With the purpose of know in depth the investment possibilities offered by this financial instrument, ambito.com contacted several market specialists, who highlighted as most outstanding advantages of FCIs access and simplicity to operate, a minimum capital requirement, the possibility of diversification by combining strategies (fixed and variable income) and the high level of liquidity.
For more conservative profiles
Los FCIs intended for those investors more risk averse, that is, those that can be cataloged “conservatives”, They are characterized by a minor fluctuation, And they usually have a greater exposure to fixed income.
Andrés Nobile, Chief Investment Officer of MegaQM, weighs within this type of funds the so-called MEGAINVEST SAVINGS suggested for more cautious investors since it allows to obtain a stable income in pesos higher than the Fixed Term rate, who pay the main banks in the wholesale segmenty provides liquidity in 24 hours.
“It is ideal for clients who prioritize capital appreciation with low volatility and a short-term investment horizon.”, maintained the economist. The fund’s portfolio is made up of sovereign bonds in pesos (68%), sovereign securities in dollars (13%), corporate bonds in pesos (7%), sureties (5%) -very short-term loans guaranteed by the stock market-, and sub sovereign bonds (2%). Nobile highlighted that this product has the characteristic of having “mayor duration”, compared to what is currently offered in the local market, and in this way makes it possible to reach higher rate points or yields.
For its part, Tomás Ruiz Palacios, fixed income strategist at Consultatio, suggested the FCI for less risky investors Multiestrategia, made up mostly of corporate bonds adjusted for the Badlar rate. “The composition of this fund is very suitable for an investor with a conservative profile, given that these loans are of private origin and are exempt from sovereign risk, which is the main driver of concern in the market, especially when it is necessary to start rollear the debt of 2023”, the specialist said.
The second recommendation Ruiz Palacios is he FCI National Incomewhich invests mainly in CER bonds (inflation). And finally, consider the FCI Balance, what’s wrong with it absolute discretion in its composition, which gives it a good margin to position itself, taking advantage of the most profitable opportunities following the market. According to the specialist, this fund had in August a return around 6.5%.
Considering these three FCIthe fixed income strategist in Consulting noted that for a more conservative risk profile, the composition suitable for a portfolio should be made up of a 40% of the total capital by the FCI Multistrategia (40%), another 40% by the FCI Renta Nacional, and the remaining 20% in the FCI Balance, mainly for his large contribution of fixed income linked to bonds that would not have payment defaults until they reach maturity.
From the Banco Santander, Maia Dordevic Commercial Head of Asset Management recommends, to talk regarding short-term investment alternatives with little risk of capital lossare FCI plus conservative of the firm known as Super Savings. within their advantagenotes that does not have assets listed on the market, what allows minimize potential lossesturning it into a ideal financial instrument for those who want to start venturing into the world of investments. Refering to composition, Its structure is made up of CER bonds (72%), Dual titles (13%), fixed income instruments (8%) and cash-money market (6%).
and the riskiest
For those seeking higher returns, they also appear in the range of alternatives, the FCI exposed to other assets, such as equities or bonds linked to higher rates, whose risk is higher than the funds mentioned above.
In that sense, the specialist of MegaQM highlighted the QUINQUELA TOTAL RETURN Fund, what does it have like objective to obtain income above the Badlar rate, and toast liquidity while preserving capital in the short term. It is made up of sovereign bonds in pesos (90%), sovereign securities in dollars (8%), liquidity (1%), sub-sovereign bonds in dollars (0.08%) and sub-sovereign bonds in pesos (0.3%) .
Taking into account the three aforementioned funds of Consultatio and pointing to a more risky profile, Ruiz Palacios advised a portfolio made up of 25% by the FCI Multistrategia, 25% by the FCI National Income, and 50% by the FCI Balance. In this way, “they can take better advantage of favorable movements in the national and international context by increasing the amount of fixed or variable income”plot.
For his part, from Santander They remarked that if the investment goal have higher fluctuation and is focused on finding the exchange rate hedgethe suggested fund is the one called Super Bonuses.
“This background of fixed income in pesos invests mainly in sovereign bonds Dollar Linked (51%), and has a large portion of its portfolio invested in Synthetic Rofex (41%) or future dollar coverage, in addition to having a part in Negotiable Obligations Dollar Linked (7%),” they described. “In this case we should bear in mind that It is a medium-term reservoir since it can suffer variations in the share value in the short term, simply because of the type of underlying asset it owns,” they warned.
