{"id":6082,"date":"2022-10-18T19:56:21","date_gmt":"2022-10-18T19:56:21","guid":{"rendered":"http:\/\/sparta-gestion.com\/?page_id=6082"},"modified":"2023-10-19T08:52:20","modified_gmt":"2023-10-19T08:52:20","slug":"notre-approche","status":"publish","type":"page","link":"https:\/\/stabiho.com\/fr\/notre-approche","title":{"rendered":"Notre approche"},"content":{"rendered":"<div class=\"vc_row wpb_row vc_row-fluid qodef-section vc_custom_1666123854692 qodef-content-aligment-left qodef-grid-section\" style=\"\"><div class=\"clearfix qodef-section-inner\"><div class=\"qodef-section-inner-margin clearfix\"><div class=\"wpb_column vc_column_container vc_col-sm-12\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\">\n\t<div class=\"wpb_text_column wpb_content_element \" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<h3>Nous concentrons nos efforts sur les entreprises dans lesquelles nous investissons sur le long terme, tout en restant attentifs au cycle de leurs \u00e9conomies sous-jacentes.<\/h3>\n\n\t\t<\/div>\n\t<\/div>\n<div class=\"vc_empty_space\"   style=\"height: 15px\"><span class=\"vc_empty_space_inner\"><\/span><\/div><div class=\"qodef-separator-holder clearfix  qodef-separator-center qodef-separator-full-width\">\n\t<div class=\"qodef-separator\" style=\"border-color: #e7e7e7;border-style: solid;border-width: 1px\"><\/div>\n<\/div>\n<div class=\"vc_empty_space\"   style=\"height: 15px\"><span class=\"vc_empty_space_inner\"><\/span><\/div>\n\t<div class=\"wpb_text_column wpb_content_element \" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>Nous limitons au maximum les contraintes externes de la gestion et \u00e9vitons les dogmes d\u2019investissement. Quant \u00e0 notre philosophie d\u2019investissement, au fil des ann\u00e9es, nous avons d\u00e9velopp\u00e9 un v\u00e9ritable go\u00fbt pour la qualit\u00e9, la croissance des b\u00e9n\u00e9fices, la g\u00e9n\u00e9ration de tr\u00e9sorerie exc\u00e9dentaire, les dividendes et les valorisations raisonnables, tout ceci dans le cadre d\u2019un respect entre les diff\u00e9rentes parties prenantes. Nous nous effor\u00e7ons de construire un portefeuille qui regroupe les investissements qui agr\u00e8gent l\u2019ensemble de ces \u00e9l\u00e9ments.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<div class=\"vc_empty_space\"   style=\"height: 25px\"><span class=\"vc_empty_space_inner\"><\/span><\/div>\n\t<div class=\"wpb_text_column wpb_content_element \" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-6546\" src=\"https:\/\/stabiho.com\/wp-content\/uploads\/2023\/02\/Icon-Qualite-e1677093777293.png\" alt=\"\" width=\"49\" height=\"59\" srcset=\"https:\/\/stabiho.com\/wp-content\/uploads\/2023\/02\/Icon-Qualite-e1677093777293.png 94w, https:\/\/stabiho.com\/wp-content\/uploads\/2023\/02\/Icon-Qualite-e1677093777293-10x12.png 10w\" sizes=\"auto, (max-width: 49px) 100vw, 49px\" \/>La qualit\u00e9 ce n\u2019est pas uniquement une franchise p\u00e9renne mais \u00e9galement une solidit\u00e9 du mod\u00e8le \u00e9conomique de l\u2019entreprise et donc a fortiori de son bilan, de ses op\u00e9rations, de ses produits ou services et, bien entendu, de ses dirigeants, employ\u00e9s et actionnaires. <a href=\"https:\/\/www.stabiho.com\/qualite\">Plus sur la QUALIT\u00c9 ici.