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settembre 2026","Replicare un indice senza \nsubire pienamente il mercato",{"root":1745},{"type":168,"format":169,"indent":170,"version":4,"children":1746,"direction":28},[1747],{"type":173,"format":649,"indent":170,"version":4,"children":1748,"direction":28,"textStyle":169,"textFormat":170},[1749,1751,1752],{"mode":176,"text":1750,"type":178,"style":169,"detail":170,"format":170,"version":4},"Rubrica di Thierry Vessereau, gestore istituzionale",{"type":1334,"version":4},{"mode":176,"text":1753,"type":178,"style":169,"detail":170,"format":170,"version":4},"Pubblicata su Allnews - settembre 2026",{"id":1755,"colorVariation":903,"blockName":28,"columns":1756,"blockType":340},"6aac029c43aad2055c8ee420",[1757],{"id":1758,"content":1759},"6aac02a143aad2055c8ee421",{"root":1760},{"type":168,"format":169,"indent":170,"version":4,"children":1761,"direction":28},[1762,1766,1771,1773,1777,1779,1783,1785,1789,1791,1795,1797],{"type":173,"format":649,"indent":170,"version":4,"children":1763,"direction":28,"textStyle":169,"textFormat":486},[1764],{"mode":176,"text":1765,"type":178,"style":169,"detail":170,"format":486,"version":4},"Replicare un indice senza acquistarne tutti i titoli: il metodo multifattoriale riduce le frizioni di mercato e i costi ricorrenti.",{"type":173,"format":649,"indent":170,"version":4,"children":1767,"direction":28,"textStyle":169,"textFormat":170},[1768,1769],{"type":1334,"version":4},{"mode":176,"text":1770,"type":178,"style":169,"detail":170,"format":170,"version":4},"Replicare la performance di un indice viene spesso presentato come un’operazione meccanica priva di particolari difficoltà: acquistare gli stessi titoli, con gli stessi pesi, e lasciare che il mercato faccia il resto. La pratica quotidiana della gestione di portafogli indicizzati ottimizzati racconta però un’altra realtà. Trent’anni di replica ottimizzata sul mercato svizzero — il metodo risale al 1995 — offrono una prospettiva sufficiente per distinguere ciò che appartiene alla teoria da ciò che viene effettivamente realizzato, una volta integrate le frizioni di mercato, i costi di transazione e i vincoli operativi.",{"type":173,"format":649,"indent":170,"version":4,"children":1772,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":649,"indent":170,"version":4,"children":1774,"direction":28,"textStyle":169,"textFormat":170},[1775],{"mode":176,"text":1776,"type":178,"style":169,"detail":170,"format":170,"version":4},"Esistono fondamentalmente tre modalità per riprodurre la performance di un indice. La prima, la replica integrale, detta anche “pura”, perfetta o quasi perfetta, consiste nel detenere tutti i titoli o quasi tutti i titoli dell’indice nelle loro ponderazioni esatte. La replica sintetica, invece, si basa sull’utilizzo di derivati, introducendo così un rischio di controparte. La replica ottimizzata proposta seleziona un sottoinsieme dei titoli dell’indice al fine di ottenere un portafoglio il cui profilo di rischio — e non la composizione nominale — sia identico a quello del benchmark. Su universi ampi che comprendono diverse migliaia di linee, quest’ultimo approccio consente un’implementazione efficiente e realisticamente sostenibile sul piano operativo.",{"type":173,"format":649,"indent":170,"version":4,"children":1778,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":649,"indent":170,"version":4,"children":1780,"direction":28,"textStyle":169,"textFormat":170},[1781],{"mode":176,"text":1782,"type":178,"style":169,"detail":170,"format":170,"version":4},"L’approccio ottimizzato utilizza una modellizzazione multifattoriale del mercato, basata sulla teoria finanziaria dell’APT (Arbitrage Pricing Theory). Il principio consiste nell’identificare le forze comuni — i fattori di rischio — che spiegano la maggior parte dei movimenti di prezzo, per poi costruire un portafoglio esposto a tali fattori con le stesse sensibilità dell’indice. Il modello viene aggiornato mensilmente. L’obiettivo della replica non è cercare di sovraperformare l’indice sulla base di convinzioni attive, ma di raggiungere uno scostamento di tracking nullo, o leggermente positivo, al netto delle