portefeuillemanagement

Portefeuillemanagement, also called portfolio management, is the discipline of constructing and maintaining an investment portfolio to achieve predefined financial objectives while managing risk. It covers asset allocation, security selection, risk control, and ongoing performance monitoring. It applies to individuals, families, and institutional investors and can be discretionary (the manager makes decisions) or non-discretionary (the client approves decisions) and can be active or passive in nature.

The typical process starts with clarifying objectives and constraints, including time horizon, liquidity needs, tax considerations, and risk tolerance, often documented in an investment policy statement. This informs asset allocation, diversification, and constraints. Security selection follows, combining stocks, bonds, cash equivalents, real assets, and alternatives in line with the strategy. Ongoing monitoring, rebalancing, and risk management are essential to maintain the intended risk-return profile.

Methodologies include modern portfolio theory and mean-variance optimization, risk budgeting, and factor investing for active strategies. Benchmarks are used for performance assessment, with attribution analysis to identify drivers of returns and risk. Institutional managers may face additional governance requirements, liquidity planning, and capital preservation mandates.

Practical considerations include cost efficiency, tax efficiency, regulatory compliance, and fee structures. ESG and other qualitative factors may influence decisions. In the age of technology, robo-advisors and algorithmic tools assist in standard portfolios, while bespoke management remains common for high-net-worth clients.