<\/a><\/p>\n\n\t\t<\/div>\n\t<\/div>\n<div class=\"vc_empty_space\"   style=\"height: 35px\"><span class=\"vc_empty_space_inner\"><\/span><\/div>\n\t<div class=\"wpb_text_column wpb_content_element \" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-6695\" src=\"https:\/\/stabiho.com\/wp-content\/uploads\/2023\/06\/Icon-Croissance-150x150.png\" alt=\"\" width=\"53\" height=\"53\" \/>La croissance des b\u00e9n\u00e9fices est \u00e0 la base de l\u2019expansion \u00e0 long terme de la valeur intrins\u00e8que de toute entreprise. Au-del\u00e0 de l\u2019amplitude de la croissance, c\u2019est sa r\u00e9gularit\u00e9, par opposition \u00e0 sa cyclicit\u00e9, qui d\u00e9termine le niveau de risque d\u2019une soci\u00e9t\u00e9 et donc sa valorisation. <a href=\"https:\/\/stabiho.com\/fr\/croissance-des-benefices\">Plus sur la CROISSANCE DES B\u00c9N\u00c9FICES ici<\/a>.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<div class=\"vc_empty_space\"   style=\"height: 35px\"><span class=\"vc_empty_space_inner\"><\/span><\/div>\n\t<div class=\"wpb_text_column wpb_content_element \" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-6542 alignleft\" src=\"https:\/\/stabiho.com\/wp-content\/uploads\/2023\/02\/Icon-Dividendes-e1677093277402.png\" alt=\"\" width=\"50\" height=\"53\" srcset=\"https:\/\/stabiho.com\/wp-content\/uploads\/2023\/02\/Icon-Dividendes-e1677093277402.png 97w, https:\/\/stabiho.com\/wp-content\/uploads\/2023\/02\/Icon-Dividendes-e1677093277402-11x12.png 11w\" sizes=\"auto, (max-width: 50px) 100vw, 50px\" \/>Une solide g\u00e9n\u00e9ration de flux de tr\u00e9sorerie exc\u00e9dentaire permet une distribution aux actionnaires sous forme de dividendes ou, dans certaines situations, de rachats d\u2019actions. L\u2019agr\u00e9gation de la croissance et de la distribution aux actionnaires g\u00e9n\u00e8re, id\u00e9alement, un rendement annualis\u00e9 \u00e0 deux chiffres pour chaque action que nous d\u00e9tenons dans le portefeuille. <a href=\"https:\/\/www.stabiho.com\/fr\/dividendes-et-fcf\">Plus sur les DIVIDENDES ici<\/a>.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<div class=\"vc_empty_space\"   style=\"height: 35px\"><span class=\"vc_empty_space_inner\"><\/span><\/div>\n\t<div class=\"wpb_text_column wpb_content_element \" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-6544\" src=\"https:\/\/stabiho.com\/wp-content\/uploads\/2023\/02\/Icon-Valo-e1677093341435.png\" alt=\"\" width=\"56\" height=\"59\" srcset=\"https:\/\/stabiho.com\/wp-content\/uploads\/2023\/02\/Icon-Valo-e1677093341435.png 97w, https:\/\/stabiho.com\/wp-content\/uploads\/2023\/02\/Icon-Valo-e1677093341435-11x12.png 11w\" sizes=\"auto, (max-width: 56px) 100vw, 56px\" \/>Le prix d\u2019achat a un impact direct et math\u00e9matique sur le rendement de chaque investissement. Acheter dans de bonnes conditions est donc essentiel. Nous avons par cons\u00e9quent tendance \u00e0 \u00eatre des investisseurs contrariants. Nous pensons qu\u2019en achetant au moment o\u00f9 les autres ont vendu, c\u2019est-\u00e0-dire en achetant bas, ou a contrario, en vendant quand les autres se pr\u00e9cipitent \u00e0 l\u2019achat, nous pouvons am\u00e9liorer les rendements g\u00e9n\u00e9r\u00e9s par le couple croissance-dividendes. <a href=\"https:\/\/www.stabiho.com\/valorisation\">Plus sur la VALORISATION ici<\/a>.