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septembre 2026","Répliquer un indice \nsans subir le marché",{"root":1757},{"type":168,"format":169,"indent":170,"version":4,"children":1758,"direction":28},[1759],{"type":173,"format":631,"indent":170,"version":4,"children":1760,"direction":28,"textStyle":169,"textFormat":170},[1761,1763,1764],{"mode":176,"text":1762,"type":178,"style":169,"detail":170,"format":170,"version":4},"Chronique de Thierry Vessereau, gérant institutionnel ",{"type":296,"version":4},{"mode":176,"text":1765,"type":178,"style":169,"detail":170,"format":170,"version":4},"Parue dans Allnews - septembre 2026",{"id":1767,"colorVariation":910,"blockName":28,"columns":1768,"blockType":340,"titleStart":169,"titleEnd":169},"6aac029c43aad2055c8ee420",[1769],{"id":1770,"content":1771},"6aac02a143aad2055c8ee421",{"root":1772},{"type":168,"format":169,"indent":170,"version":4,"children":1773,"direction":28},[1774,1778,1780,1784,1786,1790,1792,1799,1801,1805,1807],{"type":173,"format":631,"indent":170,"version":4,"children":1775,"direction":28,"textStyle":169,"textFormat":484},[1776],{"mode":176,"text":1777,"type":178,"style":169,"detail":170,"format":484,"version":4},"Répliquer un indice sans en acheter tous les titres : la méthode multifactorielle, qui réduit les frictions de marché et les coûts récurrents.",{"type":173,"format":631,"indent":170,"version":4,"children":1779,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":631,"indent":170,"version":4,"children":1781,"direction":28,"textStyle":169,"textFormat":170},[1782],{"mode":176,"text":1783,"type":178,"style":169,"detail":170,"format":170,"version":4},"Répliquer les performances d’un indice est souvent présenté comme une mécanique sans grand enjeu : acheter les mêmes titres, aux mêmes poids, laisser le marché faire. La pratique quotidienne de gestion de portefeuilles indiciels optimisés raconte autre chose. Trente ans de réplication optimisée sur le marché suisse - la méthode remonte à 1995 - offrent un recul suffisant pour distinguer ce qui relève de la théorie de ce qui est effectivement réalisé, une fois les frictions de marché, les coûts de transaction et les contraintes opérationnelles intégrés.",{"type":173,"format":631,"indent":170,"version":4,"children":1785,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":631,"indent":170,"version":4,"children":1787,"direction":28,"textStyle":169,"textFormat":170},[1788],{"mode":176,"text":1789,"type":178,"style":169,"detail":170,"format":170,"version":4},"Trois voies fondamentalement existent pour reproduire la performance d'un indice. La première, la réplication intégrale, dite « pure », parfaite ou quasi-parfaite, consiste à détenir tous les titres ou quasiment tous les titres de l'indice à leurs pondérations exactes. La réplication synthétique repose elle sur la gestion de produits dérivés, ce qui introduit un risque de contrepartie. La réplication optimisée proposée retient un sous-ensemble de titres de l'indice de manière à obtenir un portefeuille dont le profil de risque - et non la composition nominale - est identique à celui du benchmark. Sur des univers larges comptant plusieurs milliers de lignes, cette dernière approche permet une mise en œuvre efficace et opérationnellement réaliste.",{"type":173,"format":631,"indent":170,"version":4,"children":1791,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":631,"indent":170,"version":4,"children":1793,"direction":28,"textStyle":169,"textFormat":170},[1794,1796,1797],{"mode":176,"text":1795,"type":178,"style":169,"detail":170,"format":170,"version":4},"L’approche optimisée utilise une modélisation multifactorielle du marché, reposant sur la théorie financière de l’APT (Arbitrage Pricing Theory). Le principe est d'identifier les forces communes - les facteurs de risque - qui expliquent l'essentiel des mouvements de prix, puis de construire un portefeuille exposé à ces facteurs avec les mêmes sensibilités que l'indice. Le modèle est actualisé mensuellement. L'objectif de réplication reste de ne pas chercher à surperformer l'indice par conviction, mais d'atteindre un écart de suivi nul, ou légèrement positif, une fois les frais déduits.",{"type":296,"version":4},{"mode":176,"text":1798,"type":178,"style":169,"detail":170,"format":170,"version":4},"Pourquoi ne pas simplement acheter tous les titres ? Parce que la réplication pure exige de