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February 2026","Swiss indirect real estate: avoid the volatility trap!",{"root":1739},{"type":167,"format":168,"indent":169,"version":4,"children":1740,"direction":28},[1741,1745],{"type":172,"format":168,"indent":169,"version":4,"children":1742,"direction":28,"textStyle":168,"textFormat":169},[1743],{"mode":175,"text":1744,"type":177,"style":168,"detail":169,"format":169,"version":4},"A column by Laurent Clauzet",{"type":172,"format":168,"indent":169,"version":4,"children":1746,"direction":28,"textStyle":168,"textFormat":169},[1747],{"mode":175,"text":1748,"type":177,"style":168,"detail":169,"format":169,"version":4},"Published in Allnews - February 2026",{"id":1750,"colorVariation":344,"blockName":28,"columns":1751,"blockType":339,"titleStart":1331,"titleEnd":1331},"6a3d4dfa8ac2749f80a52285",[1752],{"id":1753,"content":1754},"6a3d4dfe8ac2749f80a52286",{"root":1755},{"type":167,"format":168,"indent":169,"version":4,"children":1756,"direction":28},[1757,1761],{"type":172,"format":168,"indent":169,"version":4,"children":1758,"direction":28,"textStyle":168,"textFormat":169},[1759],{"mode":175,"text":1760,"type":177,"style":168,"detail":169,"format":169,"version":4},"Real estate occupies a structural place in the asset allocation of Swiss institutional investors. Over the long term, this asset class is characterised by lower volatility than equities, a partial decorrelation from other asset classes and a relatively stable generation of income. These properties explain its central role in pension portfolios, with Swiss pension funds able to allocate up to 25% of their assets to real estate. ",{"type":172,"format":168,"indent":169,"version":4,"children":1762,"direction":28,"textStyle":168,"textFormat":169},[1763],{"mode":175,"text":1764,"type":177,"style":168,"detail":169,"format":169,"version":4},"The universe of listed indirect real estate in Switzerland is composed of two distinct segments: real-estate equities and listed real-estate funds. Real-estate equities, grouped within the REAL index, are classic equity securities. They are generally integrated into portfolios according to a classic Mean–Variance framework, the investor being aware of the need to diversify specific risk in order to optimise the risk-adjusted return. Conversely, a markedly different behaviour is observed in the segment of listed real-estate funds. Although they are traded continuously on the Swiss stock exchange, with an order book identical to that of equities, these vehicles are still frequently perceived as quasi-bond instruments. This perception stems in part from a possible confusion between the net asset value (NAV), generally published on an annual basis, and the market price, formed continuously intraday. As these funds are structurally semi-open and, in practice, closed most of the time, their price is determined by supply and demand and departs structurally from the NAV, with average premiums or discounts of the order of 20 to 25% depending on the cycle phase. This perception sometimes leads to an excessive concentration on a limited number of funds, or even regularly on a single vehicle, very significantly increasing the specific risk for the investor.",{"id":1766,"layout":267,"colorVariation":238,"imagePosition":932,"image":1767,"imageFit":1795,"imageStyle":278,"imageTextColor":10,"headingLevel":279,"blockName":28,"buttons":1796,"blockType":281,"imageText":28,"title":1331,"content":1797},"6a3d4e458ac2749f80a52288",{"id":1768,"alt":1769,"landscape":1770,"portrait":28,"folder":60,"thumbnailUrl":1780,"updatedAt":1794,"createdAt":1794},68,"bcge_six_graph",{"id":614,"updatedAt":1771,"createdAt":1772,"url":1773,"thumbnailURL":28,"filename":1774,"mimeType":139,"filesize":1775,"width":1776,"height":1777,"focalX":33,"focalY":33,"sizes":1778},"2026-06-25T15:50:41.859Z","2026-06-25T15:50:41.660Z","https:\u002F\u002Fassets.synchrony.ch\u002FBCGE_SIX_graph.png","BCGE_SIX_graph.png",50445,977,554,{"thumbnail":1779,"sm":1783,"md":1788,"lg":1792,"og":1793},{"url":1780,"width":37,"height":38,"mimeType":30,"filesize":1781,"filename":1782},"https:\u002F\u002Fassets.synchrony.ch\u002FBCGE_SIX_graph-300x200.webp",8934,"BCGE_SIX_graph-300x200.webp",{"url":1784,"width":43,"height":1785,"mimeType":30,"filesize":1786,"filename":1787},"https:\u002F\u002Fassets.synchrony.ch\u002FBCGE_SIX_graph-640x363.webp",363,25994,"BCGE_SIX_graph-640x363.webp",{"url":1789,"width":1776,"height":1777,"mimeType":30,"filesize":1790,"filename":1791},"https:\u002F\u002Fassets.synchrony.ch\u002FBCGE_SIX_graph-977x554.webp",39722,"BCGE_SIX_graph-977x554.webp",{"url":1789,"width":1776,"height":1777,"mimeType":30,"filesize":1790,"filename":1791},{"url":28,"width":28,"height":28,"mimeType":28,"filesize":28,"filename":28},"2026-06-25T15:50:52.977Z","contain",[],{"root":1798},{"type":167,"format":168,"indent":169,"version":4,"children":1799,"direction":28},[1800],{"type":172,"format":168,"indent":169,"version":4,"children":1801,"direction":28,"textStyle":168,"textFormat":169},[1802],{"mode":175,"text":1803,"type":177,"style":168,"detail":169,"format":169,"version":4},"Each listed real-estate fund holds a portfolio of real assets, by definition unique, often concentrated geographically and sectorally. Performance therefore depends heavily on specific factors: quality and location of the property portfolio, financing structure, distribution policy, as well as the manager's decisions. From a quantitative point