?<\/h2>\n\n\n\n<p>       En r\u00e9trospective, nous sommes d\u2019avis qu\u2019il existe des raisons logiques et       valables expliquant pourquoi les 7 grandes soci\u00e9t\u00e9s ont surclass\u00e9 le       S&amp;P 500.     <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>         Les tendances relatives \u00e0 la progression des revenus, \u00e0 la croissance         des b\u00e9n\u00e9fices, aux marges et aux flux de tr\u00e9sorerie disponibles des 7         grandes soci\u00e9t\u00e9s au cours des 12 derniers mois ont \u00e9t\u00e9 nettement         sup\u00e9rieures \u00e0 celles du S&amp;P 500.       <\/li>\n\n\n\n<li>         Comparativement \u00e0 l\u2019indice global, les r\u00e9visions haussi\u00e8res des         estimations de leurs b\u00e9n\u00e9fices au cours des trois derniers mois ont         \u00e9galement \u00e9t\u00e9 sup\u00e9rieures.       <\/li>\n\n\n\n<li>         Les pr\u00e9visions g\u00e9n\u00e9rales de croissance des b\u00e9n\u00e9fices et des revenus pour         les 12 prochains mois demeurent bien plus \u00e9lev\u00e9es que celles du reste         des soci\u00e9t\u00e9s du S&amp;P 500.       <\/li>\n\n\n\n<li>         Les actions des 7 grandes soci\u00e9t\u00e9s ont profit\u00e9 de l\u2019int\u00e9r\u00eat des         investisseurs pour l\u2019intelligence artificielle et des flux de fonds qui         ont \u00e9t\u00e9 investis dans ce domaine, puisque ces actions sont li\u00e9es \u00e0 cette         technologie.       <\/li>\n<\/ul>\n\n\n\n<p>       Toutefois, d\u2019apr\u00e8s notre analyse, l\u2019ampleur m\u00eame de cette domination       (rendement moyen de 69&nbsp;% pour les 7 grandes soci\u00e9t\u00e9s comparativement       \u00e0 2,5 &nbsp;% seulement pour le reste des soci\u00e9t\u00e9s du S&amp;P 500) semble       exag\u00e9r\u00e9e.     <\/p>\n\n\n\n<p>       Durant la reprise, les valorisations des 7 grandes soci\u00e9t\u00e9s ont       consid\u00e9rablement augment\u00e9 au point de fr\u00f4ler les sommets des deux       derni\u00e8res ann\u00e9es par rapport au S&amp;P 500. Nous estimons peu probable un       maintien \u00e0 long terme de la croissance ultrarapide des revenus et des       b\u00e9n\u00e9fices enregistr\u00e9e jusqu\u2019\u00e0 pr\u00e9sent par certaines des 7 grandes       soci\u00e9t\u00e9s. Les grandes soci\u00e9t\u00e9s qui g\u00e9n\u00e8rent des b\u00e9n\u00e9fices importants, m\u00eame       pendant quelques ann\u00e9es, sont habituellement incapables de conserver ce       rythme soutenu durant cinq ou dix ans.     <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">       Quelles sont les perspectives de rendement du S&amp;P 500 dans un march\u00e9       fortement concentr\u00e9&nbsp;?     <\/h3>\n\n\n\n<p>       La r\u00e9ponse directe \u00e0 cette question d\u00e9pend de la mani\u00e8re dont sont       analys\u00e9es les donn\u00e9es.     <\/p>\n\n\n\n<p>       Lori Calvasina, cheffe, Strat\u00e9gie sur actions am\u00e9ricaines, RBC Capital       Markets, LLC, a \u00e9tudi\u00e9 l\u2019effet sur le S&amp;P 500 des titres des dix       soci\u00e9t\u00e9s les plus grandes selon la capitalisation boursi\u00e8re depuis 1990.       Elle a d\u00e9couvert que les p\u00e9riodes de forte concentration (lorsque les       actions les plus importantes repr\u00e9sentaient la plus grande part de la       capitalisation boursi\u00e8re du S&amp;P 500) surviennent dans diff\u00e9rents types       de circonstances \u2013 parfois tr\u00e8s difficiles pour le march\u00e9 boursier,       parfois non \u2013 et que ces \u00e9pisodes ne donnent pas n\u00e9cessairement d\u2019indices       sur le rendement \u00e0 venir du march\u00e9.     <\/p>\n\n\n\n<p>       Elle a \u00e9crit ceci&nbsp;: \u00ab&nbsp;Nous comprenons les risques logiques       associ\u00e9s aux march\u00e9s concentr\u00e9s et ceux domin\u00e9s par une poign\u00e9e de       soci\u00e9t\u00e9s, mais nous ne sommes pas convaincus qu\u2019il soit possible d\u2019en       tirer des conclusions quant au rendement futur.