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Au moment o\u00f9 des d\u00e9cisions d\u00e9terminantes pour l\u2019Europe peuvent \u00eatre prises, il nous para\u00eet important de vous communiquer nos positions et la dynamique qui nous a conduit \u00e0 les avoir.<\/strong><\/p>\n Vous avez pu suivre dans nos derniers 5\/15 (5 id\u00e9es pour 15 jours de march\u00e9) et nos commentaires de reporting que nous conservions une sensibilit\u00e9 au march\u00e9 actions (delta) de 30% dans notre portefeuille en d\u00e9pit d\u2019un environnement tr\u00e8s perturb\u00e9 et proche d\u2019une capitulation historique. Ce maintien d\u2019un niveau de risque significatif dans le portefeuille a \u00e9t\u00e9 suivi en plus d\u2019une augmentation de notre sensibilit\u00e9 actions sur ces trois derni\u00e8res semaines pour atteindre 43% de delta, avec notamment l\u2019introduction de titres actions en direct orient\u00e9e vers les valeurs bancaires et cycliques.<\/p>\n Au-del\u00e0 du timing pour lequel il conviendra de prendre le recul n\u00e9cessaire, nous souhaitons insister sur les raisons de cette dynamique \u00e0 l\u2019augmentation du risque :<\/p>\n A l\u2019\u00e9t\u00e9 2011 ou tout semblait r\u00e9uni pour investir, nos signaux indiquaient de fortes tensions adverses, emp\u00eachant l\u2019investissement ;<\/p>\n A l\u2019inverse, depuis mars 2012, alors que tout semblait conduire \u00e0 la capitulation, nos signaux ont mis en relief un arr\u00eat des tensions voire un d\u00e9gonflement des pressions vendeuses relativement \u00e0 la situation extr\u00eame touch\u00e9e en novembre.<\/p>\n Nous ne sommes qu\u2019au tout d\u00e9but de ces mouvements de d\u00e9bouclement. Nous continuons d\u2019observer leurs \u00e9volutions \u00e0 la lumi\u00e8re des diff\u00e9rents \u00e9v\u00e8nements exog\u00e8nes possibles, avant que de continuer \u00e0 profiler le risque de notre portefeuille vers un b\u00e9ta plus fort.<\/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” padding_mobile=”on” make_fullwidth=”off” use_custom_width=”off” width_unit=”on” make_equal=”off” use_custom_gutter=”off” background_color=”#c8b8d5″ module_class=”bordure” disabled=”off” module_id=”contact” custom_padding_last_edited=”on|phone”][et_pb_row global_parent=”490″ admin_label=”Ligne” make_fullwidth=”off” use_custom_width=”off” width_unit=”on” use_custom_gutter=”off” padding_mobile=”on” allow_player_pause=”off” parallax=”off” parallax_method=”off” make_equal=”off” column_padding_mobile=”on” parallax_1=”off” parallax_method_1=”off” custom_padding_last_edited=”on|phone” custom_margin_last_edited=”on|desktop”][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” custom_padding_tablet=”|20px|0px|20px” custom_padding_phone=”|5px|0px|5px” custom_padding_last_edited=”on|tablet”]<\/p>\n Vous \u00eates int\u00e9ress\u00e9 par l\u2019approche de Ginjer AM<\/span> et souhaitez en savoir plus ? 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\u00c9CRIVEZ-NOUS<\/h1>\n