of view, this concentration translates into significant idiosyncratic volatility, liable to reduce the risk-adjusted return, particularly during phases of tension on the financial markets or of rising interest rates. The table below presents the ten largest market capitalisations of Swiss listed real-estate funds, together with their total performance, their recent volatility and their Sharpe ratio. The gaps observed between the funds are marked, both in terms of return and of risk, which empirically confirms the heterogeneity of the risk\u002Freturn profiles within this asset class.",{"id":1805,"colorVariation":344,"blockName":28,"columns":1806,"blockType":339,"titleStart":1331,"titleEnd":1331},"6a3d4e638ac2749f80a52289",[1807],{"id":1808,"content":1809},"6a3d4e6b8ac2749f80a5228a",{"root":1810},{"type":167,"format":168,"indent":169,"version":4,"children":1811,"direction":28},[1812,1816],{"type":172,"format":168,"indent":169,"version":4,"children":1813,"direction":28,"textStyle":168,"textFormat":169},[1814],{"mode":175,"text":1815,"type":177,"style":168,"detail":169,"format":169,"version":4},"Two aggregated strategies are also presented: an active conviction approach combining 25-30 real-estate securities (listed funds and real-estate equities), as well as a passive approach based on the SWIIT index, which groups together all the Swiss listed real-estate funds. In both cases, diversification allows a reduction of the portfolio's standard deviation (volatility) and an improvement of the Sharpe ratio, in line with the predictions of the Mean–Variance framework. Finally, an even broader diversification can be obtained by combining the segment of listed real-estate funds (SWIIT) with that of real-estate equities (REAL). The joint integration of these two segments allows the exploitation of partially distinct sources of risk and an improvement of the efficient frontier of the real-estate allocation.",{"type":172,"format":168,"indent":169,"version":4,"children":1817,"direction":28,"textStyle":168,"textFormat":169},[1818],{"mode":175,"text":1819,"type":177,"style":168,"detail":169,"format":169,"version":4},"In conclusion, while Swiss indirect real estate constitutes an essential component of asset allocation, an exposure concentrated on a single listed real-estate fund strongly accentuates the undiversified specific risk. The empirical results argue in favour of a diversified approach, all the more so an active one, in order to maximise the risk-adjusted return and to durably capture the stabilisation properties associated with this asset class.",{"id":1821,"colorVariation":268,"blockName":28,"columns":1822,"blockType":339,"titleStart":1834,"titleEnd":1834},"6a42ae634ec8d2260a7e3bc5",[1823],{"id":1824,"content":1825},"6a42ae664ec8d2260a7e3bc6",{"root":1826},{"type":167,"format":168,"indent":169,"version":4,"children":1827,"direction":28},[1828],{"type":172,"format":168,"indent":169,"version":4,"children":1829,"direction":28,"textStyle":168,"textFormat":4},[1830,1832],{"mode":175,"text":1831,"type":177,"style":168,"detail":169,"format":4,"version":4},"Laurent Clauzet",{"mode":175,"text":1833,"type":177,"style":168,"detail":169,"format":169,"version":4}," joined BCGE in 2021. He is a member of the Swiss equities conviction management team and responsible for strategies on high-dividend equities as well as on Swiss indirect real estate. He began his career in 2014 at the multi-family office Fitzroy Investment Advisors, as an equity-fund selection analyst. Then, between 2017 and 2021, he held several positions at Solvalor fund management, a fund management company, and managed several real-estate funds. He holds a Master in Management from EMLyon Business School with a major in Finance and the CFA® designation.","  ",{"id":69,"alt":1836,"landscape":1837,"portrait":28,"folder":1701,"thumbnailUrl":1847,"updatedAt":1862,"createdAt":1863},"Clauzet_Laurent-publications",{"id":1838,"updatedAt":1839,"createdAt":1840,"url":1841,"thumbnailURL":28,"filename":1842,"mimeType":30,"filesize":1843,"width":1844,"height":1844,"focalX":33,"focalY":33,"sizes":1845},341,"2026-07-31T09:17:43.639Z","2026-07-31T09:17:43.337Z","https:\u002F\u002Fassets.synchrony.ch\u002FLaurentClauzet_list-1.webp","LaurentClauzet_list-1.webp",58382,800,{"thumbnail":1846,"sm":1850,"md":1854,"lg":1857,"og":1858},{"url":1847,"width":37,"height":38,"mimeType":30,"filesize":1848,"filename":1849},"https:\u002F\u002Fassets.synchrony.ch\u002FLaurentClauzet_list-1-300x200.webp",4092,"LaurentClauzet_list-1-300x200.webp",{"url":1851,"width":43,"height":43,"mimeType":30,"filesize":1852,"filename":1853},"https:\u002F\u002Fassets.synchrony.ch\u002FLaurentClauzet_list-1-640x640.webp",21204,"LaurentClauzet_list-1-640x640.webp",{"url":1855,"width":1844,"height":1844,"mimeType":30,"filesize":1843,"filename":1856},"https:\u002F\u002Fassets.synchrony.ch\u002FLaurentClauzet_list-1-800x800.webp","LaurentClauzet_list-1-800x800.webp",{"url":1855,"width":1844,"height":1844,"mimeType":30,"filesize":1843,"filename":1856},{"url":1859,"width":56,"height":57,"mimeType":30,"filesize":1860,"filename":1861},"https:\u002F\u002Fassets.synchrony.ch\u002FLaurentClauzet_list-1-1200x630.webp",45084,"LaurentClauzet_list-1-1200x630.webp","2026-07-31T09:17:44.235Z","2026-07-09T15:47:14.988Z","A column by Laurent Clauzet -\nPublished in Allnews - 