{"id":60652,"date":"2024-10-14T11:25:28","date_gmt":"2024-10-14T18:25:28","guid":{"rendered":"https:\/\/www.penderfund.com\/?p=60652"},"modified":"2025-09-15T11:14:58","modified_gmt":"2025-09-15T18:14:58","slug":"opportunity-in-less-efficient-parts-of-the-market","status":"publish","type":"post","link":"https:\/\/staging.penderfund.com\/fr\/articles\/opportunity-in-less-efficient-parts-of-the-market\/","title":{"rendered":"March\u00e9s inefficients : Plusieurs facteurs expliquent que des titres soient sous-\u00e9valu\u00e9s ou sur\u00e9valu\u00e9s."},"content":{"rendered":"<p><span data-contrast=\"none\"><a href=\"https:\/\/www.conseiller.ca\/produits\/placement\/marches-inefficients\/\" target=\"_blank\" rel=\"noopener\">Comme on le voit sur Conseiller le 14 octobre 2024<\/a>\u00a0<\/span><\/p>\n<p>L\u2019hypoth\u00e8se de l\u2019efficience du march\u00e9 repose sur la correspondance entre le cours boursier de l\u2019entreprise et sa juste valeur marchande. Puisque tout le monde a acc\u00e8s \u00e0 la m\u00eame information publique, les renseignements pertinents sont pris en compte et refl\u00e9t\u00e9s dans le cours boursier en vigueur. Si on accepte ce raisonnement, il n\u2019existe pas d\u2019actions sous-\u00e9valu\u00e9es ou sur\u00e9valu\u00e9es et les investisseurs n\u2019ont aucun int\u00e9r\u00eat \u00e0 fouiller pour trouver des fa\u00e7ons de d\u00e9gager un rendement sup\u00e9rieur \u00e0 celui du march\u00e9 g\u00e9n\u00e9ral.\u00a0<span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Or, la r\u00e9alit\u00e9 n\u2019est pas telle et bon nombre d\u2019investisseurs remettent en question cette th\u00e9orie. Comme certains d\u2019entre eux remportent, sur une base constante, des rendements sup\u00e9rieurs \u00e0 ceux du march\u00e9 dans son ensemble, cette notion d\u2019efficience du march\u00e9 cesse de tenir la route. Donc, pour ces investisseurs en qu\u00eate de surperformance, il importe d\u2019explorer les zones d\u2019inefficience du march\u00e9.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Il est vrai que certaines parties du march\u00e9 fonctionnent mieux que d\u2019autres. Les indices d\u2019actions \u00e0 grande capitalisation, par exemple, ont tendance \u00e0 \u00eatre plut\u00f4t efficaces. Chaque jour, des millions d\u2019op\u00e9rateurs de march\u00e9 et d\u2019analystes font le suivi de ces grandes entreprises. Ils se penchent sur les rapports annuels et trimestriels, participent aux conf\u00e9rences et produisent eux-m\u00eames des tonnes de rapports. De l\u00e0 en d\u00e9coule un degr\u00e9 plus \u00e9lev\u00e9 d\u2019efficience. Il y a \u00e9norm\u00e9ment d\u2019information qui circule au sujet de ces soci\u00e9t\u00e9s et leurs cours boursiers en tiennent compte. Toutefois, le march\u00e9 est \u00e9galement parsem\u00e9 de zones n\u00e9glig\u00e9es, illiquides et moins efficaces\u202f: l\u00e0, les cours boursiers ne font pas n\u00e9cessairement \u00e9tat de la valeur r\u00e9elle de l\u2019entreprise.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">La popularit\u00e9 croissante des strat\u00e9gies passives ou indicielles a donn\u00e9 lieu \u00e0 une plus grande inefficience du march\u00e9. Les fonds indiciels doivent se plier \u00e0 certaines restrictions, notamment sur le plan de la capitalisation boursi\u00e8re des entreprises constituant l\u2019indice, ou encore de l\u2019exigence d\u2019acheter toutes les entreprises repr\u00e9sentant un secteur, sans \u00e9gard \u00e0 leurs cours boursiers actuels. Ce m\u00e9pris pour le prix signifie que les fonds indiciels pond\u00e9r\u00e9s selon la capitalisation boursi\u00e8re peuvent englober des actions de soci\u00e9t\u00e9s dont le cours a grimp\u00e9 consid\u00e9rablement et qui, de ce fait, occupent alors une portion d\u00e9mesur\u00e9e dans le panier d\u2019avoirs. Le produit s\u2019en retrouve d\u00e8s lors beaucoup moins diversifi\u00e9 que souhait\u00e9. En outre, il y a des fonds communs de placement dont l\u2019objectif consiste \u00e0 reproduire certains indices. Lorsqu\u2019une soci\u00e9t\u00e9 est ajout\u00e9e ou retir\u00e9e d\u2019un indice, ces fonds doivent vendre ou acheter les actions de celle-ci pour imiter fid\u00e8lement la composition indicielle. Or, ces d\u00e9cisions de nature transactionnelle ne s\u2019appuient pas sur les m\u00e9rites de la soci\u00e9t\u00e9, mais sur une exigence administrative. Cela pourrait entra\u00eener un \u00e9cart de prix entre la valeur de l\u2019entreprise et son cours actuel.