{"id":1409,"date":"2026-10-16T12:47:50","date_gmt":"2026-10-16T12:47:50","guid":{"rendered":"https:\/\/www.rotharia.com\/uncategorized\/the-return-you-keep\/"},"modified":"2026-10-16T12:47:50","modified_gmt":"2026-10-16T12:47:50","slug":"le-benefice-que-vous-conservez","status":"publish","type":"post","link":"https:\/\/www.rotharia.com\/fr\/wealth-management\/global-wealth-planning\/the-return-you-keep\/","title":{"rendered":"Le retour que tu gardes"},"content":{"rendered":"<figure class=\"wp-block-image size-large\">\n<img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_a19e8f.png\" alt=\"\" class=\"wp-image-1408\" srcset=\"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_a19e8f.png 1200w, https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_a19e8f-300x200.png 300w, https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_a19e8f-1024x683.png 1024w, https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_a19e8f-768x512.png 768w, https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_a19e8f-18x12.png 18w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/>\n\n<\/figure>\n\n\n<style>body.single-post .cm-featured-image { display: none !important; }<\/style>\n\n<p dir=\"ltr\" style=\"line-height:1.38;margin-top:0pt;margin-bottom:12pt;\" id=\"docs-internal-guid-254ff788-7fff-3b7b-5a19-164cd817ecac\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">\u00c0 l'approche de 2027, les particuliers suisses disposant d'un patrimoine tr\u00e8s \u00e9lev\u00e9 sont confront\u00e9s \u00e0 une question qui leur est famili\u00e8re : <b>Quelle part des revenus de leurs investissements \u00e0 l'\u00e9tranger r\u00e9sistera \u00e0 la conversion en francs, et quel en sera le co\u00fbt pour les prot\u00e9ger ?<\/b><\/span><\/p><p dir=\"ltr\" style=\"line-height:1.38;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Le dollar ne se comporte plus de mani\u00e8re aussi fiable qu\u2019auparavant lorsque les march\u00e9s financiers am\u00e9ricains sont sous pression. La tendance du franc suisse \u00e0 s\u2019appr\u00e9cier lors des vagues de ventes sur les march\u00e9s boursiers a traditionnellement offert une certaine protection contre les turbulences g\u00e9n\u00e9ralis\u00e9es du march\u00e9, m\u00eame si elle peut aggraver les pertes sur les investissements am\u00e9ricains non couverts lorsqu\u2019ils sont libell\u00e9s en francs. En avril 2025, le dollar s\u2019est affaibli parall\u00e8lement aux actions am\u00e9ricaines lors des turbulences qui ont suivi les annonces du pr\u00e9sident Donald Trump concernant les droits de douane, ce qui a incit\u00e9 les investisseurs \u00e0 reconsid\u00e9rer le niveau d\u2019exposition au risque de change qu\u2019ils \u00e9taient pr\u00eats \u00e0 laisser non couvert.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.38;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Les p\u00e9riodes marqu\u00e9es par des anticipations plus fortes concernant les taux d\u2019int\u00e9r\u00eat am\u00e9ricains et par des tensions g\u00e9opolitiques ont contribu\u00e9 \u00e0 la remont\u00e9e du dollar en 2026, m\u00eame si de nouvelles inqui\u00e9tudes li\u00e9es aux investissements dans l\u2019intelligence artificielle et \u00e0 l\u2019endettement des entreprises ont depuis mis la devise sous pression. Les actions am\u00e9ricaines pourraient g\u00e9n\u00e9rer des gains int\u00e9ressants en dollars tout en offrant des rendements plus modestes en francs, et la couverture de ce risque a un co\u00fbt qui d\u00e9pend fortement de l'\u00e9cart de taux d'int\u00e9r\u00eat entre la Suisse et les \u00c9tats-Unis.<\/span><\/p><h2 dir=\"ltr\" style=\"line-height:1.38;margin-top:18pt;margin-bottom:4pt;\"><span style=\"font-size:17pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Qu'est-il advenu des rendements des placements am\u00e9ricains libell\u00e9s en francs suisses ?