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febbraio 2026","Immobiliare indiretto svizzero: \nevitate la trappola della volatilità!",{"root":1745},{"type":168,"format":169,"indent":170,"version":4,"children":1746,"direction":28},[1747,1751],{"type":173,"format":169,"indent":170,"version":4,"children":1748,"direction":28,"textStyle":169,"textFormat":170},[1749],{"mode":176,"text":1750,"type":178,"style":169,"detail":170,"format":170,"version":4},"Una rubrica di Laurent Clauzet",{"type":173,"format":169,"indent":170,"version":4,"children":1752,"direction":28,"textStyle":169,"textFormat":170},[1753],{"mode":176,"text":1754,"type":178,"style":169,"detail":170,"format":170,"version":4},"Pubblicata su Allnews - Febbraio 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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":173,"format":169,"indent":170,"version":4,"children":1768,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":169,"indent":170,"version":4,"children":1770,"direction":28,"textStyle":169,"textFormat":170},[1771],{"mode":176,"text":1772,"type":178,"style":169,"detail":170,"format":170,"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":1775,"layout":268,"colorVariation":239,"imagePosition":935,"image":1776,"imageFit":1804,"imageStyle":279,"imageTextColor":10,"headingLevel":280,"blockName":28,"buttons":1805,"blockType":282,"imageText":28,"title":1773,"content":1806},"6a3d4e458ac2749f80a52288",{"id":1777,"alt":1778,"landscape":1779,"portrait":28,"folder":60,"thumbnailUrl":1789,"updatedAt":1803,"createdAt":1803},68,"bcge_six_graph",{"id":617,"updatedAt":1780,"createdAt":1781,"url":1782,"thumbnailURL":28,"filename":1783,"mimeType":139,"filesize":1784,"width":1785,"height":1786,"focalX":33,"focalY":33,"sizes":1787},"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":1788,"sm":1792,"md":1797,"lg":1801,"og":1802},{"url":1789,"width":37,"height":38,"mimeType":30,"filesize":1790,"filename":1791},"https:\u002F\u002Fassets.synchrony.ch\u002FBCGE_SIX_graph-300x200.webp",8934,"BCGE_SIX_graph-300x200.webp",{"url":1793,"width":43,"height":1794,"mimeType":30,"filesize":1795,"filename":1796},"https:\u002F\u002Fassets.synchrony.ch\u002FBCGE_SIX_graph-640x363.webp",363,25994,"BCGE_SIX_graph-640x363.webp",{"url":1798,"width":1785,"height":1786,"mimeType":30,"filesize":1799,"filename":1800},"https:\u002F\u002Fassets.synchrony.ch\u002FBCGE_SIX_graph-977x554.webp",39722,"BCGE_SIX_graph-977x554.webp",{"url":1798,"width":1785,"height":1786,"mimeType":30,"filesize":1799,"filename":1800},{"url":28,"width":28,"height":28,"mimeType":28,"filesize":28,"filename":28},"2026-06-25T15:50:52.977Z","contain",[],{"root":1807},{"type":168,"format":169,"indent":170,"version":4,"children":1808,"direction":28},[1809],{"type":173,"format":169,"indent":170,"version":4,"children":1810,"direction":28,"textStyle":169,"textFormat":170},[1811],{"mode":176,"text":1812,"type":178,"style":169,"detail":170,"format":170,"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":1814,"colorVariation":345,"blockName":28,"columns":1815,"blockType":340,"titleStart":1773,"titleEnd":1773},"6a3d4e638ac2749f80a52289",[1816],{"id":1817,"content":1818},"6a3d4e6b8ac2749f80a5228a",{"root":1819},{"type":168,"format":169,"indent":170,"version":4,"children":1820,"direction":28},[1821,1825,1827],{"type":173,"format":169,"indent":170,"version":4,"children":1822,"direction":28,"textStyle":169,"textFormat":170},[1823],{"mode":176,"text":1824,"type":178,"style":169,"detail":170,"format":170,"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":173,"format":169,"indent":170,"version":4,"children":1826,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":169,"indent":170,"version":4,"children":1828,"direction":28,"textStyle":169,"textFormat":170},[1829],{"mode":176,"text":1830,"type":178,"style":169,"detail":170,"format":170,"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":1832,"colorVariation":269,"blockName":28,"columns":1833,"blockType":340,"titleStart":1773,"titleEnd":1773},"6a42ae634ec8d2260a7e3bc5",[1834],{"id":1835,"content":1836},"6a42ae664ec8d2260a7e3bc6",{"root":1837},{"type":168,"format":169,"indent":170,"version":4,"children":1838,"direction":28},[1839],{"type":173,"format":169,"indent":170,"version":4,"children":1840,"direction":28,"textStyle":169,"textFormat":4},[1841,1843],{"mode":176,"text":1842,"type":178,"style":169,"detail":170,"format":4,"version":4},"Laurent