{"id":29610,"date":"2018-09-03T16:51:13","date_gmt":"2018-09-03T14:51:13","guid":{"rendered":"http:\/\/www.tressis.com\/blog\/?p=29610"},"modified":"2023-05-26T13:24:31","modified_gmt":"2023-05-26T11:24:31","slug":"adriza-neutral-comentario-semanal-03-09-2018","status":"publish","type":"post","link":"https:\/\/www.tressis.com\/ca\/blog\/adriza-neutral-comentario-semanal-03-09-2018\/","title":{"rendered":"Adriza Neutral. Comentario semanal (03\/09\/2018)"},"content":{"rendered":"<p>Per\u00edodo estival marcado por la cautela en el mercado ante la evoluci\u00f3n de los acontecimientos relativos al comercio internacional y algunas econom\u00edas emergentes.<!--more--><\/p>\n<p>Empecemos con los resultados:<\/p>\n<figure id=\"attachment_29612\" aria-describedby=\"caption-attachment-29612\" style=\"width: 397px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2018\/09\/20180903-adriza.png\"><img fetchpriority=\"high\" decoding=\"async\" class=\"size-full wp-image-29612\" src=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2018\/09\/20180903-adriza.png\" alt=\"Adriza Neutral\" width=\"397\" height=\"168\" srcset=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2018\/09\/20180903-adriza.png 397w, https:\/\/www.tressis.com\/wp-content\/uploads\/2018\/09\/20180903-adriza-300x127.png 300w\" sizes=\"(max-width: 397px) 100vw, 397px\" \/><\/a><figcaption id=\"caption-attachment-29612\" class=\"wp-caption-text\">Adriza Neutral<\/figcaption><\/figure>\n<p>Adriza Neutral Fi acumula una rentabilidad negativa de -0,82% en el a\u00f1o actual, con una volatilidad del 5,6%, inferior a la de los tres \u00faltimos a\u00f1os, en los que la rentabilidad anualizada se encuentra en el 3,14%. Hasta ahora, la rentabilidad negativa de la cartera de renta fija se hab\u00eda encontrado razonablemente limitada por la baja duraci\u00f3n de la misma durante los \u00faltimos meses. Sin embargo, nuestra posici\u00f3n en emergentes de un 7,5% ha incrementado su aportaci\u00f3n en un -0,60%, hasta -1,44% en lo que llevamos de a\u00f1o. La renta variable, por el contrario, nos sigue ayudando a compensar los activos de renta fija aportando un 0,92%. Por otro lado, y aunque nos seguimos encontrando c\u00f3modos con la posici\u00f3n en oro, \u00e9sta ha contribuido negativamente en un 0,30%.<\/p>\n<p>La \u00faltima quincena de julio y el mes de agosto han estado marcados por dos temas sobre los que la preocupaci\u00f3n del mercado ha ido en aumento. Por un lado, las tensiones comerciales y, con cierta relaci\u00f3n, las vulnerabilidades de algunos pa\u00edses emergentes, como Turqu\u00eda, junto con la progresiva subida de tipos de inter\u00e9s por parte de la Reserva Federal. En cuanto al primero, a lo largo del mes Estados Unidos ha expuesto su desencanto en lo relativo a su relaci\u00f3n comercial con Europa y, aunque finalmente Donald Trump lleg\u00f3 a un \u201cpacto de no agresi\u00f3n\u201d con el presidente de la Comisi\u00f3n Europea mientras durase un esperado per\u00edodo de negociaci\u00f3n, la presi\u00f3n americana ha continuado materializ\u00e1ndose en los \u00faltimos d\u00edas. La buena noticia, sin embargo, ha sido el acuerdo bilateral recientemente anunciado entre Estados Unidos y M\u00e9xico, que permite dibujar, en nuestra opini\u00f3n, un escenario de medio plazo menos incierto al demostrar que las negociaciones con Estados Unidos, aunque no exentas de tensi\u00f3n, resultan en un final econ\u00f3micamente apropiado para las partes.<\/p>\n<p>Los recientes datos de inflaci\u00f3n en Estados Unidos, 2,9%, contin\u00faan dando probabilidades al escenario de subida de tipos, algo que, de nuevo Jerome Powel dej\u00f3 entrever en la reciente reuni\u00f3n en Jackson-Hole. De una u otra forma, un escenario de subida de tipos combinado con tensiones comerciales y la reciente apreciaci\u00f3n del d\u00f3lar est\u00e1 contagiando la incertidumbre sobre aquellos pa\u00edses emergentes con mayor dependencia de la financiaci\u00f3n exterior, como el caso de Argentina y Turqu\u00eda. El contagio, en menor medida, est\u00e1 tambi\u00e9n extendi\u00e9ndose a otros pa\u00edses, como Brasil que, aunque dista mucho de sufrir tal desequilibrio, la cercan\u00eda de las elecciones generales hace que el mercado ponga el foco en otros aspectos, como su d\u00e9ficit p\u00fablico. Sea como fuere, las \u00faltimas semanas ha habido cierta aversi\u00f3n hacia los mercados y huida hacia activos de calidad, aunque entre ellos no se encontrase el oro. No obstante, observamos que el sell-off que ha tenido lugar se encuentra en l\u00ednea con el de escenarios pasados y, por tanto, no pensamos que pueda complicarse en exceso, toda vez que el mercado sabr\u00e1 distinguir entre aquellas econom\u00edas emergentes con mejores fundamentales, sobre todo, en lo relativo a su dependencia de fondos exteriores y el volumen de deuda denominada en d\u00f3lares.<\/p>\n<p>El incremento de volatilidad de los mercados durante el mes de agosto, nos ha impedido realizar operaciones que supon\u00edan un incremento del riesgo de cartera, por lo que las realizadas se han centrado fundamentalmente en el mantenimiento de la cartera. Mantenemos el rumbo de exposici\u00f3n a renta variable del 41% y d\u00f3lar del 8%.<\/p>\n<p>Recuerden: si las letras del Tesoro ofrecen rentabilidades negativas, <strong>no hay retorno sin riesgo<\/strong> y, como siempre, \u201cTengan cuidado ah\u00ed fuera\u201d.<\/p>\n<p><center><strong>Rafael Pe\u00f1a Gorospe<\/strong><br \/>\nGestor de Adriza Neutral<\/center><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Per\u00edodo estival marcado por la cautela en el mercado ante la evoluci\u00f3n de los acontecimientos relativos al comercio internacional y algunas econom\u00edas emergentes.<\/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":[292,1246,2187,2492,3726,4240,5642,5761,6535,6754,6920],"class_list":["post-29610","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tressis-gestion","tag-argentina","tag-comision-europea","tag-economias-emergentes","tag-estados-unidos","tag-jerome-powell","tag-mexico","tag-renta-variable","tag-reserva-federal","tag-tensiones-comerciales","tag-turquia","tag-volatilidad"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Adriza Neutral. 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