{"id":79872,"date":"2024-04-05T12:23:40","date_gmt":"2024-04-05T10:23:40","guid":{"rendered":"https:\/\/www.tressis.com\/?p=79872"},"modified":"2024-04-08T10:25:26","modified_gmt":"2024-04-08T08:25:26","slug":"trimestre-excepcional-para-la-renta-variable","status":"publish","type":"post","link":"https:\/\/www.tressis.com\/ca\/blog\/trimestre-excepcional-para-la-renta-variable\/","title":{"rendered":"Trimestre excepcional para la renta variable"},"content":{"rendered":"<p><iframe style=\"border-radius:12px\" src=\"https:\/\/open.spotify.com\/embed\/episode\/1y43fedH4o1B3cIfkJU0sl?utm_source=generator\" width=\"100%\" height=\"152\" frameBorder=\"0\" allowfullscreen=\"\" allow=\"autoplay; clipboard-write; encrypted-media; fullscreen; picture-in-picture\" loading=\"lazy\"><\/iframe><\/p>\n<p>&nbsp;<\/p>\n<p>Cerramos otro trimestre excepcional para la renta variable, que nos confirma la <strong>mejora en el apetito por el riesgo y el buen tono para las bolsas<\/strong> desde los m\u00ednimos de octubre del a\u00f1o pasado. La inercia es positiva, estamos claramente en un mercado alcista, pero es cierto que cada vez surgen m\u00e1s dudas sobre futuras alzas y sobre todo si estamos entrando en territorio de complacencia. Que siempre suele ser motivo de alguna correcci\u00f3n.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>M\u00e1ximos en la bolsa<\/strong><\/h2>\n<p>Los principales \u00edndices norteamericanos se encuentran en m\u00e1ximos hist\u00f3ricos, mientras los europeos se sit\u00faan en niveles no vistos en 25 a\u00f1os. Tanto el S&#038;P 500 como el Eurostoxx 50 acumulan retornos superiores al 25% desde los m\u00ednimos de octubre, apenas cinco meses.<\/p>\n<p>&nbsp;<\/p>\n<p>De momento, los principales indicadores de sentimiento no muestran datos extremos, pero tendremos que ir monitoriz\u00e1ndolos. En el caso de la ratio <i>put\/call<\/i>, que mide el volumen de compra respecto al de venta en el mercado de opciones, ha bajado hasta niveles no vistos desde 2021. Esto nos muestra que <strong>el mercado est\u00e1 muy positivo<\/strong> y hace que las opciones de venta ganen atractivo como cobertura.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Sectores e industrias<\/strong><\/h2>\n<p>Si analizamos el comportamiento por sectores e industrias, estamos disfrutando de una <strong>subida bastante m\u00e1s coral en Estados Unidos que en Europa<\/strong>. Justo lo contrario a lo que vimos en 2023. Aunque, en este caso, los servicios de comunicaci\u00f3n y tecnolog\u00eda repiten como ganadores. En Europa, como dec\u00eda, ha habido m\u00e1s dispersi\u00f3n en las rentabilidades y las subidas han estado lideradas por grandes compa\u00f1\u00edas como ASML, <a href=\"https:\/\/www.lvmh.com\/\" rel=\"noopener\" target=\"_blank\">LVMH<\/a>, SAP, <a href=\"https:\/\/www.se.com\/es\/es\/\" rel=\"noopener\" target=\"_blank\">Schneider Electric<\/a> o <a href=\"https:\/\/www.novonordisk.es\/\" rel=\"noopener\" target=\"_blank\">Novo Nordisk<\/a>, entre otras.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>La nota negativa en ambas geograf\u00edas est\u00e1 viniendo por el lado m\u00e1s defensivo<\/strong>, en especial los servicios p\u00fablicos y el consumo b\u00e1sico. Dos sectores que est\u00e1n muy ligados a los tipos de inter\u00e9s. Suelen ser negocios con bastante deuda y con ingresos que, aunque tienden a ser recurrentes, en muchos casos no presentan apenas crecimientos. Entonces tipos de inter\u00e9s altos significa acceso a deuda m\u00e1s cara, peores refinanciaciones y mayores intereses. Por eso se han quedado atr\u00e1s con los cambios en las expectativas sobre los bancos centrales.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Pol\u00edtica monetaria<\/strong><\/h2>\n<p>El mayor desaf\u00edo estos pr\u00f3ximos meses va a ser c\u00f3mo se adec\u00faa la pol\u00edtica monetaria una vez <strong>los inversores ya descuentan bajadas de tipos<\/strong>. En los \u00faltimos meses hemos pasado de esperar seis bajadas a situarnos entre dos y tres para 2024, tanto en Europa como en Estados Unidos. Esto obviamente tiene un impacto en los bonos y, con ello, en la renta variable.