{"id":104429,"date":"2025-01-15T09:13:19","date_gmt":"2025-01-15T08:13:19","guid":{"rendered":"https:\/\/www.tressis.com\/?p=104429"},"modified":"2025-01-15T17:21:17","modified_gmt":"2025-01-15T16:21:17","slug":"momento-ser-optimistas-renta-variable","status":"publish","type":"post","link":"https:\/\/www.tressis.com\/ca\/blog\/momento-ser-optimistas-renta-variable\/","title":{"rendered":"\u00bfEs momento de ser optimistas en renta variable?"},"content":{"rendered":"<p><iframe style=\"border-radius: 12px;\" src=\"https:\/\/open.spotify.com\/embed\/episode\/7HCtMLT0RIPkYgMKDzsK0b?utm_source=generator\" width=\"100%\" height=\"152\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><span style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" data-mce-type=\"bookmark\" class=\"mce_SELRES_start\">\ufeff<\/span><\/iframe><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Cerramos un magn\u00edfico 2024 para la renta variable<\/strong>, o al menos eso es lo que nos dicen las rentabilidades. Porque a pesar de haber sido muy favorable, sobre todo para Estados Unidos, la disparidad de comportamientos entre sectores y compa\u00f1\u00edas ha sido enorme. Casi casi lo mismo que comentamos hace justo un a\u00f1o, al cerrar 2023. De nuevo, solo unas pocas empresas son responsables de dos tercios de la rentabilidad del S&amp;P 500 (+23%): NVIDIA (+171%), Apple (+30%), Amazon (+44%), Meta (+65%), Broadcomm (+108%), Tesla (+62%) y Alphabet (+35%).<\/p>\n<p>&nbsp;<\/p>\n<p>En cambio, si hacemos una media de los retornos de todas las compa\u00f1\u00edas, resulta que la rentabilidad real apenas supera el 10%. M\u00e1s o menos como Europa, el Reino Unido o Jap\u00f3n. La gran diferencia son las siete magn\u00edficas.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>No creemos que el mercado actual se parezca al periodo puntocom<\/strong><\/h2>\n<p>Solo el 31% de las empresas estadounidenses han logrado batir al \u00edndice de referencia este a\u00f1o, una cifra ligeramente por encima de la de 2023. Desde 1990 solo en otra ocasi\u00f3n hemos tenido dos cifras seguidas tan bajas, y fue entre 1998 y 1999. No obstante, no creemos que el mercado actual se parezca al periodo puntocom. Las grandes tecnol\u00f3gicas no solo lideran las rentabilidades, sino tambi\u00e9n la generaci\u00f3n de flujo de caja libre, la inversi\u00f3n en I+D y la mejora de m\u00e1rgenes.<\/p>\n<p>&nbsp;<\/p>\n<p>El mayor desaf\u00edo viene por el lado de las valoraciones, sobre todo para la tecnolog\u00eda y los servicios de comunicaci\u00f3n. Si tomamos como referencia la ratio precio\/beneficios a doce meses, el S&amp;P 500 cotiza a 23 veces, por las 30 del Nasdaq. Ambos se encuentran en su extremo superior de valoraci\u00f3n de los \u00faltimos veinte a\u00f1os. Todo ello, adem\u00e1s, con estimaciones bastante halag\u00fce\u00f1as para 2025. El mercado espera un crecimiento del 12% y del 21%, respectivamente, en el beneficio por acci\u00f3n.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Existen alternativas a precios razonables<\/strong><\/h2>\n<p>La situaci\u00f3n es bien diferente si analizamos la versi\u00f3n equiponderada del S&amp;P 500, en la que todos los componentes tienen el mismo peso. Aqu\u00ed el m\u00faltiplo baja a 17 veces. Ocurre lo mismo con las peque\u00f1as compa\u00f1\u00edas (17). As\u00ed que fuera del foco de las \u201csiete magn\u00edficas\u201d \u2014y la inteligencia artificial\u2014 existen alternativas a precios razonables.<\/p>\n<p>&nbsp;<\/p>\n<p>El peso de Estados Unidos en los \u00edndices globales es otro h\u00e1ndicap que no podemos pasar por alto. Ahora mismo supone el 70% de la bolsa mundial, mientras su producto interior bruto (PIB) representa aproximadamente el 25% del PIB nominal global. No quiere decir que autom\u00e1ticamente tenga que reducirse esta divergencia, pero s\u00ed hemos de tenerlo en cuenta a la hora de gestionar los riesgos de las carteras. En la d\u00e9cada de los 80, la bolsa japonesa lleg\u00f3 a suponer un 50% del total. Hoy es el 5%, aproximadamente.