We have never seen failure of dividend policy

"The time to invest more openly shares seems to us come", according to Jean-Marie Mercadal, Deputy Director-General responsible for the management in OFI AM. "For the developed markets, we anticipate a progression of courses from 10 to 15 and for the emerging markets of the gains of the order of 20 by December 2011", according to ING Investment Management. Where that is turned, the speech is the same: it must return on the markets, which have significant potential for growth in 2011. In fact, European shares are currently the cheapest in the world and, in this set, the French CAC 40 shares pay 11 times the results of the year, against a historical average of 14 times... "On the stock market, conducted performance depend on the time in which it invests." "It is much more comfortable to enter times like today where the prices are reasonable," argues Philippe Nahum, CEO of B capital (a subsidiary of BNP Paribas).

Is it to say that the year 2011 will be a long quiet river on equity markets If one focuses on the health of the European companies, and French in particular, one might think. But, as in 2010, the macroeconomic elements might take, including the sovereign debt problems. Clearly, volatility, and therefore the risk of falling prices will remain strong in 2011. For French investor, the table is anxiety-provoking. In this context, however, is a few reasons to reassure him.

1 Stable yields or rising

If, in 2011, the prospects for success are, as always with actions, random, their performance, however, is, almost assured. "The average yield of the CAC 40 is 4, when State obligations relevant 3," explains Emmanuelle Ferreira, in Acofi management portfolio manager. This means that the annual income distributed to shareholders (dividends) are higher than those distributed to the holders of government bonds (coupon). Either a quite unprecedented situation, especially since actions have, in addition to this distributed income, true potential for capital gains. "In most of the companies of the CAC 40, the amount per unit of the dividend is stable from one year to another, either in progress", advance Emmanuelle Ferreira.

Is it that guarantees high dividend policy The financial strength of the French companies, which have benefited from the crisis to initiate broad restructuring and strengthen their balance sheets. "We have never seen failure of dividend policy." "Even during the crisis of 2008, most of the major French companies themselves are attached to maintain their rate of distribution", explains Emmanuelle Ferreira. In 2010 for example, France Telecom contributed... 8.03 dividend yield that next year could "go to 9.12 ", according to forecasts (December 3) to Pierre-Yves Gauthier, Chairman of the Board of AlphaValue, an independent company of research and analysis on European actions. "Any more than 5 dividend is reassuring and friendly," he continued (see table below). "Performance values is a good way to enter in the stock market, if evidence of selectivity: do not choose an action only for its dividend", concludes Philippe Nahum.

2 Business tours to the new world

Known, the world centres of gravity moved to emerging countries and Asia in particular. The Stock Exchange provides access to the economic growth of these countries, via... European companies. Large enterprises of the CAC 40, for example, often are global leaders in their field and are to some very largely geared to emerging countries, where they are sometimes more than 30 of their turnover (Pernod Ricard, LVMH, etc.). "On the markets, we're a positive bet on those of the emerging countries," said Luc Lefer, responsible for the management private under a mandate in BNP Paribas private banking. Same perception in Dexia AM, where Frédéric Buzaré, responsible for the management actions, confirms that "the arguments in favour of the values of growth, largely preferred in 2010 remain valid next year".