Annexes
56
Annexe 1 : Comparatif des taux d'intérêt
10 ans
OCDE (2016), Taux d'intérêt à long terme
(indicateur). doi: 10.1787/4e01728c-fr
57
Annexe 2 : Questionnaire proposé par Yomoni
58
·
59
Renseignez vos objectifs Durée de votre
p.acement
10 ans
Montant visé
65000€
111 Je vise un montant précis
Définissez vos versements
Versement de départ
20 000C
Versements mensuels
100 €
Définissez votre niveau de risque
a
Plus de risques pour plus de gains potentiels
60
61
Annexe 3 : le renouvellement de l'expérience
client
62
63
64
65
Annexe 4 : analyse d'Elisabeth Kashner
Wealthfront modifies historic asset-class returns with current
market implied expected returns (Flack-Litterman) as well as with the in-house
views of Chief Investment Officer Burton Malkiels team. In addition,
Wealthfront sets minimum and maximum weights for each asset type. The resulting
portfolio has an unmistakable Malkiel flavor to it, with an emerging market
allocation that reflects his interest in China.
Betterment uses Black-Litterman currently implied market expected
returns, but deliberately includes small-cap and value as separate asset
classes, adding a classic Fama-French factor tilt. It doesn't
constrain the portfolio weights, but they do account for downside risk.
Betterments portfolios wind up quite similar to the global market, at least on
the equities side.
Covestor deliberately veers away from its optimizer to hedge its
portfolios against inflation and to adjust for downside risk. Its wide
constraints allow heavy weights to emerging markets.
Wise Banyan constrains its portfolio weights 'tighter than
most,'2 back toward market-cap weights, according to Herbert Moore,
co-founder and chief investment officer. This might explain why its portfolios
allocate generously to U.S. equities, and away from the rest of the global
equity market.
Invessence includes the largest number of asset types, adding
granularity to the fix ed-income side. It bases asset-class returns
expectations on up to 8o years of historical ETF or index returns, but uses
only nine years of volatility history.
Invessence employs gold as an inflation hedge. It also constrains
all asset weights except for U.S. equity. Sure enough, the U.S. dominates its
equity allocation.
FutureAdvisor doesn't optimize. Instead, its builds its portfolio
in sleeves, creating a glide path much as the target-date mutual funds do. It
builds in astrategic'° allocation to REITs as an inflation hedge, adding
Fama-French type tilts. There not kidding. The firms portfolios emphasize
small- and midcap stocks, and financials (RUTS), with highest-in-class dividend
yields and lowest price/book ratios.
Bibliographie
66
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