Clauzet",{"mode":176,"text":1844,"type":178,"style":169,"detail":170,"format":170,"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":173,"format":169,"indent":170,"version":4,"children":2306,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":169,"indent":170,"version":4,"children":2308,"direction":28,"textStyle":169,"textFormat":170},[2309],{"mode":176,"text":2310,"type":178,"style":169,"detail":170,"format":170,"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":1775,"layout":268,"colorVariation":239,"imagePosition":935,"image":2312,"imageFit":1804,"imageStyle":279,"imageTextColor":10,"headingLevel":280,"blockName":28,"buttons":2320,"blockType":282,"imageText":28,"title":1773,"content":2321},{"id":1777,"alt":1778,"landscape":2313,"portrait":28,"folder":60,"thumbnailUrl":1789,"updatedAt":1803,"createdAt":1803},{"id":617,"updatedAt":1780,"createdAt":1781,"url":1782,"thumbnailURL":28,"filename":1783,"mimeType":139,"filesize":1784,"width":1785,"height":1786,"focalX":33,"focalY":33,"sizes":2314},{"thumbnail":2315,"sm":2316,"md":2317,"lg":2318,"og":2319},{"url":1789,"width":37,"height":38,"mimeType":30,"filesize":1790,"filename":1791},{"url":1793,"width":43,"height":1794,"mimeType":30,"filesize":1795,"filename":1796},{"url":1798,"width":1785,"height":1786,"mimeType":30,"filesize":1799,"filename":1800},{"url":1798,"width":1785,"height":1786,"mimeType":30,"filesize":1799,"filename":1800},{"url":28,"width":28,"height":28,"mimeType":28,"filesize":28,"filename":28},[],{"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":170},[2326],{"mode":176,"text":2327,"type":178,"style":169,"detail":170,"format":170,"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":1814,"colorVariation":345,"blockName":28,"columns":2329,"blockType":340,"titleStart":1773,"titleEnd":1773},[2330],{"id":1817,"content":2331},{"root":2332},{"type":168,"format":169,"indent":170,"version":4,"children":2333,"direction":28},[2334,2338,2340],{"type":173,"format":169,"indent":170,"version":4,"children":2335,"direction":28,"textStyle":169,"textFormat":170},[2336],{"mode":176,"text":2337,"type":178,"style":169,"detail":170,"format":170,"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":173,"format":169,"indent":170,"version":4,"children":2339,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":169,"indent":170,"version":4,"children":2341,"direction":28,"textStyle":169,"textFormat":170},[2342],{"mode":176,"text":2343,"type":178,"style":169,"detail":170,"format":170,"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":1832,"colorVariation":269,"blockName":28,"columns":2345,"blockType":340,"titleStart":1773,"titleEnd":1773},[2346],{"id":1835,"content":2347},{"root":2348},{"type":168,"format":169,"indent":170,"version":4,"children":2349,"direction":28},[2350],{"type":173,"format":169,"indent":170,"version":4,"children":2351,"direction":28,"textStyle":169,"textFormat":4},[2352,2354],{"mode":176,"text":2353,"type":178,"style":169,"detail":170,"format":4,"version":4},"Laurent Clauzet ",{"mode":176,"text":2355,"type":178,"style":169,"detail":170,"format":170,"version":4},"stiess 2021 zur BCGE. Er ist Mitglied des Teams für die Überzeugungsverwaltung Schweizer Aktien und verantwortlich für Strategien auf dividendenstarke Aktien sowie auf Schweizer indirekte Immobilien. Er begann seine Laufbahn 2014 beim Multi-Family-Office Fitzroy Investment Advisors als Analyst für die Auswahl von Aktienfonds. Zwischen 2017 und 2021 bekleidete er dann mehrere Positionen bei Solvalor fund management, einer Fondsleitung, und verwaltete mehrere Immobilienfonds. Er ist Inhaber eines Master in Management der EMLyon Business School mit Schwerpunkt Finance sowie des Titels CFA®.",{"id":69,"alt":1846,"landscape":2357,"portrait":28,"folder":1707,"thumbnailUrl":1857,"updatedAt":1872,"createdAt":1873},{"id":1848,"updatedAt":1849,"createdAt":1850,"url":1851,"thumbnailURL":28,"filename":1852,"mimeType":30,"filesize":1853,"width":1854,"height":1854,"focalX":33,"focalY":33,"sizes":2358},{"thumbnail":2359,"sm":2360,"md":2361,"lg":2362,"og":2363},{"url":1857,"width":37,"height":38,"mimeType":30,"filesize":1858,"filename":1859},{"url":1861,"width":43,"height":43,"mimeType":30,"filesize":1862,"filename":1863},{"url":1865,"width":1854,"height":1854,"mimeType":30,"filesize":1853,"filename":1866},{"url":1865,"width":1854,"height":1854,"mimeType":30,"filesize":1853,"filename":1866},{"url":1869,"width":56,"height":57,"mimeType":30,"filesize":1870,"filename":1871},"Schweizer indirekte Immobilien: Vermeiden Sie die Volatilitätsfalle!","Eine Kolumne von Laurent Clauzet -\nErschienen in Allnews - Februar 2026",{"id":4,"name":1707,"slug":1878,"updatedAt":1879,"createdAt":1879},"schweizer-indirekte-immobilien",1790840681324]