From midJuly portfolios can be redeployed informed

Still a few weeks ago, the precaution could almost seem unnecessary. But the sharp drop in the shares since May 10, 2006 is remember that nothing was ever definitively acquired on the stock exchange. Investors should therefore more that never prepare their portfolios before the summer.

"Investors who have opted for management under mandate may leave peace of mind knowing that it will remain a pilot in the plane," says Jean-Marc Bernon, CEO of Fortis management private." Building opened in may, which marks a break with the logic that prevailed over the past three years, may provide the opportunity to reflect on the desired risk profile and to discuss with his manager of desired adjustments.

For investors who have made the choice of recommended management, the problem is however not entirely remote from holidaymakers, shared between "organized" travellers, whose carefully prepared luggage can prepare for any eventuality, and more "spontaneous" travellers, which are light and notify once on-site.

From Guillaume Touze, Chairman of Barclays Asset Managers and Director of Barclays Investment Management France, "it is quite possible to remain invested in shares, without take the telephone number of his financial adviser in his suitcases." "Need to cope with erratic market movements, nevertheless take some precautions, the main being well to diversify its portfolio, both in title and in Fund."

The components directly invested in shares, it recommends to alleviate the most cyclical values to reposition on a large cap highly visible, as for example the non-cyclical consumption (via Danone), pharmacy (Sanofi-Aventis) and investment (Siemens).

He then advises to ease the volatile assets, especially raw materials, emerging markets and small cap. "It should not necessarily be totally absent from the small values and mean values provided that avoid the less liquid securities and rely on funds, which will be better able to smooth the losses on one or more lines."

Finally, it invites us to materialize a portion of capital gains for a component of liquidity of the order of 10 to 12, which will make purchases in good balance to the re-entry when the flow of market will be more sustained.

In (b) Capital, subsidiary of BNP Paribas, Bertrand Lamielle brokerage, responsible for the management team, also calls for rebalancing portfolios by diversifying the positions and avoiding too marked paris. However, he invites to not to lose contact with her financial adviser. "From mid-July, portfolios can be redeployed informed." "Then it must stand ready to intervene in order to reinvest the accumulated liquidity," he insists. Bertrand Lamielle warned however against the temptation to place orders to trigger, through which some hope to find points of entry in their absence. These allow to buy or sell securities automatically a predetermined price threshold indeed. "These instruments does not appear to me to this volatile market where aberrations can worsen in leaner volumes." "They are running the risk of multiply lines on companies that have won following a warning on their results and to liquidate long positions that can be chahutées from time to time on an exogenous shock," he warned.

For example, Bertrand Lamielle takes the hypothesis of a stop order to 60 euros on Alstom. June 13, the title closed at 59,15 euros in a movement of flow, before rebounding strongly. "On this title is probably still the way to go, the line would have automatically sold on a passenger accident, while would have rather had to take advantage of this fix for the strengthening, argues.". This is why it is preferable to speak with his financial advisor, to put into perspective the market movements and to adjust its strategy as opportunities.

For lovers of autonomous management, summer resembles more often the summer University, the holiday is the time for re - think its portfolio. Says Paul Mizrahi, President of Fortuneo, "it is not uncommon that our customers leave their place of vacation with their laptop and spend distance orders." "During the bridges of the month of may, orders executed by brokers online had indeed increased 20 from the month of April".

Three instructions

To go on the beaches the light spirit, the broker gives online nevertheless three instructions. The first is to ensure to be informed, by programming alerts by SMS or by e-mail, and to contact the customer service to be notified as soon as the portfolio values reach some level of course. The second is to limit the risks by increasing there yet the share of liquidity and placing orders "stop". The third is to put smart orders, which allow programming of "trading" to purchase, on catches of profits and sales strategies, which will be performed by an automaton by the evolution of the stock market. "Orders"stop"are, it is true, the risk of cutting a position which may subsequently be assessed recognizes Paul Mizrahi.". But in an autonomous management, the best way to make money on the stock market is to remain disciplined in the management of its portfolio. When an investor knows that it will not be availability to intervene, it is therefore preferable to miss a "coup" rather than leave his portfolio deteriorate, even if correct positions later. If they have not yet triggered, to "stop" orders can be cancelled. Otherwise, it is always possible by alerts to the position for the same course.