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",[],{"id":498,"layout":1923,"previewImage":2025,"title":2033,"excerpt":2034,"publishedDate":1865,"tags":2035,"slug":2036,"updatedAt":1870,"createdAt":1871},[1924,1961,1978,1997,2014],{"id":1640,"colorVariation":238,"backgroundImage":1925,"foregroundImage":1940,"blockName":28,"blockType":255,"eyebrow":1948,"title":1949,"content":1950},{"id":1642,"alt":1643,"landscape":1926,"portrait":1933,"folder":1701,"thumbnailUrl":1654,"updatedAt":1702,"createdAt":1703},{"id":1645,"updatedAt":1646,"createdAt":1647,"url":1648,"thumbnailURL":28,"filename":1649,"mimeType":30,"filesize":1650,"width":75,"height":1651,"focalX":33,"focalY":33,"sizes":1927},{"thumbnail":1928,"sm":1929,"md":1930,"lg":1931,"og":1932},{"url":1654,"width":37,"height":38,"mimeType":30,"filesize":1655,"filename":1656},{"url":1658,"width":43,"height":1659,"mimeType":30,"filesize":1660,"filename":1661},{"url":1663,"width":48,"height":1664,"mimeType":30,"filesize":1665,"filename":1666},{"url":1668,"width":75,"height":1651,"mimeType":30,"filesize":1650,"filename":1669},{"url":1671,"width":56,"height":57,"mimeType":30,"filesize":1672,"filename":1673},{"id":1675,"updatedAt":1676,"createdAt":1677,"url":1678,"thumbnailURL":28,"filename":1679,"mimeType":30,"filesize":1680,"width":1681,"height":1682,"focalX":33,"focalY":33,"sizes":1934},{"thumbnail":1935,"sm":1936,"md":1937,"lg":1938,"og":1939},{"url":1685,"width":37,"height":38,"mimeType":30,"filesize":1686,"filename":1687},{"url":1689,"width":43,"height":1690,"mimeType":30,"filesize":1691,"filename":1692},{"url":1694,"width":1681,"height":1682,"mimeType":30,"filesize":1680,"filename":1695},{"url":1694,"width":1681,"height":1682,"mimeType":30,"filesize":1680,"filename":1695},{"url":1698,"width":56,"height":57,"mimeType":30,"filesize":1699,"filename":1700},{"id":1705,"alt":1706,"landscape":1941,"portrait":28,"folder":1701,"thumbnailUrl":1716,"updatedAt":1734,"createdAt":1735},{"id":1708,"updatedAt":1709,"createdAt":1710,"url":1711,"thumbnailURL":28,"filename":1712,"mimeType":30,"filesize":1713,"width":75,"height":1651,"focalX":33,"focalY":33,"sizes":1942},{"thumbnail":1943,"sm":1944,"md":1945,"lg":1946,"og":1947},{"url":1716,"width":37,"height":38,"mimeType":30,"filesize":1717,"filename":1718},{"url":1720,"width":43,"height":1659,"mimeType":30,"filesize":1721,"filename":1722},{"url":1724,"width":48,"height":1664,"mimeType":30,"filesize":1725,"filename":1726},{"url":1728,"width":75,"height":1651,"mimeType":30,"filesize":1713,"filename":1729},{"url":1731,"width":56,"height":57,"mimeType":30,"filesize":1732,"filename":1733},"03 février 2026","Immobilier indirect suisse\névitez le piège de la volatilité !",{"root":1951},{"type":167,"format":168,"indent":169,"version":4,"children":1952,"direction":28},[1953,1957],{"type":172,"format":168,"indent":169,"version":4,"children":1954,"direction":28,"textStyle":168,"textFormat":169},[1955],{"mode":175,"text":1956,"type":177,"style":168,"detail":169,"format":169,"version":4},"Chronique de Laurent Clauzet ",{"type":172,"format":168,"indent":169,"version":4,"children":1958,"direction":28,"textStyle":168,"textFormat":169},[1959],{"mode":175,"text":1960,"type":177,"style":168,"detail":169,"format":169,"version":4},"Parue dans Allnews - Février 2026",{"id":1750,"colorVariation":344,"blockName":28,"columns":1962,"blockType":339,"titleStart":168,"titleEnd":168},[1963],{"id":1753,"content":1964},{"root":1965},{"type":167,"format":168,"indent":169,"version":4,"children":1966,"direction":28},[1967,1971,1974],{"type":172,"format":646,"indent":169,"version":4,"children":1968,"direction":28,"textStyle":168,"textFormat":169},[1969],{"mode":175,"text":1970,"type":177,"style":168,"detail":169,"format":169,"version":4},"L’immobilier occupe une place structurelle dans l’allocation d’actifs des investisseurs institutionnels suisses. Sur le long terme, cette classe d’actifs se caractérise par une volatilité inférieure à celle des actions, une décorrélation partielle avec les autres classes d’actifs et une génération de revenus relativement stable. Ces propriétés expliquent son rôle central dans les portefeuilles de prévoyance, les caisses de pension suisses pouvant allouer jusqu’à 25% de leurs actifs à l’immobilier.",{"type":172,"format":646,"indent":169,"version":4,"children":1972,"direction":28,"textStyle":168,"textFormat":169},[1973],{"mode":175,"text":293,"type":177,"style":168,"detail":169,"format":169,"version":4},{"type":172,"format":646,"indent":169,"version":4,"children":1975,"direction":28,"textStyle":168,"textFormat":169},[1976],{"mode":175,"text":1977,"type":177,"style":168,"detail":169,"format":169,"version":4},"L’univers de l’immobilier indirect coté en Suisse se compose de deux segments distincts : les actions immobilières et les fonds immobiliers cotés. Les actions immobilières, regroupées au sein de l’indice REAL , sont des titres de participation classiques. Elles sont généralement intégrées dans les portefeuilles selon un cadre Moyenne–Variance classique, l’investisseur étant conscient de la nécessité de diversifier le risque spécifique afin d’optimiser le rendement ajusté du risque. À l’inverse, un comportement sensiblement différent est observé sur le segment des fonds immobiliers cotés. Bien qu’ils soient négociés en continu sur la bourse suisse, avec un carnet d’ordres identique à celui des actions, ces véhicules sont encore fréquemment perçus comme des instruments quasi obligataires. Cette perception tient en partie à une possible confusion entre la valeur nette d’inventaire (NAV), généralement publiée à une fréquence annuelle, et