Under an unstable international context and with some doubts in the local economic program, the mission of arming investment portfolios is a challenge in August, at a time when fixed-term yields are still unable to overcome inflation. These days, there is a certain Portfolio rotation from equities to fixed income. However, several stockbrokers made their investment recommendations according to the profile and needs of each investor.
Conservative profiles: what to invest in without so much risk
The conservative portfolio of PPI It was put together “in accordance with a profile that seeks less volatility in its exposure to the country. Logically, it is more defensive in a negative scenario and plans to privilege good credits.” For this reason, it has 50% Negotiable Obligations in dollars, 10% sovereign bonds in dollars, 5% bonds in pesos, and 30% sovereign bonds in dollars.
For its part, from IOL investedonlineFor this month, they decided to increase their fixed-income holdings and decrease their equity holdings. Therefore, the portfolio was made up as follows: Liquidity 0%, Fixed Income 55% and Equity 45%. It is made up of: Bopreal 2026 Bond (20%), Lecap S29N4 (20%), TX26 (15%), Pepsico Cedear (10%), Amazon Cedear (10%), Cedears SPY ETF (15%), and Pampa Energía (10%).
Aggressive profiles: where to get the most profit
From Cohenfor what it is Fixed incomethey specified that The race between the different types of instruments in pesos looks very tightso they maintained their recommendation to diversify between dollar-linked, CER and fixed ratealthough with greater weighting in the first two curves.
Recommendation: 25% dollar-linked corporate FCI (devaluation -5%), plus 25% synthetic dollar-linked to 2025 (devaluation +0%), plus 30% of the TZX25 bond (CER +12%), and 20% of the Lecap S28F5 (TEM 4.0%).
In turn, From IEB, they gave their opinion on the “hard dollar” debt. “We continue to recommend reduce exposure to global and bonares by exchanging those positions for NY Law ONs that grant an extra prize since the exchange is currently negative, especially credits from the Oil & Gas sector, such as YPF, YCA6O and YCANO, which in the face of adverse international contexts have proven to be more resilient with returns of 8.45% and 9.89% respectively.”
Another attractive alternative is the FCI Fixed Income Dollar Latam, that invest in sovereign and corporate bonds in the region and the United States. And finally, they specified: “For those with short sovereign bonds (2029 and 2030) we recommend stretching duration to GD35 and GD41 due to the low parity. In an adverse scenario, the latter are more defensive, while ‘if everything goes well’ (economic program), they are the ones that offer a greater ‘upside’ in the face of a compression of the curve.”
For its part, as regards variable incomefrom this broker They continue to “prefer to overweight the Argentine Oil & Gas sector, where we find the best relationship in terms of defensiveness and upside.”
From IOL investedonlinein turn, increased participation in fixed income, and decreased in variable income. Therefore, the portfolio was made up as follows: Liquidity 0%, Fixed Income 50% and Variable Income 50%.
In this regard they selected: Global 2035 (15%), TX26 (25%), Lecap S29N4 (10%), Banco de Valores (10%), Cedear SPY (10%), Pampa Energía (10%), Vista and Globant, others 10% and 10%, respectively.
Source: Ambito
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