Inversiones alternativas

Markets have benefited from the de-escalation of the tariffs narrative but uncertainty levels remain very high.

Anteriormente hemos examinado la asignación entre renta variable y renta fija y nos hemos preguntado, '¿Es el 40/30/30 el nuevo 60/40?' Pues sí, creemos que lo es. Nuestro trabajo muestra una correlación a largo plazo entre la renta variable y la renta fija que se acerca alarmantemente a 1,0. Este aumento de la correlación altera fundamentalmente la eficacia de la construcción tradicional de carteras.

Liberation Day was a shock for investors, causing a tremendous impact on financial markets. Hard-data economic indicators continue to hold up but are pointing to a deceleration.

Markets remained volatile during the month of March. The primary concern isn’t the weakening economic fundamentals, but rather investors’ doubts about the credibility and stability of the U.S.

The global economy experienced a mild slowdown due to a lower contribution of services to the World PMI and lower consumer participation.

A relatively buoyant environment for Equity Market Neutral strategies.

Investors had a few months to get mentally prepared for the return of Donald Trump to the White House. While he has not disappointed and started his second term with a bang, the real surprise came from China with the introduction of DeepSeek to the world. The results announced by this technology company had the effect of a financial quake towards some of the star market performers over the last quarters.

A principios de 2025, la llegada de un nuevo Presidente a la Casa Blanca generó una gran incertidumbre. Las estrategias de arbitraje de fusiones (arbitraje de fusiones y adquisiciones) no son una excepción a la pregunta : ¿Qué impacto podemos esperar del cambio de administración en esta clase de activos ?

This year, the Christmas rally came a month earlier, and Santa Claus has moved from the North Pole to Florida. During December, some of the “Trump trade” winners gave back part of the previous month gains.

Although financial markets were already pricing a higher probability of a Donald Trump win coming into the US election, during November, asset prices were mainly driven by the election results.

During October, markets moved to price in a return of Donald Trump to the White House – and were ultimately proved right.

After an uncertain and relatively volatile summer, September brought some good news for investors.

It is not unusual for markets to experience volatility spikes during lighter trading volume summer periods.

The month of June was relatively noisy for markets, especially in Europe where geopolitical risk remains one of investors’ primary areas for concern. In the US, the latest macroeconomic data continues to indicate that the Fed might succeed in piloting the economy to a soft landing.

Risk appetite returned to markets after a cooling period during April. Economic indicators in western economies continue to point to a phase of deceleration across most economic powerhouses, but there is no evidence of severe recession looming. However, there is proof of increasing dispersion across financial assets returns and risk premia.

After five months of gains, equities finished down in April in a relatively volatile market. Although the EPS beat/raise has been high, markets focused more on top-down factors than micro news-flow.

Markets held up well during March, supported by robust economic indicators coming from the US, manufacturing and services PMIs improving in China and an increasingly dovish stance from the ECB.

Since the market has incorporated the fact that there would be fewer rate cuts by the Federal Reserve and they would probably come later than expected at the end of 2023, core equity indices have continued to perform well in Northern America and Western Europe.

¿Ha alcanzado el sector inmobiliario comercial su punto de inflexión? Con poca actividad de transacciones, los datos de precios e índices se generan con retraso.

Although the Federal Reserve slightly opened the door to rate cuts during the last quarter of 2023, the latest economic data points were solid, leading the Fed to indicate that rate cuts may come later rather than sooner.

2022 fue un año histórico para la política monetaria, en el que los bancos centrales pasaron de apoyar el crecimiento a controlar la inflación.

Like the Rolling Stones during a concert, the dovish stance from the Fed had the effect to “spread out the oil, the gasoline” on a market that was already anticipating a brighter future.

Con el propósito de identificar las mejores oportunidades en el ámbito de los bonos corporativos, Philippe Noyard, Director Global de Renta Fija, Patrick Zeenni y Nicolas Jullien nos detallan cómo su enfoque maximiza el potencial del mercado de crédito para generar rendimientos.

Central bank tightening monetary measures continue to progressively slow the economic growth rate of most regions around the world.