<\/span><\/h2><p dir=\"ltr\" style=\"line-height:1.38;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Selon les chiffres de march\u00e9 de l'Associated Press, l'indice S&amp;P 500 avait progress\u00e9 de 13,11 TP3T depuis le d\u00e9but de l'ann\u00e9e 2026 \u00e0 la cl\u00f4ture des march\u00e9s le 15 octobre. Il s'agit de la performance de l'indice en dollars, hors dividendes.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.38;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Le rendement d'un investisseur suisse d\u00e9pend \u00e9galement de l'\u00e9volution du cours USD\/CHF entre la date d'achat et la date d'\u00e9valuation. Une hausse des cours des actions am\u00e9ricaines augmente la valeur en dollars de l'investissement ; une baisse du dollar par rapport au franc r\u00e9duit sa valeur lorsqu'elle est convertie en CHF. Un dollar plus fort a l'effet inverse.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.38;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">La relation est simple, m\u00eame si le calcul pr\u00eate parfois \u00e0 confusion. Supposons qu'un portefeuille d'actions am\u00e9ricaines progresse de 12% en dollars tandis que le dollar perd 10% par rapport au franc. Le rendement en CHF est de 0,8%, et non de 2%, car la variation du taux de change s'applique \u00e0 la valeur plus \u00e9lev\u00e9e de l'investissement.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.38;margin-top:12pt;margin-bottom:12pt;\" id=\"docs-internal-guid-ecd84651-7fff-ac5f-b873-f32df789fc43\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Prenons \u00e9galement l'exemple d'un investissement de 10 millions de CHF. Un gain de 12% s'\u00e9l\u00e8verait \u00e0 1,2 million de CHF si le taux de change restait inchang\u00e9. Toutefois, apr\u00e8s la d\u00e9pr\u00e9ciation hypoth\u00e9tique de la devise, le portefeuille vaudrait 10,08 millions de francs suisses, soit seulement 80\u2019000 francs de plus que sa valeur initiale. Un dollar plus fort peut \u00e9galement faire grimper le rendement en francs au-del\u00e0 du gain enregistr\u00e9 par le march\u00e9 am\u00e9ricain sous-jacent.&nbsp;<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.38;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Une \u00e9tude men\u00e9e par Pacer Advisors, portant sur plus de cinq d\u00e9cennies de donn\u00e9es de march\u00e9, montre que les actions internationales ont g\u00e9n\u00e9ralement affich\u00e9 de meilleures performances que les actions am\u00e9ricaines pendant les longues p\u00e9riodes de faiblesse du dollar, tandis que les actions am\u00e9ricaines ont pris le dessus lorsque le dollar s'est raffermi. Entre f\u00e9vrier 2002 et juillet 2011, les actions internationales ont g\u00e9n\u00e9r\u00e9 un rendement d\u2019environ 1 031 TP3T, contre 421 TP3T pour les actions am\u00e9ricaines. La tendance s\u2019est invers\u00e9e lors de l\u2019appr\u00e9ciation du dollar, de juillet 2011 \u00e0 janvier 2025, p\u00e9riode durant laquelle les actions am\u00e9ricaines ont progress\u00e9 de pr\u00e8s de 503%, contre 117% pour les march\u00e9s d\u00e9velopp\u00e9s hors Am\u00e9rique du Nord.&nbsp;<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.38;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">La comparaison r\u00e9alis\u00e9e par Pacer tient \u00e9galement compte des diff\u00e9rences en mati\u00e8re de r\u00e9sultats des entreprises, d'exposition sectorielle et de valorisations, plut\u00f4t que de se contenter de montrer comment les fluctuations des taux de change affectent un m\u00eame portefeuille.