Perspectives de marché 2026 : Crédit multi-actifs

Dec 04, 2025

Findlay Franklin, gestionnaire de portefeuille chez BlueBay, fait le bilan de 2025 pour la classe d’actifs et partage ses réflexions pour 2026.

  • Malgré les bons rendements obtenus en fin d’exercice pour les actifs à risque et les titres obligataires, 2025 a présenté des défis importants pour les gestionnaires de portefeuille. Les stratégies de crédit multi-actifs ont aidé les investisseurs à gérer les risques de baisse tout en saisissant les opportunités à la hausse.
  • Les marchés émergents ont dépassé les attentes, les marchés locaux tirant parti de la faiblesse du dollar et de fortes baisses de taux, tandis que les rendements en devises fortes sont dus à la sélection de titres dans les pays, qui s’est basée sur de fortes convictions et une analyse « bottom-up ».
  • Les obligations convertibles ont excellé en offrant une convexité dans le secteur de l’IA et une protection contre les baisses, soutenues par l’émission de records.
  • L’environnement macroéconomique de 2026 semble favorable aux obligations, avec une croissance résiliente aux États-Unis, des réductions attendues des taux de la Fed et des signes de reprise en Europe aidés par des mesures de relance budgétaire. En d’autres termes, le crédit multi-actifs reste une approche dynamique permettant de tirer parti des opportunités mondiales.
  • La souplesse est essentielle car l’exception américaine et la domination du dollar font face à un certain nombre de défis, les investisseurs examinant de plus en plus près leurs couvertures de change et optant pour une diversification à l’échelle mondiale, favorisée par l’amélioration des bilans souverains des marchés émergents.
  • Une gestion active sera essentielle en 2026 en raison des spreads étroits entre les indices obligataires, qui nécessiteront une sélection rigoureuse des titres selon une approche « bottom-up », afin de trouver l’équilibre entre rendement et risque de défaut, le tout au sein d’un cadre macroéconomique « top-down » plus large.


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