{"id":29736,"date":"2018-09-17T17:46:44","date_gmt":"2018-09-17T15:46:44","guid":{"rendered":"http:\/\/www.tressis.com\/blog\/?p=29736"},"modified":"2023-05-26T13:24:33","modified_gmt":"2023-05-26T11:24:33","slug":"adriza-neutral-comentario-semanal-17-09-2018","status":"publish","type":"post","link":"https:\/\/www.tressis.com\/ca\/blog\/adriza-neutral-comentario-semanal-17-09-2018\/","title":{"rendered":"Adriza Neutral. Comentario semanal (17\/09\/2018)"},"content":{"rendered":"<p>Seguimos reforzando nuestro convencimiento en Europa y, en general, al buen entorno econ\u00f3mico que permitir\u00e1 su  paulatina normalizaci\u00f3n monetaria.<!--more--><\/p>\n<p>Empecemos con los resultados:<br \/>\n<a href=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2018\/09\/20180917-adriza.png\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2018\/09\/20180917-adriza.png\" alt=\"\" width=\"401\" height=\"167\" class=\"aligncenter size-full wp-image-29737\" srcset=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2018\/09\/20180917-adriza.png 401w, https:\/\/www.tressis.com\/wp-content\/uploads\/2018\/09\/20180917-adriza-300x125.png 300w\" sizes=\"(max-width: 401px) 100vw, 401px\" \/><\/a><\/p>\n<p>La recuperaci\u00f3n de las bolsas durante la semana pasada, de casi un 2% en Europa y 1% en Estados Unidos, ha permitido mejorar la rentabilidad de la cartera en algo m\u00e1s de 0,5%, hasta situarla en un -1,34% en el a\u00f1o. La divergencia de rentabilidad anual entre la renta variable americana y europea sigue siendo la nota m\u00e1s llamativa de cara a la recta final del a\u00f1o, encabezando la primera una ganancia de casi un +9%, frente al -5% de p\u00e9rdida, la segunda.<\/p>\n<p>Seguimos pensando que la bolsa americana sigue actuando como activo defensivo, en especial la tecnolog\u00eda, en un entorno en el que los beneficios empresariales han mejorado algo m\u00e1s de un 20% tras la reforma fiscal de Donald Trump. No obstante, nos falta ver catalizadores que justifiquen el sostenimiento de este ritmo de beneficios en Estados Unidos para los pr\u00f3ximos 12 meses, por lo que preferimos continuar expuestos a unos m\u00faltiplos m\u00e1s razonables en la bolsa europea. Durante los pr\u00f3ximos meses, podremos tener ciertos indicios de hasta qu\u00e9 punto los resultados empresariales en Europa, en comparaci\u00f3n con los de Estados Unidos, ser\u00e1n un catalizador para que la divergencia de valoraci\u00f3n entre las dos \u00e1reas econ\u00f3micas tienda a revertirse. Actuaremos, en este sentido, en consecuencia.<\/p>\n<p>Los \u00faltimos d\u00edas tambi\u00e9n han estado protagonizados por la reuni\u00f3n del Banco Central Europeo. La instituci\u00f3n monetaria manifest\u00f3 cierta preocupaci\u00f3n por algunos riesgos procedentes de las econom\u00edas emergentes y pol\u00edticas proteccionistas, factores que han influido en la rebaja de las perspectivas de crecimiento de la zona euro en una d\u00e9cima. Pese a ello, el gui\u00f3n adelantado por Mario Draghi, y que marcar\u00e1 la pol\u00edtica monetaria durante el pr\u00f3ximo a\u00f1o, no ha sufrido cambios: el pr\u00f3ximo mes de diciembre ser\u00e1 el \u00faltimo mes de compras netas por parte de la instituci\u00f3n monetaria; y el tipo de \u201cdepo\u201d de intervenci\u00f3n no comenzar\u00e1 a subir hasta entrado el verano de 2019. En nuestra opini\u00f3n, el Banco Central Europeo mantendr\u00e1 como primera necesidad detener el crecimiento de su balance (40% del PIB) y normalizar los tipos de inter\u00e9s (-0,40%), por lo que, en la medida en que el escenario macroecon\u00f3mico no se complique de forma prematura, subidas de tipos de inter\u00e9s y reducci\u00f3n progresiva de balance deber\u00edan ser las pautas monetarias en Europa durante el a\u00f1o que viene. Ante tal perspectiva, ser\u00e1 interesante examinar hasta qu\u00e9 punto las pol\u00edticas econ\u00f3micas con enfoque estructural toman el relevo a la laxitud monetaria.<\/p>\n<p>Tras las \u00faltimas coberturas realizadas hace dos semanas, las operaciones de los \u00faltimos d\u00edas no han tenido intenci\u00f3n de alterar nuestra visi\u00f3n estrat\u00e9gica, de modo que mantenemos una exposici\u00f3n a renta variable de 33%, (de la cual, las tres cuartas partes se concentran en Europa), y 8% a riesgo d\u00f3lar. <\/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>Seguimos reforzando nuestro convencimiento en Europa y, en general, al buen entorno econ\u00f3mico que permitir\u00e1 su paulatina normalizaci\u00f3n monetaria.<\/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":[483,559,648,2129,2492,2556,2659,4856,5436,5643,5796,6479,6617,6734],"class_list":["post-29736","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tressis-gestion","tag-banco-central-europeo","tag-bce","tag-bolsa-europea","tag-draghi","tag-estados-unidos","tag-europa","tag-exposicion-a-renta-variable","tag-pib","tag-recuperacion-bolsas","tag-renta-variable-americana","tag-resultados-empresariales","tag-tecnologia","tag-tipos-de-interes","tag-trump"],"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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