{"id":29391,"date":"2018-07-10T12:41:27","date_gmt":"2018-07-10T10:41:27","guid":{"rendered":"http:\/\/www.tressis.com\/blog\/?p=29391"},"modified":"2023-05-26T13:24:30","modified_gmt":"2023-05-26T11:24:30","slug":"adriza-neutral-comentario-semanal-10-07-18","status":"publish","type":"post","link":"https:\/\/www.tressis.com\/ca\/blog\/adriza-neutral-comentario-semanal-10-07-18\/","title":{"rendered":"Adriza Neutral. Comentario semanal (10\/07\/18)"},"content":{"rendered":"<p>Semana sin grandes cambios, con volatilidades a la baja y esperando el inicio de la temporada de resultados en la que, probablemente, el mayor inter\u00e9s se pondr\u00e1 en determinar la repercusi\u00f3n que pudieran tener las actuales tensiones comerciales. Empezaremos por los resultados:<!--more--><\/p>\n<p><a href=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2018\/07\/adriza-20180710.jpg\"><img fetchpriority=\"high\" decoding=\"async\" class=\"size-full wp-image-29392 aligncenter\" src=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2018\/07\/adriza-20180710.jpg\" alt=\"Adriza Neutral. Comentario semanal (10\/07\/18)\" width=\"387\" height=\"165\" srcset=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2018\/07\/adriza-20180710.jpg 387w, https:\/\/www.tressis.com\/wp-content\/uploads\/2018\/07\/adriza-20180710-300x128.jpg 300w\" sizes=\"(max-width: 387px) 100vw, 387px\" \/><\/a><\/p>\n<p>La mejora de los mercados de renta variable durante los \u00faltimos d\u00edas y el menor tensionamiento de los <i>spreads<\/i> en cr\u00e9dito han permitido mejorar la rentabilidad anual hasta situarla en el -0,73%, aportando 0,57% los activos de renta variable, -1,10% los de renta fija y el resto, -0,20%, la posici\u00f3n en oro.<\/p>\n<p>En nuestro anterior comentario hac\u00edamos alusi\u00f3n a la intenci\u00f3n de ser exigentes con los precios a los que incrementar posici\u00f3n en renta variable. Los m\u00faltiplos actuales son atractivos, aunque queremos ser cautos dado el entorno de incertidumbre generado por los cambios que previsiblemente tengan lugar en las relaciones comerciales. Tras los primeros movimientos de Donald Trump en relaci\u00f3n a Europa, la semana pasada comprob\u00e1bamos c\u00f3mo el embajador de Estados Unidos en Alemania, en su reuni\u00f3n con los fabricantes de autos, intentaba suavizar las tensiones abriendo la puerta a una negociaci\u00f3n sobre la pol\u00edtica arancelaria aplicada al sector por ambas econom\u00edas. Pensamos que esto no es m\u00e1s que una muestra de que una de las fuentes de inquietud de los mercados, la falta de inter\u00e9s negociador, se va a ir reduciendo, aunque queden otras, como el propio contenido de cualquier acuerdo comercial al que lleguen los principales bloques econ\u00f3micos.<\/p>\n<p>Por lo anterior, cerramos la mitad de la posici\u00f3n de cobertura en opciones de Euro Stoxx-50, lo que hizo incrementar en apenas dos puntos la exposici\u00f3n a renta variable. A la vez, y con efecto neutro en el global de la cartera, vendimos el \u00edndice sectorial de autos e incrementamos la posici\u00f3n en algunos fabricantes individuales. La finalidad de este \u00faltimo giro ha sido la de reducir exposici\u00f3n al segmento de recambios de la cadena de valor, indudablemente m\u00e1s rentable que la primera, pero a unos m\u00faltiplos en m\u00e1ximos hist\u00f3ricos, lo que nos ofrece ciertas dudas sobre el potencial de recorrido adicional.<\/p>\n<p>A finales de esta semana comenzar\u00e1 la temporada de publicaci\u00f3n de resultados en Estados Unidos, as\u00ed como en Europa en breve. Creemos que los resultados seguir\u00e1n siendo buenos, probablemente con cierta debilidad en el segundo tras la ralentizaci\u00f3n de la macro. No obstante, seguramente lo m\u00e1s interesante para el mercado ser\u00e1 cualquier indicaci\u00f3n cuantitativa que las compa\u00f1\u00edas puedan hacer en relaci\u00f3n a la repercusi\u00f3n que las tensiones comerciales tendr\u00e1n en sus cuentas de resultados y en qu\u00e9 medida ser\u00e1n capaces de trasladarla al cliente final. Mientras tanto, nos mantendremos atentos.<\/p>\n<p>Recuerden, si las letras del Tesoro ofrecen rentabilidades negativas, <strong>no hay retorno sin riesgo\u2026<\/strong> y, como siempre, \u201ctengan cuidado ah\u00ed fuera\u201d.<br \/>\n<\/br><br \/>\n<center><\/center><center><strong>Rafael Pe\u00f1a Gorospe<\/strong><br \/>\nGestor de Adriza Neutral<\/center><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Semana sin grandes cambios, con volatilidades a la baja y esperando el inicio de la temporada de resultados en la que, probablemente, el mayor inter\u00e9s se pondr\u00e1 en determinar la repercusi\u00f3n que pudieran tener las actuales tensiones comerciales. Empezaremos por los resultados:<\/p>\n","protected":false},"author":4,"featured_media":28985,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[12],"tags":[45,141,2120,2492,2679,3310,3906,4016,4402,4975,5584,5642,5656,6527,6932],"class_list":["post-29391","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tressis-gestion","tag-acuerdo-comercial","tag-alemania","tag-donald-trump","tag-estados-unidos","tag-fabricantes-de-autos","tag-incertidumbre","tag-macro","tag-maximos-historicos","tag-negociacion","tag-politica-arancelaria","tag-relaciones-comerciales","tag-renta-variable","tag-rentabilidad","tag-tension-comercial","tag-volatilidades"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Adriza Neutral. 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