<\/p>\n
\u2013 La tornada abrupta de la inflaci\u00f3 i la fi de la pol\u00edtica de tipus d\u2019inter\u00e8s baixos o incl\u00fas negatius.<\/p>\n
\u2013 L\u2019esclat d\u2019una guerra a Europa que ha agreujat la crisi energ\u00e8tica i ha derivat en un increment de la incertesa geopol\u00edtica.<\/p><\/blockquote>\n
Les dades del mes de Desembre ofereixen noves oportunitats per l\u2019inici del 2023:<\/p>\n
En primer lloc, la inflaci\u00f3 sembla que va tocant sostre als EUA. Encara que, segueixen amb un mercat laboral fort i la FED nom\u00e9s ha pujat els tipus d\u2019inter\u00e8s 50 punts b\u00e0sics, fins a situar-los en el 4,5% aquest mes de desembre. A m\u00e9s, tamb\u00e9 va anunciar un alentiment en el ritme i magnitud de pujades. D\u2019aquesta manera, s\u2019espera que s\u2019incrementin fins al 5% durant el primer trimestre del 2023.<\/p>\n
Tanmateix, la preocupaci\u00f3 va passar de centrar-se en la inflaci\u00f3 a centrar-se en el creixement, a causa de l\u2019anunci de retallades en costos i acomiadaments de personal, per part de grans i conegudes empreses.<\/p>\n
D\u2019altra banda, la finalitzaci\u00f3 de la pol\u00edtica de Covid 0 a la Xina per a fomentar el creixement. \u00c9s una dada molt positiva per a la regi\u00f3 perqu\u00e8 comportar\u00e0 una certa relaxaci\u00f3 geopol\u00edtica encara que, inicialment, podria causar una certa disrupci\u00f3 per l\u2019increment d\u2019infeccions que es preveu.<\/p>\n
\nCONSEQ\u00dc\u00c8NCIES EN ELS MERCATS FINANCERS<\/h5>\n
Davant aquesta situaci\u00f3 els mercats financers van reaccionar corregint part de les significatives pujades aconseguides durant el mes de Novembre:<\/p>\n
\u2013 Renda Fixa
\nLa Renda Fixa Governamental va corregir un -1,71% i la corporativa un -0,89% respectivament.<\/p>\n\u2013 Renda Variable
\nEn Renda Variable, el v\u00e8rtex emergent va ser el que menys va sofrir gr\u00e0cies, principalment, a les millors not\u00edcies publicades amb una caiguda del -2,33%. El v\u00e8rtex nordameric\u00e0 va tenir la caiguda m\u00e9s agreujada amb un -6,07%, penalitzat pels anuncis de retallades en les estimacions de beneficis d\u2019algunes empreses.<\/p>\nAquest entorn de canvi en l\u2019orientaci\u00f3 de la pol\u00edtica monet\u00e0ria de la FED, va afavorir la depreciaci\u00f3 del d\u00f2lar en un 2,79% contra l\u2019euro.<\/p>\n
<\/p>\n
\nPOSICIONAMENT ESTRAT\u00c8GIC DE LES NOSTRES CARTERES<\/h5>\n
Davant aquesta situaci\u00f3, la nostra cartera estrat\u00e8gica, continua implementada per a fer front a una inflaci\u00f3 persistent amb un menor creixement, via:<\/p>\n
\u2013 Renda Fixa
\nEn la part de Renda Fixa Corporativa continuem centrats en baixes durades, bons flotants i algun fons m\u00e9s oportunistic mentre mantenim una alta qualitat credit\u00edcia davant el menor creixement esperat.<\/p>\nT\u00e0cticament, en Renda Fixa Governs, continuem centrats en fons invertits als EUA amb durades m\u00e9s llargues perqu\u00e8 la FED sembla haver aconseguit assentar les expectatives d\u2019inflaci\u00f3.<\/p>\n
\n\u2013 Renda Variable
\nContinuem infraponderats mentre mantenim la cautela en aquest actiu. Les expectatives de beneficis encara no descompten completament els riscos per al creixement. Estar diversificats \u00e9s la clau per a aportar m\u00e9s estabilitat a la cartera en aquests moments d\u2019incertesa.<\/p>\nQuant a tipologia, preferim fons invertits en companyies de qualitat i amb poder de fixaci\u00f3 de preus per a poder traspassar l\u2019increment de preus al client final, amb una visi\u00f3 m\u00e9s a llarg termini o fons amb creixements estables i sostinguts. Com serien, per exemple, els sectors defensius.<\/p>\n
D\u2019altra banda, estar diversificats en diferents \u00e0rees geogr\u00e0fiques ens aporta descorrelaci\u00f3 a la cartera.<\/p>\n
Finalment, aquest mes, es va continuar incrementant la durada en les carteres via l\u2019entrada d\u2019un fons global de bons corporatius investment grade amb major durada.<\/p>\n