le prix de marché, formé en continu intra-journalier. Ces fonds étant structurellement semi-ouverts et, dans la pratique, fermés la majeure partie du temps, leur prix est déterminé par l’offre et la demande et s’écarte de manière structurelle de la NAV, avec des primes ou décotes moyennes de l’ordre de 20 à 25% selon les phases de cycle. Cette perception conduit parfois à une concentration excessive sur un nombre limité de fonds, voire régulièrement sur un seul véhicule, augmentant très sensiblement le risque spécifique pour l’investisseur.",{"id":1766,"layout":267,"colorVariation":238,"imagePosition":932,"image":1979,"imageFit":1795,"imageStyle":278,"imageTextColor":10,"headingLevel":279,"blockName":28,"buttons":1987,"blockType":281,"imageText":28,"title":168,"content":1988},{"id":1768,"alt":1769,"landscape":1980,"portrait":28,"folder":60,"thumbnailUrl":1780,"updatedAt":1794,"createdAt":1794},{"id":614,"updatedAt":1771,"createdAt":1772,"url":1773,"thumbnailURL":28,"filename":1774,"mimeType":139,"filesize":1775,"width":1776,"height":1777,"focalX":33,"focalY":33,"sizes":1981},{"thumbnail":1982,"sm":1983,"md":1984,"lg":1985,"og":1986},{"url":1780,"width":37,"height":38,"mimeType":30,"filesize":1781,"filename":1782},{"url":1784,"width":43,"height":1785,"mimeType":30,"filesize":1786,"filename":1787},{"url":1789,"width":1776,"height":1777,"mimeType":30,"filesize":1790,"filename":1791},{"url":1789,"width":1776,"height":1777,"mimeType":30,"filesize":1790,"filename":1791},{"url":28,"width":28,"height":28,"mimeType":28,"filesize":28,"filename":28},[],{"root":1989},{"type":167,"format":168,"indent":169,"version":4,"children":1990,"direction":28},[1991,1995],{"type":172,"format":168,"indent":169,"version":4,"children":1992,"direction":28,"textStyle":168,"textFormat":169},[1993],{"mode":175,"text":1994,"type":177,"style":168,"detail":169,"format":169,"version":4},"Chaque fonds immobilier coté détient un portefeuille d’actifs réels, par définition unique, souvent concentré géographiquement et sectoriellement. La performance dépend dès lors fortement de facteurs spécifiques : qualité et localisation du parc immobilier, structure de financement, politique de distribution, ainsi que décisions du gestionnaire. D’un point de vue quantitatif, cette concentration se traduit par une volatilité idiosyncratique significative, susceptible de réduire le rendement ajusté au risque, en particulier lors de phases de tension sur les marchés financiers ou de remontée des taux d’intérêt. Le tableau ci-dessous présente les dix plus grandes capitalisations boursières de fonds immobiliers cotés suisses, accompagnées de leur performance totale, de leur volatilité récente et de leur ratio de Sharpe. Les écarts observés entre les fonds sont marqués, tant en termes de rendement que de risque, ce qui confirme empiriquement l’hétérogénéité des profils rendement\u002Frisque au sein de cette classe d’actifs.",{"type":172,"format":168,"indent":169,"version":4,"children":1996,"direction":28,"textStyle":168,"textFormat":169},[],{"id":1805,"colorVariation":344,"blockName":28,"columns":1998,"blockType":339,"titleStart":168,"titleEnd":168},[1999],{"id":1808,"content":2000},{"root":2001},{"type":167,"format":168,"indent":169,"version":4,"children":2002,"direction":28},[2003,2007,2010],{"type":172,"format":646,"indent":169,"version":4,"children":2004,"direction":28,"textStyle":168,"textFormat":169},[2005],{"mode":175,"text":2006,"type":177,"style":168,"detail":169,"format":169,"version":4},"Deux stratégies agrégées sont également présentées : une approche active de convictions combinant 25-30 titres immobiliers (fonds cotés et actions immobilières), ainsi qu’une approche passive reposant sur l’indice SWIIT , qui regroupe l’ensemble des fonds immobiliers cotés suisses. Dans les deux cas, la diversification permet une réduction de l’écart-type (volatilité) du portefeuille et une amélioration du ratio de Sharpe, conformément aux prédictions du cadre Moyenne–Variance. Enfin, une diversification encore plus large peut être obtenue en combinant le segment des fonds immobiliers cotés (SWIIT) avec celui des actions immobilières (REAL). L’intégration conjointe de ces deux segments permet d’exploiter des sources de risque partiellement distinctes et d’améliorer la frontière efficiente de l’allocation immobilière.",{"type":172,"format":646,"indent":169,"version":4,"children":2008,"direction":28,"textStyle":168,"textFormat":169},[2009],{"mode":175,"text":293,"type":177,"style":168,"detail":169,"format":169,"version":4},{"type":172,"format":646,"indent":169,"version":4,"children":2011,"direction":28,"textStyle":168,"textFormat":169},[2012],{"mode":175,"text":2013,"type":177,"style":168,"detail":169,"format":169,"version":4},"En conclusion, si l’immobilier indirect suisse constitue une composante essentielle de l’allocation d’actifs, une exposition concentrée sur un seul fonds immobilier coté accentue fortement le risque spécifique non diversifié. Les résultats empiriques plaident en faveur d’une approche diversifiée, d’autant plus active, afin de maximiser le rendement ajusté du risque et de capter durablement les propriétés de stabilisation associées à cette classe d’actifs.",{"id":1821,"colorVariation":268,"blockName":28,"columns":2015,"blockType":339},[2016],{"id":1824,"content":2017},{"root":2018},{"type":167,"format":168,"indent":169,"version":4,"children":2019,"direction":28},[2020],{"type":172,"format":168,"indent":169,"version":4,"children":2021,"direction":28,"textStyle":168,"textFormat":4},[2022,2023],{"mode":175,"text":1831,"type":177,"style":168,"detail":169,"format":4,"version":4},{"mode":175,"text":2024,"type":177,"style":168,"detail":169,"format":169,"version":4}," a