transiger sur des lignes peu liquides, et c'est là que les coûts se nichent : sur le marché suisse, pour un portefeuille indiciel de 300 millions de francs, l'impact des transactions sur les prix peut atteindre 35 points de base annuellement. La réplication optimisée évite cette friction en concentrant les transactions sur un nombre restreint de positions liquides qui portent les facteurs de risque dominants de l'indice.",{"type":173,"format":631,"indent":170,"version":4,"children":1800,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":631,"indent":170,"version":4,"children":1802,"direction":28,"textStyle":169,"textFormat":170},[1803],{"mode":176,"text":1804,"type":178,"style":169,"detail":170,"format":170,"version":4},"Au-delà de l'impact initial, les opérations récurrentes - réinvestissements de dividendes et de coupons, révisions périodiques de l'indice, souscriptions et rachats - génèrent un flux continu de transactions. Sur des indices larges, chaque opération touche des dizaines voire des centaines de lignes. En réduisant le nombre de positions et en optimisant les transactions nécessaires, la réplication optimisée diminue structurellement ce coût récurrent. C'est un avantage qui ne se lit pas sur un graphique à trois mois, mais qui se manifeste sur une trajectoire cumulée net de frais sur cinq ou dix ans. L’expérience montre que sur une période de dix années, la gestion de fonds avec cette méthode d’indexation optimisée permet de rembourser une partie des frais sur les marchés suisses, et de dégager une performance annuelle moyenne nette de frais de 0.5% sur les marchés internationaux.",{"type":173,"format":631,"indent":170,"version":4,"children":1806,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":631,"indent":170,"version":4,"children":1808,"direction":28,"textStyle":169,"textFormat":170},[1809],{"mode":176,"text":1810,"type":178,"style":169,"detail":170,"format":170,"version":4},"Deux principes sous-tendent par ailleurs l'ensemble de cette méthode. D'abord, la transparence des coûts : les frais perçus par les investisseurs reflètent le coût effectif des transactions qu’il leur est nécessaire d’effectuer, en minimisant les activités de réplication inutiles, et sans coûts au forfait. Ensuite, la stabilité de l'approche : le modèle d’optimisation actuellement utilisé est le même depuis trente ans. Ces trente années s de pratique sur les marchés suisse et internationaux confirment sur la durée que la réplication indicielle optimisée, loin d'être un artifice, reste un outil robuste et pertinent pour suivre un indice en minimisant les frais et en dégageant historiquement une performance constante.",{"id":1812,"colorVariation":460,"blockName":28,"columns":1813,"blockType":340},"6aac02e543aad2055c8ee422",[1814],{"id":1815,"content":1816},"6aac02e743aad2055c8ee423",{"root":1817},{"type":168,"format":169,"indent":170,"version":4,"children":1818,"direction":28},[1819],{"type":173,"format":169,"indent":170,"version":4,"children":1820,"direction":28,"textStyle":169,"textFormat":4},[1821,1823],{"mode":176,"text":1822,"type":178,"style":169,"detail":170,"format":4,"version":4},"Thierry Vessereau",{"mode":176,"text":1824,"type":178,"style":169,"detail":170,"format":170,"version":4}," a rejoint BCGE Asset Management en juillet 2019, puis Synchrony Asset Management en septembre 2026, en tant que gérant institutionnel sur les fonds passifs et actifs de la gamme Synchrony. Auparavant, il a travaillé de 2005 à 2019 à la banque Pictet & Cie comme chef de projet et de développement, puis comme spécialiste d’investissement du service Indexation de Pictet Asset Management. Thierry Vessereau est titulaire d’un master en sciences informatiques et Docteur en 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September 2026","Einen Index nachbilden, ohne \ndie vollen Marktfriktionen zu tragen",{"root":2263},{"type":168,"format":169,"indent":170,"version":4,"children":2264,"direction":28},[2265],{"type":173,"format":169,"indent":170,"version":4,"children":2266,"direction":28,"textStyle":169,"textFormat":170},[2267,2269,2270],{"mode":176,"text":2268,"type":178,"style":169,"detail":170,"format":170,"version":4},"Kolumne von Thierry Vessereau, institutioneller Portfoliomanager ",{"type":296,"version":4},{"mode":176,"text":2271,"type":178,"style":169,"detail":170,"format":170,"version":4},"Erschienen in Allnews - September 