“Diversification first”, reply the managers who direct savings towards units of account (UC) -34% of subscriptions in 2020, 40% in 2021-… But how to demonstrate to these same savers that the units of account, mainly invested in shares, can be useful for their savings, while at the same time, the stock market, which had increased by 28% in 2021, is weighed down by the war in Ukraine? Investors can nevertheless make two observations themselves: the euro fund is less and less a shield. It reported last year 0.65% at La Banque Postale (Vivaccio) and 1.2% for the average contract: it is much less than inflation (3.6% at an annual rate).
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Banking on Euro-growth
Moreover, not all units of account are as sensitive to the stock market as equities. This is the case of real estate UCs, which returned more than 4% last year, and are insensitive to inflation. This is also the case for structured funds. These products pay a known gain in advance (from 4 to 7%, in general) and are accompanied by early repayment clauses (known as “autocall”), depending on the performance of the markets. The subscriber is, moreover, protected in the event of an unexpected drop: interesting after this blow to the stock market…
Also to be studied: euro-growth funds. “2022 will be the year when euro-growth will take off,” predicts Gilbert Chahine, managing director of private pensions at insurer AXA. These funds offer a capital guarantee (90% to 80% depending on the formula) after eight to forty years: this gives great flexibility to insurers who can thus adapt management to maximize gains. Finally, for those who still believe in the stock market, there remains the management mandate. Internet contracts generally offer managers recognized, in particular, for their ability to outperform the market in bearish phases…