{"id":45514,"date":"2018-10-18T17:24:00","date_gmt":"2018-10-18T17:24:00","guid":{"rendered":"https:\/\/wp2.inovestor.com\/2018\/10\/commentaire-du-gestionnaire-de-portefeuille-septembre-2018\/"},"modified":"2018-10-18T17:26:00","modified_gmt":"2018-10-18T17:26:00","slug":"commentaire-du-gestionnaire-de-portefeuille-septembre-2018","status":"publish","type":"post","link":"https:\/\/www.inovestor.com\/fr-ca\/2018\/10\/commentaire-du-gestionnaire-de-portefeuille-septembre-2018\/","title":{"rendered":"Commentaire du gestionnaire de portefeuille – Septembre 2018"},"content":{"rendered":"

FNB Horizons Indice d’Actions Canadiennes (INOC)<\/h2>\n

Note: Le FNB Horizons Inovestor Actions Canadiennes (INOC) suit l’indice Nasdaq Inovestor Actions Canadiennes (NQICA)<\/em>L’indice de rendement total S&P\/TSX a termin\u00e8 le mois de septembre en baisse de 0.89% alors que le march\u00e8 des actions canadiennes \u00e8tait sous pression en raison des incertitudes entourant un nouvel accord commercial avec les \u00c9tats-Unis. Entre-temps, la Banque du Canada a d\u00e8cid\u00e8 de maintenir son taux directeur \u00e0 1,5% et d’adopter une approche prudente. Le dollar canadien a augment\u00e8 en raison de la hausse des prix du p\u00e8trole brut et des commentaires favorables du gouverneur Poloz \u00e0 une \u00e8ventuelle hausse des taux le mois prochain. Notre indice Nasdaq Inovestor Canada (NQICA) a diminu\u00e8 de 1.83% pour la m\u00eame p\u00e8riode, 94 points de base sous l’indice de r\u00e8f\u00e8rence. Notre allocation sectorielle a contribu\u00e8 \u00e0 -15 points de base car notre surpond\u00e8ration dans le secteur discr\u00e8tionnaire et notre souspond\u00e8ration dans le secteur de sant\u00e8 se sont av\u00e8r\u00e8s d\u00e8favorables. De plus, notre s\u00e8lection de titres a contribu\u00e8 jusqu’\u00e0 -79 points de base, certaines actions ayant clairement sous-perform\u00e8. Vous trouverez ci-dessous les trois premiers et les trois derniers contributeurs \u00e0 la performance.Les trois principaux contributeurs \u00e0 la performance \u00e8taient :<\/p>\n

    \n
  1. Equitable Group (EQB:CN), un fournisseur de pr\u00eats hypoth\u00e8caires, a bondi de 6.4% apr\u00e8s avoir annonc\u00e8 que ses nouvelles \u00e8missions hypoth\u00e8caires, ses d\u00e8p\u221a\u00a5ts de garantie et la croissance de ses emprunts \u00e8taient tous mieux que pr\u00e8vu au T2 2018 le mois dernier.<\/li>\n
  2. Linamar (LNR:CN), un fabricant de pi\u00e8ces automobiles, a progress\u00e8 de 3.7% gr\u221a\u00a2ce \u00e0 l’optimisme des investisseurs quant \u00e0 un possible accord commercial entre les \u00c9tats Unis et le Canada, qui exclurait une taxe automobile sur les v\u00e8hicules canadiens.<\/li>\n
  3. Couche-Tard (ATD.B:CN), une cha\u00eene de d\u00e8panneurs, a augment\u00e8 de 3.6% notamment gr\u221a\u00a2ce \u00e0 de solides r\u00e8sultats pour le T1 2018 : BPA de $1.15 (mieux de $0.09) pour un chiffre d’affaires de $19.3B (mieux de $1.4B).<\/li>\n<\/ol>\n

    Les trois derniers contributeurs \u00e0 la performance \u00e8taient :<\/p>\n

      \n
    1. Canadian Tire (CTC.A:CN), une cha\u00eene de vente au d\u00e8tail, a diminu\u00e8 de -7.3% apr\u00e8s que DOL a rapport\u00e8 des ventes en magasins plus faibles et diminu\u00e8 ses pr\u00e8visions pour l’ann\u00e8e en cours, ce qui est de mauvais augure pour CTC.A.<\/li>\n
    2. Norbord (OSB:CN), un fabricant de panneaux d\u00e8riv\u00e8s du bois, a chut\u00e8 de -13.8% apr\u00e8s qu’un analyste de la CIBC ait revu \u00e0 la baisse les perspectives de la firme suite \u00e0 un nombre de permis de construction moins \u00e8lev\u00e8 que pr\u00e8vu sur le march\u00e8 immobilier am\u00e8ricain.<\/li>\n
    3. Dollarama (DOL:CN), une cha\u00eene de magasins \u00e0 escompte, s’est effondr\u00e8 de -17.6% apr\u00e8s avoir sorti des r\u00e8sultats d\u00e8cevants au T2 2018 : BPA de $0.43 (pire de $0.01) pour un chiffre d’affaires de $868M (pire de $24M).<\/li>\n<\/ol>\n

      Salutations,L’\u00e8quipe Gestion de Placements Inovestor<\/p>\n","protected":false},"excerpt":{"rendered":"

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