rejoint la BCGE en 2021. Il est membre de l’équipe de gestion de convictions actions suisses et responsable de stratégies sur les actions à haut dividende ainsi que sur l’immobilier indirect suisse. Il commence sa carrière en 2014 auprès du multi-family office Fitzroy Investment Advisors, en tant qu’analyste en sélection de fonds actions. Puis entre 2017 et 2021, il occupe plusieurs postes chez Solvalor fund management, une direction de fonds et gestionnaire de plusieurs fonds immobiliers. Il est titulaire d’un Master in Management de l’EMLyon Business School avec une majeure en Finance et du titre CFA®.",{"id":69,"alt":1836,"landscape":2026,"portrait":28,"folder":1701,"thumbnailUrl":1847,"updatedAt":1862,"createdAt":1863},{"id":1838,"updatedAt":1839,"createdAt":1840,"url":1841,"thumbnailURL":28,"filename":1842,"mimeType":30,"filesize":1843,"width":1844,"height":1844,"focalX":33,"focalY":33,"sizes":2027},{"thumbnail":2028,"sm":2029,"md":2030,"lg":2031,"og":2032},{"url":1847,"width":37,"height":38,"mimeType":30,"filesize":1848,"filename":1849},{"url":1851,"width":43,"height":43,"mimeType":30,"filesize":1852,"filename":1853},{"url":1855,"width":1844,"height":1844,"mimeType":30,"filesize":1843,"filename":1856},{"url":1855,"width":1844,"height":1844,"mimeType":30,"filesize":1843,"filename":1856},{"url":1859,"width":56,"height":57,"mimeType":30,"filesize":1860,"filename":1861},"Immobilier indirect suisse : évitez le piège de la volatilité !","Chronique de Laurent Clauzet 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strutturano.",[],{"id":498,"layout":2089,"previewImage":2187,"title":2195,"excerpt":2196,"publishedDate":1865,"tags":2197,"slug":2198,"updatedAt":1870,"createdAt":1871},[2090,2127,2143,2160,2176],{"id":1640,"colorVariation":238,"backgroundImage":2091,"foregroundImage":2106,"blockName":28,"blockType":255,"eyebrow":2114,"title":2115,"content":2116},{"id":1642,"alt":1643,"landscape":2092,"portrait":2099,"folder":1701,"thumbnailUrl":1654,"updatedAt":1702,"createdAt":1703},{"id":1645,"updatedAt":1646,"createdAt":1647,"url":1648,"thumbnailURL":28,"filename":1649,"mimeType":30,"filesize":1650,"width":75,"height":1651,"focalX":33,"focalY":33,"sizes":2093},{"thumbnail":2094,"sm":2095,"md":2096,"lg":2097,"og":2098},{"url":1654,"width":37,"height":38,"mimeType":30,"filesize":1655,"filename":1656},{"url":1658,"width":43,"height":1659,"mimeType":30,"filesize":1660,"filename":1661},{"url":1663,"width":48,"height":1664,"mimeType":30,"filesize":1665,"filename":1666},{"url":1668,"width":75,"height":1651,"mimeType":30,"filesize":1650,"filename":1669},{"url":1671,"width":56,"height":57,"mimeType":30,"filesize":1672,"filename":1673},{"id":1675,"updatedAt":1676,"createdAt":1677,"url":1678,"thumbnailURL":28,"filename":1679,"mimeType":30,"filesize":1680,"width":1681,"height":1682,"focalX":33,"focalY":33,"sizes":2100},{"thumbnail":2101,"sm":2102,"md":2103,"lg":2104,"og":2105},{"url":1685,"width":37,"height":38,"mimeType":30,"filesize":1686,"filename":1687},{"url":1689,"width":43,"height":1690,"mimeType":30,"filesize":1691,"filename":1692},{"url":1694,"width":1681,"height":1682,"mimeType":30,"filesize":1680,"filename":1695},{"url":1694,"width":1681,"height":1682,"mimeType":30,"filesize":1680,"filename":1695},{"url":1698,"width":56,"height":57,"mimeType":30,"filesize":1699,"filename":1700},{"id":1705,"alt":1706,"landscape":2107,"portrait":28,"folder":1701,"thumbnailUrl":1716,"updatedAt":1734,"createdAt":1735},{"id":1708,"updatedAt":1709,"createdAt":1710,"url":1711,"thumbnailURL":28,"filename":1712,"mimeType":30,"filesize":1713,"width":75,"height":1651,"focalX":33,"focalY":33,"sizes":2108},{"thumbnail":2109,"sm":2110,"md":2111,"lg":2112,"og":2113},{"url":1716,"width":37,"height":38,"mimeType":30,"filesize":1717,"filename":1718},{"url":1720,"width":43,"height":1659,"mimeType":30,"filesize":1721,"filename":1722},{"url":1724,"width":48,"height":1664,"mimeType":30,"filesize":1725,"filename":1726},{"url":1728,"width":75,"height":1651,"mimeType":30,"filesize":1713,"filename":1729},{"url":1731,"width":56,"height":57,"mimeType":30,"filesize":1732,"filename":1733},"3 febbraio 2026","Immobiliare indiretto svizzero: \nevitate la trappola della volatilità!",{"root":2117},{"type":167,"format":168,"indent":169,"version":4,"children":2118,"direction":28},[2119,2123],{"type":172,"format":168,"indent":169,"version":4,"children":2120,"direction":28,"textStyle":168,"textFormat":169},[2121],{"mode":175,"text":2122,"type":177,"style":168,"detail":169,"format":169,"version":4},"Una rubrica di Laurent Clauzet",{"type":172,"format":168,"indent":169,"version":4,"children":2124,"direction":28,"textStyle":168,"textFormat":169},[2125],{"mode":175,"text":2126,"type":177,"style":168,"detail":169,"format":169,"version":4},"Pubblicata su Allnews - Febbraio 2026",{"id":1750,"colorVariation":344,"blockName":28,"columns":2128,"blockType":339,"titleStart":1331,"titleEnd":1331},[2129],{"id":1753,"content":2130},{"root":2131},{"type":167,"format":168,"indent":169,"version":4,"children":2132,"direction":28},[2133,2137,2139],{"type":172,"format":168,"indent":169,"version":4,"children":2134,"direction":28,"textStyle":168,"textFormat":169},[2135],{"mode":175,"text":2136,"type":177,"style":168,"detail":169,"format":169,"version":4},"L'immobiliare