assured Japanese Prime Minister Naoto KanThe lowest the Gilt fell to 2949 March 13With aim to produce compelling elements to justiceThe management may change patents remain Therefore much time to earn enough observationsThe debate over fiscal stimulus is surrealtake on the coast with weapons and baggageThere was until then the dismissal or resignationTherefore take care to two major pitfalls1 of the vote in 1999 with Charles PasquaAttractive valuations have good back! For Philippe Forni, Director of Cardif AM management, "they are not a decisive argument for blindly on the markets". Continues, "with the recession that will in intensifying, companies continue to lower their forecasts of results for 2009. Therefore, Philippe Forni does not see how exchanges could to recover sustainably in the coming months while "these revisions of profits are in phase with the downturn of the market in 2008, a decrease of approximately 50.
His philosophy
However, this dark observation did not prevent Cardif AM to double trigger management. His investment process indeed crosses the history and future. First, historical quantitative analysis filters are involved, taking account of the last five years. Then, the teams use the prospective on the next three years. But what to retain, is that management is collegial. To individualism that often characterizes the job of Manager, this feature of collective decision-making was difficult to implement, but market conditions facilitated the conversion of the spirits.
Managers understand the interest of sharing of expertise and a confrontation of opinions. In the end, Cardif AM funds reflect a commitment to transparency and readability using products and understandable financial techniques by all investors. They appear in parallel forward-looking concerns focusing on topics of investment compelling societal (demography, environment, energy).
However, Philippe Forni remains prudent even if he considers that the conditions for a resumption of economic activity tomorrow already put in place. For the moment, it remains too early to consider a sustainable recovery in the markets. Nevertheless, the high volatility of the fellowship provides the opportunity to non-benchmarkée active management through its paces.
He loves: bonds issued by healthy companies
Stock markets volatile and less and less remunerative monetary investments, bonds issued by companies can be a good alternative to investment. Especially, they permit a diversification of its heritage in acceptable margins of risk of a portfolio. We must obviously choosing them or delegate the choice to a specialized UCITS because they do are not totally no risk as for example that a company who could not pay the interest on its debt or repay the borrowed capital.
In November, the primary market bond recorded a large amount of emissions. This influx shows through the attractiveness of the served returns how many companies are ready to make efforts to attract investors. To life of five years, some private bonds offer attractive, greater than 5, performance according to the quality of their transmitter. Recently, for example, Danone has raised EUR 1 billion for a bond to maturity 5 years (April 2014) offering an interest rate of 6,375. A more interesting program once taxes and duties paid, performance is at about 4.5 net. Total, for its part, is less generous, but the quality of its signature allows it to offer 4.75 horizon 2013. Provided to make attention to the quality of signature of the Corporation that issues a bond, it seems to us that the stock market will be less efficient in the short term than the private obligations.
He does not like: "complex financial products.
There are still 30 years, the concept of financial instruments did not exist either so it came down to simple techniques. At the end of the 1990s, low interest rates and easy access to credit have changed the gives. "Poor little risky investment performance has led financial engineering to create all kinds of products as risky as perplexing, but offering a better remuneration." There was thus securitization complex claims, the composite of CDO and it... "With the crisis, these"black boxes"have highlighted the lack of assessment of the risks and control techniques. "Just as serious, now we see that the liquidity of these products has been ignored while their operation required that this test was well taken into account." The crisis revealed the danger of believing that there may be a martingale in the stock market to associate performance with a low risk. For my part, I believe that the complexity of these instruments is certainly irrelevant to the case of individual investors. First, because they have not enough reliable information that both guarantees the quality of the underlying asset and the counterparty risk. Clearly, when it comes to investing, the individual must focus to buy it. Especially, it must be vigilant as the promise of a performance is strong, because the associated risk is often high.
