{"id":45541,"date":"2018-06-05T15:29:00","date_gmt":"2018-06-05T15:29:00","guid":{"rendered":"https:\/\/wp2.inovestor.com\/2018\/06\/commentaire-du-gestionnaire-de-portefeuille-mai-2018\/"},"modified":"2018-06-05T15:29:00","modified_gmt":"2018-06-05T15:29:00","slug":"commentaire-du-gestionnaire-de-portefeuille-mai-2018","status":"publish","type":"post","link":"https:\/\/www.inovestor.com\/fr-ca\/2018\/06\/commentaire-du-gestionnaire-de-portefeuille-mai-2018\/","title":{"rendered":"Commentaire du gestionnaire de portefeuille – Mai 2018"},"content":{"rendered":"

L’indice de rendement total S&P\/TSX a termin\u00e8 le mois de mai en hausse de 3,12% alors que la Banque du Canada ne maintiendra probablement pas un rythme de resserrement des taux en tandem avec la R\u00e8serve F\u00e8d\u00e8rale. L’\u00e8conomie canadienne montre des signes de solidit\u00e8 et se heurte \u00e0 des contraintes de capacit\u00e8, ce qui rend les investisseurs optimistes. Cependant, l’enthousiasme est limit\u00e8 par les incertitudes entourant la ratification du nouvel accord de l’ALENA. Le FNB Horizons Inovestor Actions Canadiennes (INOC) augment\u00e8 de 1,22% pour la m\u00eame p\u00e8riode, soit -190 points de base sous l’indice de r\u00e8f\u00e8rence. Notre allocation sectorielle a contribu\u00e8 \u00e0 hauteur de 53 points de base puisque notre d\u00e8cision de sous-pond\u00e8rer les financi\u00e8res et de surpond\u00e8rer les secteurs discr\u00e8tionnaire, industriel et de la technologie s’est av\u00e8r\u00e8e fructueuse. Notre s\u00e8lection de titres a contribu\u00e8 \u00e0 hauteur de -243 points de base, certains de nos titres ayant sous-perform\u00e8s. Vous trouverez ici-bas les trois premiers et les trois derniers contributeurs \u00e0 la performance.<\/p>\n

\u00a0<\/p>\n

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

    \n
  1. CAE (CAE: CN)<\/strong>, un fournisseur a\u00e8rospatial et de d\u00e8fense, s’est appr\u00e8ci\u00e8 de 12,5% apr\u00e8s avoir publi\u00e8 son T4 2018: BPA de 0,37 $ (mieux de 0,05 $) sur des revenus de 780,7 M $ (pire de 3,11 M $).<\/li>\n
  2. Constellation Software (CSU: CN)<\/strong>, un d\u00e8veloppeur de logiciels, a progress\u00e8 de 11,3% en raison de la vigueur du secteur des technologies de l’information aux \u00c9tats-Unis, qui a progress\u00e8 de 7,4% en mai.<\/li>\n
  3. Magna (MG: CN)<\/strong>, un fabricant de pi\u00e8ces automobiles, a augment\u00e8 de 10,2% alors que la compagnie a surpris les analystes avec son T1 2018: BPA de 1,84 $ (mieux de 0,15$) sur des revenus de 10,79 G $ (740 M $).<\/li>\n<\/ol>\n

    \u00a0<\/p>\n

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

      \n
    1. Canadian Tire (CTC.A: CN)<\/strong>, un d\u00e8taillant de marchandises, a perdu 5,7% apr\u00e8s avoir annonc\u00e8 son intention d’acheter Helly Hansen, une marque de v\u00eatements de sport et de travail, pour 985 M $.<\/li>\n
    2. NFI Group (NFI: CN)<\/strong>, un fabricant d’autobus, a baiss\u00e8 de -7,8% au T1 2018, affichant une pression sur ses marges : BPA de 0,75 $ (pire de 0,05 $) sur les revenus de 741,5 M $ (pire de 25,1 M $).<\/li>\n
    3. Linamar (LNR: CN)<\/strong>, fabricant de pi\u00e8ces automobiles, a descendu de -9,6% suite \u00e0 des b\u00e8n\u00e8fices inf\u00e8rieurs aux attentes: BPA de 2,37 $ (pire de 0,08 $) sur les revenus de 1,89G $ (mieux de 7,3 M $).<\/li>\n<\/ol>\n

      \u00a0<\/p>\n

      Salutations,<\/p>\n

      Fran\u00e7ois Soto CFA, MBA, FRM, CIM<\/p>\n","protected":false},"excerpt":{"rendered":"

      L’indice de rendement total S&P\/TSX a termin\u00e8 le mois de mai en hausse de 3,12% alors que la Banque du Canada ne maintiendra probablement pas un rythme de resserrement des taux en tandem avec la R\u00e8serve F\u00e8d\u00e8rale. L’\u00e8conomie canadienne montre des signes de solidit\u00e8 et se heurte \u00e0 des contraintes de capacit\u00e8, ce qui rend […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[155,156],"tags":[163,162],"class_list":["post-45541","post","type-post","status-publish","format-standard","hentry","category-en-vedette","category-portefeuille-modele","tag-canada","tag-nqicat"],"acf":[],"yoast_head":"\nCommentaire du gestionnaire de portefeuille - Mai 2018 - Inovestor<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.inovestor.com\/fr-ca\/2018\/06\/commentaire-du-gestionnaire-de-portefeuille-mai-2018\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Commentaire du gestionnaire de portefeuille - Mai 2018\" \/>\n<meta property=\"og:description\" content=\"L’indice de rendement total S&P\/TSX a termin\u00e8 le mois de mai en hausse de 3,12% alors que la Banque du Canada ne maintiendra probablement pas un rythme de resserrement des taux en tandem avec la R\u00e8serve F\u00e8d\u00e8rale. 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