<\/p>\n
<\/p>\n
_
\nGinvest AM<\/p>\n<\/p>\n
<\/p>\n
<\/p>","protected":false},"excerpt":{"rendered":"
Desembre ha sigut un mes clarament marcat per: – La tornada abrupta de la inflaci\u00f3 i la fi de la…<\/p>","protected":false},"author":21,"featured_media":24344,"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-24691","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sin-categorizar"],"acf":[],"yoast_head":"\n
Visi\u00f3 de mercat \u2013 gener - 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\/eus\/visio-de-mercat-gener\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Visi\u00f3 de mercat \u2013 gener - GINVEST\" \/>\n<meta property=\"og:description\" content=\"Desembre ha sigut un mes clarament marcat per: - La tornada abrupta de la inflaci\u00f3 i la fi de la...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ginvest.es\/eus\/visio-de-mercat-gener\/\" \/>\n<meta property=\"og:site_name\" content=\"GINVEST\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-01T21:09:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-23T09:43:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ginvest.es\/wp-content\/uploads\/2023\/01\/mercats-desembre22.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"450\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ginvest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ginvestam\" \/>\n<meta name=\"twitter:site\" content=\"@ginvestam\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ginvest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutua\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ginvest.es\/ca\/visio-de-mercat-gener\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/ginvest.es\/ca\/visio-de-mercat-gener\/\"},\"author\":{\"name\":\"Ginvest\",\"@id\":\"https:\/\/ginvest.es\/#\/schema\/person\/b8cc89243d6fc3d2afcbc51dc1ffdc5d\"},\"headline\":\"Visi\u00f3 de mercat \u2013 gener\",\"datePublished\":\"2023-01-01T21:09:31+00:00\",\"dateModified\":\"2023-06-23T09:43:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ginvest.es\/ca\/visio-de-mercat-gener\/\"},\"wordCount\":598,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ginvest.es\/#organization\"},\"image\":{\"@id\":\"https:\/\/ginvest.es\/ca\/visio-de-mercat-gener\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/ginvest.es\/wp-content\/uploads\/2023\/01\/mercats-desembre22.jpg\",\"articleSection\":[\"Sin categorizar\"],\"inLanguage\":\"eu\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ginvest.es\/ca\/visio-de-mercat-gener\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ginvest.es\/ca\/visio-de-mercat-gener\/\",\"url\":\"https:\/\/ginvest.es\/ca\/visio-de-mercat-gener\/\",\"name\":\"Visi\u00f3 de mercat \u2013 gener - GINVEST\",\"isPartOf\":{\"@id\":\"https:\/\/ginvest.es\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/ginvest.es\/ca\/visio-de-mercat-gener\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/ginvest.es\/ca\/visio-de-mercat-gener\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/ginvest.es\/wp-content\/uploads\/2023\/01\/mercats-desembre22.jpg\",\"datePublished\":\"2023-01-01T21:09:31+00:00\",\"dateModified\":\"2023-06-23T09:43:53+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/ginvest.es\/ca\/visio-de-mercat-gener\/#breadcrumb\"},\"inLanguage\":\"eu\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ginvest.es\/ca\/visio-de-mercat-gener\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"eu\",\"@id\":\"https:\/\/ginvest.es\/ca\/visio-de-mercat-gener\/#primaryimage\",\"url\":\"https:\/\/ginvest.es\/wp-content\/uploads\/2023\/01\/mercats-desembre22.jpg\",\"contentUrl\":\"https:\/\/ginvest.es\/wp-content\/uploads\/2023\/01\/mercats-desembre22.jpg\",\"width\":600,\"height\":450},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ginvest.es\/ca\/visio-de-mercat-gener\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Portada\",\"item\":\"https:\/\/ginvest.es\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Visi\u00f3 