English to French translations [PRO]
Bus/Financial - Finance (general) | | English term or phrase: trade-off | While many investors opt for a high dividend-based
equity strategy to receive a regular stream of income,
the long-term risk-adjusted, total return is ultimately
what is most important. As we noted earlier, a strategy
that moves beyond purely yield and focuses on
companies that have a consistent record of growing
dividends over the long-term as well, introduces an
element of quality to the portfolio that should transfer
into slightly lower volatility in comparison to standard
broad market indices, even if the dividend-based
strategy or index has substantially fewer holdings.
The tables below illustrate their defensive
characteristics, with both US dividend indices
outperforming the US equity market, as tracked
by the S&P 500, in all calendar years (and yearto-
date 2011) when the market has declined. For
example, in the nadir of the financial crisis in 2008,
when the S&P 500 declined 37%, the S&P High
Yield Dividend Aristocrats Index outperformed by
almost 1400 basis points, while the DJ US Select
Dividend Index outperformed by over 600 basis
points. Results were similarly favourable during the
bear market of 2000–2003. Only in 2007, when both
indices underperformed the broad market by more
than 1000 basis points did the indices fall in a year
when the broad market advanced. This downside
protection is reflected in the ‘Bear Beta’ statistics
which illustrate in months that the S&P 500
has declined, the average beta is 0.79 for the
S&P US High Yield Dividend Aristocrats Index and
0.93 for the DJ US Select Dividend Index. The
trade-off is in up months where dividend strategies
will often lag the market, a fact reflected in the
‘Bull Beta’ statistics, where the average betas
are 0.90 and 0.84 respectively. Both indices have
outperformed the S&P 500 over the trailing 10 year
periods, in both absolute and risk-adjusted terms. |
| xabiKudoZ activityQuestions: 278 ( 5 open) ( 8 without valid answers) ( 97 closed without grading) Answers: 0
| Local time: 11:59
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| | French translation:En revanche (...) | Explanation:
Dans le cas présent, c'est effectivement l'idée de compromis qu'il faut rendre mais il faudrait presque préciser la pensée de l'auteur qui, juste avant, parle de "protection à la baisse" (=avantage). Dans la phrase amorcée par "The trade-off", il évoque l'inconvénient (sous-performance quand le marché monte). Plutôt que de chercher absolument à employer le terme "compromis" ou "inconvénient", on peut s'en tirer par une pirouette en utilisant la locution conjonctive "en revanche" sans dénaturer le sens de la phrase et le fil de l'argumentation.
=> En revanche, lors des mois haussiers, les stratégies centrées sur les dividendes auront tendance à rester à la traîne du marché, comme en témoignent les statistiques "Bull Beta" qui mettent en évidence des bêtas moyens de 0,90 et 0,84 respectivement. |
| Selected response from:
Victor Santos
France
Local time: 11:59
| Grading comment | 4 KudoZ points were awarded for this answer |
| |
| Discussion entries: 0 |
|---|
Automatic update in 00:
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22 mins confidence:  
7 hrs confidence: En revanche (...)
Explanation:
Dans le cas présent, c'est effectivement l'idée de compromis qu'il faut rendre mais il faudrait presque préciser la pensée de l'auteur qui, juste avant, parle de "protection à la baisse" (=avantage). Dans la phrase amorcée par "The trade-off", il évoque l'inconvénient (sous-performance quand le marché monte). Plutôt que de chercher absolument à employer le terme "compromis" ou "inconvénient", on peut s'en tirer par une pirouette en utilisant la locution conjonctive "en revanche" sans dénaturer le sens de la phrase et le fil de l'argumentation.
=> En revanche, lors des mois haussiers, les stratégies centrées sur les dividendes auront tendance à rester à la traîne du marché, comme en témoignent les statistiques "Bull Beta" qui mettent en évidence des bêtas moyens de 0,90 et 0,84 respectivement.
| Victor Santos
France
Local time: 11:59
Specializes in field
Native speaker of:  French, Portuguese
PRO pts in category: 8
|
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