{"id":550,"date":"2025-09-08T17:57:00","date_gmt":"2025-09-08T15:57:00","guid":{"rendered":"https:\/\/www.wijgam.ch\/?p=550"},"modified":"2025-09-21T18:21:40","modified_gmt":"2025-09-21T16:21:40","slug":"quest-ce-que-la-gestion-long-short","status":"publish","type":"post","link":"https:\/\/www.wijgam.ch\/en\/2025\/09\/08\/quest-ce-que-la-gestion-long-short\/","title":{"rendered":"Qu&rsquo;est-ce que la gestion long\/short ? 1. Les bases"},"content":{"rendered":"<h2 class=\"wp-block-heading\">1. Les bases<\/h2>\n\n\n\n<p>Commen\u00e7ons aujourd\u2019hui par les principes fondamentaux. Nous verrons des exemples sp\u00e9cifiques dans les prochaines publications.<\/p>\n\n\n\n<ol class=\"wp-block-list\"><\/ol>\n\n\n\n<p>On appelle gestion long\/short l\u2019approche de gestion financi\u00e8re qui combine des <strong>positions acheteuses <\/strong>(\u00ab longues \u00bb) sur des actifs dont on attend (id\u00e9alement) que la valeur monte et des <strong>positions vendeuses<\/strong> \u00e0 d\u00e9couvert (\u00ab short \u00bb) sur des actifs dont on attend (id\u00e9alement) que la valeur baisse, afin d\u2019extraire une performance relative tout en r\u00e9duisant la d\u00e9pendance \u00e0 la direction g\u00e9n\u00e9rale du march\u00e9.<\/p>\n\n\n\n<p>Concr\u00e8tement, elle vise \u00e0 <strong>neutraliser<\/strong> certains risques : <strong>syst\u00e9matique<\/strong> (mouvement du march\u00e9), <strong>sectoriel<\/strong> (qui affecte un secteur entier), parfois <strong>factoriel<\/strong> (taille, value, momentum) ou m\u00eame <strong>sp\u00e9cifique<\/strong> \u00e0 une entreprise.<\/p>\n\n\n\n<p>Expositions et structuration :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>L\u2019ensemble des positions \u00e0 l\u2019achat : exposition brute longue.<\/li>\n\n\n\n<li>L\u2019ensemble des positions vendeuses : exposition brute short.<\/li>\n\n\n\n<li>La diff\u00e9rence entre les deux : exposition nette. En r\u00e8gle g\u00e9n\u00e9rale, celle-ci est inf\u00e9rieure (en valeur absolue) \u00e0 20 % de l\u2019actif net.<\/li>\n<\/ul>\n\n\n\n<p>Comment proc\u00e9dons-nous ?<br>Il y a une multitude de mani\u00e8res diff\u00e9rentes de structurer un portefeuille long\/short. Nous travaillons sur des actions, des ETF et des futures, directement ou via des options. Nous ajustons les tailles respectives en tenant notamment compte des b\u00eatas et de la volatilit\u00e9. Il peut s\u2019agir de paires intrasectorielles ou intersectorielles, de paniers \u00e9quilibr\u00e9s, ou d\u2019un titre couvert par un indice, par exemple.<br>Lorsqu\u2019on travaille sur une paire, la position achet\u00e9e est appel\u00e9e jambe longue, et la position vendue est appel\u00e9e jambe short. La performance finale provient principalement de l\u2019\u00e9cart entre les deux jambes plut\u00f4t que de la hausse ou de la baisse du march\u00e9.<\/p>\n\n\n\n<p>Assez pour la th\u00e9orie : \u00e0 partir du prochain \u00e9pisode, je ne traiterai que des exemples.<\/p>\n\n\n\n<p>\u00c0 bient\u00f4t pour la suite : une paire intrasectorielle, comme LVMH\/Kering, \u00e0 moins que ce ne soit Richemont\/Swatch Group \ud83d\ude09<\/p>","protected":false},"excerpt":{"rendered":"<p>1. Les bases Commen\u00e7ons aujourd\u2019hui par les principes fondamentaux. Nous verrons des exemples sp\u00e9cifiques dans les prochaines publications. On appelle gestion long\/short l\u2019approche de gestion financi\u00e8re qui combine des positions acheteuses (\u00ab longues \u00bb) sur des actifs dont on attend (id\u00e9alement) que la valeur monte et des positions vendeuses \u00e0 d\u00e9couvert (\u00ab short \u00bb) sur [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":551,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-550","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trading"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Qu&#039;est-ce que la gestion long\/short ? 1. 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