&nbsp;\u00bb     <\/p>\n\n\n\n<p>       L\u2019\u00e9quipe de recherche de Bloomberg Intelligence a cependant d\u00e9cortiqu\u00e9       autrement les donn\u00e9es et obtenu des r\u00e9sultats diff\u00e9rents. Elle a analys\u00e9       la concentration des cinq titres les plus importants du march\u00e9 depuis 2000       et d\u00e9termin\u00e9 les rendements du S&amp;P 500 sur des p\u00e9riodes mobiles       post\u00e9rieures de 12 mois.     <\/p>\n\n\n\n<p>       Elle a d\u00e9couvert qu\u2019au cours de l\u2019ann\u00e9e suivant les p\u00e9riodes marqu\u00e9es par       la plus faible concentration, l\u2019appr\u00e9ciation moyenne des titres du S&amp;P       500 \u00e9tait de pr\u00e8s de 14&nbsp;%. Lorsque la concentration atteignait un       sommet \u2013 comme c\u2019est le cas actuellement \u2013, elle a constat\u00e9 que les       rendements du S&amp;P 500 \u00e9taient plus modestes, soit presque 6&nbsp;%, au       cours de l\u2019ann\u00e9e \u00e0 venir.     <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Planifier et agir au lieu de r\u00e9agir<\/h2>\n\n\n\n<p>       En surface, le rendement total de 12&nbsp;% du S&amp;P 500 depuis le d\u00e9but       de l\u2019ann\u00e9e semble excellent, mais il existe des courants de fond pouvant       entra\u00eener le rendement de nombreux portefeuilles en de\u00e7\u00e0 de celui de       l\u2019indice.     <\/p>\n\n\n\n<p>       \u00c0 notre avis, m\u00eame si de telles conditions peuvent persister dans le       march\u00e9 et causer bien du tort aux investisseurs ayant des portefeuilles       diversifi\u00e9s, il ne faut jamais oublier que les facteurs de rendement du       march\u00e9 boursier fluctuent avec le temps.     <\/p>\n\n\n\n<p>       Nous estimons que la mise en \u0153uvre d\u2019un plan et le respect de ce plan dans       des p\u00e9riodes comme celle\u2011ci sont essentiels.     <\/p>\n\n\n\n<p>       Ainsi, lorsque les styles n\u2019ayant plus la cote \u2013 qui occupent sans doute       une place dans bien des portefeuilles actuellement \u2013 reviendront dans les       bonnes gr\u00e2ces, les investisseurs en bonne position seront plus       susceptibles de profiter des avantages s\u2019\u00e9tant peut\u2011\u00eatre av\u00e9r\u00e9s       insaisissables durant la pr\u00e9sente p\u00e9riode de domination d\u2019une poign\u00e9e de       titres.     <\/p>\n\n\n\n<p>       Nous observons d\u2019ailleurs d\u00e9j\u00e0 des signes annon\u00e7ant le d\u00e9but d\u2019un       \u00e9largissement du rendement du march\u00e9.     <\/p>\n","protected":false},"excerpt":{"rendered":"<p>La vigueur de l\u2019indice S&#038;P 500 est attribuable \u00e0 quelques titres seulement et cache les pi\u00e8tres rendements de la plupart des constituants. Quelles peuvent \u00eatre les cons\u00e9quences de ce ph\u00e9nom\u00e8ne sur les placements ?<\/p>\n","protected":false},"author":15,"featured_media":7485,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"2023-06-08 00:00:00.0","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":[224,341],"rbcwm_content_owner":[675],"rbcwm_need":[],"rbcwm_segment":[538,537],"rbcwm_solution":[],"rbcwm_topic":[590],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-7481","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analyse","tag-investing","tag-stock-market-rally","rbcwm_content_owner-pag","rbcwm_segment-particuliers-et-familles","rbcwm_segment-proprietaires-dentreprise-et-entrepreneurs","rbcwm_topic-global-insights"],"acf":{"rbcwm_subtitle":"La vigueur de l\u2019indice S&P 500 est attribuable \u00e0 quelques titres seulement et cache les pi\u00e8tres rendements de la plupart des constituants. Quelles peuvent \u00eatre les cons\u00e9quences de ce ph\u00e9nom\u00e8ne sur les placements ?","rbcwm_post_author":"","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":"","previous_link":"","previous_link_text":""},"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>Les coulisses du redressement du march\u00e9 boursier<\/title>\n<meta name=\"description\" content=\"La vigueur de l\u2019indice S&amp;P 500 est attribuable \u00e0 quelques titres seulement et cache les pi\u00e8tres rendements de la plupart des constituants. 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