{"id":513,"date":"2023-03-01T15:58:48","date_gmt":"2023-03-01T15:58:48","guid":{"rendered":"https:\/\/ginvest.es\/\/back-to-basics-active\/"},"modified":"2023-07-05T10:16:23","modified_gmt":"2023-07-05T08:16:23","slug":"back-to-basics-active","status":"publish","type":"post","link":"https:\/\/ginvest.es\/eus\/back-to-basics-active\/","title":{"rendered":"Back to basics. Active."},"content":{"rendered":"

\u00bfGesti\u00f3n activa? \u00bfpasiva? \u00bftem\u00e1tica? Active.<\/h3>\n

El prop\u00f3sito fundamental de invertir es traspasar capital de aquellos con excedente para financiar las ideas y proyectos de aquellos managers o compa\u00f1\u00edas que vean oportunidades para obtener una rentabilidad (tangible y\/o intangible). Estas inversiones son las que aportan valor, ya que generan progreso no solo para la misma compa\u00f1\u00eda sino tambi\u00e9n para la sociedad en su conjunto. Por ejemplo, la inteligencia artificial y sus usos en m\u00faltiples sectores, como machine learning, que conlleva eficiencias en tiempo y ahorro de costes.<\/p>\n

\n

Como gestores y selectores, analizamos estos proyectos, su viabilidad econ\u00f3mica a largo plazo, ventajas competitivas, sostenibilidad, crecimiento org\u00e1nico, adem\u00e1s de los riesgos inherentes y las pol\u00edticas de gobierno de estas empresas para, posteriormente, valorar y decidir seg\u00fan encaje en la cartera estrat\u00e9gica.<\/h3>\n<\/blockquote>\n

Todo ello requiere un proceso de maduraci\u00f3n y por tanto su fruto se obtiene a medio y largo plazo. En cambio, la industria financiera y el mercado actualmente valora las inversiones seg\u00fan la rentabilidad en el corto plazo comprando o vendiendo seg\u00fan sectores, estilos\u2026 etc. El inversor deja de ver el objetivo central de la inversi\u00f3n para centrarse en el corto plazo: noticias que generan ruido y pueden influir en la toma de decisiones ya hecha. Nada que ver con la creaci\u00f3n de valor para el inversor a largo plazo que coment\u00e1bamos al inicio.<\/p>\n

Consecuencia de ello es el florecimiento de la oferta de fondos pasivos y tambi\u00e9n tem\u00e1ticos.<\/p>\n

El estallido de la pandemia conllev\u00f3 el boom imparable de los fondos tem\u00e1ticos. Los inversores los piden. Seg\u00fan cifras Morningstar en 2020 se lanzaron 250 fondos clasificados como tem\u00e1ticos, pero durante 2021 se duplic\u00f3 esta cifra. La popularidad crece, pero como toda inversi\u00f3n no hay que olvidar los riesgos: la tem\u00e1tica debe ser duradera, debe haber una buena selecci\u00f3n de acciones y compradas a una valoraci\u00f3n atractiva.<\/p>\n

Aun as\u00ed, la probabilidad de ganar en el largo plazo es reducida. Seg\u00fan datos de MorningStar a 31 marzo 2021 en el primer a\u00f1o un 70% bate a los \u00edndices pero, a partir del tercer a\u00f1o se desploma a menos del 50%. Adem\u00e1s, hay que tener en cuenta que los que no van funcionando se van cerrando y liquidando.<\/p>\n

A\u00f1adir tambi\u00e9n, que muchos de estos fondos invierten en las mismas empresas. Por ejemplo, en el mercado americano hay empresas (sobre todo peque\u00f1as) en que los fondos tem\u00e1ticos copan casi el 40% de la liquidez que cotiza en el mercado.<\/p>\n

Por otro lado, est\u00e1 la inversi\u00f3n pasiva. Esta ofrece liquidez, f\u00e1cil acceso a mercado y es m\u00e1s barata que la gesti\u00f3n activa, pero sin un objetivo o referencia claro en cuanto a los proyectos d\u00f3nde invertir, sino que invierte en todas las empresas en global (del \u00edndice elegido) donde muchas veces el objetivo es intentar adelantarse al comportamiento del mercado en general. Confundiendo al cliente entre volatilidad\/menores costes en el corto plazo y la creaci\u00f3n de valor en el largo plazo.<\/p>\n

As\u00ed tambi\u00e9n un gran n\u00famero de compa\u00f1\u00edas prefieren remunerar al accionista en el corto plazo (v\u00eda dividendos o recompra acciones) en lugar de invertir en su propio futuro s\u00f3lo para intentar contentarlos. Afortunadamente, esto est\u00e1 cambiando gracias a la implantaci\u00f3n de un capitalismo consciente o de una visi\u00f3n m\u00e1s socialmente responsable.<\/p>\n

\n

Invertir activamente, es tomar riesgo en una selecci\u00f3n de proyectos\/empresas para conseguir una rentabilidad en el largo plazo y no focalizarnos en el corto plazo solo para reducir costes y ser m\u00e1s predictivos versus el mercado o la competencia. Se trata de comprometerse con el co-inversor para tratar de proporcionarle la educaci\u00f3n financiera necesaria para que sean realmente co-inversores en el largo plazo de aquellas empresas que buscan re-invertir capital en nuevas oportunidades, creando valor.<\/h3>\n<\/blockquote>\n

Como gestores\/selectores de fondos debemos invertir en aquellas compa\u00f1\u00edas\/oportunidades bas\u00e1ndonos no en el rendimiento del precio de la acci\u00f3n en el corto plazo, sino en el progreso que pueden aportar al co-inversor y a la sociedad en el largo plazo.<\/p>","protected":false},"excerpt":{"rendered":"

El prop\u00f3sito fundamental de invertir es traspasar capital de aquellos con excedente para financiar las ideas y proyectos de aquellos managers o compa\u00f1\u00edas que vean oportunidades para obtener una rentabilidad (tangible y\/o intangible)<\/p>","protected":false},"author":21,"featured_media":514,"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-513","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sin-categorizar"],"acf":[],"yoast_head":"\nBack to basics. 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