2026",{"id":1767,"colorVariation":910,"blockName":28,"columns":2273,"blockType":340},[2274],{"id":1770,"content":2275},{"root":2276},{"type":168,"format":169,"indent":170,"version":4,"children":2277,"direction":28},[2278,2282,2284,2288,2290,2294,2296,2300,2302,2306,2308,2312,2314],{"type":173,"format":631,"indent":170,"version":4,"children":2279,"direction":28,"textStyle":169,"textFormat":484},[2280],{"mode":176,"text":2281,"type":178,"style":169,"detail":170,"format":484,"version":4},"Einen Index nachbilden, ohne alle darin enthaltenen Titel zu kaufen: Die multifaktorielle Methode reduziert Marktfriktionen und wiederkehrende Kosten.",{"type":173,"format":631,"indent":170,"version":4,"children":2283,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":631,"indent":170,"version":4,"children":2285,"direction":28,"textStyle":169,"textFormat":170},[2286],{"mode":176,"text":2287,"type":178,"style":169,"detail":170,"format":170,"version":4},"Die Performance eines Index nachzubilden wird oft als weitgehend mechanischer Vorgang dargestellt: dieselben Titel zu denselben Gewichtungen kaufen und den Markt den Rest erledigen lassen. Die tägliche Praxis der Verwaltung optimierter Indexportfolios zeigt jedoch ein anderes Bild. Dreissig Jahre optimierter Replikation am Schweizer Markt — die Methode geht auf das Jahr 1995 zurück — bieten genügend Erfahrung, um zwischen Theorie und dem zu unterscheiden, was tatsächlich erreicht wird, sobald Marktfriktionen, Transaktionskosten und operative Zwänge berücksichtigt werden.",{"type":173,"format":631,"indent":170,"version":4,"children":2289,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":631,"indent":170,"version":4,"children":2291,"direction":28,"textStyle":169,"textFormat":170},[2292],{"mode":176,"text":2293,"type":178,"style":169,"detail":170,"format":170,"version":4},"Grundsätzlich gibt es drei Wege, die Performance eines Index zu reproduzieren. Die erste, die vollständige Replikation, auch „reine“, perfekte oder nahezu perfekte Replikation genannt, besteht darin, alle oder fast alle Titel des Index mit ihren exakten Gewichtungen zu halten. Die synthetische Replikation hingegen basiert auf dem Einsatz von Derivaten, was ein Gegenparteirisiko mit sich bringt. Die hier vorgestellte optimierte Replikation wählt eine Teilmenge der Indextitel aus, um ein Portfolio zu konstruieren, dessen Risikoprofil — und nicht dessen nominelle Zusammensetzung — mit jenem des Benchmarks identisch ist. In breiten Anlageuniversen mit mehreren Tausend Positionen ermöglicht dieser Ansatz eine effiziente und operativ realistische Umsetzung.",{"type":173,"format":631,"indent":170,"version":4,"children":2295,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":631,"indent":170,"version":4,"children":2297,"direction":28,"textStyle":169,"textFormat":170},[2298],{"mode":176,"text":2299,"type":178,"style":169,"detail":170,"format":170,"version":4},"Der optimierte Ansatz stützt sich auf eine multifaktorielle Marktmodellierung, die auf der finanzwirtschaftlichen Theorie der APT (Arbitrage Pricing Theory) beruht. Das Prinzip besteht darin, die gemeinsamen Kräfte — die Risikofaktoren — zu identifizieren, welche den grössten Teil der Preisbewegungen erklären, und anschliessend ein Portfolio aufzubauen, das gegenüber diesen Faktoren dieselben Sensitivitäten wie der Index aufweist. Das Modell wird monatlich aktualisiert. Das Replikationsziel besteht nicht darin, den Index aus Überzeugung zu übertreffen, sondern nach Abzug der Gebühren eine Tracking Difference von null oder leicht positiv zu erreichen.",{"type":173,"format":631,"indent":170,"version":4,"children":2301,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":631,"indent":170,"version":4,"children":2303,"direction":28,"textStyle":169,"textFormat":170},[2304],{"mode":176,"text":2305,"type":178,"style":169,"detail":170,"format":170,"version":4},"Warum nicht einfach alle Titel kaufen? Weil die reine Replikation Transaktionen in weniger liquiden Titeln erfordert — und genau dort entstehen die Kosten: Am Schweizer Markt kann bei einem Indexportfolio von 300 Millionen Franken die Preiswirkung der Transaktionen jährlich bis zu 35 Basispunkte betragen. Die optimierte Replikation vermeidet diese Friktion, indem sie die Transaktionen auf eine begrenzte Zahl liquider Positionen konzentriert, welche die dominierenden Risikofaktoren des Index