occupa un posto strutturale nell'allocazione degli attivi degli investitori istituzionali svizzeri. Nel lungo termine, questa classe di attivi si caratterizza per una volatilità inferiore a quella delle azioni, una decorrelazione parziale rispetto alle altre classi di attivi e una generazione di ricavi relativamente stabile. Queste proprietà spiegano il suo ruolo centrale nei portafogli previdenziali, potendo le casse pensioni svizzere allocare fino al 25% dei loro attivi all'immobiliare. ",{"type":172,"format":168,"indent":169,"version":4,"children":2138,"direction":28,"textStyle":168,"textFormat":169},[],{"type":172,"format":168,"indent":169,"version":4,"children":2140,"direction":28,"textStyle":168,"textFormat":169},[2141],{"mode":175,"text":2142,"type":177,"style":168,"detail":169,"format":169,"version":4},"L'universo dell'immobiliare indiretto quotato in Svizzera si compone di due segmenti distinti: le azioni immobiliari e i fondi immobiliari quotati. Le azioni immobiliari, raggruppate nell'indice REAL, sono titoli di partecipazione classici. Vengono generalmente integrate nei portafogli secondo un quadro Media–Varianza classico, essendo l'investitore consapevole della necessità di diversificare il rischio specifico al fine di ottimizzare il rendimento corretto per il rischio. Al contrario, si osserva un comportamento sensibilmente diverso nel segmento dei fondi immobiliari quotati. Benché siano negoziati in continuo sulla borsa svizzera, con un libro d'ordini identico a quello delle azioni, questi veicoli sono ancora frequentemente percepiti come strumenti quasi obbligazionari. Questa percezione deriva in parte da una possibile confusione tra il valore netto d'inventario (NAV), generalmente pubblicato a cadenza annuale, e il prezzo di mercato, formato in continuo intraday. Essendo questi fondi strutturalmente semiaperti e, nella pratica, chiusi la maggior parte del tempo, il loro prezzo è determinato dall'offerta e dalla domanda e si discosta in modo strutturale dal NAV, con premi o sconti medi dell'ordine del 20-25% a seconda delle fasi del ciclo. Questa percezione porta talvolta a una concentrazione eccessiva su un numero limitato di fondi, o addirittura regolarmente su un unico veicolo, aumentando in modo molto sensibile il rischio specifico per l'investitore.",{"id":1766,"layout":267,"colorVariation":238,"imagePosition":932,"image":2144,"imageFit":1795,"imageStyle":278,"imageTextColor":10,"headingLevel":279,"blockName":28,"buttons":2152,"blockType":281,"imageText":28,"title":1331,"content":2153},{"id":1768,"alt":1769,"landscape":2145,"portrait":28,"folder":60,"thumbnailUrl":1780,"updatedAt":1794,"createdAt":1794},{"id":614,"updatedAt":1771,"createdAt":1772,"url":1773,"thumbnailURL":28,"filename":1774,"mimeType":139,"filesize":1775,"width":1776,"height":1777,"focalX":33,"focalY":33,"sizes":2146},{"thumbnail":2147,"sm":2148,"md":2149,"lg":2150,"og":2151},{"url":1780,"width":37,"height":38,"mimeType":30,"filesize":1781,"filename":1782},{"url":1784,"width":43,"height":1785,"mimeType":30,"filesize":1786,"filename":1787},{"url":1789,"width":1776,"height":1777,"mimeType":30,"filesize":1790,"filename":1791},{"url":1789,"width":1776,"height":1777,"mimeType":30,"filesize":1790,"filename":1791},{"url":28,"width":28,"height":28,"mimeType":28,"filesize":28,"filename":28},[],{"root":2154},{"type":167,"format":168,"indent":169,"version":4,"children":2155,"direction":28},[2156],{"type":172,"format":168,"indent":169,"version":4,"children":2157,"direction":28,"textStyle":168,"textFormat":169},[2158],{"mode":175,"text":2159,"type":177,"style":168,"detail":169,"format":169,"version":4},"Ogni fondo immobiliare quotato detiene un portafoglio di attivi reali, per definizione unico, spesso concentrato geograficamente e settorialmente. La performance dipende quindi fortemente da fattori specifici: qualità e ubicazione del parco immobiliare, struttura di finanziamento, politica di distribuzione, nonché decisioni del gestore. Da un punto di vista quantitativo, questa concentrazione si traduce in una volatilità idiosincratica significativa, suscettibile di ridurre il rendimento corretto per il rischio, in particolare durante le fasi di tensione sui mercati finanziari o di rialzo dei tassi d'interesse. La tabella qui sotto presenta le dieci maggiori capitalizzazioni borsistiche di fondi immobiliari quotati svizzeri, accompagnate dalla loro performance totale, dalla loro volatilità recente e dal loro rapporto di Sharpe. Gli scarti osservati tra i fondi sono marcati, sia in termini di rendimento sia di rischio, il che conferma empiricamente l'eterogeneità dei profili rendimento\u002Frischio all'interno di questa classe di attivi.",{"id":1805,"colorVariation":344,"blockName":28,"columns":2161,"blockType":339,"titleStart":1331,"titleEnd":1331},[2162],{"id":1808,"content":2163},{"root":2164},{"type":167,"format":168,"indent":169,"version":4,"children":2165,"direction":28},[2166,2170,2172],{"type":172,"format":168,"indent":169,"version":4,"children":2167,"direction":28,"textStyle":168,"textFormat":169},[2168],{"mode":175,"text":2169,"type":177,"style":168,"detail":169,"format":169,"version":4},"Vengono presentate anche due strategie aggregate: un approccio attivo di convinzione che combina 25-30 titoli immobiliari (fondi quotati e azioni immobiliari), nonché un approccio passivo basato sull'indice SWIIT, che raggruppa l'insieme dei fondi immobiliari quotati svizzeri. In entrambi