2\/<\/strong> Cette d\u00e9-corr\u00e9lation apparente trouve sa justification dans une moindre focalisation sur les risques europ\u00e9ens, ce dont t\u00e9moignait notre matrice de risque de mani\u00e8re pr\u00e9coce lors des \u00e9v\u00e8nements du printemps 2013. Le retard relatif important et les bonnes publications d\u2019entreprises, \u00e0 l\u2019instar de meilleures nouvelles macro\u00e9conomiques, ont prolong\u00e9 le mouvement de confiance d\u2019abord initi\u00e9 par la lev\u00e9e d\u2019une importante partie des positions vendeuses (risques sur les dettes souveraines).<\/p>\n 3\/<\/strong> Le mouvement de d\u00e9bouclement des positions de couvertures sur les march\u00e9s de la zone euro se poursuit et permet d\u2019atteindre des niveaux de risque in\u00e9dits depuis le lancement du fonds (novembre 2011) dans notre matrice d\u2019interactions (\u00e9chelle de risque allant de 0 \u00e0 5). Les p\u00e9riph\u00e9riques Italiennes et espagnoles voient notamment leur risque diminuer ; l\u2019Italie est proche du palier 1\u00a0(venant de 4 en 2011)\u00a0; l\u2019Espagne est pass\u00e9e en 1.<\/p>\n 4\/<\/strong> Dans le m\u00eame temps, une acc\u00e9l\u00e9ration s\u2019est produite dans la hausse des taux et devrait, \u00e0 la lecture de nos signaux, s\u2019intensifier encore. C\u2019est pour cette raison que nous avions annihil\u00e9 nos risques obligataires au sein du portefeuille d\u00e8s la fin de l\u2019ann\u00e9e 2012.<\/p>\n 5\/<\/strong> Bien que ce mouvement de hausse ait \u00e9t\u00e9 men\u00e9 \u00ab\u00a0tambours battants\u00a0\u00bb, nous demeurons confiants quant au potentiel des valeurs cycliques et bancaires europ\u00e9ennes. Les franchissements r\u00e9cents de seuils dans nos alertes militent pour une position offensive. Nous pourrions en cas de confirmation d\u2019une plus grande d\u00e9tente dans nos signaux augmenter notre sensibilit\u00e9 au risque actions, aujourd\u2019hui \u00e0 62%, d\u00e9j\u00e0 renforc\u00e9e fin juin et d\u00e9but juillet (cf flash 25 juin).<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row admin_label=”row”][et_pb_column type=”4_4″][et_pb_text admin_label=”Texte” background_layout=”light” text_orientation=”center” text_font=”Oswald||||” text_font_size=”30″ use_border_color=”off” border_color=”#ffffff” border_style=”solid” custom_margin=”40px||40px|”]<\/p>\n Consultez nos 3 derni\u00e8res actualit\u00e9s<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row admin_label=”Ligne”][et_pb_column type=”4_4″][et_pb_code admin_label=”Actualite ess grid”][\/et_pb_code][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section admin_label=”Section” global_module=”490″ fullwidth=”off” specialty=”off” transparent_background=”off” allow_player_pause=”off” inner_shadow=”off” parallax=”off” parallax_method=”off” custom_padding=”0px|0px” padding_mobile=”off” make_fullwidth=”off” use_custom_width=”off” width_unit=”on” make_equal=”off” use_custom_gutter=”off” background_color=”#c8b8d5″ module_class=”bordure” gutter_width=”3″ disabled=”off” module_id=”contact”][et_pb_row global_parent=”490″ admin_label=”Ligne” make_fullwidth=”off” use_custom_width=”off” width_unit=”on” use_custom_gutter=”off” custom_padding=”|” padding_mobile=”off” allow_player_pause=”off” parallax=”off” parallax_method=”off” make_equal=”off” padding_bottom_1=”0px” column_padding_mobile=”on” gutter_width=”3″ parallax_1=”off” parallax_method_1=”off”][et_pb_column type=”4_4″][et_pb_text global_parent=”490″ admin_label=”Contacts” background_layout=”light” text_orientation=”left” use_border_color=”off” border_color=”#ffffff” border_style=”solid” module_id=”contacts”]<\/p>\n [\/et_pb_text][et_pb_text global_parent=”490″ admin_label=”Texte” background_layout=”dark” text_orientation=”center” use_border_color=”off” border_color=”#ffffff” border_style=”solid” custom_padding=”|50px||50px”]<\/p>\n Vous \u00eates int\u00e9ress\u00e9s par l\u2019approche de Ginjer AM et souhaitez en savoir plus ? Contactez Ginjer AM qui vous r\u00e9pondra rapidement<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row global_parent=”490″ admin_label=”Ligne” make_fullwidth=”off” use_custom_width=”off” width_unit=”on” use_custom_gutter=”off” custom_padding=”|” padding_mobile=”off” allow_player_pause=”off” parallax=”off” parallax_method=”off” make_equal=”off” padding_bottom_1=”0px” column_padding_mobile=”on” parallax_1=”off” parallax_method_1=”off” disabled=”off” custom_margin=”||20px|”][et_pb_column type=”4_4″][et_pb_contact_form global_parent=”490″ admin_label=”Formulaire de