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<div class=\"vc_empty_space\"   style=\"height: 35px\"><span class=\"vc_empty_space_inner\"><\/span><\/div>\n\t<div class=\"wpb_text_column wpb_content_element \" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-6543\" src=\"https:\/\/stabiho.com\/wp-content\/uploads\/2023\/02\/Icon-Portefeuille.png\" alt=\"\" width=\"57\" height=\"63\" srcset=\"https:\/\/stabiho.com\/wp-content\/uploads\/2023\/02\/Icon-Portefeuille.png 102w, https:\/\/stabiho.com\/wp-content\/uploads\/2023\/02\/Icon-Portefeuille-11x12.png 11w\" sizes=\"auto, (max-width: 57px) 100vw, 57px\" \/>La Croissance et les Dividendes sont les moteurs de la cr\u00e9ation de valeur, donc de la performance du fonds, alors que la Qualit\u00e9 et la Valorisation permettent de prot\u00e9ger au maximum le capital lors des secousses en \u00e9vitant les sc\u00e9narios catastrophes. Les instruments de ce Quartet s\u2019expriment avec une puissance diff\u00e9rente aux moments diff\u00e9rents, sachant que la Qualit\u00e9 est l\u2019instrument qui doit r\u00e9sonner en permanence et qui constitue le fonds musical du portefeuille. <a href=\"https:\/\/www.stabiho.com\/construction-du-portefeuille\">Plus sur la CONSTRUCTION DU PORTEFEUILLE<\/a><\/p>\n\n\t\t<\/div>\n\t<\/div>\n<div class=\"vc_empty_space\"   style=\"height: 15px\"><span class=\"vc_empty_space_inner\"><\/span><\/div><div class=\"qodef-separator-holder clearfix  qodef-separator-center qodef-separator-full-width\">\n\t<div class=\"qodef-separator\" style=\"border-color: #e7e7e7;border-style: solid;border-width: 1px\"><\/div>\n<\/div>\n<div class=\"vc_empty_space\"   style=\"height: 15px\"><span class=\"vc_empty_space_inner\"><\/span><\/div>\n\t<div class=\"wpb_text_column wpb_content_element \" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<p>En se focalisant sur la qualit\u00e9 \u00e0 prix raisonnable coupl\u00e9e \u00e0 la croissance et aux dividendes, nous pensons pouvoir prot\u00e9ger le capital tout en capturant la croissance du monde \u00e9mergent.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<div class=\"vc_empty_space\"   style=\"height: 25px\"><span class=\"vc_empty_space_inner\"><\/span><\/div>\n\t<div class=\"wpb_text_column wpb_content_element \" >\n\t\t<div class=\"wpb_wrapper\">\n\t\t\t<h3>Un bon cocktail pour un investisseur de long terme soucieux de pr\u00e9server son patrimoine.<\/h3>\n\n\t\t<\/div>\n\t<\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"Nous concentrons nos efforts sur les entreprises dans lesquelles nous investissons sur le long terme, tout en restant attentifs au cycle...","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"full-width.php","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_themeisle_gutenberg_block_has_review":false,"footnotes":""},"class_list":["post-6082","page","type-page","status-publish","hentry"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/stabiho.com\/fr\/wp-json\/wp\/v2\/pages\/6082","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stabiho.com\/fr\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/stabiho.com\/fr\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/stabiho.com\/fr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/stabiho.com\/fr\/wp-json\/wp\/v2\/comments?post=6082"}],"version-history":[{"count":45,"href":"https:\/\/stabiho.com\/fr\/wp-json\/wp\/v2\/pages\/6082\/revisions"}],"predecessor-version":[{"id":7100,"href":"https:\/\/stabiho.com\/fr\/wp-json\/wp\/v2\/pages\/6082\/revisions\/7100"}],"wp:attachment":[{"href":"https:\/\/stabiho.com\/fr\/wp-json\/wp\/v2\/media?parent=6082"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}