Rotation des styles et secteurs au sein des actions européennes

Source: Exane BNP Paribas

Source: Exane BNP Paribas

[cleeng_content id= »821702672″ description= »Plus d\’analyses et de commentaires à découvrir…  » price= »0.19″ t= »article » referral= »0.05″]Beaucoup de rotation entre les styles de valeur et les secteurs depuis quelques semaines, sur fond d’environnement macro plus incertain, observent les stratégistes d’Exane BNP Paribas…

« There has been much style and sector rotation over the last 6 weeks. In stark contrast to most of 2H12 and January/February 2013, cyclicals have been underperforming defensives, value has been underperforming growth and small caps (more so on the Continent than in the UK) have been underperforming large caps.

(…)
« Sector leadership is equally confounding. Classic defensives like Food & Beverages, Healthcare, Utilities and Telecoms have been creeping up the leader board for the last few months. Cyclicals and financials have been increasingly playing second fiddle. »

Source: Exane BNP Paribas

Source: Exane BNP Paribas

Les raisons d’une telle rotation, plutôt rare, sont de différents ordres:

« One explanation is that asset re-allocation flows are supporting large cap, growth orientated and high quality names. (…)
Another is that names falling outsid  these categories have been left behind due to recent macro concerns (soft March/April survey data) and policy uncertainty (think Cyprus).
A third explanation is something we’ve been mindful of for a while – a Fed exit strategy. It’s not unusual for markets to undergo some rotation as the tightening debate starts to become mainstream (think 1H04). »

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