{"id":586,"date":"2022-06-03T14:45:07","date_gmt":"2022-06-03T14:45:07","guid":{"rendered":"https:\/\/ginvest.es\/\/visio-de-mercat-juny-2022\/"},"modified":"2023-06-23T09:55:02","modified_gmt":"2023-06-23T09:55:02","slug":"visio-de-mercat-juny-2022","status":"publish","type":"post","link":"https:\/\/ginvest.es\/ca\/visio-de-mercat-juny-2022\/","title":{"rendered":"Visi\u00f3n de mercado junio 2022"},"content":{"rendered":"<p>La incertidumbre contin\u00faa marcando la <strong>evoluci\u00f3n de los mercados financieros<\/strong>: el conflicto b\u00e9lico y los confinamientos por Covid en China contin\u00faan provocando disrupci\u00f3n de oferta, alzas en los precios de las materias primas y, por consecuencia, inflaci\u00f3n elevada.<\/p>\n<p>A principios de mes, la Reserva Federal americana subi\u00f3 tipos de inter\u00e9s y anunci\u00f3 dos incrementos m\u00e1s para los pr\u00f3ximos meses. El Banco Central europeo, con menos margen de maniobra, subir\u00e1, previsiblemente en verano, 25 puntos b\u00e1sicos los tipos de inter\u00e9s.<\/p>\n<p>Todo ello est\u00e1 teniendo ya un impacto considerable en la renta disponible y en los costes de las empresas. Los \u00faltimos datos macroecon\u00f3micos publicados, as\u00ed lo empiezan a demostrar.<\/p>\n<p>A ambos lados del Atl\u00e1ntico la inflaci\u00f3n contin\u00faa disparada y el crecimiento se ha ralentizado, aunque en EEUU, tanto el gasto del consumidor como el mercado laboral contin\u00faan fuertes. En Europa estos dos indicadores son bastante m\u00e1s d\u00e9biles.<\/p>\n<p>&nbsp;<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"size-large wp-image-24829 aligncenter\" src=\"https:\/\/ginvest.es\/\/wp-content\/uploads\/2022\/06\/Infografias-vert-14-768x1086-1-724x1024.jpg\" alt=\"\" width=\"724\" height=\"1024\" srcset=\"https:\/\/ginvest.es\/\/wp-content\/uploads\/2022\/06\/Infografias-vert-14-768x1086-1-724x1024.jpg 724w, https:\/\/ginvest.es\/\/wp-content\/uploads\/2022\/06\/Infografias-vert-14-768x1086-1-480x679.jpg 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 724px, 100vw\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>En este entorno tan vol\u00e1til, los activos que mejor se comportaron fueron las materias primas y la renta fija, que hab\u00eda sido excesivamente castigada al descontar m\u00e1s subidas de tipos de inter\u00e9s de las que previsiblemente habr\u00e1. En cambio, la Renta Variable fue la m\u00e1s perjudicada, destacando sobre todo los mercados emergentes por la prolongaci\u00f3n y mayor extensi\u00f3n del confinamiento chino.<\/p>\n<p>Adem\u00e1s, en el mes de mayo, el d\u00f3lar se depreci\u00f3 un 1,79% despu\u00e9s de haber tocado m\u00ednimos no vistos desde el 2016.<\/p>\n<p>En estos momentos es cuando debemos recordar que la volatilidad es intr\u00ednseca a cualquier inversi\u00f3n y que \u00e9sta genera rentabilidad en el largo plazo.<\/p>\n<p>Ante esta situaci\u00f3n, nuestra<strong> cartera estrat\u00e9gica<\/strong>, est\u00e1 implementada para hacer frente a las alzas de la inflaci\u00f3n y a la volatilidad impl\u00edcita actual, a trav\u00e9s de:<\/p>\n<p>\u2013 En la parte de <strong>Renda Fixa <\/strong>estamos centrados en bajas duraciones, bonos flotantes y alg\u00fan fondo m\u00e1s oportun\u00edstico. T\u00e1cticamente, hemos introducido un par de fondos para que se beneficien del excesivo castigo que coment\u00e1bamos anteriormente.<\/p>\n<p>\u2013 En la parte de <strong>Renda Variable<\/strong> continuamos infra-ponderados. En estos momentos de incertidumbre, buscamos estar diversificados para aportar m\u00e1s estabilidad a la cartera. En cuanto a tipolog\u00eda, preferimos fondos invertidos en <strong>compa\u00f1\u00edas de calidad<\/strong> y con <a href=\"https:\/\/ginvest.es\/es\/poder-de-fijacion-de-precios-por-que-ahora-es-tan-importante\/\">poder de fijaci\u00f3n de precios<\/a> para poder traspasar el incremento de precios al cliente final, con una visi\u00f3n m\u00e1s a largo plazo. Adem\u00e1s, t\u00e1cticamente, para aprovechar la situaci\u00f3n actual, tambi\u00e9n estamos invertidos en fondos m\u00e1s c\u00edclicos y de valor.<\/p>\n<p>Concretamente este mes hemos incorporado en cartera, en este v\u00e9rtice t\u00e1ctico, un fondo australiano llamado<a href=\"https:\/\/ginvest.es\/es\/candriam-equities-australia\/\"><strong> Candriam Equities Australia<\/strong><\/a>, el cual se beneficia de I) la estabilidad econ\u00f3mica y pol\u00edtica del pa\u00eds, II) un sector minero en auge y con nuevas inversiones en marcha y III) de un sistema de fondos de pensiones de empleo que son grandes inversores y financiadores de las compa\u00f1\u00edas australianas. Adem\u00e1s, el alto dividendo pagado por sus empresas da m\u00e1s estabilidad y consistencia al fondo y, por consecuencia, a la cartera global.<\/p>","protected":false},"excerpt":{"rendered":"<p>La incertesa continua marcant l&#8217;evoluci\u00f3 dels mercats financers: el conflicte b\u00e8l\u00b7lic i els confinaments per Covid a la Xina continuen&#8230;<\/p>","protected":false},"author":21,"featured_media":587,"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-586","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 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Visi\u00f3n de mercado junio 2022 - GINVEST<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ginvest.es\/ca\/visio-de-mercat-juny-2022\/\" \/>\n<meta property=\"og:locale\" content=\"ca_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Visi\u00f3n de mercado junio 2022 - 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