{"id":1365,"date":"2013-01-29T10:11:00","date_gmt":"2013-01-29T09:11:00","guid":{"rendered":"http:\/\/blog.tressis.com\/?p=1365"},"modified":"2023-05-30T09:19:40","modified_gmt":"2023-05-30T07:19:40","slug":"principales-activos-de-inversion-de-cara-a-2013-2","status":"publish","type":"post","link":"https:\/\/www.tressis.com\/ca\/blog\/principales-activos-de-inversion-de-cara-a-2013-2\/","title":{"rendered":"Principales activos de inversi\u00f3n de cara a 2013"},"content":{"rendered":"<p>Monserrat Formoso, responsable de gesti\u00f3n de carteras de Tressis, analiza la situaci\u00f3n de los principales activos de inversi\u00f3n de cara a 2013.<\/p>\n<p><iframe title=\"Estrategias de Inversi\u00f3n | Activos para 2013 por Montserrat Formoso\" width=\"960\" height=\"720\" src=\"https:\/\/www.youtube.com\/embed\/nfl3LHErdZo?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\n<p><strong>\u00bfCon qu\u00e9 regiones europeas se quedar\u00eda de cara a los pr\u00f3ximos meses?<br \/>\n<\/strong>\u201cCon nuestro asset allocation ya llevamos varios meses con una mayor exposici\u00f3n a Europa, si bien desde que comenzara el a\u00f1o s\u00ed hemos aumentado nuestra exposici\u00f3n a los perif\u00e9ricos, especialmente a Espa\u00f1a. <!--more--><\/p>\n<p>Ya descartamos escenarios apocal\u00edpticos y estamos en un escenario m\u00e1s constructivo.<\/p>\n<p>Los \u00edndices americanos est\u00e1n a las puertas de los m\u00e1ximos hist\u00f3ricos para el S&amp;P 500 y el Dow Jones, pero si miramos a la econom\u00eda americana tenemos a las tres patas a nuestro favor.<\/p>\n<p>Hemos pasado esta estabilizaci\u00f3n de la deuda que pasa tambi\u00e9n por una estabilizaci\u00f3n de la situaci\u00f3n bancaria. Ahora bien, de cara a esto, desde Tressis tenemos una exposici\u00f3n m\u00e1s tranquila y apostar\u00edamos por los grandes valores y, entre ellos a corto plazo\u00a0quiz\u00e1s nos inclinar\u00edamos m\u00e1s por <strong>BBVA <\/strong>frente a <strong>Santander <\/strong>en base a la opini\u00f3n de los analistas t\u00e9cnicos.<\/p>\n<p><strong>En terreno de renta fija, \u00bfven oportunidades dentro de este mercado?<\/strong><\/p>\n<p>\u201cVemos oportunidades dentro del mercado de renta fija corporativa y soberana perif\u00e9rica que est\u00e1 permitiendo a empresas, al calor de los soberanos, est\u00e1 permitiendo a las empresas acceder al mercado de capitales para financiarse. Intentar\u00edamos evitar dentro de Europa lo largos tramos de la deuda alemana.<\/p>\n<p>Tambi\u00e9n nos gusta la renta fija soberana emergente en divisa local y la renta privada emergente en hard currency, d\u00f3lares o euros, para reducir la volatilidad. En este sentido, nos decantamos m\u00e1s por Asia que por Latinoam\u00e9rica.<\/p>\n<p><strong>\u00bfY en el mercado de divisas ven oportunidades?<\/strong><\/p>\n<p>\u201cEn este mercado no somos demasiado activos por la volatilidad que subyace. Parece que el concepto de \u2018guerra de divisas\u2019 vuelve al vocabulario financiero. Nosotros tratar\u00edamos de desviarnos de jugar con divisas desarrolladas en sus propios cruces. El euro, por ejemplo, est\u00e1 fuerte frente al d\u00f3lar, pero \u00bfhasta qu\u00e9 punto se justifica en base a sus fundamentales? Al final ya no son las pol\u00edticas monetarias\u2026 por lo que tratar\u00edamos de salir de este espectro de cara a invertir.<\/p>\n<p>Nos inclinamos por divisas emergentes que podr\u00edan verse beneficiadas por el apetito por el riesgo. Ahora bien, tenemos que tener en cuenta la volatilidad de este activo y dado el car\u00e1cter l\u00edquido de las divisas hay que tenerlo siempre en cuenta.<\/p>\n<p>A nivel sectorial, las <strong>grandes petroleras <\/strong>no han hecho grandes inversiones y ahora, de cara a un entorno de recuperaci\u00f3n de la econom\u00eda global, est\u00e1n empezando a verse proyectos y podr\u00eda ser una buena oportunidad de entrada en cuanto al coste de la energ\u00eda. Petroleras a nivel global\u201d.<\/p>\n<p>&nbsp;<\/p>\n<p>Leer art\u00edculo original aqu\u00ed<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Monserrat Formoso, responsable de gesti\u00f3n de carteras de Tressis, analiza la situaci\u00f3n de los principales activos de inversi\u00f3n de cara a 2013. \u00bfCon qu\u00e9 regiones europeas se quedar\u00eda de cara a los pr\u00f3ximos meses? \u201cCon nuestro asset allocation ya llevamos varios meses con una mayor exposici\u00f3n a Europa, si bien desde que comenzara el a\u00f1o [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-1365","post","type-post","status-publish","format-standard","hentry","category-estrategias"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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