{"id":3595,"date":"2025-04-10T09:14:42","date_gmt":"2025-04-10T09:14:42","guid":{"rendered":"https:\/\/avefi.com\/?p=3595"},"modified":"2025-04-10T09:15:49","modified_gmt":"2025-04-10T09:15:49","slug":"investir-face-a-un-monde-fragmente","status":"publish","type":"post","link":"http:\/\/avefi.com\/?p=3595","title":{"rendered":"Investir face \u00e0 un monde fragment\u00e9"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"3595\" class=\"elementor elementor-3595\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6116cd9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6116cd9\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-21eba33\" data-id=\"21eba33\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e4b779f elementor-widget elementor-widget-text-editor\" data-id=\"e4b779f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h1 class=\"\" data-start=\"474\" data-end=\"583\"><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/svg\/1f30d.svg\" alt=\"\ud83c\udf0d\"> Faut-il encore investir \u00e0 l\u2019international ? Zones d\u2019int\u00e9r\u00eat, droits de douane et fragmentation mon\u00e9taire<\/h1>\n<hr class=\"\" data-start=\"585\" data-end=\"588\">\n<h2 class=\"\" data-start=\"590\" data-end=\"663\"><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/svg\/1f500.svg\" alt=\"\ud83d\udd00\"> Un monde qui se recompose : vers un d\u00e9couplage \u00e9conomique durable ?<\/h2>\n<p class=\"\" data-start=\"665\" data-end=\"878\">Depuis la crise du Covid et la guerre en Ukraine, le monde conna\u00eet un <strong data-start=\"735\" data-end=\"788\">retrait progressif de la mondialisation int\u00e9grale<\/strong> telle qu\u2019elle existait dans les ann\u00e9es 2000-2010. Trois grandes dynamiques s\u2019accentuent :<\/p>\n<ol data-start=\"880\" data-end=\"1505\">\n<li class=\"\" data-start=\"880\" data-end=\"1136\">\n<p class=\"\" data-start=\"883\" data-end=\"1136\"><strong data-start=\"883\" data-end=\"907\">D\u00e9couplage mon\u00e9taire<\/strong> : La <strong data-start=\"913\" data-end=\"933\">R\u00e9serve F\u00e9d\u00e9rale<\/strong> am\u00e9ricaine maintient des taux \u00e9lev\u00e9s (Fed Funds &gt;4%) pour contrer une inflation plus ancr\u00e9e, tandis que la <strong data-start=\"1041\" data-end=\"1048\">BCE<\/strong> et surtout la <strong data-start=\"1063\" data-end=\"1082\">Banque du Japon<\/strong> adoptent des politiques plus prudentes ou assouplies.<\/p>\n<\/li>\n<li class=\"\" data-start=\"1137\" data-end=\"1323\">\n<p class=\"\" data-start=\"1140\" data-end=\"1323\"><strong data-start=\"1140\" data-end=\"1167\">Nationalisme \u00e9conomique<\/strong> : \u00c9tats-Unis, Europe et Chine subventionnent massivement leurs champions industriels (Inflation Reduction Act, plan europ\u00e9en Net-Zero, Made in China 2025).<\/p>\n<\/li>\n<li class=\"\" data-start=\"1324\" data-end=\"1505\">\n<p class=\"\" data-start=\"1327\" data-end=\"1505\"><strong data-start=\"1327\" data-end=\"1350\">Tensions douani\u00e8res<\/strong> : Les barri\u00e8res tarifaires (ex : sur les v\u00e9hicules \u00e9lectriques chinois ou l\u2019acier europ\u00e9en) augmentent, rendant certains flux commerciaux moins rentables.<\/p>\n<\/li>\n<\/ol>\n<p class=\"\" data-start=\"1507\" data-end=\"1633\">Ces facteurs modifient profond\u00e9ment les <strong data-start=\"1547\" data-end=\"1567\">flux de capitaux<\/strong> et les <strong data-start=\"1575\" data-end=\"1614\">d\u00e9cisions d\u2019allocation g\u00e9ographique<\/strong> des investisseurs.