&nbsp;<\/span><\/p><h2 dir=\"ltr\" style=\"line-height:1.38;margin-top:18pt;margin-bottom:4pt;\"><span style=\"font-size:17pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Pourquoi les investisseurs remettent en question le dollar<\/span><\/h2><p dir=\"ltr\" style=\"line-height:1.38;margin-top:0pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Lorsque les annonces du pr\u00e9sident Donald Trump concernant les droits de douane ont d\u00e9stabilis\u00e9 les march\u00e9s en avril 2025, les actions am\u00e9ricaines, les bons du Tr\u00e9sor et le dollar ont chut\u00e9 de concert. La Banque des r\u00e8glements internationaux (BRI) a d\u00e9crit comment la relation habituelle entre la devise et les actifs risqu\u00e9s s\u2019est rompue. Son rapport de d\u00e9cembre 2025 a \u00e9galement r\u00e9v\u00e9l\u00e9 que les institutions financi\u00e8res non am\u00e9ricaines continuaient de vendre des dollars par le biais de swaps de devises et de contrats \u00e0 terme, tandis que les investisseurs renfor\u00e7aient leurs couvertures de change tout en conservant leurs titres am\u00e9ricains.&nbsp;<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.38;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Une \u00e9tude publi\u00e9e par la BRI en avril 2026 a mis en \u00e9vidence une diff\u00e9rence marqu\u00e9e entre les fonds obligataires et les fonds d\u2019actions. Les fonds obligataires ont g\u00e9n\u00e9ralement maintenu une part \u00e9lev\u00e9e et relativement constante de leur exposition au risque de change couverte, tandis que les fonds d\u2019actions ont ajust\u00e9 leur couverture plus fr\u00e9quemment. Avant les turbulences boursi\u00e8res d\u2019avril 2025, les fonds d\u2019actions moins couverts contre le risque de change attiraient davantage d\u2019investissements et g\u00e9n\u00e9raient des rendements plus \u00e9lev\u00e9s que ceux b\u00e9n\u00e9ficiant d\u2019une couverture plus importante. Apr\u00e8s l\u2019annonce des droits de douane, les fonds b\u00e9n\u00e9ficiant d\u2019une couverture plus importante contre le risque de change ont affich\u00e9 de meilleures performances.&nbsp;<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.38;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Les investisseurs qui ont renforc\u00e9 leurs couvertures de change face \u00e0 l'affaiblissement du dollar se sont prot\u00e9g\u00e9s contre de nouvelles pertes, mais ont manqu\u00e9 une partie des gains lorsque celui-ci s'est redress\u00e9. Le franc suisse a \u00e9galement perdu du terrain \u00e0 certains moments de l\u2019ann\u00e9e 2026, la Banque nationale suisse faisant \u00e9tat d\u2019une baisse d\u2019environ 3% sur une base pond\u00e9r\u00e9e par les \u00e9changes lorsqu\u2019elle a maintenu son taux directeur \u00e0 0% en septembre. La banque a attribu\u00e9 cette d\u00e9pr\u00e9ciation en partie \u00e0 l\u2019\u00e9largissement des \u00e9carts de taux d\u2019int\u00e9r\u00eat entre la Suisse et d\u2019autres grandes \u00e9conomies.&nbsp;<\/span><\/p><h2 dir=\"ltr\" style=\"line-height:1.38;margin-top:18pt;margin-bottom:4pt;\"><span style=\"font-size:17pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Les investisseurs peuvent se couvrir face au dollar sans vendre leurs actions am\u00e9ricaines<\/span><\/h2><p dir=\"ltr\" style=\"line-height:1.38;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Les taux d\u2019int\u00e9r\u00eat am\u00e9ricains \u00e9tant nettement plus \u00e9lev\u00e9s que ceux de la Suisse, le co\u00fbt de la couverture des placements en dollars contre les fluctuations de change est devenu un facteur important pour les investisseurs suisses. La fourchette cible de la R\u00e9serve f\u00e9d\u00e9rale s\u2019\u00e9tablissait entre 3,75 et 4,001 TP3T en septembre 2026, tandis que la BNS maintenait son taux \u00e0 z\u00e9ro. Un investisseur suisse vendant des dollars \u00e0 terme contre des francs est donc confront\u00e9 \u00e0 un taux de change qui refl\u00e8te largement la diff\u00e9rence entre les taux d\u2019int\u00e9r\u00eat \u00e0 court terme des deux devises.