However, despite the recent optimism in the local market, we understand that the base macro scenarios have not changed substantially. In fact, according to the latest Market Expectations Survey (REM) released by the Central Bank of the Argentine Republic (BCRA), the country’s main consultants estimate that inflation for the year will close at 90.2%.
In this sense, at IOL Investonline we continue to favor holdings that allow us to protect ourselves against the high inflation.
As for the international context, unlike what had been happening in much of 2022, the markets had a resounding rebound in July, which served in part to cut the negative streak that the selective had during a first semester to be forgotten.
Among some of the arguments that have justified this resounding rebound of the Wall Street selective, the North American market took the last rise of 75 basis points from the Fed. The most recent data on inflation in the United States has been located at 0, 0% in the month of July, which was seen in a good way by investors and served to justify an upward rebound in the North American markets.
Now, if we take this scenario into account, we can see that the Mutual Funds can offer us a good return for the coming months. These are very useful instruments to build a balanced portfolio with a minimum investment, in addition, being managed by professionals, they have the advantage that it is not necessary to have much prior knowledge to invest in them.
From our point of view, we aim to build a portfolio of FCIs that allows investors to obtain exposure to multiple instruments. The portfolio that we propose from IOL Investonline will have a 50% share in fixed income, 45% in equities and 5% in liquidity.
With regard to participation in fixed income, the investor will have in his portfolio funds at AdCap Income Dollarthat seeks to generate interest using dollar instruments. To date, it has an IRR of 10%, higher than ONs with short maturity terms. In turn, it is diversified in several fixed income instruments in dollars, with 18% in sub-sovereign bonds, 23% in Argentine ONs, 44% in Brazilian ONs, and 15% in liquidity.
Second, we suggest AdCap pesos plusa fund that has an expected return at a nominal annual rate of 65%, which makes it an alternative with a yield similar to the traditional fixed term due to its yield, but with the advantage that it can be redeemed at any time. Of this FCI we highlight that its holdings are diversified in several assets, but with a special preponderance in CER bills of the treasury, offering protection against inflation. In turn, it has holdings in medium-term treasury CER bonds, and diversifies with local ONs and sub-sovereign bonds that have a Badlar rate.
Third, we recommend the FCI Adcap Balanced 2which allows the investor to obtain exposure to CER instruments with longer maturities (after the year 2024), and the greater participation of the Renta Dollar fund, which invests in Negotiable Obligations.
As for the Funds that are also used to be exposed to Variable Income assets, we suggest incorporating the FCI AdCap IOL Shares. This will have positioning both in the local and international stock market through CEDEARs of the most relevant companies such as: Apple, Amazon, Coca Cola, Mc Donalds, JP Morgan, among others.
Lastly, to complete our portfolio of FCIs, we consider that it would be a good idea to invest in the Balanced Ad Cap 1. In this case, the fund seeks to position itself in Brazilian assets such as the EWZ ETF cedar, at the same time as in two of the Argentine companies that are listed on the North American market and that have better results, such as Mercado Libre and Vista Oil & Gas.
By IOL Invested online