L'investissement en vin : réelle alternative ou utopie ? Une analyse de la performance et du potentiel de diversification du vin.

Abstract

This thesis is dedicated to an analysis of fine wine as an investment. More precisely, it is analyzed how fine wine did perform in the time period from January 2010 to July 2017. Its performance is compared to the equity performance in Belgium and Germany over the same time horizon. The performance of fine wine is represented by the Liv-ex Fine Wine 100 index, the Belgian equity market is measured through the BEL20 index and the German equity market through the DAX index. In addition, it is analyzed if fine wine offers a diversification benefit for equity portfolios. The diversification potential is studied by using the mean-variance approach developed by Markowitz and building efficient frontiers for different combinations of the indexes. The analysis allows concluding that the Fine Wine 100 index shows a lower return but also a lower risk than the BEL20 and DAX indexes. Furthermore, it appears that the inclusion of the Fine Wine 100 index in the considered equity portfolios has a diversification benefit: it reduces the risk of a portfolio containing the BEL20 index or the DAX index as well as of a portfolio containing both indexes.