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.38;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Lorsque les taux am\u00e9ricains sont sup\u00e9rieurs aux taux suisses, le dollar s'\u00e9change g\u00e9n\u00e9ralement \u00e0 un cours inf\u00e9rieur au taux de change en vigueur sur le march\u00e9 \u00e0 terme. Pour les investisseurs qui couvrent leurs placements en dollars en francs, cette d\u00e9cote r\u00e9duit le rendement auquel ils peuvent s'attendre, une diff\u00e9rence commun\u00e9ment appel\u00e9e \u00ab co\u00fbt de la couverture \u00bb. <\/span><\/p><p dir=\"ltr\" style=\"line-height:1.38;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Les taux directeurs am\u00e9ricains \u00e9tant proches de 4% et les taux suisses \u00e0 z\u00e9ro, la diff\u00e9rence annuelle est d'environ quatre points de pourcentage, bien que les taux \u00e0 terme r\u00e9els d\u00e9pendent des taux d'int\u00e9r\u00eat du march\u00e9 pour la p\u00e9riode concern\u00e9e, de la base interdevises et des co\u00fbts de transaction. Si le dollar s'affaiblit suffisamment, une couverture de change peut g\u00e9n\u00e9rer un meilleur rendement en francs suisses que de laisser l'investissement non couvert. Si le dollar se renforce, l'investissement non couvert peut afficher une meilleure performance. <\/span><\/p><p dir=\"ltr\" style=\"line-height:1.38;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Les prochaines d\u00e9cisions de la R\u00e9serve f\u00e9d\u00e9rale am\u00e9ricaine et de la BNS en mati\u00e8re de taux d'int\u00e9r\u00eat auront une incidence sur les taux dont b\u00e9n\u00e9ficieront les investisseurs lorsqu'ils renouvelleront leurs couvertures de change, m\u00eame si leurs placements sous-jacents restent inchang\u00e9s. <\/span><\/p><h2 dir=\"ltr\" style=\"line-height:1.38;margin-top:18pt;margin-bottom:4pt;\"><span style=\"font-size:17pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Pourquoi le calcul diff\u00e8re-t-il selon qu'il s'agit d'actions ou d'obligations ?<\/span><\/h2><p dir=\"ltr\" style=\"line-height:1.38;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Une obligation d'\u00c9tat am\u00e9ricaine rapporte des int\u00e9r\u00eats et permet de r\u00e9cup\u00e9rer le capital \u00e0 l'\u00e9ch\u00e9ance, mais les fluctuations des taux de change peuvent l'emporter sur le revenu qu'un investisseur suisse s'attend \u00e0 percevoir. M\u00eame une variation relativement faible du cours USD\/CHF peut an\u00e9antir le revenu d'int\u00e9r\u00eats d'une ann\u00e9e lorsqu'il est exprim\u00e9 en francs.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.38;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">La couverture r\u00e9duit cette incertitude, m\u00eame si l'\u00e9cart entre les taux \u00e0 terme diminue \u00e9galement l'avantage li\u00e9 aux taux d'int\u00e9r\u00eat am\u00e9ricains plus \u00e9lev\u00e9s. Une obligation du Tr\u00e9sor offrant un rendement nettement sup\u00e9rieur \u00e0 celui d'un titre d'\u00c9tat suisse comparable ne garantira pas n\u00e9cessairement le m\u00eame avantage en termes de rendement une fois que son exposition au dollar aura \u00e9t\u00e9 couverte.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.38;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Les investisseurs en actions sont confront\u00e9s \u00e0 des fluctuations plus importantes des cours boursiers et peuvent se montrer plus enclins \u00e0 accepter la volatilit\u00e9 des devises lorsqu'ils d\u00e9tiennent des portefeuilles internationaux sur de longues p\u00e9riodes.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.38;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Un investisseur suisse qui ach\u00e8te des actions d'une multinationale am\u00e9ricaine d\u00e9tient une entreprise susceptible de g\u00e9n\u00e9rer des revenus et d'engager des co\u00fbts dans des dizaines de devises. Le fait de couvrir la valeur en dollars de ces actions en francs suisses n'\u00e9limine pas les effets des taux de change sur les b\u00e9n\u00e9fices de l'entreprise, d'autant plus que sa devise de cotation, sa devise de pr\u00e9sentation des comptes et ses sources de revenus peuvent toutes \u00eatre diff\u00e9rentes.