de mercat \u2013 gener\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ginvest.es\/#website\",\"url\":\"https:\/\/ginvest.es\/\",\"name\":\"GINVEST\",\"description\":\"Gestora de fondos de inversi\u00f3n\",\"publisher\":{\"@id\":\"https:\/\/ginvest.es\/#organization\"},\"alternateName\":\"GINVEST\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ginvest.es\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"eu\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ginvest.es\/#organization\",\"name\":\"Ginvest Asset Management SGIIC, SA\",\"alternateName\":\"GINVEST\",\"url\":\"https:\/\/ginvest.es\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"eu\",\"@id\":\"https:\/\/ginvest.es\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ginvest.es\/wp-content\/uploads\/2023\/06\/logo700x700.png\",\"contentUrl\":\"https:\/\/ginvest.es\/wp-content\/uploads\/2023\/06\/logo700x700.png\",\"width\":700,\"height\":700,\"caption\":\"Ginvest Asset Management SGIIC, SA\"},\"image\":{\"@id\":\"https:\/\/ginvest.es\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/x.com\/ginvestam\",\"https:\/\/es.linkedin.com\/company\/ginvestam\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/ginvest.es\/#\/schema\/person\/b8cc89243d6fc3d2afcbc51dc1ffdc5d\",\"name\":\"Ginvest\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"eu\",\"@id\":\"https:\/\/ginvest.es\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/d4e7588b90d03a66a8bfa4fb10dd2c0ff00e5b819408f81c3714506b68e3e96b?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/d4e7588b90d03a66a8bfa4fb10dd2c0ff00e5b819408f81c3714506b68e3e96b?s=96&d=mm&r=g\",\"caption\":\"Ginvest\"},\"description\":\"Expertos en gesti\u00f3n patrimonial\",\"url\":\"https:\/\/ginvest.es\/eus\/author\/ginvest\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Visi\u00f3 de mercat \u2013 gener - GINVEST","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ginvest.es\/eus\/visio-de-mercat-gener\/","og_locale":"en_US","og_type":"article","og_title":"Visi\u00f3 de mercat \u2013 gener - GINVEST","og_description":"Desembre ha sigut un mes clarament marcat per: - La tornada abrupta de la inflaci\u00f3 i la fi de la...","og_url":"https:\/\/ginvest.es\/eus\/visio-de-mercat-gener\/","og_site_name":"GINVEST","article_published_time":"2023-01-01T21:09:31+00:00","article_modified_time":"2023-06-23T09:43:53+00:00","og_image":[{"width":600,"height":450,"url":"https:\/\/ginvest.es\/wp-content\/uploads\/2023\/01\/mercats-desembre22.jpg","type":"image\/jpeg"}],"author":"Ginvest","twitter_card":"summary_large_image","twitter_creator":"@ginvestam","twitter_site":"@ginvestam","twitter_misc":{"Written by":"Ginvest","Est. reading time":"3 minutua"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ginvest.es\/ca\/visio-de-mercat-gener\/#article","isPartOf":{"@id":"https:\/\/ginvest.es\/ca\/visio-de-mercat-gener\/"},"author":{"name":"Ginvest","@id":"https:\/\/ginvest.es\/#\/schema\/person\/b8cc89243d6fc3d2afcbc51dc1ffdc5d"},"headline":"Visi\u00f3 de mercat \u2013 gener","datePublished":"2023-01-01T21:09:31+00:00","dateModified":"2023-06-23T09:43:53+00:00","mainEntityOfPage":{"@id":"https:\/\/ginvest.es\/ca\/visio-de-mercat-gener\/"},"wordCount":598,"commentCount":0,"publisher":{"@id":"https:\/\/ginvest.es\/#organization"},"image":{"@id":"https:\/\/ginvest.es\/ca\/visio-de-mercat-gener\/#primaryimage"},"thumbnailUrl":"https:\/\/ginvest.es\/wp-content\/uploads\/2023\/01\/mercats-desembre22.jpg","articleSection":["Sin categorizar"],"inLanguage":"eu","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ginvest.es\/ca\/visio-de-mercat-gener\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ginvest.es\/ca\/visio-de-mercat-gener\/","url":"https:\/\/ginvest.es\/ca\/visio-de-mercat-gener\/","name":"Visi\u00f3 de mercat \u2013 gener - GINVEST","isPartOf":{"@id":"https:\/\/ginvest.es\/#website"},"primaryImageOfPage":{"@id":"https:\/\/ginvest.es\/ca\/visio-de-mercat-gener\/#primaryimage"},"image":{"@id":"https:\/\/ginvest.es\/ca\/visio-de-mercat-gener\/#primaryimage"},"thumbnailUrl":"https:\/\/ginvest.es\/wp-content\/uploads\/2023\/01\/mercats-desembre22.jpg","datePublished":"2023-01-01T21:09:31+00:00","dateModified":"2023-06-23T09:43:53+00:00","breadcrumb":{"@id":"https:\/\/ginvest.es\/ca\/visio-de-mercat-gener\/#breadcrumb"},"inLanguage":"eu","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ginvest.es\/ca\/visio-de-mercat-gener\/"]}]},{"@type":"ImageObject","inLanguage":"eu","@id":"https:\/\/ginvest.es\/ca\/visio-de-mercat-gener\/#primaryimage","url":"https:\/\/ginvest.es\/wp-content\/uploads\/2023\/01\/mercats-desembre22.jpg","contentUrl":"https:\/\/ginvest.es\/wp-content\/uploads\/2023\/01\/mercats-desembre22.jpg","width":600,"height":450},{"@type":"BreadcrumbList","@id":"https:\/\/ginvest.es\/ca\/visio-de-mercat-gener\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Portada","item":"https:\/\/ginvest.es\/"},{"@type":"ListItem","position":2,"name":"Visi\u00f3 de mercat \u2013 gener"}]},{"@type":"WebSite","@id":"https:\/\/ginvest.es\/#website","url":"https:\/\/ginvest.es\/","name":"GINVEST","description":"Gestora de fondos de inversi\u00f3n","publisher":{"@id":"https:\/\/ginvest.es\/#organization"},"alternateName":"GINVEST","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ginvest.es\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"eu"},{"@type":"Organization","@id":"https:\/\/ginvest.es\/#organization","name":"Ginvest Asset Management SGIIC, SA","alternateName":"GINVEST","url":"https:\/\/ginvest.es\/","logo":{"@type":"ImageObject","inLanguage":"eu","@id":"https:\/\/ginvest.es\/#\/schema\/logo\/image\/","url":"https:\/\/ginvest.es\/wp-content\/uploads\/2023\/06\/logo700x700.png","contentUrl":"https:\/\/ginvest.es\/wp-content\/uploads\/2023\/06\/logo700x700.png","width":700,"height":700,"caption":"Ginvest Asset Management SGIIC, SA"},"image":{"@id":"https:\/\/ginvest.es\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/x.com\/ginvestam","https:\/\/es.linkedin.com\/company\/ginvestam"]},{"@type":"Person","@id":"https:\/\/ginvest.es\/#\/schema\/person\/b8cc89243d6fc3d2afcbc51dc1ffdc5d","name":"Ginvest","image":{"@type":"ImageObject","inLanguage":"eu","@id":"https:\/\/ginvest.es\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/d4e7588b90d03a66a8bfa4fb10dd2c0ff00e5b819408f81c3714506b68e3e96b?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/d4e7588b90d03a66a8bfa4fb10dd2c0ff00e5b819408f81c3714506b68e3e96b?s=96&d=mm&r=g","caption":"Ginvest"},"description":"Expertos en gesti\u00f3n patrimonial","url":"https:\/\/ginvest.es\/eus\/author\/ginvest\/"}]}},"_links":{"self":[{"href":"https:\/\/ginvest.es\/eus\/wp-json\/wp\/v2\/posts\/24691","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ginvest.es\/eus\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ginvest.es\/eus\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ginvest.es\/eus\/wp-json\/wp\/v2\/users\/21"}],"replies":[{"embeddable":true,"href":"https:\/\/ginvest.es\/eus\/wp-json\/wp\/v2\/comments?post=24691"}],"version-history":[{"count":1,"href":"https:\/\/ginvest.es\/eus\/wp-json\/wp\/v2\/posts\/24691\/revisions"}],"predecessor-version":[{"id":24701,"href":"https:\/\/ginvest.es\/eus\/wp-json\/wp\/v2\/posts\/24691\/revisions\/24701"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ginvest.es\/eus\/wp-json\/wp\/v2\/media\/24344"}],"wp:attachment":[{"href":"https:\/\/ginvest.es\/eus\/wp-json\/wp\/v2\/media?parent=24691"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ginvest.es\/eus\/wp-json\/wp\/v2\/categories?post=24691"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ginvest.es\/eus\/wp-json\/wp\/v2\/tags?post=24691"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}