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">L\u2019inefficience peut \u00e9galement montrer le bout de son nez d\u00e8s qu\u2019on note une asym\u00e9trie sur le plan de l\u2019information. Par exemple, les entreprises de plus petite taille dirig\u00e9e par leur propri\u00e9taire risquent de faire l\u2019objet d\u2019un suivi tr\u00e8s sporadique par le march\u00e9. Peu de personnes auront entendu parler de la soci\u00e9t\u00e9 si aucun analyste n\u2019y pr\u00eate attention ou ne produit un rapport de placement sur elle. Cependant, les propri\u00e9taires et les cadres sup\u00e9rieurs eux en savent long sur les perspectives de croissance de l\u2019entreprise, mais ces donn\u00e9es ne sont pas refl\u00e9t\u00e9es dans le cours boursier. Les soci\u00e9t\u00e9s peu suivies par les analystes et les m\u00e9dias financiers peuvent donc se r\u00e9v\u00e9ler une occasion lucrative, car, au fur et \u00e0 mesure que l\u2019entreprise gagne ses lettres de noblesse et fait l\u2019objet d\u2019un suivi plus assidu, l\u2019\u00e9cart sur les prix se referme. Et c\u2019est l\u00e0, probablement, une des raisons qui expliquent la surperformance des petites entreprises par rapport aux grandes \u00e0 long terme.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p class=\"translation-block\">Certaines entreprises sont mal comprises, ce qui rend difficile la t\u00e2che, pour l\u2019investisseur moyen, d\u2019en d\u00e9terminer la juste valeur. Prenons l\u2019exemple d\u2019une soci\u00e9t\u00e9 qui poss\u00e8de des affaires plus traditionnelles et un nouveau segment d\u2019affaires. La croissance du segment traditionnel pourrait ralentir et ainsi masquer le taux de croissance du nouveau segment. Par cons\u00e9quent, les investisseurs qui ne prennent pas le temps de bien comprendre les forces relatives des diff\u00e9rents segments de l\u2019entreprise pourraient mal interpr\u00e9ter la valeur de la compagnie.<\/p>\n<p><span data-contrast=\"none\">Tout le monde veut \u00eatre appr\u00e9ci\u00e9, et les entreprises ne font pas exception \u00e0 la r\u00e8gle! Certaines entreprises ou certains secteurs peuvent \u00eatre n\u00e9glig\u00e9s par les investisseurs pour une multitude de raisons. Le secteur du cannabis, par exemple, a d\u2019abord \u00e9t\u00e9 chouchout\u00e9 pour maintenant \u00eatre snob\u00e9, les investisseurs y ayant perdu int\u00e9r\u00eat. Le secteur \u00e9nerg\u00e9tique a longtemps \u00e9t\u00e9 mal aim\u00e9, mais \u00e0 l\u2019heure actuelle, il suscite de nouveau l\u2019enthousiasme des investisseurs. Au sein de chacun de ces groupes malmen\u00e9s, on retrouve des entreprises de tr\u00e8s grande qualit\u00e9.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Prudence cependant\u202f: m\u00eame les compagnies les plus excellentes peuvent \u00eatre boud\u00e9es et mal \u00e9valu\u00e9es pendant de longues p\u00e9riodes. Il faut en somme un \u00e9l\u00e9ment catalyseur pour faire bouger les choses et r\u00e9duire l\u2019\u00e9cart de prix. Ces facteurs peuvent \u00eatre internes ou externes. Du c\u00f4t\u00e9 des \u00e9l\u00e9ments catalyseurs externes, on pensera aux acquisitions ou fusions, \u00e0 une plus grande couverture des analystes, \u00e0 un actionnaire important lan\u00e7ant une lutte par procuration ou \u00e0 tout autre type d\u2019\u00e9v\u00e9nement exog\u00e8ne. En revanche, du c\u00f4t\u00e9 interne, on pourrait donner l\u2019exemple d\u2019une man\u0153uvre de mobilisation des capitaux par la direction pour faire ressortir la valeur de l\u2019entreprise.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h5><em><strong>Image :<\/strong> Freepik<\/em><\/h5>","protected":false},"excerpt":{"rendered":"<p>L\u2019hypoth\u00e8se de l\u2019efficience du march\u00e9 repose sur la correspondance entre le cours boursier de l\u2019entreprise et sa juste valeur marchande. Puisque tout le monde a acc\u00e8s \u00e0 la m\u00eame information publique, les renseignements pertinents sont pris en compte et refl\u00e9t\u00e9s dans le cours boursier en vigueur. Si on accepte ce raisonnement, il n\u2019existe pas d\u2019actions sous-\u00e9valu\u00e9es ou sur\u00e9valu\u00e9es [\u2026]<\/p>","protected":false},"author":4,"featured_media":60653,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[106],"tags":[113],"fund-type":[36],"class_list":["post-60652","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","tag-conseiller","fund-type-equity-funds"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Opportunity in less efficient parts of the market - PenderFund Capital Management<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Opportunity in less efficient parts of the market - PenderFund Capital Management\" \/>\n<meta property=\"og:description\" content=\"As published in the Conseiller on October 14, 2024 (In French)\u00a0 The efficient market hypothesis states that share prices reflect fair market value. 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