In a context of very high inflation, investors rebuild their portfolios month by month and modify the drivers to take into account according to the international and, of course, local macro context.
In the midst of a context in which inflation expectations seem to be moderating, but the first data of the year is expected to be equally high, investors recalibrate their views month after month, as well as the drivers to take into account as expectations are opened or closed that exceed the negative performance of the fixed term and price dynamics.
Thus, since IOl Invest Online presented two portfolios designed to guide investors, each one adapted to different risk profiles. During the last twelve months, both portfolios outperformed the dollar and fixed terms. From the brokerage company they maintain that the “More stable investments” profile stood out with a 13.7% above the MEP dollar and 27.4% compared to the fixed termwhile the portfolio “Greater Potential” achieved a return of 30.4% on the MEP dollar and 46.1% on the fixed term.
Portfolio More stable investments:
Compared to last month, the broker made adjustments to the portfolio, increasing the participation in fixed income, mmaintaining the equity market and reducing liquidity. The current composition is: Liquidity 5%, Fixed Income 45%, and Variable Income 50%. The following investments stand out:
- FCI Premier Short Term Income (5%): for conservative investors looking for higher returns than demand deposits, with liquidity and low volatility.
- Dollar linked Bonus – TV24 (15%): Linked to the official TV24 exchange rate, it provides coverage against exchange rate uncertainty.
- Global Bonus 2035 (15%): We hold this step-up sovereign bond maturing in July 2035, offering an effective yield in dollars of 20.7%.
- ON IRSA – IRCFO 2028 (15%): With an annual return in dollars of 7%, IRSA shows good financial results and efficient management.
- Dow Jones- DIA (10%): Composed of 30 US stocks, maintains exposure to Value companies with low volatility.
- PepsiCo – PEP (10%): Stable company with strong revenue and projected total cash return to shareholders in 2024 of approximately $7.7 billion.
- S&P500 – SPY (10%): It replicates the behavior of the S&P 500, standing out for its position in large capitalization companies.
- Pampa Energía – PAMP (10%): Leading oil and gas company, offers protection against currency volatility.
- Central Port – CEPU (10%): Solid financial and operational performance, positioned to face the challenging macroeconomic context.
Modifications in more stable Investments:
They added: Cedear PepsiCo (PEP), FCI Premier Short Term Income (PRCPPEB), ON IRSA 2028 (IRCFO).
They closed: Cedear Walmart (WMT), MEP Dollar, ON YPF guaranteed (YMCHO).
Increase in positions in: S&P 500 (SPY), Global Bond of the Argentine Republic 2035 (GD35).
Investment Portfolio greatest potential:
We maintain the portfolio structure suggested last month, with a composition of Fixed Income 35% and Variable Income 65%. We highlight the following investments:
- Global bond of the Argentine Republic 2035 – GD35 (15%).
- ON GMSA 2027 – MRCAO (10%): Negotiable obligation with attractive yields and stable payment flow.
- Dollar linked bonus – TV25 (10%): Pegged to the US dollar with maturity in March 2025.
- ETF Small Caps – IWM (10%): Replication of a US small cap index.
- S&P500 – SPY (10%).
- Bank of America – BA.C (5%): Positive outlook after financial conditions in 2023 and strategic actions.
- Central Port – CEPU (10%).
- Amazon-AMZN (10%): Leading company with attractive ratios and potential in a challenging economic environment.
- Cresud – CRES (10%): Diversification of assets and exposure to agriculture with good prospects.
- Southern Gas Carrier – TGSU2 (10%): Financial stability and potential growth in Vaca Muerta.
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Modifications in Greater Potential:
- They incorporated: Cedear Bank of America (BA.C), Bono Dollar linked 2025 (TV25), Cedear Amazon (AMZN).
- Closed: Cedear Walmart (WMT), Comercial del Plata (COME), Global Bond of the Argentine Republic 2041 (GD41).
- Increased: Cedear ETF Small Cap Companies (IWM).
- Decreased: Cedear S&P 500 (SPY).
Performance:
Both portfolios showed positive performance in pesos and dollars, outperforming the dollar by +9.1% (conservative/moderate) and +4.7% (aggressive). In the last 12 months, the performance was 239.8% (conservative/moderate) and 289.9% (aggressive), outperforming the dollar by 13.7 pp and 30.4 pp respectively. They also exceeded the return of a fixed term by 27.4 pp and 46.1 pp.
Source: Ambito
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