Pasinei nemaonero asina kunaka, indasitiri yefodya iri kubudirira pamusika wemari. Iyo chikamu chakura kanoda kuita 4 nekukurumidza mumakore gumi kupfuura iyo S&P 500 index.
Ko fodya ndiyo marasha matsva ? Nepo manejimendi emidziyo ari kusiya zvishoma nezvishoma marasha kune zvinosiririsa (mutengo wekupisa marasha waramba uchidonha muEurope, wakakamurwa nevatatu kubvira 2011), Axa ichangobva kuzivisa danho rayo rekubuda muindasitiri yefodya nekutengesa bhiriyoni 1,8. euro muzvinhu. Zvichamirawo kutenga ma bond kubva kumapoka aripo munzvimbo iyi. Axa nokudaro anojoinha Norway, iyo homwe yehupfumi hwayo yakarambidza fodya kubva mukudyara kwayo muna 2010, nekuda kwezvikonzero. Parizvino, nzira yeAxa haina kuteverwa nemafungu ezviziviso kubva kune vakwikwidzi vayo, asi munhu anogona kushamisika kana nekufamba kwenguva, fodya haizosangana nechiitiko chakafanana chekurambwa semarasha. " Zvakaoma kutaura. Chero zvazvingaitika, uyu ndiwo mubvunzo unofanirwa kubvunzwa mune ramangwana muchikamu ichi. anoziva Yves Maillot kuNatixis AM.
Utano hwepaguru
Chokwadi, kana sarudzo iyi ichigona kunzwisiswa nekuda kwezvikonzero zvehutano hweveruzhinji, kunyanya kudivi reinishuwarenzi riripo chaizvo mundima iyi, zvinonetsa zvakanyanya kupihwa zvinhu zvechikamu maererano nekuita kwemari. " Vanoisa mari vangashamisika nezvengozi dzemhaka dzine chokuita nefodya. Izvi zvinoratidza chishuwo chakafanana nechokuda marasha mushure meCOP 21, asi hakusi kuzvipira kwakafanana kune vanoisa mari kana tichitarisa mafambiro emisika yefodya. », anoziva Catherine Garrigues kuAllianz GI, kwaari, " pane mukana chaiwo mutengo ".
Nekuti chikamu chiri kuita zvakanaka kwazvo pamusika wemasheya. Kubva pakutanga kwegore, iyo S&P 500 Fodya index yakawana 10,49% uye 22,64% pamusoro pegore rimwe, apo panguva imwecheteyo, iyo S&P 500 index yakangotora 2,59% muna 2016 uye yakarasika kunyange 0,70% kwegore rimwe. Kuita kwakadzokororwa kwenguva yakareba, neavhareji yekuwana 229% pamakore gumi kwaPhilip Morris, Altria Boka naReynolds American, vachipesana ne65% kune yakakura index. MuEurope, iyo MSCI Europe Fodya index iri pamberi zvakare pamberi peEuro Stoxx 50. Uyezve, maererano neongororo yakaitwa neCredit Suisse Research Institute, chikamu chakatumira, pamwe chete nezvinwiwa, kubudirira kwechikamu chepamusoro muUnited States kubva… 1900 , ine gore negore kuwana kwe14,6%.
A quasi-chisungo
Kushanda kunozivikanwa kunyange zvazvo kushandiswa kwefodya kwakaramba kuchiderera muUnited States (-4% paavhareji yemakore 10 maererano neBarclays), kunyanya mumamiriro ekuwedzera kwemakwikwi kubva kumagetsi emagetsi. Kunze kwekuti mitengo
vakaratidza kusimba kwakasimba uye kuti vagadziri vakakwanisa kuwana zvitoro zvitsva, kunyanya munyika dzichiri kusimukira, izvo, maererano neBarclays, "chikamu chinokwezva kwazvo muUnited States".
Yechii ? "Kunze kwekufunga kupi zvako kwehutano nefodya, kubva pamaonero akareruka ezvehupfumi, fodya inomiririra iyo isiri-cyclical consumer sector. ", anotsanangura kudaro Yves Maillot. " Inobatsira kubva pakuchinja nguva dzose mumashandisirwo emari emumba. Kana kukura kunodzikira munyika dzakabudirira, nyika dzichiri kusimukira dzinotora masimba, nekukwira kwehuwandu hwevanhu mumatunhu aya. Huwandu hwevatengi huri kuwedzera uye izvi zvinobatsira zvikamu zvese zvekushandisa, kusanganisira fodya ".
Uyezve, iyo chikamu chinoratidza kugona kudzokororwa kugadzira kuyerera kwemari. " Aya ndiwo zvikamu izvo zvisingaite kuti zvikure kwakasimba, asi zvinogara uye zvinoita kuti zvikwanise kuunganidza kuyerera kwemari kwakakosha. », anoenderera mberi Yves Maillot. Uye munguva pfupi, yemisika yemari, " Mamiriro emitengo yakaderera zvakanyanya inofarira mhando dzebhizinesi dzemakambani ari kubatsirwa nekuonekwa kwakanaka". Izvi zvinovabvumira kunyanya kudzidzira mutemo unoshanda wekudzoka kune vanogovana, kunyanya muUnited States, sekuyeukwa kwaCatherine Garrigues. " Vanoisa mari vanokwezvwa negoho remastocks aya, ari quasi-bond. Vane kukura kwakadzikama nekudzoka kwevagovani venguva dzose. Iri idingindira riri kuita zvakanaka mumisika izvozvi. ".
Chekupedzisira, ichikamu chinogona kubatsirwa kubva kufungu rekubatanidza munyika, sezviri kuitika kudoro. Nekuti ichikamu chinobatsirwa kubva kune zvakakosha zvipingamupinyi kupinda, nekuda kwemutemo, senyika dzinoda kusimudzira mapakeji asina kwaakarerekera. " Izvi zvinochengetedza mamiriro emakwikwi aripo ", inosimbisa Barclays uyo anotendawo kuti" zvirambidzo zvekushambadzira zvinoita kuti zvinyanye kuoma kugadzira mhando nyowani ". Zvipingamupinyi zvekupinda, vatambi vakanyatsosimbiswa nekwaniso yekuwedzera mitengo yavo uye nerupo nevanogovana? Iyo yakanakira mhando yekambani yakanyorwa munguva yenjodzi yekuvenga, kunyangwe Yves Maillot akaziva kuti " nhoroondo refu yemusika wefodya haichinji. Kana iyo macroeconomic zvinhu zvinofanirwa kudyiwa zvichiramba zvichienderera, iyo chaiyo yechikamu ichi inofanirwa kuverengerwa. ". Axa akasarudza.
mabviro : Maungira
