{"id":628,"date":"2022-04-05T12:58:54","date_gmt":"2022-04-05T12:58:54","guid":{"rendered":"https:\/\/ginvest.es\/\/visio-de-mercat-abril-2022\/"},"modified":"2023-06-23T11:21:36","modified_gmt":"2023-06-23T11:21:36","slug":"vision-de-mercado-abril-2022","status":"publish","type":"post","link":"https:\/\/ginvest.es\/ca\/vision-de-mercado-abril-2022\/","title":{"rendered":"Visi\u00f3n de mercado abril 2022"},"content":{"rendered":"

Durante este mes de marzo, la guerra ha seguido siendo el catalizador central de los movimientos de mercado, pero hay otros dos hechos importantes que no debemos subestimar:<\/p>\n

\u2013 La subida de tipos de inter\u00e9s y la retirada de est\u00edmulos monetarios en EEUU que ya ha comenzado y que deberemos ir siguiendo.<\/p>\n

\u2013 El cierre de la provincia de Shenzhen y Shanghai en China, por un brote de Covid que comportar\u00e1 m\u00e1s disrupci\u00f3n en la oferta e incremento en los costes de producci\u00f3n.<\/p>\n

Llevamos ya un mes de guerra, con la inestabilidad e incertidumbre que esto comporta.<\/p>\n

Sin embargo, durante este mes las bolsas en global han vuelto a los niveles previos a la guerra y las materias primas y la energ\u00eda aceleraron su subida. Por otro lado, la renta fija no funcion\u00f3 como activo refugio, y tampoco el d\u00f3lar.<\/p>\n

La guerra ha tra\u00eddo subidas significativas en el precio del gas, petr\u00f3leo, metales y cereales, que se est\u00e1n traduciendo en disrupci\u00f3n en la oferta de algunas materias primas. Adem\u00e1s, la guerra tambi\u00e9n ha acelerado la inflaci\u00f3n con el consiguiente efecto que puede tener en el crecimiento, al reducir la renta disponible de las familias e incrementar los costes de las empresas, con Europa como \u00e1rea m\u00e1s afectada.<\/p>\n

Sin embargo, deberemos esperar a que la situaci\u00f3n se estabilice para poder ver cu\u00e1les son las consecuencias reales. Hasta entonces, la volatilidad e incertidumbre continuar\u00e1n.<\/p>\n

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

Ante esta situaci\u00f3n, nuestra cartera estrat\u00e9gica est\u00e1 implementada para hacer frente a las alzas de la inflaci\u00f3n y a la volatilidad impl\u00edcita actual, v\u00eda:<\/p>\n

En la parte de Renda Fixa<\/strong> centrados en bajas duraciones, bonos flotantes y alg\u00fan fondo m\u00e1s oportun\u00edstico para hacer frente a estas subidas de inflaci\u00f3n. Este mes hemos incorporado el fondo alternativo DNCA Alpha Bond, fondo que se ha comportado de manera excelente en este entorno de subida de tipos y que nos aportar\u00e1 descorrelaci\u00f3n a la cartera.<\/p>\n

A Renda Variable<\/strong> este mes hemos reducido la exposici\u00f3n en Europa, regi\u00f3n m\u00e1s afectada por la guerra. En cambio, continuamos sobreponderados en Asia y Jap\u00f3n, zonas m\u00e1s aisladas del conflicto y que aportan m\u00e1s estabilidad a la cartera en estos momentos de incertidumbre. En cuanto a la tipolog\u00eda, preferimos fondos invertidos en compa\u00f1\u00edas de calidad y con 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>","protected":false},"excerpt":{"rendered":"

Durant aquest mes de mar\u00e7, la guerra ha continuat sent el catalitzador central dels moviments de mercat, per\u00f2 hi ha…<\/p>","protected":false},"author":21,"featured_media":629,"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-628","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sin-categorizar"],"acf":[],"yoast_head":"\nVisi\u00f3n de mercado abril 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\/vision-de-mercado-abril-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 abril 2022 - 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