In the current scenario, a window opens to assemble a diversified investment portfolio and take advantage of some entry points offered by the international context.
The fifth month of the year starts with a global scenario that does not end up. The Commercial bracelet between the United States and China It is still a constant background noise, with comings and turns in the Tariff negotiations that keep markets in suspense. Besides, The price of oil collapsed in April (WTI -18%), although some analysts argue that this could bring some Relief in terms of global inflation.
As we contradate, if we look in, the Argentina seems to be living a moment of relative calm, At least in macro. After the flexibility of the stocks, the April inflation numbers could give us a positive surprise, contradicting voices that anticipated a strong “Pass Through” for May, closing more than 3.7% in March than 5% that some consultants began to estimate.
In addition, May is the month of the thick harvest, And that historically brings Fresh dollars that usually give a support for the stability of the exchange rate and will undoubtedly help to grease the reserves of the Central Bank (BCRA).
In this contrast scenario, a window opens to assemble a diversified investment portfolio and take advantage of some entry points which offers the international context to position themselves in assets with high potential in the medium and long term.
Moderate-Agresiva Portfolio for May
Argentine Fixed Income: 45%
- LECAPS: We like to maintain a LECAP position, which continues to show good behavior. The S31L5 is currently paying 38%which makes it an interesting alternative.
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Dual bonds (TT): We highlight the TTM26, TTS26 and TTD26which on average are yielding between 8% and 15% above the tamar.
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Sovereign bonds: In the bonares and global curve, we continue to recommend two titles of the long part, The GD35 and GD46.
Argentine Variable Rent: 35%
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In the energy sector, there are companies that show solid numbers and today they are in prices that we consider purchase: Pampa, YPF and Gas Transporter del Sur.
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While within the financial-bursotile segment, we like them: Macro Banco, Supervielle and Byma (Argentine stock markets and markets), which will benefit if the economic activity is rebuilt and the dollar remains stable as until now.
Yield: 20%
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We continue betting on Brazil and its recovery after a strong fall at the beginning of the year. Our selection includes 3 papers: Bradesco, XP and Ok, since they represent our commercial partner.
Source: Ambito
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