tragen.",{"type":173,"format":631,"indent":170,"version":4,"children":2307,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":631,"indent":170,"version":4,"children":2309,"direction":28,"textStyle":169,"textFormat":170},[2310],{"mode":176,"text":2311,"type":178,"style":169,"detail":170,"format":170,"version":4},"Über die anfängliche Preiswirkung hinaus erzeugen wiederkehrende Vorgänge — die Wiederanlage von Dividenden und Coupons, periodische Indexanpassungen, Zeichnungen und Rücknahmen — einen kontinuierlichen Strom von Transaktionen. Bei breiten Indizes betrifft jeder Vorgang Dutzende oder gar Hunderte von Positionen. Durch die Reduktion der Anzahl Positionen und die Optimierung der erforderlichen Transaktionen senkt die optimierte Replikation diese wiederkehrenden Kosten strukturell. Dieser Vorteil zeigt sich nicht in einem Drei-Monats-Chart, wohl aber in der kumulierten Nettoperformance über fünf oder zehn Jahre. Die Erfahrung zeigt, dass die Fondsverwaltung mit dieser optimierten Indexierungsmethode über einen Zeitraum von zehn Jahren an den Schweizer Märkten einen Teil der Gebühren kompensieren und an den internationalen Märkten eine durchschnittliche jährliche Nettoperformance von 0,5% erzielen kann.",{"type":173,"format":631,"indent":170,"version":4,"children":2313,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":631,"indent":170,"version":4,"children":2315,"direction":28,"textStyle":169,"textFormat":170},[2316],{"mode":176,"text":2317,"type":178,"style":169,"detail":170,"format":170,"version":4},"Zwei Prinzipien liegen dieser Methode zudem zugrunde. Erstens die Kostentransparenz: Die den Anlegern belasteten Gebühren spiegeln die tatsächlichen Kosten der Transaktionen wider, die in ihrem Interesse ausgeführt werden müssen, wobei unnötige Replikationsaktivitäten minimiert werden und keine Pauschalkosten anfallen. Zweitens die Stabilität des Ansatzes: Das heute verwendete Optimierungsmodell ist seit dreissig Jahren unverändert. Diese dreissig Jahre Praxis an den Schweizer und internationalen Märkten bestätigen über die Zeit, dass die optimierte Indexreplikation, weit entfernt von einem blossen Kunstgriff, ein robustes und relevantes Instrument bleibt, um einen Index mit minimalen Kosten nachzubilden und historisch eine konstante Performance zu erzielen.",{"id":1812,"colorVariation":460,"blockName":28,"columns":2319,"blockType":340},[2320],{"id":1815,"content":2321},{"root":2322},{"type":168,"format":169,"indent":170,"version":4,"children":2323,"direction":28},[2324],{"type":173,"format":169,"indent":170,"version":4,"children":2325,"direction":28,"textStyle":169,"textFormat":4},[2326,2327],{"mode":176,"text":1822,"type":178,"style":169,"detail":170,"format":4,"version":4},{"mode":176,"text":2328,"type":178,"style":169,"detail":170,"format":170,"version":4}," stiess im Juli 2019 zu BCGE Asset Management und wechselte im September 2026 zu Synchrony Asset Management, wo er als institutioneller Portfoliomanager für die passiven und aktiven Fonds der Synchrony-Palette tätig ist. Zuvor arbeitete er von 2005 bis 2019 bei der Bank Pictet & Cie zunächst als Projekt- und Entwicklungsleiter und anschliessend als Investmentspezialist im Bereich Indexation von Pictet Asset Management. Thierry Vessereau besitzt einen Masterabschluss in Informatik sowie einen Doktortitel in Wirtschaftswissenschaften.",{"id":1826,"alt":1827,"landscape":2330,"portrait":28,"folder":1719,"thumbnailUrl":1838,"updatedAt":1853,"createdAt":1854},{"id":1829,"updatedAt":1830,"createdAt":1831,"url":1832,"thumbnailURL":28,"filename":1833,"mimeType":30,"filesize":1834,"width":1835,"height":1835,"focalX":33,"focalY":33,"sizes":2331},{"thumbnail":2332,"sm":2333,"md":2334,"lg":2335,"og":2336},{"url":1838,"width":37,"height":38,"mimeType":30,"filesize":1839,"filename":1840},{"url":1842,"width":43,"height":43,"mimeType":30,"filesize":1843,"filename":1844},{"url":1846,"width":1835,"height":1835,"mimeType":30,"filesize":1834,"filename":1847},{"url":1846,"width":1835,"height":1835,"mimeType":30,"filesize":1834,"filename":1847},{"url":1850,"width":56,"height":57,"mimeType":30,"filesize":1851,"filename":1852},"Einen Index nachbilden, ohne die vollen Marktfriktionen zu tragen","Kolumne von Thierry Vessereau -\nErschienen in Allnews - September 2026",{"id":4,"name":1719,"slug":1859,"updatedAt":1860,"createdAt":1860},"einen-index-nachbilden-ohne-die-vollen-marktfriktionen-zu-tragen",1790840672688]