contact” captcha=”off” email=”theamgarden@ginjer-am.com” use_border_color=”off” border_color=”#ffffff” border_style=”solid” custom_button=”on” button_border_radius=”50″ button_letter_spacing=”0″ button_use_icon=”off” button_icon_placement=”right” button_on_hover=”off” button_border_radius_hover=”50″ button_letter_spacing_hover=”0″ button_font=”Roboto||||” title_text_color=”#ffffff” button_text_color=”#ffffff” 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text_font=”Oswald||||” text_font_size=”15″ text_font_size_last_edited=”off|desktop”]<\/p>\n [\/et_pb_text][et_pb_text global_parent=”355″ admin_label=”Texte” background_layout=”dark” text_orientation=”center” text_font_size=”11″ text_line_height=”1.4em” use_border_color=”off” border_color=”#ffffff” border_style=”solid” custom_margin=”10px||10px|” disabled=”off” module_class=”linkspecial”]<\/p>\n Website created by Advence<\/a>\u00a02015<\/p>\n [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_4″][et_pb_text global_parent=”355″ admin_label=”Texte” background_layout=”dark” text_orientation=”left” text_line_height=”1.4em” use_border_color=”off” border_color=”#ffffff” border_style=”solid” text_font=”Oswald||||” text_font_size=”15″ text_font_size_last_edited=”off|desktop”]<\/p>\n [\/et_pb_text][et_pb_text global_parent=”355″ admin_label=”Texte” background_layout=”dark” text_orientation=”left” text_line_height=”1.5em” use_border_color=”off” border_color=”#ffffff” border_style=”solid” module_class=”linkspecial” text_font_size=”13″ text_font=”Open Sans||||”]<\/p>\n Philosophie<\/a> [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_4″][et_pb_text global_parent=”355″ admin_label=”Texte” background_layout=”dark” text_orientation=”left” text_line_height=”1.4em” use_border_color=”off” border_color=”#ffffff” border_style=”solid” text_font=”Oswald||||” text_font_size=”15″]<\/p>\n [\/et_pb_text][et_pb_text global_parent=”355″ admin_label=”Texte” background_layout=”dark” text_orientation=”left” text_line_height=”1.5em” use_border_color=”off” border_color=”#ffffff” border_style=”solid” module_class=”linkspecial” text_font=”Open Sans||||” text_font_size=”13″]<\/p>\n 5\/15<\/a> [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_4″][et_pb_text global_parent=”355″ admin_label=”Texte” background_layout=”dark” text_orientation=”left” text_line_height=”1.4em” use_border_color=”off” border_color=”#ffffff” border_style=”solid” text_font=”Oswald||||” text_font_size=”15″]<\/p>\n [\/et_pb_text][et_pb_text global_parent=”355″ admin_label=”Texte” background_layout=”dark” text_orientation=”left” text_line_height=”1.5em” use_border_color=”off” border_color=”#ffffff” border_style=”solid” module_class=”linkspecial” text_font=”Open Sans||||” text_font_size=”13″]<\/p>\n Press-kit<\/a> [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section admin_label=”Section” global_module=”461″ fullwidth=”on” specialty=”off” transparent_background=”off” allow_player_pause=”off” inner_shadow=”off” parallax=”off” parallax_method=”off” custom_padding=”0px|0px|0px|0px” padding_mobile=”on” make_fullwidth=”off” use_custom_width=”off” width_unit=”on” make_equal=”off” use_custom_gutter=”off” gutter_width=”3″ disabled_on=”on|on|on” disabled=”on”][et_pb_fullwidth_menu global_parent=”461″ admin_label=”Menu plein \u00e9cran” menu_id=”13″ background_color=”#283139″ background_layout=”dark” text_orientation=”right” submenu_direction=”upwards” fullwidth_menu=”off” dropdown_menu_animation=”fade” menu_font_size=”16px” menu_font=”Open Sans||||” active_link_color=”#ff5b72″ menu_text_color=”#ffffff” custom_css_main_element=”padding:0px;” dropdown_menu_line_color=”#ff5b72″ dropdown_menu_bg_color=”#283139″ dropdown_menu_text_color=”#ffffff” mobile_menu_bg_color=”#283139″ mobile_menu_text_color=”#ffffff”]<\/p>\n [\/et_pb_fullwidth_menu][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" 1\/ Les march\u00e9s d\u2019actions europ\u00e9ens continuent leur progression vigoureuse en commen\u00e7ant \u00e0 s\u2019\u00e9manciper de leurs voisins outre-Atlantique. 2\/ Cette d\u00e9-corr\u00e9lation apparente trouve sa justification dans une moindre focalisation sur les risques europ\u00e9ens, ce dont t\u00e9moignait notre matrice de risque de mani\u00e8re pr\u00e9coce lors des \u00e9v\u00e8nements du printemps 2013. Le retard relatif important et les bonnes […]<\/p>\n","protected":false},"author":6,"featured_media":3430,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[65,51],"tags":[],"class_list":["post-2624","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-65","category-51"],"yoast_head":"\nCONTACT<\/h1>\n
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