i casi, la diversificazione permette una riduzione dello scarto tipo (volatilità) del portafoglio e un miglioramento del rapporto di Sharpe, conformemente alle previsioni del quadro Media–Varianza. Infine, una diversificazione ancora più ampia può essere ottenuta combinando il segmento dei fondi immobiliari quotati (SWIIT) con quello delle azioni immobiliari (REAL). L'integrazione congiunta di questi due segmenti permette di sfruttare fonti di rischio parzialmente distinte e di migliorare la frontiera efficiente dell'allocazione immobiliare.",{"type":172,"format":168,"indent":169,"version":4,"children":2171,"direction":28,"textStyle":168,"textFormat":169},[],{"type":172,"format":168,"indent":169,"version":4,"children":2173,"direction":28,"textStyle":168,"textFormat":169},[2174],{"mode":175,"text":2175,"type":177,"style":168,"detail":169,"format":169,"version":4},"In conclusione, se l'immobiliare indiretto svizzero costituisce una componente essenziale dell'allocazione degli attivi, un'esposizione concentrata su un unico fondo immobiliare quotato accentua fortemente il rischio specifico non diversificato. I risultati empirici depongono a favore di un approccio diversificato, tanto più attivo, al fine di massimizzare il rendimento corretto per il rischio e di captare in modo duraturo le proprietà di stabilizzazione associate a questa classe di attivi.",{"id":1821,"colorVariation":268,"blockName":28,"columns":2177,"blockType":339,"titleStart":1331,"titleEnd":1331},[2178],{"id":1824,"content":2179},{"root":2180},{"type":167,"format":168,"indent":169,"version":4,"children":2181,"direction":28},[2182],{"type":172,"format":168,"indent":169,"version":4,"children":2183,"direction":28,"textStyle":168,"textFormat":4},[2184,2185],{"mode":175,"text":1831,"type":177,"style":168,"detail":169,"format":4,"version":4},{"mode":175,"text":2186,"type":177,"style":168,"detail":169,"format":169,"version":4}," è entrato nella BCGE nel 2021. È membro del team di gestione di convinzione sulle azioni svizzere e responsabile di strategie sulle azioni ad alto dividendo nonché sull'immobiliare indiretto svizzero. Inizia la sua carriera nel 2014 presso il multi-family office Fitzroy Investment Advisors, come analista nella selezione di fondi azionari. Poi, tra il 2017 e il 2021, ricopre diverse posizioni presso Solvalor fund management, una direzione di fondi, e gestisce diversi fondi immobiliari. 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Langfristig zeichnet sich diese Anlageklasse durch eine geringere Volatilität als Aktien, eine teilweise Dekorrelation von den anderen Anlageklassen und eine relativ stabile Ertragsgenerierung aus. Diese Eigenschaften erklären ihre zentrale Rolle in den Vorsorgeportfolios, wobei die Schweizer Pensionskassen bis zu 25% ihrer Vermögen in Immobilien allozieren können. ",{"type":172,"format":168,"indent":169,"version":4,"children":2300,"direction":28,"textStyle":168,"textFormat":169},[],{"type":172,"format":168,"indent":169,"version":4,"children":2302,"direction":28,"textStyle":168,"textFormat":169},[2303],{"mode":175,"text":2304,"type":177,"style":168,"detail":169,"format":169,"version":4},"Das Universum der kotierten indirekten Immobilien in der Schweiz besteht aus zwei unterschiedlichen Segmenten: den Immobilienaktien und den kotierten Immobilienfonds. Die Immobilienaktien, im Index REAL zusammengefasst, sind klassische Beteiligungspapiere. Sie werden in der Regel nach einem klassischen Mittelwert-Varianz-Rahmen in die Portfolios integriert, wobei sich der Anleger der Notwendigkeit bewusst ist, das spezifische Risiko zu diversifizieren, um die risikoadjustierte Rendite zu optimieren. Umgekehrt lässt sich im Segment der kotierten Immobilienfonds ein deutlich anderes Verhalten beobachten. Obwohl sie fortlaufend an der Schweizer Börse gehandelt werden, mit einem Orderbuch, das jenem der Aktien gleicht, werden diese Vehikel noch häufig als quasi obligationenartige Instrumente wahrgenommen. Diese Wahrnehmung rührt teilweise von einer möglichen Verwechslung zwischen dem Nettoinventarwert (NAV), in der Regel jährlich veröffentlicht, und dem Marktpreis her, der fortlaufend untertägig gebildet wird. Da diese Fonds strukturell halboffen und in der Praxis die meiste Zeit geschlossen sind, wird ihr Preis durch Angebot und Nachfrage bestimmt und weicht strukturell vom NAV ab, mit durchschnittlichen Agios oder Disagios in der Grössenordnung von 20 bis 25% je nach Zyklusphase. Diese Wahrnehmung führt mitunter zu einer übermässigen Konzentration auf eine begrenzte Anzahl von Fonds oder gar regelmässig auf ein einziges Vehikel, was das spezifische Risiko für den Anleger sehr deutlich erhöht. ",{"id":1766,"layout":267,"colorVariation":238,"imagePosition":932,"image":2306,"imageFit":1795,"imageStyle":278,"imageTextColor":10,"headingLevel":279,"blockName":28,"buttons":2314,"blockType":281,"imageText":28,"title":1331,"content":2315},{"id":1768,"alt":1769,"landscape":2307,"portrait":28,"folder":60,"thumbnailUrl":1780,"updatedAt":1794,"createdAt":1794},{"id":614,"updatedAt":1771,"createdAt":1772,"url":1773,"thumbnailURL":28,"filename":1774,"mimeType":139,"filesize":1775,"width":1776,"height":1777,"focalX":33,"focalY":33,"sizes":2308},{"thumbnail":2309,"sm":2310,"md":2311,"lg":2312,"og":2313},{"url":1780,"width":37,"height":38,"mimeType":30,"filesize":1781,"filename":1782},{"url":1784,"width":43,"height":1785,"mimeType":30,"filesize":1786,"filename":1787},{"url":1789,"width":1776,"height":1777,"mimeType":30,"filesize":1790,"filename":1791},{"url":1789,"width":1776,"height":1777,"mimeType":30,"filesize":1790,"filename":1791},{"url":28,"width":28,"height":28,"mimeType":28,"filesize":28,"filename":28},[],{"root":2316},{"type":167,"format":168,"indent":169,"version":4,"children":2317,"direction":28},[2318],{"type":172,"format":168,"indent":169,"version":4,"children":2319,"direction":28,"textStyle":168,"textFormat":169},[2320],{"mode":175,"text":2321,"type":177,"style":168,"detail":169,"format":169,"version":4},"Jeder