The CAC 40 en route to the future, with players born mostly in the nineteenth century. The return of Peugeot – company founded in 1810, and in 1891 one of the foremost manufacturers of automotive history- the expense of Gemalto, architect of the rise of the digital economy (via smart card particular), has some teeth gnashing side of the promoters of the French Tech.
This is no caricature PSA -company which is fully in his time developing the latest technology course critical but it is certain that the benchmark index in Paris gives pride to companies in more traditional image as Suez (dating back to the boring channel by Fernand de Lesseps), BNP Paribas (after the National Counter Discount created during the Second Republic) and Vivendi (heir to the General Water Company, already the darling of the Paris Stock Exchange Second Empire).
Among the forty stocks that make up the CAC 40, it is see that representatives of new technologies are almost absent: apart from telecom, only remain Alcatel-Lucent and Capgemini. Although the latter is more like a service company. No tricolor technology index has also drilled really
. “Let’s face it: there is virtually no technology stocks in the CAC 40!” Admits Aymeric Diday, Director discretionary management in SPGP, which recently launched The Digital Explorer, a fund specializing in technology stocks. “Today, to invest in new technologies, we must mainly look to the United States or Tel Aviv, where there is also a large pool of tech stocks.”
Even companies French are forced to get their funding from the region of choice for new technologies, which remains the US, says the manager, citing the example of Criteo listed on Nasdaq since 2013. And the trend is not really new: twenty years before, Business Objects, founded by Denis Payre, became the first editor of European software side of the Atlantic. “For a French entrepreneur, this is very difficult to grow in France, the emerging success naturally tend to go to the dollar zone” says Aymeric Diday. “This is not peculiar to France: the biggest technology stocks are American. In the list of the world’s highest-cap sector, the European first, SAP, happens only 26th! “
The specialist unfortunately sees no factor that can change that in the short term. “France is a land of innovation, it must be emphasized, with a very sharp looking, highly efficient, high-level schools, high-quality engineers and devices like the Research Tax Credit / Innovation that allowed to give birth to many new technologies … but who then find ways and abroad to develop. The ability to transform our Employment Innovation capacity remains weak, it is one of the main problems of France. “
The manager nevertheless believes that technology stocks are among the asset classes preferred, especially since interest rates will be kept low, which will promote profit growth groups making significant investments in technology. “We continue to set the industry forward, but we are doing our selection mainly in the USA. We still believe, and always with industry giants such as Apple, as we must, and we focus on digital security technologies, big data or connected objects, sectors of the future. Among these players, we hold appreciate titles such as Workday, Splunk or Fortinet, “says Aymeric Diday