<\/p>\n<hr class=\"\" data-start=\"1635\" data-end=\"1638\">\n<h2 class=\"\" data-start=\"1640\" data-end=\"1718\"><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/svg\/1f4bc.svg\" alt=\"\ud83d\udcbc\"> Investir localement : un r\u00e9flexe protecteur mais potentiellement co\u00fbteux<\/h2>\n<p class=\"\" data-start=\"1720\" data-end=\"1838\">Dans un environnement incertain, <strong data-start=\"1753\" data-end=\"1795\">investir sur sa propre zone \u00e9conomique<\/strong> (France, zone euro) peut sembler logique :<\/p>\n<ul data-start=\"1840\" data-end=\"2007\">\n<li class=\"\" data-start=\"1840\" data-end=\"1894\">\n<p class=\"\" data-start=\"1842\" data-end=\"1894\">Meilleure <strong data-start=\"1852\" data-end=\"1894\">compr\u00e9hension r\u00e9glementaire et fiscale<\/strong><\/p>\n<\/li>\n<li class=\"\" data-start=\"1895\" data-end=\"1926\">\n<p class=\"\" data-start=\"1897\" data-end=\"1926\">Moins de <strong data-start=\"1906\" data-end=\"1926\">risque de change<\/strong><\/p>\n<\/li>\n<li class=\"\" data-start=\"1927\" data-end=\"2007\">\n<p class=\"\" data-start=\"1929\" data-end=\"2007\">Acc\u00e8s \u00e0 des entreprises b\u00e9n\u00e9ficiant des plans de relance ou de soutien publics<\/p>\n<\/li>\n<\/ul>\n<p class=\"\" data-start=\"2009\" data-end=\"2166\"><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/svg\/1f4a1.svg\" alt=\"\ud83d\udca1\"> Cependant, ce biais domestique peut vous <strong data-start=\"2053\" data-end=\"2090\">exposer \u00e0 des risques sp\u00e9cifiques<\/strong> (croissance atone, concentration sectorielle, fiscalit\u00e9 future incertaine).<\/p>\n<hr class=\"\" data-start=\"2168\" data-end=\"2171\">\n<h2 class=\"\" data-start=\"2173\" data-end=\"2245\"><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/svg\/1f310.svg\" alt=\"\ud83c\udf10\"> Diversifier \u00e0 l\u2019international : plus risqu\u00e9\u2026 ou plus strat\u00e9gique ?<\/h2>\n<p class=\"\" data-start=\"2247\" data-end=\"2362\"><strong data-start=\"2247\" data-end=\"2282\">La diversification g\u00e9ographique<\/strong> reste, \u00e0 long terme, un <strong data-start=\"2307\" data-end=\"2361\">levier fondamental de r\u00e9silience des portefeuilles<\/strong>.<\/p>\n<p class=\"\" data-start=\"2364\" data-end=\"2377\"><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/svg\/2714.svg\" alt=\"\u2714\ufe0f\"> Pourquoi ?<\/p>\n<ul data-start=\"2378\" data-end=\"2688\">\n<li class=\"\" data-start=\"2378\" data-end=\"2471\">\n<p class=\"\" data-start=\"2380\" data-end=\"2471\">Certaines zones sont <strong data-start=\"2401\" data-end=\"2437\">structurellement plus dynamiques<\/strong> (Asie du Sud-Est, Inde, Mexique).<\/p>\n<\/li>\n<li class=\"\" data-start=\"2472\" data-end=\"2587\">\n<p class=\"\" data-start=\"2474\" data-end=\"2587\">Le <strong data-start=\"2477\" data-end=\"2519\">cycle \u00e9conomique n\u2019est pas synchronis\u00e9<\/strong> : en p\u00e9riode de baisse en Europe, d\u2019autres march\u00e9s peuvent cro\u00eetre.<\/p>\n<\/li>\n<li class=\"\" data-start=\"2588\" data-end=\"2688\">\n<p class=\"\" data-start=\"2590\" data-end=\"2688\">Les <strong data-start=\"2594\" data-end=\"2616\">devises \u00e9trang\u00e8res<\/strong> peuvent offrir des opportunit\u00e9s de performance (notamment dollar fort).<\/p>\n<\/li>\n<\/ul>\n<p class=\"\" data-start=\"2690\" data-end=\"2893\"><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/svg\/1f4c9.svg\" alt=\"\ud83d\udcc9\"> Oui, cela implique une <strong data-start=\"2716\" data-end=\"2742\">volatilit\u00e9 plus \u00e9lev\u00e9e<\/strong> et une exposition \u00e0 des risques politiques ou r\u00e9glementaires. Mais elle est <strong data-start=\"2819\" data-end=\"2874\">souvent compens\u00e9e par une meilleure prime de risque<\/strong> sur le long terme.<\/p>\n<hr class=\"\" data-start=\"2895\" data-end=\"2898\">\n<h2 class=\"\" data-start=\"2900\" data-end=\"2968\"><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/svg\/1f50d.svg\" alt=\"\ud83d\udd0d\"> Notre analyse strat\u00e9gique : faut-il se recentrer ou s\u2019ouvrir ?<\/h2>\n<p class=\"\" data-start=\"2970\" data-end=\"3056\">Chez <strong data-start=\"2975\" data-end=\"2984\">Avefi<\/strong>, nous privil\u00e9gions une <strong data-start=\"3008\" data-end=\"3030\">approche \u00ab\u00a0barbell\u00a0\u00bb<\/strong> \u00e9quilibr\u00e9e et dynamique :<\/p>\n<ul data-start=\"3058\" data-end=\"3529\">\n<li class=\"\" data-start=\"3058\" data-end=\"3224\">\n<p class=\"\" data-start=\"3060\" data-end=\"3224\"><strong data-start=\"3060\" data-end=\"3099\">Renforcer les positions domestiques<\/strong> sur des secteurs align\u00e9s avec les priorit\u00e9s de souverainet\u00e9 \u00e9conomique (transition \u00e9nerg\u00e9tique, sant\u00e9, r\u00e9industrialisation).