Within the sustainability axis, it focuses on renewable energy companies such as First Solarwhich is dedicated to the manufacture of solar panels, and in the São Paulo State Sanitation Company, linked to water management and care. Both companies are underweight of 12.5% in the portfolio.
In the technological disruption axis, the broker selected companies such as Palo Altofocused on cybersecurity; sony, which develops virtual and augmented reality products; and Cisco, dedicated to the development of 5G networks. All with an underweighting of 16.7%.
Finally, in the axis of demographic changes, we highlight Coinbasea virtual wallet linked to the universe of cryptocurrencies; Medtronic, which specializes in medical devices and artificial intelligence applications in the healthcare field; and NIO, a Chinese electric car company that benefits from the economic growth of that country. These three companies have an underweight of the 8.3%.
Altogether, the portfolio has recorded a cumulative return of 32.7% in dollars so far in 2023, with a volatility of 28%. This performance has far exceeded to that of the S&P 500, says Cohen. In terms of valuation, the Price Earnings (P/E) of the portfolio stands at 29.6, compared to 22.5 for the SPY. This data suggests that investors are willing to pay a higher premium for corporate profits that make up that portfolio, which could be due to their attractive growth prospects or their participation in sectors with high potential.
In this way, the CEDEARs portfolio of megatrends, with its strategic and diversified approachoffers the opportunity to invest in leading companies that are capitalizing on these global changes.
Stocks and Cedears: recommended for September
Mateo Reschini, senior analyst at Inviu, in dialogue with Ámbito, recalled that “the S&P Merval is coming from the longest streak of falls since 2000” but assured that “we continue to like papers like YPF, despite the trial, because it is a company that has a very good story to tell going forward. Then the specialist mentioned the energy sector and within it Transportadora de Gas del Sur and Transener because “they seem like solid roles to us that even if there is greater deregulation of the market, they could have quite an upside.”
In turn, in their recommendations for September, PPI decided “maintain the stock portfolio unchanged while preserving our commitment to the energy and public services sector. In this regard, they analyzed that “our overweighting of the energy sector proved to be ideal in the face of the devaluation carried out by the BCRA on the morning after the elections, as was underweighting the financial sectorwhich was the most affected initially”.
“As we mentioned in previous months, we considered that, given the possibility of a future unification of the exchange rate (or an exchange rate jump), export sectors and sectors with dollarized income, such as energy generation, would be the ones that would register the greatest upsidewhile the sectors whose income does not have a direct relationship with the dollar, such as banking, would be the most lagging,” they expanded.
Their portfolio includes the energy sector (YPF, Vista Energy, and Transportadora de Gas del Sur), “materials” (Holcim, Loma Negra), Utilities (Transener, Central Puerto, and Pampa Energía), and the financial sector (BYMA, Grupo Financiero Galicia and Banco Macro).
Regarding international exposure, within equity, “we continue to prefer to limit our exposure as long as the Federal Reserve is unable to calm inflation by ruling out a recessive scenario. In this sense, for our stock selection we continue to bet on our high dividend portfolio.” Some of the Cedears they include are: Exxon, Chevron, Barrick Gold, Bank of America, Coca-Cola, Johnson & Johnson, Procter & Gamble, Verizon Communications and JP Morgan & Chase.
For its part, since Invest in the Stock Marketmaintain that they continue with the local strategy of overweighting segments that can make a better pass-through of inflation and devaluation: in this regard they chose by sector, within materials (Aluar, Ternium) in services to BYMA and in the oil&gas sector, They maintained that “it presents genuine drivers of growth due to the potential of Vaca Muerta” and highlighted: Vista, YPF, Transportadora de Gas del Sur, and Pampa Energía.
“In this context, the banking sector is risky for us; we see that any plan that involves a normalization of macro variables will end up affecting the sector in one way or another,” IEB explained.
From Wealth Management of Adcap Grupo FinancieroRegarding exposure to Cedear, “we recommend an investment portfolio composed of shares of companies from various sectors, including beverages, pharmaceuticals, consumer goods and technology.”
“To mitigate potential risks, we have selected shares of financially strong, countercyclical companies with a track record of value and a stable dividend policy. These characteristics allow for greater resilience in an uncertain environment. In addition, this strategy will provide you with an income stream in dollars and the liquidity necessary to navigate the current economic panorama,” they expanded.
The reason behind this lies in the volatility of the international market, marked by the gap between bond and stock prices. Furthermore, take into account that the Federal Reserve still failed to meet its 2% inflation target. Some of the recommended companies are: Coca Cola, Pfizer, IBM, and Unilever (all of them pay dividends).
Source: Ambito
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