Diversification au sein d'un portefeuille ou générosité?
Le microcrédit suscite bien des interrogations au sein de la clientèle privée. Une réflexion sur la nature et les objectifs de cette nouvelle niche d'investissement s'impose.
Avant tout, le but de la microfinance est de délivrer des services financiers aux personnes défavorisées. Au-delà du microcrédit, les institutions de microfinance assurent des services d'épargne, d'assurance et de transfert d'argent. Ce modèle moderne d'institutions financières qu'incarne le professeur d'économie banglais Muhammad Yunus a d'ailleurs été récompensé par le Prix Nobel de la paix en décembre 2006. On estime que 100 millions de personnes sont aujourd'hui clientes des quelque 10 000 institutions de microfinance à travers le monde et que potentiellement 2 milliards sont susceptibles de le devenir.
Historiquement, les agences d'aide au développement ont subventionné puis refinancé à des taux concessionnels des institutions à objectif social en quête de viabilité économique. Une fois ces équilibres atteints, les agences bilatérales laissent ces institutions se refinancer sur les marchés classiques. Et c'est sur ce marché que les acteurs privés peuvent exprimer leur volonté de participer au développement de ce secteur. Cette participation, à l'image de la microfinance, n'est pas à comparer à un investissement philanthropique. Il faut considérer cet investissement comme une nouvelle classe d'actifs avec une performance double, à la fois financière mais également sociale. Différents instruments financiers existent sur cette classe d'actifs mais le plus souple pour un investisseur privé est sans aucun doute le fonds d'investissement.
Ces fonds d'investissement, dont le premier a été créé il y a dix ans, accordent principalement des crédits à des institutions scrupuleusement sélectionnées pour leur solidité économique et leur impact social. Jusqu'à maintenant, ces véhicules accordent des crédits en devise dure, dollar américain ou euro à des institutions qui doivent alors supporter seules le risque de change. Les banques internationales disposent désormais de réseaux de correspondants importants à travers les différents continents pour permettre d'accorder des crédits en devise locale. De plus, les équipes de la banque HSBC sont habituées à proposer des solutions de couverture du risque de change sur un grand nombre de devises (y compris les moins liquides) si les gestionnaires le souhaitent.
Ces produits d'investissement offrent donc une nouvelle opportunité, une alternative, à des investisseurs à la recherche de placements à la fois socialement responsables et décorrélés des autres classes d'actifs. La microfinance, par nature, sert une population qui subsiste au jour le jour et dont les activités génératrices de revenus, liées aux besoins basiques, sont indépendantes des marchés actions ou des marchés de taux locaux. Cette décorrélation par rapport aux marchés mondiaux offre donc à l'investisseur une nouvelle source de diversification de son portefeuille. Comme tout investissement, il nous semble très important que l'investisseur comprenne parfaitement la stratégie et le fonctionnement du produit. Effectivement, ces produits ont des performances financières à la croisée entre les produits monétaires dynamiques et ceux de dettes émergentes.
Le Groupe HSBC est présent dans 82 pays et territoires, ce qui lui confère une position tout à fait privilégiée pour contribuer au développement de la microfinance dans le monde. Ainsi que l'a rappelé son président Stephen Green, la microfinance doit s'intégrer aux activités commerciales rentables de la banque et se distinguer de la philanthropie ou du mécénat. Plus globalement, la microfinance est une déclinaison de la stratégie de responsabilité d'entreprise du groupe. Le Financial Times a d'ailleurs élu la banque au losange rouge banque durable de l'année 2006.
HSBC lance donc un fonds de microcrédit. L'objectif de performance est de l'ordre de celle d'un fonds monétaire tilté (cash enhanced monetary fund), bien que décorrélé du Libor. Un autre objectif est non mesurable: la satisfaction de participer par son investissement au développement de régions jusqu'alors oubliées, et ce par le financement de microprojets bien réels. Une nouvelle façon de parler performances et responsabilité vis-à-vis de la planète...
Jean-Christophe Gérard, Chief Investment Officer HSBC Private Bank (Suisse)
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