<\/p>\n<\/li>\n<li class=\"\" data-start=\"3225\" data-end=\"3529\">\n<p class=\"\" data-start=\"3227\" data-end=\"3283\"><strong data-start=\"3227\" data-end=\"3270\">Maintenir une exposition internationale<\/strong> cibl\u00e9e sur :<\/p>\n<ul data-start=\"3286\" data-end=\"3529\">\n<li class=\"\" data-start=\"3286\" data-end=\"3342\">\n<p class=\"\" data-start=\"3288\" data-end=\"3342\">les zones <strong data-start=\"3298\" data-end=\"3315\">non corr\u00e9l\u00e9es<\/strong> aux \u00e9conomies europ\u00e9ennes,<\/p>\n<\/li>\n<li class=\"\" data-start=\"3345\" data-end=\"3418\">\n<p class=\"\" data-start=\"3347\" data-end=\"3418\">les pays ayant une <strong data-start=\"3366\" data-end=\"3408\">stabilit\u00e9 macro\u00e9conomique et politique<\/strong> relative,<\/p>\n<\/li>\n<li class=\"\" data-start=\"3421\" data-end=\"3529\">\n<p class=\"\" data-start=\"3423\" data-end=\"3529\">les classes d\u2019actifs d\u00e9corell\u00e9es (march\u00e9s fronti\u00e8res, dette \u00e9mergente bien not\u00e9e, ETF sectoriels globaux).<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p class=\"\" data-start=\"3531\" data-end=\"3689\"><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/svg\/1f6e1.svg\" alt=\"\ud83d\udee1\ufe0f\"> En parall\u00e8le, nous int\u00e9grons des outils de <strong data-start=\"3578\" data-end=\"3602\">couverture de change<\/strong> et s\u00e9lectionnons des fonds ou solutions structur\u00e9es qui limitent les risques extr\u00eames.<\/p>\n<hr class=\"\" data-start=\"3691\" data-end=\"3694\">\n<h2 class=\"\" data-start=\"3696\" data-end=\"3711\"><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/svg\/1f4cc.svg\" alt=\"\ud83d\udccc\"> En r\u00e9sum\u00e9<\/h2>\n<div class=\"pointer-events-none relative left-[50%] flex w-[100cqw] translate-x-[-50%] justify-center *:pointer-events-auto\">\n<div class=\"tableContainer horzScrollShadows\">\n<table class=\"min-w-full\" data-start=\"3713\" data-end=\"3987\">\n<thead data-start=\"3713\" data-end=\"3743\">\n<tr data-start=\"3713\" data-end=\"3743\">\n<th data-start=\"3713\" data-end=\"3722\">Option<\/th>\n<th data-start=\"3722\" data-end=\"3733\">Avantage<\/th>\n<th data-start=\"3733\" data-end=\"3743\">Risque<\/th>\n<\/tr>\n<\/thead>\n<tbody data-start=\"3774\" data-end=\"3987\">\n<tr data-start=\"3774\" data-end=\"3878\">\n<td class=\"\" data-start=\"3774\" data-end=\"3802\"><strong data-start=\"3776\" data-end=\"3801\">Investir dans sa zone<\/strong><\/td>\n<td class=\"\" data-start=\"3802\" data-end=\"3840\">Stabilit\u00e9, compr\u00e9hension, fiscalit\u00e9<\/td>\n<td class=\"\" data-start=\"3840\" data-end=\"3878\">Moins de croissance, concentration<\/td>\n<\/tr>\n<tr data-start=\"3879\" data-end=\"3987\">\n<td class=\"\" data-start=\"3879\" data-end=\"3910\"><strong data-start=\"3881\" data-end=\"3909\">Diversifier mondialement<\/strong><\/td>\n<td class=\"\" data-start=\"3910\" data-end=\"3952\">Opportunit\u00e9s, cycles vari\u00e9s, croissance<\/td>\n<td class=\"\" data-start=\"3952\" data-end=\"3987\">Change, volatilit\u00e9, r\u00e9gulations<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<p class=\"\" data-start=\"3989\" data-end=\"4257\"><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/svg\/1f4e3.svg\" alt=\"\ud83d\udce3\"> <strong data-start=\"3992\" data-end=\"4009\">Notre conseil<\/strong> : Ne c\u00e9dez pas \u00e0 une vision binaire. <strong data-start=\"4047\" data-end=\"4108\">Le monde se fragmente, mais les opportunit\u00e9s se d\u00e9placent<\/strong> \u2014 elles ne disparaissent pas. Une <strong data-start=\"4143\" data-end=\"4174\">allocation adapt\u00e9e par zone<\/strong>, avec une lecture strat\u00e9gique et macro\u00e9conomique, est plus essentielle que jamais.