{"id":25043,"date":"2022-05-06T15:49:25","date_gmt":"2022-05-06T15:49:25","guid":{"rendered":"https:\/\/ginvest.es\/\/visio-de-mercat-maig-2022\/"},"modified":"2023-06-23T10:30:07","modified_gmt":"2023-06-23T10:30:07","slug":"visio-de-mercat-maig-2022","status":"publish","type":"post","link":"https:\/\/ginvest.es\/ca\/visio-de-mercat-maig-2022\/","title":{"rendered":"Visi\u00f3 de mercat maig 2022"},"content":{"rendered":"<p>Durant aquest mes d\u2019abril, l\u2019abs\u00e8ncia d\u2019avan\u00e7os significatius al conflicte b\u00e8l\u00b7lic a Ucra\u00efna i els confinaments a la Xina, han continuat impactant al mercat energ\u00e8tic i de subministraments, afectant les perspectives econ\u00f2miques d\u2019algunes empreses. No obstant aix\u00f2, m\u00e9s d\u2019un 80% de les companyies del S&amp;P 500 que han publicat ja els seus resultats, han batut estimacions.<\/p>\n<p>El focus s\u2019ha tornat a centrar en els Bancs Centrals, els missatges d\u2019enduriment de pol\u00edtica monet\u00e0ria dels quals s\u2019estan trobant amb la publicaci\u00f3 de dades macroecon\u00f2miques que indiquen un refredament econ\u00f2mic a banda i banda de l\u2019Atl\u00e0ntic. A m\u00e9s s\u2019espera una nova pujada de tipus per a aquest pr\u00f2xim mes de maig als EUA.<\/p>\n<p>Tot aix\u00f2 s\u2019ha tradu\u00eft en caigudes als mercats financers tant de Renda Variable com de Renda Fixa. Nom\u00e9s algunes mat\u00e8ries primeres com el gas o els cereals van acabar en positiu, ja que la resta es van veure afectades per la menor activitat a la Xina a conseq\u00fc\u00e8ncia del confinament de part de la seva poblaci\u00f3.<\/p>\n<p>A m\u00e9s, el d\u00f2lar va continuar funcionant com a valor refugi, apreciant-se aquest mes un 4,72%.<\/p>\n<p>No obstant aix\u00f2, haurem d\u2019esperar que la situaci\u00f3 s\u2019estabilitzi per a poder veure quines s\u00f3n les conseq\u00fc\u00e8ncies reals. Fins llavors la volatilitat i incertesa continuaran.<\/p>\n<p>En aquests moments \u00e9s quan hem de recordar que la volatilitat \u00e9s intr\u00ednseca a qualsevol inversi\u00f3 i que aquesta genera rendibilitat en el llarg termini.<\/p>\n<p>Davant aquesta situaci\u00f3, la nostra cartera estrat\u00e8gica, est\u00e0 posicionada per a fer front a les alces de la inflaci\u00f3 i a la volatilitat impl\u00edcita actual, mitjan\u00e7ant:<\/p>\n<p>A la part de <strong>Renda Fixa<\/strong> centrats en baixes durades, bons flotants i algun fons m\u00e9s\u00a0oportun\u00edstics. Per exemple, el mes passat vam incorporar el fons alternatiu\u00a0<a href=\"https:\/\/ginvest.es\/ca\/dnca-alpha-bonds\/\">DNCA\u00a0Alpha\u00a0Bond<\/a>, fons que s\u2019ha comportat de manera excel\u00b7lent en aquest entorn de pujada de tipus, acabant el mes en positiu.<\/p>\n<p>A la <strong>Renda Variable<\/strong> continuem infraponderats en aquest actiu. Aqu\u00ed destaquem la bona evoluci\u00f3 d\u2019\u00c0sia i el Jap\u00f3, zones m\u00e9s a\u00efllades del conflicte b\u00e8l\u00b7lic i que aporten m\u00e9s estabilitat a la cartera en aquests moments d\u2019incertesa. En quant a tipologia, preferim fons invertits en companyies de qualitat i amb <a href=\"https:\/\/ginvest.es\/ca\/poder-de-fixacio-de-preus-per-que-ara-es-tan-important\/\">poder de fixaci\u00f3 de preus<\/a> per a poder traspassar l\u2019increment de preus al client final, amb una visi\u00f3 de llarg termini. A m\u00e9s, t\u00e0cticament per a aprofitar la situaci\u00f3 actual tamb\u00e9 estem invertits en fons m\u00e9s c\u00edclics i de valor.<\/p>\n<p>Respecte a la cartera, hem realitzat \u00fanicament un canvi. A la part\u00a0CORE\u00a0del v\u00e8rtex de Renda Variable EUA, aquella que ha de replicar al mercat americ\u00e0, hem incorporat un de gesti\u00f3 passiva o indexat a aquest mercat.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-63750\" src=\"https:\/\/ginvest.es\/\/wp-content\/uploads\/2023\/05\/Infografias-vert-12.jpg\" sizes=\"(max-width: 600px) 100vw, 600px\" srcset=\"https:\/\/ginvest.es\/\/wp-content\/uploads\/2023\/05\/Infografias-vert-12.jpg\" alt=\"\" width=\"600\" height=\"849\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>_<br \/>\nGinvest AM<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>Durant aquest mes d&#8217;abril, l&#8217;abs\u00e8ncia d&#8217;avan\u00e7os significatius al conflicte b\u00e8l\u00b7lic a Ucra\u00efna i els confinaments a la Xina, han continuat&#8230;<\/p>","protected":false},"author":21,"featured_media":24394,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-25043","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sin-categorizar"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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