<\/span><\/p><h2 dir=\"ltr\" style=\"line-height:1.38;margin-top:18pt;margin-bottom:4pt;\"><span style=\"font-size:17pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Ce que les investisseurs suisses doivent d\u00e9cider avant 2027<\/span><\/h2><p dir=\"ltr\" style=\"line-height:1.38;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">La devise dans laquelle le patrimoine est \u00e9valu\u00e9 ne correspond pas n\u00e9cessairement \u00e0 celle dans laquelle il sera finalement d\u00e9pens\u00e9. Si certaines familles accordent la priorit\u00e9 aux rendements d'investissement exprim\u00e9s en francs suisses, d'autres pr\u00e9voient quant \u00e0 elles d'importantes d\u00e9penses futures en dollars ou en euros. La couverture des investissements \u00e0 l'\u00e9tranger peut rendre les rendements plus pr\u00e9visibles en francs, mais elle peut s'av\u00e9rer moins appropri\u00e9e lorsque l'argent sera finalement d\u00e9pens\u00e9 dans une autre devise.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.38;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Une analyse des performances des investissements \u00e0 l'\u00e9tranger devrait permettre de d\u00e9terminer les rendements g\u00e9n\u00e9r\u00e9s par ces actifs, l'impact des fluctuations des taux de change sur ces rendements en francs, ainsi que les effets positifs ou n\u00e9gatifs des op\u00e9rations de couverture.<\/span><\/p><h2 dir=\"ltr\" style=\"line-height:1.38;margin-top:18pt;margin-bottom:4pt;\"><span style=\"font-size:17pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Ce qu'il faut v\u00e9rifier avant 2027<\/span><\/h2><p><strong><span>Afficher les rendements en francs<\/span><\/strong><\/p><p><span>Comparez la performance des placements \u00e0 l'\u00e9tranger libell\u00e9s dans leur devise locale avec le rendement enregistr\u00e9 en CHF. Demandez \u00e0 votre banque ou \u00e0 votre gestionnaire de fortune de vous indiquer dans quelle mesure les fluctuations de change ont contribu\u00e9 \u00e0 la hausse ou \u00e0 la baisse de la valeur de vos placements au cours de l'ann\u00e9e 2026.<\/span><\/p><p><strong><span>V\u00e9rifier le montant de l'exposition au risque de change qui n'est pas couverte<\/span><\/strong><\/p><p><span>V\u00e9rifiez si l'exposition de votre portefeuille au dollar, \u00e0 l'euro et \u00e0 la livre sterling r\u00e9sulte d'un choix d\u00e9lib\u00e9r\u00e9. La devise de cotation d'un fonds ne refl\u00e8te pas n\u00e9cessairement les devises auxquelles ses placements sous-jacents sont expos\u00e9s.<\/span><\/p><p><strong><span>V\u00e9rifier le co\u00fbt de la couverture<\/span><\/strong><\/p><p><span>Renseignez-vous sur les taux \u00e0 terme actuels, les co\u00fbts de transaction et l'impact pr\u00e9vu sur les rendements. Les taux am\u00e9ricains \u00e0 court terme \u00e9tant nettement sup\u00e9rieurs aux taux suisses, la couverture des placements en dollars en francs modifie le calcul du rendement.<\/span><\/p><p><strong><span>Traitez les actions et les obligations s\u00e9par\u00e9ment<\/span><\/strong><\/p><p><span>Les obligations \u00e9trang\u00e8res offrent souvent des rendements plus pr\u00e9visibles dans la devise nationale de l'investisseur. En ce qui concerne les actions, la couverture peut att\u00e9nuer les fluctuations de change, mais elle peut \u00e9galement annuler les gains lorsque la devise \u00e9trang\u00e8re s'appr\u00e9cie.<\/span><\/p><p><strong><span>Consultez les conditions g\u00e9n\u00e9rales avant que les tarifs ne changent<\/span><\/strong><\/p><p><span>La R\u00e9serve f\u00e9d\u00e9rale am\u00e9ricaine et la Banque nationale suisse pourraient modifier les conditions \u00e9conomiques de la couverture de change en 2027. V\u00e9rifiez la date d'\u00e9ch\u00e9ance de vos contrats en cours et \u00e9valuez l'impact qu'aurait leur renouvellement aux taux actuels du march\u00e9 sur vos rendements.