<\/p>\n<hr class=\"\" data-start=\"4259\" data-end=\"4262\">\n<p class=\"\" data-start=\"4264\" data-end=\"4432\"><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/svg\/1f517.svg\" alt=\"\ud83d\udd17\"> Pour ajuster la composition g\u00e9ographique de vos portefeuilles en fonction de ces mutations globales, contactez votre conseiller Avefi pour un <strong data-start=\"4409\" data-end=\"4431\">bilan personnalis\u00e9<\/strong>.<\/p>\n<p class=\"\" data-start=\"4509\" data-end=\"4557\"><strong data-start=\"4509\" data-end=\"4557\">Mentions l\u00e9gales et informations pratiques :<\/strong><\/p>\n<p class=\"\" data-start=\"4559\" data-end=\"4774\">Publication \u00e0 caract\u00e8re informatif et publicitaire. Ce document ne constitue pas une recommandation personnalis\u00e9e. Pour toute d\u00e9cision d\u2019investissement, il est recommand\u00e9 de se rapprocher de son conseiller habituel.<\/p>\n<p class=\"\" data-start=\"4776\" data-end=\"5029\"><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/svg\/1f4cd.svg\" alt=\"\ud83d\udccd\"> <strong data-start=\"4779\" data-end=\"4823\">Avefi \u2013 Conseil en gestion de patrimoine<\/strong><br data-start=\"4823\" data-end=\"4826\">18 bis rue Am\u00e9lie \u2013 75007 Paris<br data-start=\"4857\" data-end=\"4860\"><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/svg\/1f4de.svg\" alt=\"\ud83d\udcde\"> T\u00e9l. : 01 77 13 78 35<br data-start=\"4884\" data-end=\"4887\"><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/svg\/1f4e7.svg\" alt=\"\ud83d\udce7\"> <a rel=\"noopener\" data-start=\"4890\" data-end=\"4907\">contact@avefi.com<\/a> \u2013 <a rel=\"noopener\" data-start=\"4910\" data-end=\"4927\">gestion@avefi.com<\/a><br data-start=\"4927\" data-end=\"4930\"><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/svg\/1f687.svg\" alt=\"\ud83d\ude87\"> M\u00e9tro ligne 8 : La Tour-Maubourg | RER C : Invalides<br data-start=\"4985\" data-end=\"4988\"><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/svg\/1f310.svg\" alt=\"\ud83c\udf10\"> <a class=\"\" href=\"https:\/\/www.avefi.com\" target=\"_new\" rel=\"noopener\" data-start=\"4991\" data-end=\"5029\">www.avefi.com<\/a><\/p>\n<p class=\"\" data-start=\"5031\" data-end=\"5121\"><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/svg\/1f517.svg\" alt=\"\ud83d\udd17\"> Pour se d\u00e9sabonner, envoyez un e-mail \u00e0 : <a rel=\"noopener\" data-start=\"5076\" data-end=\"5121\">contact@avefi.com<\/a><\/p>\n<p class=\"\" data-start=\"5123\" data-end=\"5327\"><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/svg\/26a0.svg\" alt=\"\u26a0\ufe0f\"> <strong data-start=\"5126\" data-end=\"5141\">Attention :<\/strong> Investir comporte des risques. Les rendements pass\u00e9s ne garantissent pas les performances futures. Il est recommand\u00e9 de bien comprendre les caract\u00e9ristiques du produit avant d&rsquo;investir.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3595","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/avefi.com\/index.php?rest_route=\/wp\/v2\/posts\/3595","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/avefi.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/avefi.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/avefi.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/avefi.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3595"}],"version-history":[{"count":5,"href":"http:\/\/avefi.com\/index.php?rest_route=\/wp\/v2\/posts\/3595\/revisions"}],"predecessor-version":[{"id":3600,"href":"http:\/\/avefi.com\/index.php?rest_route=\/wp\/v2\/posts\/3595\/revisions\/3600"}],"wp:attachment":[{"href":"http:\/\/avefi.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3595"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/avefi.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3595"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/avefi.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3595"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}