commissioni.",{"type":173,"format":649,"indent":170,"version":4,"children":1784,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":649,"indent":170,"version":4,"children":1786,"direction":28,"textStyle":169,"textFormat":170},[1787],{"mode":176,"text":1788,"type":178,"style":169,"detail":170,"format":170,"version":4},"Perché non acquistare semplicemente tutti i titoli? Perché la replica pura richiede di negoziare titoli meno liquidi, ed è proprio lì che si annidano i costi: sul mercato svizzero, per un portafoglio indicizzato di 300 milioni di franchi, l’impatto delle transazioni sui prezzi può arrivare a 35 punti base all’anno. La replica ottimizzata evita questa frizione concentrando le transazioni su un numero ristretto di posizioni liquide che incorporano i fattori di rischio dominanti dell’indice.",{"type":173,"format":649,"indent":170,"version":4,"children":1790,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":649,"indent":170,"version":4,"children":1792,"direction":28,"textStyle":169,"textFormat":170},[1793],{"mode":176,"text":1794,"type":178,"style":169,"detail":170,"format":170,"version":4},"Oltre all’impatto iniziale, le operazioni ricorrenti — reinvestimento di dividendi e cedole, revisioni periodiche dell’indice, sottoscrizioni e riscatti — generano un flusso continuo di transazioni. Negli indici ampi, ogni operazione coinvolge decine o addirittura centinaia di linee. Riducendo il numero di posizioni e ottimizzando le transazioni necessarie, la replica ottimizzata diminuisce strutturalmente questo costo ricorrente. Si tratta di un vantaggio che non emerge su un grafico di tre mesi, ma che si manifesta su una traiettoria cumulata al netto delle commissioni nell’arco di cinque o dieci anni. L’esperienza dimostra che, su un periodo di dieci anni, la gestione di fondi con questo metodo di indicizzazione ottimizzata consente di compensare una parte delle commissioni sui mercati svizzeri e di generare una performance media annua netta delle commissioni dello 0,5% sui mercati internazionali.",{"type":173,"format":649,"indent":170,"version":4,"children":1796,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":649,"indent":170,"version":4,"children":1798,"direction":28,"textStyle":169,"textFormat":170},[1799],{"mode":176,"text":1800,"type":178,"style":169,"detail":170,"format":170,"version":4},"Due principi, inoltre, sostengono l’intero metodo. Il primo è la trasparenza dei costi: le commissioni applicate agli investitori riflettono il costo effettivo delle transazioni che è necessario eseguire per loro conto, minimizzando le attività di replica inutili e senza costi forfettari. Il secondo è la stabilità dell’approccio: il modello di ottimizzazione attualmente utilizzato è lo stesso da trent’anni. Questi trent’anni di pratica sui mercati svizzeri e internazionali confermano nel tempo che la replica indiciale ottimizzata, lungi dall’essere un artificio, resta uno strumento robusto e pertinente per seguire un indice minimizzando i costi e generando storicamente una performance costante.",{"id":1802,"colorVariation":462,"blockName":28,"columns":1803,"blockType":340},"6aac02e543aad2055c8ee422",[1804],{"id":1805,"content":1806},"6aac02e743aad2055c8ee423",{"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":4},[1811,1813],{"mode":176,"text":1812,"type":178,"style":169,"detail":170,"format":4,"version":4},"Thierry Vessereau",{"mode":176,"text":1814,"type":178,"style":169,"detail":170,"format":170,"version":4}," è entrato in BCGE Asset Management nel luglio 2019, per poi unirsi a Synchrony Asset Management nel settembre 2026 in qualità di gestore istituzionale dei fondi passivi e attivi della gamma Synchrony. In precedenza, dal 2005 al 2019, ha lavorato presso la banca Pictet & Cie come responsabile di progetto e sviluppo, quindi come specialista d’investimento del servizio Indexation di Pictet Asset Management. 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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":649,"indent":170,"version":4,"children":1961,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":649,"indent":170,"version":4,"children":1963,"direction":28,"textStyle":169,"textFormat":170},[1964],{"mode":176,"text":1965,"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. 