more oriented to mean values than on main

After an exceptional 2009 cru, the CAC 40 is now the penalty. Since the beginning of the year and 31 August, it fell by 9.1, bringing its performance to a loss of 1.4 over a year. Not what rejoice as three or five years, the index remains firmly rooted in the Red:-31,2 and-6,4. Result, the time is also the disillusionment side collective, with an average loss to three to five years of-28,2 and-7,4 for UCITS shares France large cap, listed by Morningstar.

And on a year, always stopped to 31 August, the balance sheet does not bode exceptional. The average decrease reached, indeed 0.1 for the 173 fund category. In any event, the poor stock market performance of CAC 40 did not affect equally individual. More seriously, the stock market adage according to which the risk actions decreased with the horizon, became subject to bail. For evidence, 36 of funds exceeds the line 31 August over a year, are more than 16 over five years. The patience, myth of collective management is more necessarily good Advisor for saver!

A fund may conceal another

Classification edited by Morning-star is a great difference. A quantitative management of Tobam antibenchmark France (10.2) opposed that active, UFF shares France (8.8). Values discounted Aesope French shares (8.9) meet the family firms of Oddo generation (12). Finally, the shareholder of AAZ special approach (13.4) detaches, fundamental, of the other. But one thing in common is: number of managers were of unfaithfulness to their world large cap focus strategically on the average values.

Example, AAZ special, which refers to the CAC 40, holds only 25 of large values. UFF shares France following him, the SBF 250. In other words, a fund may conceal another... more oriented to mean values than on main. Flown since 2005 by Francis Berthelin, special AAZ Fund promotes a vexatious approach, strong convictions and gold (16), "the only true diversification." His dada "Dutreil values" i.e. those for which a shareholders Pact was signed. "By 2011-2012, number of these agreements will come to maturity and the OPA will then come back in force," said the manager who cites Guyenne and Gascony or Bel Fromageries. More original, he often phone before investing in Colette Neuville, President of the Adam, which delivers the latest hot topics. It is "my negative filter", he quips.

A diversified portfolio

Tobam antibenchmark France has no Manager and relies on its own model of quantitative management. "The CPF avoids the paris for the benefit of diversification," explains Yves Schoueifaty, in this case, hold little financial was a harbinger, despite a CAC 40 which is very exposed.

Investing on the theme of exclusively family corporations, Oddo generation Fund develops a diversified portfolio of 50 lines, where the "blue chips" (l ' Oréal, Carrefour, Michelin) alongside more small. Despite the complexity of the market", Aesope French shares helped companies having a report capitalization on low earnings (PER) - the informed PER of the quality of a society and how the market perceives - little debt, and"a credible and discreet management. "

Vigilance on costs

With its reactivity, management also known opportunities formed by its high exposure to the values of average size. UFF-active pilot actions France gave good results. Attention however, launched in 2008, the CPF has of a history of performance too short to judge the quality of its management in the medium term. Finally, its excessive management fees (5.75 in 2009) deserve particular vigilance. And if the 3.3 movement commissions billed to the UCITS emphasize active management, must be that they do not become Annex compensation prejudicial to the performance of the CPF.