When analyzing the PEAs opened by the French to boost their savings, certain stocks systematically return to the portfolios, “notably the large caps of the CAC 40, because they embody a reassuring compromise between financial solidity and profitability”observes Jérôme Robin, founder of Nousassurerons. TotalEnergies, LVMH, Air Liquide, Airbus and even the major banks thus benefit from a quasi “ untouchable ”, because they reassure.
A strategy described as a “good father” approach by Jérôme Robin, who emphasizes that investors are above all looking for “ regular earnings while limiting volatility and risk of loss”. This collective appeal creates a ripple effect, because “these massive flows contribute to sustainably supporting their valuation ». But this marked preference is not always rational. Past performance is no guarantee of future gains, and overexposure to the same stocks can weaken portfolios in the event of a sudden downturn in a key sector.
Performance, prestige and cultural reflexes
The star values of PEA often combine three criteria: a dividend regular, an image of solidity and a historic presence in the French economic landscape. TotalEnergies and Air Liquide attract for their generous distribution, LVMH and Hermès for their resilience in luxury, Airbus for its industrial potential, banks for their performance. These are companies perceived as impossible to ignoreeven when their valuation reaches already demanding levels.
Contrasted real performances
If some of these stocks outperformed ten yearsothers offered more ordinary, even mediocre, returns, especially once sectoral volatility was factored in. Energy remains dependent on world prices, the luxury of sometimes cyclical demand, banks on rates and the macroeconomic context. Popularity does not always rhyme with efficiencyand limiting oneself to these “totem values” exposes one to a risk of concentration often underestimated.
Avoid overexposure and build a balanced PEA
A robust portfolio does not rely solely on the large caps of the CAC 40. “When all portfolios become too exposed to the same securities, a market downturn can then have an amplified impact on individual savings”warns Jérôme Robin. Introducing average values, diversifying sectors, smoothing purchases and gradually integrating more innovative companies makes it possible to reduce risks. The construction of a Balanced PEA consists of going beyond fashion and relying on a disciplined strategy, based on analysis, diversification and a long-term horizon.
