Dans le contexte réglementaire actuel de Solvency II et Bale III, Mathieu L’Hoir d’AXA IM a fait un article sur la vitesse de rotation des portefeuilles :
Viewpoint: A trade rotation, rather than a great rotation
In the current context, it is important to distinguish between two types of rotation.
A trade rotation is marked by investors’ preference for risky assets in a risk-on environment following risk-off episodes. The aim is to opportunistically benefit from a declining equity risk premium and cheap valuations by making tactical adjustments.
A great rotation involves a larger move in investors’ strategic long term asset allocations from bonds to equities. This « tectonic » shift relates to such factors as long-term risk budgeting, the regulatory environment and monetary policy. One example of this is the significant change in pension fund allocation over the last decades, where their allocations to equities has declined in most countries and is now at historical lows…