Sep 16, 2019
En août, les marchés financiers mondiaux ont affiché des performances contrastées, dans un environnement de volatilité accrue notamment au sein des marchés d’actions suite à la poursuite des tensions commerciales entre la Chine et les Etats-Unis (D. Trump a dévoilé son intention d’augmenter les taxes douanières sur les importations chinoises, ce à quoi les autorités chinoises ont répondu en permettant au yuan de dépasser le plancher précédemment défendu des 7 yuan / US$ atteignant des plus bas depuis 2008) et aux rebondissements récents dans la saga Brexit. Les marchés obligataires étaient quant à eux en hausse, sur fonds de baisse des taux d’intérêt aux Etats-Unis. Dans ce contexte, le HFRI Fund of Funds Composite a perdu -0.73%, le HFRX Global HF en hausse de 0.38%, et le HFRU Hedge Fund Composite Index en baisse de -0.29%.
Les marchés d’actions ont posté des performances négatives (l’indice MSCI World Net TR $ affichant -2% et l’indice MSCI Europe Net TR € -1.4%) dans un climat fortement volatile, tirés vers le bas par le marché américain (-1.7% pour l’indice S&P 500 Net TR $), le marché britannique (-4.1% pour l’indice FTSE 100 Net Tax £) et le marché japonais (où l’indice TOPIX 100 TR ¥ a perdu -3.3%). Aux Etats-Unis, les baisses sont principalement imputables aux positions sur les secteurs des biotechnologies, de l’énergie et sur les entreprises de petites capitalisations. En termes géographiques, les pertes les plus importantes ont eu lieu au Royaume-Uni et à Hong Kong (où l’indice Hang Seng Net TR $ a baissé de -8.9%), liées au Brexit ainsi qu’au mécontentement populaire à Hong Kong. Le marché obligataire est quant à lui en hausse dans un contexte de faibles taux d’intérêt conséquemment à la baisse des taux US par la Fed à la fin du mois dernier. L’Allemagne a émis des obligations d’état 30 ans à taux négatif alors que l’offre à l’échelle mondiale en terme d’obligations d’état à taux négatifs a atteint les $15 trillions. Concernant les devises, le dollar américain s’est apprécié contre la plupart des devises sensibles aux matières premières car les banques centrales (ex-Fed) ont baissé leurs taux d’intérêt, cependant le billet vert s’est déprécié face au JPY (à hauteur de -2.3% en août). Pour ce qui est des matières premières, les performances ont été mixtes avec des pertes pour les matières premières énergétiques (notamment le pétrole) et agricoles (tirées vers le bas par le maïs, le porc, le sucre et le blé sur fond de négociations de taxes douanières entres les Etats-Unis et la Chine) alors que les métaux précieux ont gagné (notamment l’or, le platine et l’argent).
Des performances globalement contrastées:
L’indice HFRX Equity Hedge affiche une baisse de -0.17% en août, venant principalement de pertes sur les stratégies fondamentales de croissance (« Fundamental Growth ») et neutres au marché (« Market Neutral ») . L’indice HFRX Fundamental Value a gagné 0.08% grâce aux gains des expositions sur les sociétés de grandes capitalisations des pays développés. L’indice HFRX Fundamental Growth a perdu -0.39% sur la période, de par des performances contrastées sur les entreprises de petites capitalisations et des pertes sur les marchés d’actions émergents (concentrées sur la région Moyen Orient Afrique du nord et en Europe orientale). L’indice HFRX Equity Market Neutral a quant à lui baissé de -1.12% suite aux pertes des stratégies de retour à la moyenne (« mean reverting »), factorielles et des gérants fondamentaux.
L’indice HFRX Event Driven Index a affiché une performance positive en août, +0.51%, où les gérants de stratégies Special Situations et Merger Arbitrage (arbitrage de fusions/acquisitions) ont généré des gains. L’indice HFRX Merger Arbitrage a terminé le mois en territoire légèrement positif, +0.14%, de par des performances mixtes des diverses transactions à l’échelle mondiale. L’indice HFRX Special Situation a posté une performance positive, +0.53%, où les gains proviennent principalement de l’exposition asiatique.
L’indice HFRX Macro/CTA affiche une hausse de +1.67% en août suite aux gains des gérants de stratégies systématiques de suivi de tendance (« systematic trend following ») et de stratégies discrétionnaires globales (« Global Discretionnary »). L’indice HFRX Macro Systematic/CTA affiche une hausse de +3.12% sur fond de dépréciation du dollar américain face au JPY et au CHF et d’appréciation contre l’EUR et les devises émergentes. Le pétrole et les matières premières agricoles ont baissé alors que l’or, le platine et l’argent ont généré des gains.
Source: Rothshild & Co Asset Management
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