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¿Estamos ante un cambio de ciclo en los mercados? Evento Bilbao

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¿Estamos ante un cambio de ciclo en los mercados? Evento Bilbao con Vontobel, Carmignac y Fidelity

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¿Estamos ante un cambio de ciclo en los mercados? Evento Bilbao

  1. 1. V O N T O B E L – F I D E L I T Y - C A R M I G N A C ¿ESTAMOS ANTE UN CAMBIO DE CICLO EN LOS MERCADOS?
  2. 2. J O R N A D A S O B R E F O N D O S D E I N V E R S I Ó N – B I L B A O , 1 0 N O V I E M B R E
  3. 3. J O R N A D A S O B R E F O N D O S D E I N V E R S I Ó N – B I L B A O , 1 0 N O V I E M B R E
  4. 4. ¿Qué espera Vontobel de la renta variable? J O R N A D A S O B R E F O N D O S D E I N V E R S I Ó N – B I L B A O , 1 0 N O V I E M B R E TAL Y COMO ELLOS DICEN…. Si no estais confusos es que no entendéis la economía. — Charlie Munger “ “ Estamos en un mundo que Charlie y yo no entendemos muy bien. — Warren Buffett “ “
  5. 5. J O R N A D A S O B R E F O N D O S D E I N V E R S I Ó N – B I L B A O , 1 0 N O V I E M B R E LAS VALORACIONES DE MERCADO SON ATRACTIVAS EN EL SEGMENTO EUROPEO DE EMISIONES CORPORATIVAS Source: Barclays / Vontobel El Spread de las emisiones Mid Yield es de 164 puntos básicos lo cual lo hace tremendamente atractivo en un escenario de crecimiento lento y tipos bajos Current Mid Yield OAS 164 bp !
  6. 6. J O R N A D A S O B R E F O N D O S D E I N V E R S I Ó N – B I L B A O , 1 0 N O V I E M B R E Fuente: Fidelity Solutions. Esta asignación constituye la opinión del equipo de Fidelity Solutions con datos de noviembre de 2015. Posiciones inviduales de los fondos podrían variar. Reloj de la Inversión de Fidelity
 Asignación de activos + + + = - - - Clases de activos Renta variable Materias primas Bonos   Inmuebles Regiones Japón   Europa ex Reino Unido   Reino Unido Estados Unidos Asia Pacífico Mercados Emergentes Sectores Energy   Tecnología   Salud     Finanzas   Industria   Materiales Consumo Discrecional   Servicios Públicos Consumo básico Divisas Dólar americano Dólar canadiense Yen japonés Libra esterlina Euro   Dólar australiano Franco suizo
  7. 7. ¿Qué espera Carmignac de la renta variable? J O R N A D A S O B R E F O N D O S D E I N V E R S I Ó N – B I L B A O , 1 0 N O V I E M B R E Los  mercados  son  adictos  al  QE,  que  a  su  vez  es  adicto  a  los  mercados “Bad  news  is  good  news”...  hasta  ahora... Source  :  Bloomberg,  13/10/2015
  8. 8. ¿Qué espera Carmignac de la renta variable? J O R N A D A S O B R E F O N D O S D E I N V E R S I Ó N – B I L B A O , 1 0 N O V I E M B R E El  QE  no  ha  mejorado  el  beneficio  de  las  empresas  ni  la  renta  de  los  hogares Wall  Street  vs  Main  Street Source  :  Carmignac,  CEIC,  16/06/2015
  9. 9. J O R N A D A S O B R E F O N D O S D E I N V E R S I Ó N – B I L B A O , 1 0 N O V I E M B R E Las gestoras de fondos responden … ¿Cómo se define un perfil de riesgo conservador, moderado o agresivo? ¿Esperáis que la volatilidad en los mercados se mantenga? ¿Qué hacer cuando EEUU suba tipos de interés? ¿Qué horizonte temporal tienen las carteras de fondos de inversión? ¿Cuánta liquidez debería tener en mi cartera? … ¿Rebote o continuación de los mercados alcistas? Eurostoxx 50 Rentabilidad en el mes de octubre: 10,24% Dax 30 Rentabilidad en el mes de octubre: 14,10% Ibex 35 Rentabilidad en el mes de octubre: 8,28% S&P 500 Rentabilidad en el mes de octubre: 8,08%
  10. 10. ¿Qué fondos de inversión debería tener en cartera? Fondo Categoría Rentabilidad anualizada a 3 años Carmignac Patrimoine Mixtos Moderados EUR - Global 4,38% Carmignac Sécurité RF Diversificada Corto Plazo EUR 2,12% Carmignac Emergents RV Global Emergentes 3,63% * Rentabilidades pasadas no garantizan rentabilidades futuras. Rentabilidad a fecha 6/11/2015. ** Rentabilidad a un año acumulada. J O R N A D A S O B R E F O N D O S D E I N V E R S I Ó N – B I L B A O , 1 0 N O V I E M B R E
  11. 11. ¿Qué fondos de inversión debería tener en cartera? * Rentabilidades pasadas no garantizan rentabilidades futuras. Rentabilidad a fecha 6/11/2015. ** Rentabilidad a un año acumulada. J O R N A D A S O B R E F O N D O S D E I N V E R S I Ó N – B I L B A O , 1 0 N O V I E M B R E Fondo Categoría Rentabilidad anualizada a 3 años Fidelity Global Multi Asset Income Fund Mixtos Moderados EUR - Global 12,43%** Fidelity Global Dividend Fund RV Global - USD Alto Dividendo 17,30% Fidelity America Fund RV USA Cap Grande 24,35%
  12. 12. ¿Qué fondos de inversión debería tener en cartera? * Rentabilidades pasadas no garantizan rentabilidades futuras. Rentabilidad a fecha 6/11/2015. ** Rentabilidad a un año acumulada. J O R N A D A S O B R E F O N D O S D E I N V E R S I Ó N – B I L B A O , 1 0 N O V I E M B R E Fondo Categoría Rentabilidad anualizada a 3 años Vontobel Fund - EUR Corporate Bond Mid Yield B EUR RF Deuda Corporativa EUR 5,43% Vontobel Fund - High Yield Bond B EUR RF Bonos Alto Rendimiento Global - EUR Cubierto 4,58% Vontobel Fund - European Equity B EUR RV Europa Cap. Grande Growth 12,25%
  13. 13. ¿PREGUNTAS?

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