{"id":30760,"date":"2019-01-29T16:10:23","date_gmt":"2019-01-29T15:10:23","guid":{"rendered":"http:\/\/www.tressis.com\/blog\/?p=30760"},"modified":"2023-05-26T13:28:34","modified_gmt":"2023-05-26T11:28:34","slug":"comentario-semanal-adriza-neutral-29-01-2019","status":"publish","type":"post","link":"https:\/\/www.tressis.com\/ca\/blog\/comentario-semanal-adriza-neutral-29-01-2019\/","title":{"rendered":"Comentario semanal. Adriza Neutral (29\/01\/2019)"},"content":{"rendered":"<p>Semanas de transici\u00f3n mientras reunimos toda la informaci\u00f3n relativa a la direcci\u00f3n de la pol\u00edtica monetaria y resultados empresariales. <!--more--><\/p>\n<p>Empecemos con los resultados:<\/p>\n<p><a href=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2019\/01\/20190129-adriza.png\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-30761\" src=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2019\/01\/20190129-adriza.png\" alt=\"\" width=\"400\" height=\"170\" srcset=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2019\/01\/20190129-adriza.png 400w, https:\/\/www.tressis.com\/wp-content\/uploads\/2019\/01\/20190129-adriza-300x128.png 300w\" sizes=\"(max-width: 400px) 100vw, 400px\" \/><\/a><\/p>\n<p>Nos enfrentamos a una semana en la que conformaremos las expectativas de pol\u00edtica monetaria de los dos bancos centrales m\u00e1s importantes. En cuanto al europeo, en la pasada, el presidente del BCE volv\u00eda a manifestar cierto riesgo a la baja en las previsiones de actividad econ\u00f3mica, lo que no ayudaba a que la rentabilidad de los bonos soberanos repuntase, al alentar en los inversores la posibilidad de una mayor demora en el calendario de subida de tipos en la eurozona, prevista inicialmente la primera subida para verano de este a\u00f1o. La Reserva Federal iniciar\u00e1 su reuni\u00f3n de dos d\u00edas el pr\u00f3ximo mi\u00e9rcoles. Tras las \u00faltimas declaraciones de Jerome Powell, no esperamos que se concluya con una subida de tipos y, sin embargo, consideramos m\u00e1s importantes las declaraciones posteriores, en una comparecencia donde se prestar\u00e1 atenci\u00f3n al grado en el que los miembros de la Fed consideren que la normalizaci\u00f3n monetaria ha tenido lugar.<\/p>\n<p>En nuestra opini\u00f3n, un escenario de subidas graduales de tipos en la eurozona no deber\u00eda ser interpretado como muy perjudicial para las econom\u00edas europeas, sino m\u00e1s bien todo lo contrario, al dotar al BCE de munici\u00f3n suficiente para estimular el sistema en un hipot\u00e9tico escenario de desaceleraci\u00f3n. Es discutible si el BCE est\u00e1 o no a tiempo, en un entorno que parece estar marcado por cierta ralentizaci\u00f3n. Sea como fuere, no consideramos que salir de un entorno de tipos de intervenci\u00f3n negativos vaya a suponer un impacto muy negativo para la econom\u00eda real, ni vaya a condicionar la viabilidad de proyectos de inversi\u00f3n. En cuanto a la Fed, creemos que gran parte de la normalizaci\u00f3n monetaria ya ha tenido lugar, aunque algunos analistas a\u00fan esperan subidas, probablemente dos, puntualmente repartidas a lo largo del a\u00f1o.<\/p>\n<p>El escenario monetario ha seguido alentando a las bolsas durante los \u00faltimos d\u00edas, siendo estas el principal catalizador de nuestra rentabilidad. As\u00ed, los \u00edndices generales americanos suben aproximadamente un 6%, alrededor de un punto porcentual m\u00e1s que los europeos. La renta fija sigue contribuyendo, aproximadamente en el 20% de nuestra <i>performance<\/i> este a\u00f1o, al reducirse las rentabilidades fundamentalmente de bonos corporativos, especialmente aquellos m\u00e1s cercanos al <i>equity<\/i> de las compa\u00f1\u00edas y, en menor medida, los de menor riesgo.<\/p>\n<p>La cartera mantiene una exposici\u00f3n a renta variable del 50,3%. De ella, casi el 58% se encuentra geogr\u00e1ficamente localizada en Europa y el 35% en Estados Unidos. Sectorialmente, tendemos a mantener cierta diversificaci\u00f3n a trav\u00e9s de \u00edndices generales, que conforman casi un tercio de las posiciones en renta variable, tendiendo a completar el resto en sectores concretos para aportar alfa a la cartera, como en tecnolog\u00eda (23,6%) o consumo c\u00edclico (9%), as\u00ed como otros como energ\u00eda e inmobiliario (18,4% entre las tres). Por ahora, estamos c\u00f3modos con la posici\u00f3n y, si bien podr\u00edamos implementar ciertas operaciones de cobertura, queremos esperar a tener m\u00e1s informaci\u00f3n, fundamentalmente de la marcha de los resultados empresariales, para tomar cualquier decisi\u00f3n.<\/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>Semanas de transici\u00f3n mientras reunimos toda la informaci\u00f3n relativa a la direcci\u00f3n de la pol\u00edtica monetaria y resultados empresariales.<\/p>\n","protected":false},"author":4,"featured_media":30824,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[12],"tags":[559,2190,2436,2720,3726,4484,4997,5291,5642,5656,5761,5796],"class_list":["post-30760","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tressis-gestion","tag-bce","tag-economias-europeas","tag-escenario-monetario","tag-fed","tag-jerome-powell","tag-normalizacion-monetaria","tag-politica-monetaria","tag-proyectos-de-inversion","tag-renta-variable","tag-rentabilidad","tag-reserva-federal","tag-resultados-empresariales"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Comentario semanal. 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