Fixed income, for the most conservative
Explain that This situation made investments in pesos attractive, generating the “carry trade” in local currency and that, when there is a calm in the exchange rate, sovereign bonds also showed significant increases. And he points out that, “as the Government decided to extend the different stages of money laundering for one more month, in October we will see a calm in the exchange rate, which is why investments in pesos will continue to be attractive.”
This means that, for more conservative profilesboth from Poncho and from Amauta, consider as more interesting the fixed rate instruments, such as Lecaps with maturity starting in 2025, “which validate rates around 3.9% and allow us to beat expected inflation,” details Linares.
Along the same lines, the capital markets expert Marcelo Bastante when it indicates that, “for short-term investments, Lecaps are an interesting investment alternative“. He explains that the retail investor can enter the secondary market or wait for the next tenders and another option, for those who are not so familiar, is to enter common investment funds (FCIs), which exist from several administrators.
Sovereign bonds, a little more risky
As to investments in dollarsif it is taken into account that there is exchange rate stability and a devaluation jump is not expected, Bastante says that “An interesting alternative is sovereign bonds in foreign currencyboth the bonars and the global ones, which, although they experienced a significant rise, still have an interesting journey to experience.”
And in this sense, Linares mentions that The strategic positioning in “hard dollar” sovereign bonds is very interestingespecially the longer ones like Global 2035 (GD35). “Today we have an inverted yield curve and a normalization process implies that these will possibly experience a greater ‘upside’, given that one of the Government’s objectives is to open international markets and, to do so, it needs to lower the country risk and what will happen as long as bonds rise,” he mentions.
Alonso also points out that He likes BCRA bonds. “For example, the Bopreal and those in dollars. I think a diversified portfolio between these assets, with some Argentine stocks and some instrument tied to gold would be good for October,” he stated.
Negotiable Obligations, another alternative
And, along these lines, Linares sees it as interesting to position itself in instruments such as Negotiable Obligations (ONs)where it recommends looking for interesting parities with maturities until 2031, and the Bopreal 2026, which offers an Internal Rate of Return (IRR) of approximately 14% in dollars.
“We also see value in the bonds issued by the BCRA, the Bopreales. In this case, bonds with maturities in 2026 (BPY6D – IRR 14%) and 2027 (BPD7D – IRR 15%) seem attractive to us. And for those riskier investors, the sovereign curve, foreign law, shows a strong attractiveness in yields, highlighting the GD30 (IRR 20%) and GD38 (17%) for their duration-yield,” says, on a similar path, Estrada .
How to look at the international context to invest
For Emilse Córdoba, director of Bell InversionesMeanwhile, given that foreign markets are at maximum levels, with an imminent election in the US and lower rates in the US, “it may be a good time to take profits in technology companies and go towards the ‘upside’ of commodities through companies in those sectors“And it points out that there is a strong rise in gold and silver and some funds are turning towards those assets, which are reserves of value.
Likewise, consider that there is an opportunity on Google to invest abroad, which is far from its maximum levels and has a possible ‘upside’ still ahead, and on the other hand, he mentions emerging market ETFs, which he says are “interesting in a context of low rates.”
Meanwhile, if we think only of Argentina, if we take into account the success of laundering, the rise in gold and the yuan, which has a positive effect on reserves, Córdoba says that Bonds, such as AE38 and AL35, can be good bets, as long as there is no exchange rate weakening.
Options for those with more risk tolerance
Of course, these are options for semi-risky investors, for those who have a greater tolerance for risk and financial capacity to have the money invested for a longer timeBastante points out that “stocks are an interesting asset because, like bonds, they still have an upward path in a more favorable economic framework for the next 12 months.”
Córdoba comments in this sense that the actions, the energy ones are the most interesting, with a focus on companies such as YPF and Transportadora de Gas del Norte (TGN). And, with a little more risk, Pampa Energía adds because an opportunity opens up in the LNG business, although it is riskier and he sees it as a long-term option.
On the other hand, he says that “there is a good alternative in the ONs, such as that of Panamerican Energy, which launched one with a rate of 7%, those of YPF in 2031, which pay 8.75%, and one of Pampa, which has a very good performance, but with a minimum income value, which could be a limitation”.
Thus, analysts make their list of preferred investments for the new month and, as Linares points out, one thing that is clear is that “It is essential to make a diagnosis of the clientto best interpret their needs and what investment horizons they have in a very dynamic market that offers a tailored suit for each one.”
Source: Ambito
I am an author and journalist who has worked in the entertainment industry for over a decade. I currently work as a news editor at a major news website, and my focus is on covering the latest trends in entertainment. I also write occasional pieces for other outlets, and have authored two books about the entertainment industry.