<\/p>\n<p>&nbsp;<\/p>\n<p>Lo que sabemos es que hist\u00f3ricamente, el periodo que va desde la \u00faltima subida de tipos hasta la primera bajada tiende a ser muy positivo para las bolsas. Tal y como hemos visto desde julio del a\u00f1o pasado \u2014momento en el que la Reserva Federal paus\u00f3 su pol\u00edtica monetaria\u2014. Sin embargo, si hacemos el mismo ejercicio, pero inmediatamente despu\u00e9s de la primera bajada, vemos que en la mayor\u00eda de los casos viene acompa\u00f1ada de una recesi\u00f3n econ\u00f3mica. Y con ella, ca\u00eddas pronunciadas en \u00edndices y sectores. La \u00fanica excepci\u00f3n ser\u00eda el periodo de 1995. Por eso la preocupaci\u00f3n de los inversores no deber\u00eda estar en si los tipos bajar\u00e1n antes o despu\u00e9s, sino cu\u00e1les son los motivos que hay detr\u00e1s.<\/p>\n<p>&nbsp;<\/p>\n<p>As\u00ed que, en este contexto, nos mantenemos positivos, pero sin olvidar los desaf\u00edos que tenemos encima de la mesa en cuanto a inflaci\u00f3n, pol\u00edtica monetaria y geopol\u00edtica.<\/p>\n<p>&nbsp;<\/p>\n<p><center><a href=\"https:\/\/www.tressis.com\/landing\/campana\/tressis-vision\/index.html?utm_campaign=descarga_paper&amp;utm_medium=blog_trimestre-excepcional-renta-variable&amp;utm_source=tressisvision\" target=\"_blank\" rel=\"noopener\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-67199 size-full\" src=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2023\/03\/CTA-Tressis-vision-para-articulos-blog.jpg\" alt=\"Informe mensual - Tressis visi\u00f3n\" width=\"800\" height=\"354\" srcset=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2023\/03\/CTA-Tressis-vision-para-articulos-blog.jpg 800w, https:\/\/www.tressis.com\/wp-content\/uploads\/2023\/03\/CTA-Tressis-vision-para-articulos-blog-300x133.jpg 300w, https:\/\/www.tressis.com\/wp-content\/uploads\/2023\/03\/CTA-Tressis-vision-para-articulos-blog-768x340.jpg 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/a><\/center><\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Carteras y productos de Tressis<\/strong><\/h2>\n<p>Las carteras y productos de renta variable cerraron el trimestre con rentabilidades por encima del 11% en <a href=\"https:\/\/www.tressis.com\/seguros-ahorro-inversion\/\" target=\"_blank\" rel=\"noopener\">Cartera Activa UL<\/a>, del 15% en las <a href=\"https:\/\/www.tressis.com\/gestion-de-carteras\/renta-variable\/\" target=\"_blank\" rel=\"noopener\">carteras gestionadas<\/a> de acciones; y por encima del 8% en nuestro <a href=\"https:\/\/www.tressis.com\/planes-pensiones\/\" target=\"_blank\" rel=\"noopener\">Plan de Pensiones Crecimiento<\/a>, que tiene en torno a un 15% de renta fija. Todos ellos por encima de sus respectivas referencias. Compa\u00f1\u00edas como AMD, Celsius, ASML, <a href=\"https:\/\/www.ferrari.com\/es-ES\" rel=\"noopener\" target=\"_blank\">Ferrari<\/a> o <a href=\"https:\/\/www.airbus.com\/en\" rel=\"noopener\" target=\"_blank\">Airbus<\/a> han tenido un comportamiento excelente.<\/p>\n<p>&nbsp;<\/p>\n<p>No hemos hecho grandes cambios a nivel sectorial y geogr\u00e1fico, m\u00e1s all\u00e1 de alg\u00fan nombre espec\u00edfico, y mantenemos un nivel de exposici\u00f3n a renta variable similar. Seguimos apostando por semiconductores, computaci\u00f3n en la nube, lujo, ocio, eficiencia energ\u00e9tica o consumo b\u00e1sico de nicho, entre otras tem\u00e1ticas.<\/p>\n<p>&nbsp;<\/p>\n<p><center><strong>V\u00edctor \u00c1lvarez Sanz<\/strong><br \/>\nResponsable de renta variable <\/center><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Cerramos otro trimestre excepcional para la renta variable, que nos confirma la mejora en el apetito por el riesgo y el buen tono para las bolsas desde los m\u00ednimos de octubre del a\u00f1o pasado. La inercia es positiva, estamos claramente en un mercado alcista, pero es cierto que cada vez surgen m\u00e1s dudas sobre [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":79937,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8554],"tags":[121,8910,9129,508,658,721,9531,1059,9533,9529,1947,9534,3001,8998,8904,9532,4997,8970,5642,9147,9530,6617],"class_list":["post-79872","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analisis-e-inversiones","tag-airbus","tag-amd","tag-asml","tag-bancos-centrales","tag-bolsas","tag-bonos","tag-cartera-activa-ul","tag-carteras-gestionadas","tag-celsius","tag-comunicacion-y-tecnologia","tag-deuda","tag-ferrari","tag-geopolitica","tag-lvmh","tag-novo-nordisk","tag-plan-de-pensiones-crecimiento","tag-politica-monetaria","tag-recesion-economica","tag-renta-variable","tag-sap","tag-schneider-electric","tag-tipos-de-interes"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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