What stocks or bonds cannot be missing from the ideal portfolio to take advantage of the “argy” rally in November

October was a excellent month for the Argentine assets that they advanced strongly by the hand of the fall of country risk which is on track to close the month below 1000 points. Within the framework of the money laundering, Argentine assets shone. Thus, shares on Wall Street flew up to almost 30%, and dollar bonds ended with succulent gains. But November bring your own challenges and experts give their opinion on where to set their sights.

In turn, the result of the elections in USA Next Tuesday will determine the future in the short term and emerging markets like ours will be affected by the decision. At the same time, it will be important to see at the local level if the assets decide to take a breakand there will be a profit taking or, failing that, the market continues betting on Javier Milei’s policies of strong tax cuts.

Bonds in dollars, is there room for the rise to continue?

Juan Pedro MazzaFixed Income Strategist Cohenassured that “beyond its strong rise” it continues to find value in Argentine debt “both in terms of flows and fundamentals.”

For this expert, in a scenario in which Argentina manages to successfully stabilizethe country risk could easily go to a level close to 600 points. For profiles moderatechose bonds from short section (AL30 either AL29) that recover between 75% and 85% of their maturities in Milei management (compared to 19% and 41% for long-term bonds).

Likewise, they reserved the long stretch for more aggressive (or more optimistic) investorssince, “being of longer duration, they will more strongly capture a rate compression scenario.”

Stocks: will they continue to rise?

For the long term, the vision of Argentine equity “it continues to be positive given that we do not see fundamentals that could generate a change in the trend”they expressed in the latest report from Investing in the Stock Market (IEB).

However, for the short and medium term, this broker warned that the market will continue to monitor the agenda that the government must carry out to achieve a lifting of exchange restrictions: governability, economic reactivation, accumulation of reserves, fiscal surplus and lower inflation.

How to put together a conservative portfolio?

Isabel BottaProduct Manager at Balanzin a conversation with this medium, recommended: “You can opt for the Balanz Savings Fund in dollars, which offers solid diversification with an estimated return of 6% annually. We complement it with bonds from companies such as Telecom 2031 (TLCMO) with a yield of 8%, Pampa Energy 2031 (MGCMO) at 7.5%, and Pan American Energy 2031 (PNXCO) with 7%, thus achieving an approximate return of 7% annually in a diversified and conservative portfolio.”

For her part, for the moderates, the expert also recommended investing in TECO ONs, but also included bonuses. YPF to 2031 (YMCXO) (7.8% IRR) or YPF Luz 2032 (YFCJD), around 8%, and TGS 2031 (TSC3O) with an IRR of 7.5%.

“For greater performance, we add the BPY26 was the main chosen in these months and we see that Investors feel comfortable with it beyond the appreciation it had, which today yields close to 11% annually. This combination allows diversification with an estimated return of more than 8% annually in dollars,” he concluded.

How to put together a bold portfolio?

Botta for profiles with greater risk tolerance selected some sovereign bonds“On the other side of the curve, we prefer foreign legislation is the GD30. On the long side, investors choose bonds such as GD38 for lower volatility or the GD35 with profit potential in the event of a price increase and ensuring its returns in the long term,” he said.

The expert, in this way, recalled that the GD30 currently has a yield of 16% and the long bonds are at 14%, “this option is for those who want to take advantage of Argentine debt at current rates and complement the papers, for example, of the moderate portfolio to seek a higher yield,” he concluded.