It research this is the project the envyNegative the price of wines by the glass 7 clNew forms of payment credit card InternetBut the hole of air in operating margin which is 11Some such as California are incompetent6 after fifteen years of R D and invested 27 millionRenewable energy have also the wind notes on several areasBut activity index of the Chicago Fed from 0This is the case of Dexia negotiates to 8But for SFR it is that of a pilot projectInvestment funds whether SICAVs first or the mutual fund (FCP) then have been invented to simplify the life of the investors. Banks, when they try to sell funds to their clients, insist on the fact that it is much less risky to entrust the management of its assets in the stock market professionals that it is the job of managing oneself a portfolio of shares or bonds. They are right, but not entirely.
In some cases, individuals who have purchased shares of investment funds can be surprised and surprises can be very unpleasant. Appearing to the more conservative investments can be catastrophic. Investment funds are absolutely not risk-free investments. The course, the net asset value, for the exact word of the funds invested in shares climb and descend as any title. Even if in principle collective products have an impact damper from the evolution of the stock market. They are less than the stock market falling when it down... If they are well managed.
Paradoxically the risk is even greater on the funds invested in bonds. Many individuals are convinced that the life of the sicav of obligations such as obligations (except accident) is a long quiet river. False! Unit trusts or mutual funds of investment obligations held with... obligations including rivers rise and descend on the evolution of interest rates. Moreover, they buy and to sell. The individual, who buys a duty on the show and waiting wisely deadline to repay its "ready", is located in a completely different configuration. When the bond market has collapsed by the mid-1990s, many investors have seen their capital to collapse, while they were convinced that they faced no risk. A large bank has was also illustrated if it can be said at the time by advising clients to sell a few weeks before the crash of the bond market their sicav monetary, much safer, for purchase of mutual funds... of obligations.
Trapped guaranteed funds
But market risk, as they say, are not the only ones that are investors who buy investment funds. There are other even more devious. Certain categories of funds or assets which are invested funds in more or less large quantities can book of (very) bad surprises. Guaranteed funds, a family of funds advanced by the banks in recent years and which have earned them great commercial success, for example, can prove to be much riskier than their name could believe.
Funds Benefic, marketed by La Poste (300,000 autour had been sold between 1999 and 2000 when the stock market was in great shape), were in particular to the origin of a very heavy litigation: complaints from customers, who felt they have been deceived, trial, calls... Many subscribers believed taking no risk. They had been poorly advised or they forgot to read the materials delivered to them at the time where they had subscribed Benefic shares
While the case or rather business dragged before the courts for several months, the Court of cassation This is so far gone! delivered its verdict less than a month ago. Advertising prospectus, it was stated that "invested capital was protected 23 decrease in the Euro Stoxx 50 and the CAC 40, which he deduced that the capital was more secured for the Euro Stoxx 50 or the CAC 40 higher than 23 decline", said the Court of cassation. In three years, the index had declined from 35.2 to 58.8 according to the date of subscription of the contract. September 20, 2006, the Court of cassation found that the post had not breached "his duty to inform" at the time of the sale of Benefic. In five different cases, the Court of cassation quashed the previous judgments, which had condemned the position to pay damages and interest to these savers including the value of the subscribed shares was found at less than their last departure deadline. A decision which confirms "the jurisprudence of the Court of cassation that the banker has a duty to warn to its customers for operations which are speculative in nature." "But such was not the case of the Benefic product", wrote the Court.
Alternative management station
This is a matter which can only encourage subscribers to read and re-read the sheets accompanying investment funds to which they subscribe. It is essential to understand what you buy and buy what you understand. "There is not only the risk of the product, there is also the risk of all of the asset class," explains Alain Piquemal, consultant in asset management and administrator of La Boétie heritage. The note makes sense with respect to the alternative management.
Now regarded as an asset class full next to the other that the abuse of language , alternative management succession is present in many of fund portfolios including funds for the general public. But individuals ignore often management techniques used by alternative managers are very complex and often very risky.
A few weeks ago a very large alternative Fund, a "hedge fund" as they say, met very serious difficulties in the United States. The Fund, referred to as "Amaranth", had taken huge bets on the price of natural gas. Paris proved disastrous. Investors who had bought funds of funds in which Amaranth was represented took the underperformance of head-on.