{"id":8617,"date":"2023-08-03T20:00:00","date_gmt":"2023-08-04T00:00:00","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/fr-ca\/insights\/strategic-investing-beyond-north-america\/"},"modified":"2023-11-01T10:47:29","modified_gmt":"2023-11-01T14:47:29","slug":"strategic-investing-beyond-north-america","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/fr-ca\/insights\/strategic-investing-beyond-north-america","title":{"rendered":"Placements strat\u00e9giques au\u2011del\u00e0 de l\u2019Am\u00e9rique du Nord"},"content":{"rendered":"<p><strong>Par Sean Killin<\/strong><\/p> <p>       Au cours des dix derni\u00e8res ann\u00e9es, les actions am\u00e9ricaines ont nettement       surclass\u00e9 celles des march\u00e9s d\u00e9velopp\u00e9s internationaux. Depuis 2013, le       S&amp;P 500 a d\u00e9gag\u00e9 des rendements annualis\u00e9s de 13,6&nbsp;% jusqu\u2019en       juillet 2023, comparativement \u00e0 6,2&nbsp;% pour l\u2019indice MSCI EAEO qui est       un bon indicateur pour les actions hors Am\u00e9rique du Nord (EAEO d\u00e9signe       l\u2019Europe, l\u2019Australasie et l\u2019Extr\u00eame\u2011Orient).     <\/p>     <p>       Selon nous, cet \u00e9cart de rendement marqu\u00e9 est attribuable \u00e0 plusieurs       facteurs, dont ceux\u2011ci&nbsp;:     <\/p>     <ul class=\"list-spaced\">       <li>         l\u2019expansion \u00e9conomique des \u00c9tats\u2011Unis et la croissance des b\u00e9n\u00e9fices des         soci\u00e9t\u00e9s qui sont plus rapides qu\u2019au Japon et en Europe&nbsp;;       <\/li>       <li>         la composition sectorielle du march\u00e9 am\u00e9ricain qui donne plus de poids         aux technologies et aux secteurs qui y sont li\u00e9s, l\u00e0 o\u00f9 une croissance \u00e0         long terme a \u00e9t\u00e9 enregistr\u00e9e&nbsp;;       <\/li>       <li>         la vigueur g\u00e9n\u00e9rale du dollar am\u00e9ricain par rapport \u00e0 l\u2019euro et au yen.       <\/li>     <\/ul>     <p>       Un rendement sup\u00e9rieur persistant a incit\u00e9 les investisseurs \u00e0 privil\u00e9gier       de plus en plus les actions am\u00e9ricaines, et cette tendance s\u2019est refl\u00e9t\u00e9e       dans les valorisations boursi\u00e8res au cours des dix derni\u00e8res ann\u00e9es.     <\/p>     <p>       La moyenne du ratio cours\u2011b\u00e9n\u00e9fice (C\/B) (qui \u00e9value ce qu\u2019acceptent de       payer les investisseurs d\u2019apr\u00e8s les b\u00e9n\u00e9fices des 12 derniers mois) de       l\u2019indice MSCI \u00c9tats\u2011Unis des dix derni\u00e8res ann\u00e9es \u00e9tait de 20,6 x       comparativement \u00e0 16,9 x lors de la d\u00e9cennie pr\u00e9c\u00e9dente, ce qui d\u00e9montre       que les investisseurs sont plus enclins \u00e0 payer une prime relative pour       b\u00e9n\u00e9ficier de la rentabilit\u00e9 des entreprises am\u00e9ricaines et de leurs       perspectives de croissance sup\u00e9rieures.     <\/p>     <p>       En revanche, la moyenne du ratio cours\u2011b\u00e9n\u00e9fice (C\/B) de l\u2019indice MSCI       EAEO, qui se compose \u00e0 80&nbsp;% de titres de l\u2019Europe et du Japon, a       chut\u00e9 \u00e0 16,7 x au cours de la derni\u00e8re d\u00e9cennie, alors qu\u2019elle se       chiffrait \u00e0 21,0 x lors des dix ann\u00e9es pr\u00e9c\u00e9dentes. L\u2019\u00e9conomie quasi       stagnante au Japon lors de la derni\u00e8re d\u00e9cennie et la crise de la dette       qui plombe la zone euro depuis plusieurs ann\u00e9es (depuis le d\u00e9but de 2010)       sont des facteurs notables qui ont min\u00e9 la confiance des investisseurs       dans les march\u00e9s d\u00e9velopp\u00e9s internationaux.     <\/p>     <h3>Interversion<\/h3>     <h4>Ratio cours\/b\u00e9n\u00e9fice moyen<\/h4>     <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\/08\/strategic-beyond-america-fr-chart-1.png\" alt=\"Ratio cours\/b\u00e9n\u00e9fice moyen de l\u2019indice           MSCI \u00c9tats-Unis (US) et de l\u2019indice MSCI EAEO (EAEO)\" class=\"img-fluid mb-1-half\" \/>         <p           class=\"sr-only\"           id=\"chart1desc\"         >           Graphique \u00e0 barres montrant le ratio cours\/b\u00e9n\u00e9fice moyen de l\u2019indice           MSCI \u00c9tats-Unis (US) et de l\u2019indice MSCI EAEO (EAEO) pour trois           p\u00e9riodes. 2002-2012 \u2013 U.S.&nbsp;: 16,9x, EAEO&nbsp;: 21,0x; 2013-2023           \u2013 U.S.&nbsp;: 20,6x, EAEO&nbsp;: 16,7x; moyenne (1996-\u00e0 nos jours) \u2013           U.S.&nbsp;: 20,2x, EAEO&nbsp;: 21,8 x.         <\/p>         <ul class=\"rbc-legend rbc-legend-inline\">           <li class=\"rbc-legend-item\">             <div class=\"rbc-legend-bar c-blue-tint-1\"><\/div>             Indice MSCI \u00c9tats-Unis           <\/li>           <li class=\"rbc-legend-item\">             <div class=\"rbc-legend-bar c-dark-blue-tint-1\"><\/div>             Indice MSCI EAEO           <\/li>         <\/ul>         <p class=\"disclaimer\">           Sources&nbsp;: RBC Gestion de patrimoine, Bloomberg&nbsp;; donn\u00e9es           mensuelles prises en compte jusqu\u2019au 31 juillet 2023         <\/p>       <\/div>     <\/div>     <h2>       Toutefois, le rendement sup\u00e9rieur des actions am\u00e9ricaines n\u2019est pas       toujours au rendez\u2011vous     <\/h2>     <p>       Si l\u2019histoire montre que les cycles qui favorisent un march\u00e9 boursier       r\u00e9gional en particulier sont habituellement longs, elle d\u00e9montre aussi que       les march\u00e9s en t\u00eate de peloton finissent par changer.     <\/p>     <p>       Les actions des march\u00e9s d\u00e9velopp\u00e9s internationaux ont d\u00e9gag\u00e9 un rendement       sup\u00e9rieur \u00e0 plusieurs reprises au cours des cinquante derni\u00e8res ann\u00e9es. Le       pr\u00e9c\u00e9dent cycle de rendements sup\u00e9rieurs sur les march\u00e9s internationaux a       commenc\u00e9 au lendemain de l\u2019\u00e9clatement de la bulle technologique, au d\u00e9but       des ann\u00e9es 2000, dans un contexte de concentration extr\u00eame du march\u00e9 et de       valorisations \u00e9lev\u00e9es dans le march\u00e9 am\u00e9ricain.     <\/p>     <p>       Cela dit, la pr\u00e9sente p\u00e9riode de rendement sup\u00e9rieur des titres am\u00e9ricains       est beaucoup plus longue et marqu\u00e9e qu\u2019aucune autre depuis les ann\u00e9es       1970. Et s\u2019il subsiste toujours de l\u2019incertitude lorsque nous tentons       d\u2019anticiper les tendances du march\u00e9, nous estimons n\u00e9anmoins que les       meneurs du march\u00e9 suivront la tendance historique \u00e0 long terme et qu\u2019ils       seront appel\u00e9s \u00e0 changer.     <\/p>     <p>       En ces temps de <a href=\"\/insights\/reading-between-the-lines-of-the-stock-market-rally\" title=\"Les coulisses du redressement du march\u00e9 boursier\">forte concentration<\/a> du march\u00e9 boursier am\u00e9ricain o\u00f9 moins       de 10 titres repr\u00e9sentent une part d\u00e9mesur\u00e9e des rendements du S&amp;P       500, nous croyons que les march\u00e9s internationaux pourraient offrir des       occasions attrayantes permettant d\u2019\u00e9largir la diversit\u00e9 des secteurs et       des soci\u00e9t\u00e9s dans les portefeuilles, \u00e0 des valorisations relativement       moins \u00e9lev\u00e9es.     <\/p>     <h3>Rotation des march\u00e9s dominants<\/h3>     <h4>       Rendement sup\u00e9rieur cumulatif des indices MSCI \u00c9tats\u2011Unis et MSCI EAEO     <\/h4>     <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\/08\/strategic-beyond-america-fr-chart-2.png\" alt=\"P\u00e9riodes de rendement sup\u00e9rieur cumulatif de l\u2019indice MSCI \u00c9tats-Unis par opposition \u00e0 l\u2019indice MSCI EAEO\" class=\"img-fluid mb-1-half\" \/>         <p           class=\"sr-only\"           id=\"chart2desc\"         >           Le graphique lin\u00e9aire montre des p\u00e9riodes de rendement sup\u00e9rieur           cumulatif de l\u2019indice MSCI \u00c9tats-Unis par opposition \u00e0 l\u2019indice MSCI           EAEO, depuis 1970. Le graphique indique qu\u2019il y a des p\u00e9riodes o\u00f9 le           march\u00e9 am\u00e9ricain surclasse le march\u00e9 EAEO, et des p\u00e9riodes           relativement \u00e9quivalentes pendant lesquelles le march\u00e9 EAEO surclasse           le march\u00e9 am\u00e9ricain. Ce dernier a surclass\u00e9 le march\u00e9 EAEO depuis la           fin de 2007.         <\/p>         <ul class=\"rbc-legend rbc-legend-inline\">           <li class=\"rbc-legend-item\">             <div class=\"rbc-legend-bar c-blue-tint-1\"><\/div>             Rendement sup\u00e9rieur des titres am\u00e9ricains           <\/li>           <li class=\"rbc-legend-item\">             <div class=\"rbc-legend-bar c-dark-blue-tint-1\"><\/div>             Rendement sup\u00e9rieur des titres EAEO           <\/li>         <\/ul>         <p class=\"disclaimer\">           Sources&nbsp;: RBC Gestion de patrimoine, Bloomberg&nbsp;; donn\u00e9es           mensuelles prises en compte jusqu\u2019au 31 juillet 2023         <\/p>       <\/div>     <\/div>     <h2>G\u00e9opolitique et dollar am\u00e9ricain<\/h2>     <p>       Dans un climat de tensions g\u00e9opolitiques persistantes qui entra\u00eenent une       fragmentation des relations commerciales, le <a href=\"\/insights\/worlds-apart-risks-and-opportunities-as-deglobalization-looms\" title=\"Un monde fragment\u00e9 : risques et occasions \u00e0 l\u2019aube de la d\u00e9mondialisation\">recul de la mondialisation<\/a>       pourrait cr\u00e9er des occasions sur les march\u00e9s boursiers internationaux.     <\/p>     <p>       \u00c9tant donn\u00e9 le flou entourant l\u2019essor d\u2019un nouveau mod\u00e8le commercial et la       possible transformation de l\u2019\u00e9conomie mondiale, les soci\u00e9t\u00e9s d\u2019Europe et       du Japon pourraient s\u2019av\u00e9rer utiles dans un contexte o\u00f9 les sc\u00e9narios       \u00e9conomiques se multiplient et o\u00f9 les politiques protectionnistes comme le       rapatriement des activit\u00e9s, la d\u00e9localisation dans des pays alli\u00e9s et les       barri\u00e8res commerciales risquent de devenir de plus en plus courantes.     <\/p>     <p>       Dans un m\u00eame temps, nous estimons que les turbulences li\u00e9es aux devises       devraient s\u2019apaiser pour les actions internationales.     <\/p>     <p>       De plus, la vigueur persistante du dollar am\u00e9ricain a consid\u00e9rablement       r\u00e9duit les rendements des placements libell\u00e9s en dollars am\u00e9ricains.       Depuis 2013, l\u2019indice de rendement des devises MSCI EAEO (dans lequel le       poids de chaque devise correspond au poids du pays \u00e9metteur dans l\u2019indice       MSCI EAEO) a recul\u00e9 de pr\u00e8s de 23&nbsp;% en juillet 2023, ce qui       repr\u00e9sente une baisse de rendement annualis\u00e9e de 2,4&nbsp;% en dollars       am\u00e9ricains.     <\/p>     <p>       Selon le mod\u00e8le de juste valeur de RBC Gestion mondiale d\u2019actifs, le       dollar am\u00e9ricain pond\u00e9r\u00e9 en fonction des \u00e9changes demeure sur\u00e9valu\u00e9 de       plus de 20&nbsp;% en fonction de la parit\u00e9 de pouvoir d\u2019achat. La       valorisation actuelle du dollar am\u00e9ricain laisse croire qu\u2019il pourrait       plonger dans un cycle de d\u00e9pr\u00e9ciation pluriannuel pour se d\u00e9faire de cette       sur\u00e9valuation, ce qui pourrait \u00eatre b\u00e9n\u00e9fique pour les rendements rajust\u00e9s       en fonction des devises des actions internationales dans les prochaines       ann\u00e9es.     <\/p>     <h2>Un argument strat\u00e9gique pour les march\u00e9s \u00e9trangers<\/h2>     <p>       M\u00eame si les actions am\u00e9ricaines ont largement d\u00e9pass\u00e9 leurs pairs d\u2019EAEO       au cours des dix derni\u00e8res ann\u00e9es, nous estimons que les portefeuilles       diversifi\u00e9s devraient maintenir une r\u00e9partition strat\u00e9gique dans les       march\u00e9s boursiers internationaux.     <\/p>     <p>       Les revirements du march\u00e9 sont certes difficiles \u00e0 pr\u00e9voir, mais les       donn\u00e9es historiques d\u00e9montrent que la provenance g\u00e9ographique des meneurs       du march\u00e9 des actions a tendance \u00e0 \u00e9voluer \u00e0 long terme.     <\/p>     <p>       Plus important encore, les occasions sur les march\u00e9s internationaux       peuvent offrir plusieurs avantages, y compris la diversification des       sources de rendement et de risque, un flux de revenus que nous consid\u00e9rons       attrayant (l\u2019indice MSCI EAEO produit un rendement en dividendes de       3,4&nbsp;% comparativement \u00e0 1,5&nbsp;% pour l\u2019indice S&amp;P 500), une       r\u00e9partition et une composition des secteurs plus \u00e9quilibr\u00e9es, de m\u00eame       qu\u2019une exposition diff\u00e9renci\u00e9e \u00e0 l\u2019ensemble des tendances g\u00e9opolitiques.     <\/p>","protected":false},"excerpt":{"rendered":"<p>Dans un contexte g\u00e9opolitique dynamique, les portefeuilles peuvent b\u00e9n\u00e9ficier \u00e0 long terme d\u2019une r\u00e9partition dans les actions de soci\u00e9t\u00e9s des march\u00e9s d\u00e9velopp\u00e9s internationaux.<\/p>\n","protected":false},"author":0,"featured_media":8621,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"2023-08-03 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":[475,88],"rbcwm_content_owner":[],"rbcwm_need":[],"rbcwm_segment":[592,538,537],"rbcwm_solution":[],"rbcwm_topic":[590],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-8617","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analyse","tag-trade-barriers","tag-u-s-dollar","rbcwm_segment-institutions","rbcwm_segment-particuliers-et-familles","rbcwm_segment-proprietaires-dentreprise-et-entrepreneurs","rbcwm_topic-global-insights"],"acf":{"rbcwm_subtitle":"Dans un contexte g\u00e9opolitique dynamique, les portefeuilles peuvent b\u00e9n\u00e9ficier \u00e0 long terme d\u2019une r\u00e9partition dans les actions de soci\u00e9t\u00e9s des march\u00e9s d\u00e9velopp\u00e9s internationaux.","rbcwm_post_author":[],"rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":["Yes"],"perspective_disclaimer":["No"],"expandable":[],"omit_from_pages":[],"disclaimer_footnote":""},"rbcwm_insight_cta_id":null,"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>Placements strat\u00e9giques au\u2011del\u00e0 de l\u2019Am\u00e9rique du Nord<\/title>\n<meta name=\"description\" content=\"Dans un 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