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>\u00bfVa a ser por fin el a\u00f1o de Europa?<\/strong><\/h2>\n<p>Suele ser habitual que cada a\u00f1o, por estas fechas, escuchemos que por fin va a ser el a\u00f1o de Europa. Banca de inversi\u00f3n, gestores e inversores a\u00fanan pron\u00f3sticos con nuestra regi\u00f3n como la gran apuesta. Nada m\u00e1s lejos de la realidad. En los \u00faltimos cinco a\u00f1os, el Euro Stoxx 50 ha conseguido un retorno del 30%, mientras el estadounidense S&amp;P 500 se ha marcado un 97%. M\u00e1s del triple.<\/p>\n<p>&nbsp;<\/p>\n<p>Sin embargo, con la crisis industrial alemana, las consecuencias del descenso del consumo en China o la reducci\u00f3n de los vol\u00famenes de contrataci\u00f3n, parece que ya nadie quiere volver a apostar por el Viejo Continente. <strong>\u00bfSer\u00e1 entonces el momento de ser optimistas?<\/strong><\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Seguimos teniendo l\u00edderes globales en nuestras fronteras<\/strong><\/h2>\n<p>El protagonismo estadounidense hace que a veces olvidemos que seguimos teniendo l\u00edderes globales en nuestras fronteras, como Novo Nordisk, ASML, SAP, LVMH, Airbus, L\u2019Oreal, Inditex, Ferrari, Iberdrola y un largo etc\u00e9tera.<\/p>\n<p>&nbsp;<\/p>\n<p>Adem\u00e1s, las valoraciones son menos exigentes que en Estados Unidos. El Euro Stoxx 50 cotiza a 14 veces los beneficios de 2025, por las 14 del DAX alem\u00e1n o las 11 de nuestro Ibex 35.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Volatilidad suele implicar que habr\u00e1 oportunidades<\/strong><\/h2>\n<p>As\u00ed que de cara a 2025, esperamos una mayor participaci\u00f3n geogr\u00e1fica y sectorial en los retornos globales, haciendo \u00e9nfasis en la computaci\u00f3n en la nube, salud, ocio y viajes, movilidad y eficiencia energ\u00e9tica. Tambi\u00e9n esperamos un aumento de la volatilidad, m\u00e1s a\u00fan con la llegada de la Administraci\u00f3n Trump, pero eso no tiene por qu\u00e9 ser malo. Volatilidad suele implicar que habr\u00e1 oportunidades.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Compa\u00f1\u00edas con buenas expectativas en nuestras carteras de renta variable<br \/>\n<\/strong><\/h2>\n<p>Y aterriz\u00e1ndolo a compa\u00f1\u00edas concretas, hemos incorporado recientemente Uber y Novo Nordisk a <a href=\"https:\/\/www.tressis.com\/gestion-de-carteras\/renta-variable\/\">nuestras carteras<\/a> de renta variable. En ambas los inversores est\u00e1n siendo excesivamente negativos, mientras sus negocios no solo no se han deteriorado, sino que las expectativas son incluso mejores. Tambi\u00e9n hemos reforzado nuestras posiciones en MercadoLibre, Airbus o <a href=\"https:\/\/www.rolls-roycemotorcars.com\/en_GB\/home.html\" target=\"_blank\" rel=\"noopener\">Rolls-Royce<\/a>. Compa\u00f1\u00edas de gran calidad que nos dan exposici\u00f3n a mercados claves y que crecer\u00e1n por encima de sus competidores.<\/p>\n<p>&nbsp;<\/p>\n<p><center><strong>V\u00edctor \u00c1lvarez Sanz<\/strong><br \/>\nDirector de renta variable<\/center>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\ufeff &nbsp; Cerramos un magn\u00edfico 2024 para la renta variable, o al menos eso es lo que nos dicen las rentabilidades. Porque a pesar de haber sido muy favorable, sobre todo para Estados Unidos, la disparidad de comportamientos entre sectores y compa\u00f1\u00edas ha sido enorme. Casi casi lo mismo que comentamos hace justo un a\u00f1o, [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":104430,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8554],"tags":[],"class_list":["post-104429","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analisis-e-inversiones"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>\u00bfEs momento de ser optimistas en renta variable?<\/title>\n<meta name=\"description\" content=\"A pesar de haber sido un a\u00f1o muy favorable, sobre todo para EE.UU., la disparidad de comportamientos entre sectores y compa\u00f1\u00edas ha sido enorme\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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