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September 2026","Einen Index nachbilden, ohne \ndie vollen Marktfriktionen zu tragen",{"root":2251},{"type":168,"format":169,"indent":170,"version":4,"children":2252,"direction":28},[2253],{"type":173,"format":169,"indent":170,"version":4,"children":2254,"direction":28,"textStyle":169,"textFormat":170},[2255,2257,2258],{"mode":176,"text":2256,"type":178,"style":169,"detail":170,"format":170,"version":4},"Kolumne von Thierry Vessereau, institutioneller Portfoliomanager ",{"type":1334,"version":4},{"mode":176,"text":2259,"type":178,"style":169,"detail":170,"format":170,"version":4},"Erschienen in Allnews - September 2026",{"id":1755,"colorVariation":903,"blockName":28,"columns":2261,"blockType":340},[2262],{"id":1758,"content":2263},{"root":2264},{"type":168,"format":169,"indent":170,"version":4,"children":2265,"direction":28},[2266,2270,2272,2276,2278,2282,2284,2288,2290,2294,2296,2300,2302],{"type":173,"format":649,"indent":170,"version":4,"children":2267,"direction":28,"textStyle":169,"textFormat":486},[2268],{"mode":176,"text":2269,"type":178,"style":169,"detail":170,"format":486,"version":4},"Einen Index nachbilden, ohne alle darin enthaltenen Titel zu kaufen: Die multifaktorielle Methode reduziert Marktfriktionen und wiederkehrende Kosten.",{"type":173,"format":649,"indent":170,"version":4,"children":2271,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":649,"indent":170,"version":4,"children":2273,"direction":28,"textStyle":169,"textFormat":170},[2274],{"mode":176,"text":2275,"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":649,"indent":170,"version":4,"children":2277,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":649,"indent":170,"version":4,"children":2279,"direction":28,"textStyle":169,"textFormat":170},[2280],{"mode":176,"text":2281,"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":649,"indent":170,"version":4,"children":2283,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":649,"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},"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":649,"indent":170,"version":4,"children":2289,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":649,"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},"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":649,"indent":170,"version":4,"children":2295,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":649,"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},"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":649,"indent":170,"version":4,"children":2301,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":649,"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},"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":1802,"colorVariation":462,"blockName":28,"columns":2307,"blockType":340},[2308],{"id":1805,"content":2309},{"root":2310},{"type":168,"format":169,"indent":170,"version":4,"children":2311,"direction":28},[2312],{"type":173,"format":169,"indent":170,"version":4,"children":2313,"direction":28,"textStyle":169,"textFormat":4},[2314,2315],{"mode":176,"text":1812,"type":178,"style":169,"detail":170,"format":4,"version":4},{"mode":176,"text":2316,"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":1816,"alt":1817,"landscape":2318,"portrait":28,"folder":1707,"thumbnailUrl":1828,"updatedAt":1843,"createdAt":1844},{"id":1819,"updatedAt":1820,"createdAt":1821,"url":1822,"thumbnailURL":28,"filename":1823,"mimeType":30,"filesize":1824,"width":1825,"height":1825,"focalX":33,"focalY":33,"sizes":2319},{"thumbnail":2320,"sm":2321,"md":2322,"lg":2323,"og":2324},{"url":1828,"width":37,"height":38,"mimeType":30,"filesize":1829,"filename":1830},{"url":1832,"width":43,"height":43,"mimeType":30,"filesize":1833,"filename":1834},{"url":1836,"width":1825,"height":1825,"mimeType":30,"filesize":1824,"filename":1837},{"url":1836,"width":1825,"height":1825,"mimeType":30,"filesize":1824,"filename":1837},{"url":1840,"width":56,"height":57,"mimeType":30,"filesize":1841,"filename":1842},"Einen Index nachbilden, ohne die vollen Marktfriktionen zu tragen","Kolumne von Thierry Vessereau -\nErschienen in Allnews - September 2026",{"id":4,"name":1707,"slug":1849,"updatedAt":1850,"createdAt":1850},"einen-index-nachbilden-ohne-die-vollen-marktfriktionen-zu-tragen",1790840680487]