<\/span><\/p><p><strong><span>Choisissez la devise en fonction de l'objectif de l'investissement<\/span><\/strong><\/p><p><span>Une famille qui mesure sa fortune en francs suisses peut n\u00e9anmoins avoir des engagements de d\u00e9penses futurs en dollars ou en euros. Les placements destin\u00e9s \u00e0 couvrir ces d\u00e9penses ne doivent pas n\u00e9cessairement suivre la m\u00eame strat\u00e9gie de change que les actifs d\u00e9tenus en francs dans une optique de croissance \u00e0 long terme.<br><br><\/span><\/p><h2><span>R\u00e9f\u00e9rences<\/span><\/h2><p><span>1. <\/span><span>Shin, <\/span><span>H. <\/span><span>S., <\/span><span>Wooldridge, <\/span><span>P., <\/span><span>&amp; <\/span><span>Xia, <\/span><span>D. <\/span><span>(2025, <\/span><span>juin <\/span><span>20). <\/span><span><span>\u00c9tats-Unis <\/span><span>du dollar <\/span><span>diapositive <\/span><span>dans <\/span><span>avril <\/span><span>2025: <\/span><span>Le <\/span><span>r\u00f4le <\/span><span>de <\/span><span>FX <\/span><span>couverture<\/span><\/span> <span>(BRI <\/span><span>Bulletin <\/span><span>Non. <\/span><span>105). <\/span><span>Banque <\/span><span>pour <\/span><span>International <\/span><span>R\u00e9glements. <\/span><span><span><a href=\"https:\/\/www.bis.org\/publ\/bisbull105.pdf?utm_source=chatgpt.com\"><span><span>https:\/\/www.bis.org\/publ\/bisbull105.pdf<\/span><\/span><span><\/span><\/a><\/span><\/span><\/p><p><span>2. <\/span><span>Huang, <\/span><span>W., <\/span><span>Krohn, <\/span><span>I., <\/span><span>&amp; <\/span><span>Sushko, <\/span><span>V. <\/span><span>(2025, <\/span><span>d\u00e9cembre <\/span><span>8). <\/span><span><span>Mondial <\/span><span>FX <\/span><span>march\u00e9s <\/span><span>quand <\/span><span>couverture <\/span><span>prend <\/span><span>centre <\/span><span>sc\u00e8ne<\/span><\/span><span>. <\/span><span>BIS <\/span><span>Trimestriel <\/span><span>Critique. <\/span><span>Banque <\/span><span>pour <\/span><span>International <\/span><span>R\u00e9glements. <\/span><span><span><a href=\"https:\/\/www.bis.org\/publications\/global-fx-markets-when-hedging-takes-centre-stage?utm_source=chatgpt.com\"><span><span>https:\/\/www.bis.org\/publications\/global-fx-markets-when-hedging-takes-centre-stage<\/span><\/span><span><\/span><\/a><\/span><\/span><\/p><p><span>3. <\/span><span>Lindoso, <\/span><span>I., <\/span><span>Schrimpf, <\/span><span>A., <\/span><span>Sushko, <\/span><span>V., <\/span><span>&amp; <\/span><span>Tomov, <\/span><span>T. <\/span><span>(2026, <\/span><span>avril <\/span><span>22). <\/span><span><span>Investissement <\/span><span>\u2019 fonds \u00bb <\/span><span>de <\/span><span>de facto <\/span><span>devise <\/span><span>risque <\/span><span>exposition<\/span><\/span> <span>(BRI <\/span><span>Bulletin <\/span><span>Non. <\/span><span>123). <\/span><span>Banque <\/span><span>pour <\/span><span>International <\/span><span>R\u00e9glements. <\/span><span><span><a href=\"https:\/\/www.bis.org\/publ\/bisbull123.pdf?utm_source=chatgpt.com\"><span><span>https:\/\/www.bis.org\/publ\/bisbull123.pdf<\/span><\/span><span><\/span><\/a><\/span><\/span><\/p><p><span>4. <\/span><span>suisse <\/span><span>National <\/span><span>Banque. <\/span><span>(2026, <\/span><span>septembre <\/span><span>24). <\/span><span><span>Mon\u00e9taire <\/span><span>politique <\/span><span>\u00e9valuation <\/span><span>de <\/span><span>24 <\/span><span>septembre <\/span><span>2026<\/span><\/span><span>. <\/span><span><span><a href=\"https:\/\/www.snb.ch\/en\/publications\/communication\/press-releases-restricted\/pre_20260924?utm_source=chatgpt.com\"><span><span>https:\/\/www.snb.ch\/en\/publications\/communication\/press-releases-restricted\/pre_20260924<\/span><\/span><span><\/span><\/a><\/span><\/span><\/p><p><span>5. <\/span><span>Conseil d'administration <\/span><span>de <\/span><span>Gouverneurs <\/span><span>de <\/span><span>le <\/span><span>F\u00e9d\u00e9ral <\/span><span>R\u00e9serve <\/span><span>Syst\u00e8me. <\/span><span>(2026). <\/span><span><span>Ouvrir <\/span><span>march\u00e9 <\/span><span>op\u00e9rations : <\/span><span>F\u00e9d\u00e9ral <\/span><span>fonds <\/span><span>cible <\/span><span>taux <\/span><span>historique<\/span><\/span><span>. <\/span><span><span><a href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/openmarket.htm?utm_source=chatgpt.com\"><span><span>https:\/\/www.federalreserve.gov\/monetarypolicy\/openmarket.htm<\/span><\/span><span><\/span><\/a><\/span><\/span><\/p><p><span>6. <\/span><span>Penke, <\/span><span>M. <\/span><span>(2026, <\/span><span>f\u00e9vrier <\/span><span>4). <\/span><span>\u00c9tait <\/span><span>signifie <\/span><span>der <\/span><span>faible <\/span><span>dollar <\/span><span>pour <\/span><span>Actions am\u00e9ricaines ? <\/span><span><span>Handelsblatt<\/span><\/span><span>. <\/span><span><span><a href=\"https:\/\/www.handelsblatt.com\/finanzen\/anlagestrategie\/geldanlage-was-bedeutet-die-dollar-schwaeche-fuer-us-aktien-01\/100146084.html?utm_source=chatgpt.com\"><span><span>https:\/\/www.handelsblatt.com\/finanzen\/anlagestrategie\/geldanlage-was-bedeutet-die-dollar-schwaeche-fuer-us-aktien-01\/100146084.html<\/span><\/span><span><\/span><\/a><\/span><\/span><\/p><p><span>7. <\/span><span>Mannweiler, <\/span><span>A., <\/span><span>Reccius, <\/span><span>S., <\/span><span>&amp; <\/span><span>Exuzidis, <\/span><span>L. <\/span><span>(2026, <\/span><span>janvier <\/span><span>28). <\/span><span>Actions am\u00e9ricaines <\/span><span>et <\/span><span>Or <\/span><span>auf <\/span><span>Cours record, <\/span><span>dollar <\/span><span>dans <\/span><span>der <\/span><span>Crise. <\/span><span><span>Handelsblatt<\/span><\/span><span>. <\/span><span><span><a href=\"https:\/\/www.handelsblatt.com\/finanzen\/maerkte\/devisen-rohstoffe\/usa-us-aktien-und-gold-auf-rekordkurs-dollar-in-der-krise\/100195372.html?utm_source=chatgpt.com\"><span><span>https:\/\/www.handelsblatt.com\/finanzen\/maerkte\/devisen-rohstoffe\/usa-us-aktien-und-gold-auf-rekordkurs-dollar-in-der-krise\/100195372.html<\/span><\/span><span><\/span><\/a><\/span><\/span><\/p><p><span>8. <\/span><span>Blume, <\/span><span>J. <\/span><span>(2026, <\/span><span>juillet <\/span><span>15). <\/span><span>Der <\/span><span>dollar <\/span><span>sera <\/span><span>\u00fcber <\/span><span>mourir <\/span><span>Zeit <\/span><span>en face de <\/span><span>autres <\/span><span>Devises <\/span><span>d\u00e9valoriser. <\/span><span><span>Handelsblatt<\/span><\/span><span>. <\/span><span><span><a href=\"https:\/\/www.handelsblatt.com\/finanzen\/anlagestrategie\/geldanlage-der-dollar-wird-ueber-die-zeit-gegenueber-anderen-waehrungen-abwerten\/100238839.html?utm_source=chatgpt.com\"><span><span>https:\/\/www.handelsblatt.com\/finanzen\/anlagestrategie\/geldanlage-der-dollar-wird-ueber-die-zeit-gegenueber-anderen-waehrungen-abwerten\/100238839.html<\/span><\/span><span><\/span><\/a><\/span><\/span><\/p><p><span>9. <\/span><span>Associ\u00e9 <\/span><span>Presse. <\/span><span>(2026, <\/span><span>octobre <\/span><span>15). <\/span><span><span>Comment <\/span><span>principal <\/span><span>\u00c9tats-Unis <\/span><span>stock <\/span><span>index <\/span><span>s'en est sorti <\/span><span>jeudi <\/span><span>10\/15\/2026<\/span><\/span><span>. <\/span><span><span><a href=\"https:\/\/apnews.com\/article\/f0a4f8aa60a6a24237c419aba38f31fd?utm_source=chatgpt.com\"><span><span>https:\/\/apnews.com\/article\/f0a4f8aa60a6a24237c419aba38f31fd<\/span><\/span><span><\/span><\/a><\/span><\/span><\/p><p><span>10. <\/span><span>Reuters. <\/span><span>(2026, <\/span><span>octobre <\/span><span>16). <\/span><span><span>dollar <\/span><span>t\u00eates <\/span><span>pour <\/span><span>hebdomadaire <\/span><span>automne <\/span><span>comme <\/span><span>investisseurs <\/span><span>jauge <\/span><span>IA <\/span><span>vente massive <\/span><span>impact<\/span><\/span><span>. <\/span><span><span><a href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/euro-gets-much-needed-reprieve-ai-wobbles-rock-dollar-2026-10-16\/?utm_source=chatgpt.com\"><span><span>https:\/\/www.reuters.com\/world\/asia-pacific\/euro-gets-much-needed-reprieve-ai-wobbles-rock-dollar-2026-10-16\/<\/span><\/span><\/a><\/span><\/span><\/p><p dir=\"ltr\" style=\"line-height:1.38;margin-top:12pt;margin-bottom:12pt;\"><br><\/p><p dir=\"ltr\" style=\"line-height:1.38;margin-top:12pt;margin-bottom:12pt;\"><br><\/p><br>","protected":false},"excerpt":{"rendered":"<p>Le comportement impr\u00e9visible du dollar a compliqu\u00e9 la situation des investisseurs suisses en mati\u00e8re de rendements, soulevant des questions quant au niveau d'exposition au risque de change \u00e0 conserver et \u00e0 l'int\u00e9r\u00eat d'une couverture en 2027.<\/p>","protected":false},"author":2,"featured_media":1408,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","footnotes":""},"categories":[17],"tags":[],"class_list":["post-1409","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global-wealth-planning"],"magazineBlocksPostFeaturedMedia":{"thumbnail":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_a19e8f-150x150.png","medium":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_a19e8f-300x200.png","medium_large":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_a19e8f-768x512.png","large":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_a19e8f-1024x683.png","1536x1536":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_a19e8f.png","2048x2048":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_a19e8f.png","trp-custom-language-flag":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_a19e8f-18x12.png","colormag-highlighted-post":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_a19e8f-392x272.png","colormag-featured-post-medium":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_a19e8f-390x205.png","colormag-featured-post-small":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_a19e8f-130x90.png","colormag-featured-image":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_a19e8f-800x445.png","colormag-default-news":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_a19e8f-150x150.png","colormag-featured-image-large":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_a19e8f-1200x600.png"},"magazineBlocksPostAuthor":{"name":"William","avatar":"https:\/\/secure.gravatar.com\/avatar\/82207cc30d613dea4e5fc4ce5dad6b48bc98e8cde6e3910b0adcb2b12199eab1?s=96&d=mm&r=g"},"magazineBlocksPostCommentsNumber":false,"magazineBlocksPostExcerpt":"The dollar\u2019s unpredictable behaviour has complicated returns for Swiss investors, raising questions about how much currency exposure to retain and whether hedging will pay off in 2027.","magazineBlocksPostCategories":["Global Wealth Planning"],"magazineBlocksPostViewCount":44,"magazineBlocksPostReadTime":9,"magazine_blocks_featured_image_url":{"full":["https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_a19e8f.png",1200,800,false],"medium":["https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_a19e8f-300x200.png",300,200,true],"thumbnail":["https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_a19e8f-150x150.png",150,150,true]},"magazine_blocks_author":{"display_name":"William","author_link":"https:\/\/www.rotharia.com\/fr\/author\/william\/"},"magazine_blocks_comment":0,"magazine_blocks_author_image":"https:\/\/secure.gravatar.com\/avatar\/82207cc30d613dea4e5fc4ce5dad6b48bc98e8cde6e3910b0adcb2b12199eab1?s=96&d=mm&r=g","magazine_blocks_category":"<a href=\"https:\/\/www.rotharia.com\/fr\/category\/wealth-management\/global-wealth-planning\/\">Global Wealth Planning<\/a>","videoUrl":"","yoast_head":"<!-- This site is optimized 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