kotierte Immobilienfonds hält ein Portfolio realer Vermögenswerte, das per Definition einzigartig und oft geografisch und sektoral konzentriert ist. Die Performance hängt daher stark von spezifischen Faktoren ab: Qualität und Lage des Immobilienbestands, Finanzierungsstruktur, Ausschüttungspolitik sowie Entscheide des Verwalters. Aus quantitativer Sicht schlägt sich diese Konzentration in einer erheblichen idiosynkratischen Volatilität nieder, die die risikoadjustierte Rendite mindern kann, insbesondere in Phasen von Spannungen an den Finanzmärkten oder steigender Zinsen. Die nachstehende Tabelle stellt die zehn grössten Börsenkapitalisierungen kotierter Schweizer Immobilienfonds dar, samt ihrer Gesamtperformance, ihrer jüngsten Volatilität und ihrer Sharpe-Ratio. Die zwischen den Fonds beobachteten Abweichungen sind ausgeprägt, sowohl hinsichtlich der Rendite als auch des Risikos, was die Heterogenität der Rendite-Risiko-Profile innerhalb dieser Anlageklasse empirisch bestätigt.",{"id":1805,"colorVariation":344,"blockName":28,"columns":2323,"blockType":339,"titleStart":1331,"titleEnd":1331},[2324],{"id":1808,"content":2325},{"root":2326},{"type":167,"format":168,"indent":169,"version":4,"children":2327,"direction":28},[2328,2332,2334],{"type":172,"format":168,"indent":169,"version":4,"children":2329,"direction":28,"textStyle":168,"textFormat":169},[2330],{"mode":175,"text":2331,"type":177,"style":168,"detail":169,"format":169,"version":4},"Ebenfalls dargestellt werden zwei aggregierte Strategien: ein aktiver Überzeugungsansatz, der 25-30 Immobilientitel (kotierte Fonds und Immobilienaktien) kombiniert, sowie ein passiver Ansatz, der auf dem Index SWIIT beruht, welcher sämtliche kotierten Schweizer Immobilienfonds zusammenfasst. In beiden Fällen erlaubt die Diversifikation eine Reduktion der Standardabweichung (Volatilität) des Portfolios und eine Verbesserung der Sharpe-Ratio, im Einklang mit den Vorhersagen des Mittelwert-Varianz-Rahmens. Schliesslich lässt sich eine noch breitere Diversifikation erzielen, indem man das Segment der kotierten Immobilienfonds (SWIIT) mit jenem der Immobilienaktien (REAL) kombiniert. Die gemeinsame Integration dieser beiden Segmente erlaubt es, teilweise unterschiedliche Risikoquellen zu nutzen und die Effizienzgrenze der Immobilienallokation zu verbessern.",{"type":172,"format":168,"indent":169,"version":4,"children":2333,"direction":28,"textStyle":168,"textFormat":169},[],{"type":172,"format":168,"indent":169,"version":4,"children":2335,"direction":28,"textStyle":168,"textFormat":169},[2336],{"mode":175,"text":2337,"type":177,"style":168,"detail":169,"format":169,"version":4},"Zusammenfassend: Auch wenn die Schweizer indirekten Immobilien einen wesentlichen Bestandteil der Vermögensallokation bilden, verstärkt ein auf einen einzigen kotierten Immobilienfonds konzentriertes Engagement das nicht diversifizierte spezifische Risiko erheblich. Die empirischen Ergebnisse sprechen für einen diversifizierten und umso mehr aktiven Ansatz, um die risikoadjustierte Rendite zu maximieren und die mit dieser Anlageklasse verbundenen Stabilisierungseigenschaften nachhaltig zu erfassen.",{"id":1821,"colorVariation":268,"blockName":28,"columns":2339,"blockType":339,"titleStart":1331,"titleEnd":1331},[2340],{"id":1824,"content":2341},{"root":2342},{"type":167,"format":168,"indent":169,"version":4,"children":2343,"direction":28},[2344],{"type":172,"format":168,"indent":169,"version":4,"children":2345,"direction":28,"textStyle":168,"textFormat":4},[2346,2348],{"mode":175,"text":2347,"type":177,"style":168,"detail":169,"format":4,"version":4},"Laurent Clauzet ",{"mode":175,"text":2349,"type":177,"style":168,"detail":169,"format":169,"version":4},"stiess 2021 zur BCGE. 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Er ist Inhaber eines Master in Management der EMLyon Business School mit Schwerpunkt Finance sowie des Titels CFA®.",{"id":69,"alt":1836,"landscape":2351,"portrait":28,"folder":1701,"thumbnailUrl":1847,"updatedAt":1862,"createdAt":1863},{"id":1838,"updatedAt":1839,"createdAt":1840,"url":1841,"thumbnailURL":28,"filename":1842,"mimeType":30,"filesize":1843,"width":1844,"height":1844,"focalX":33,"focalY":33,"sizes":2352},{"thumbnail":2353,"sm":2354,"md":2355,"lg":2356,"og":2357},{"url":1847,"width":37,"height":38,"mimeType":30,"filesize":1848,"filename":1849},{"url":1851,"width":43,"height":43,"mimeType":30,"filesize":1852,"filename":1853},{"url":1855,"width":1844,"height":1844,"mimeType":30,"filesize":1843,"filename":1856},{"url":1855,"width":1844,"height":1844,"mimeType":30,"filesize":1843,"filename":1856},{"url":1859,"width":56,"height":57,"mimeType":30,"filesize":1860,"filename":1861},"Schweizer indirekte Immobilien: Vermeiden Sie die Volatilitätsfalle!","Eine Kolumne von Laurent Clauzet -\nErschienen in Allnews - Februar 2026",{"id":4,"name":1701,"slug":1867,"updatedAt":1868,"createdAt":1868},"schweizer-indirekte-immobilien",1790840677721]