2023-08-07 03:05:00
By Laura Pereyra (PIN Capital).
Always assuming that you already have an active principal account in your name, today I am going to tell you regarding the star instrument for investors since 2020. First a review. We can group the varied number of instruments to which we now have access through our market into two large denominations: fixed income or variable income..
Fixed income suggests that the investment that I am making will grant me, on a pre-agreed date, a certain amount of interest and at an agreed maturity, it will also return the invested capital. In this way, the concepts of “capital” (the initial amount) and “flow” (the interest that will accrue over time) are very clear. This is the very basis of investment analysis. What was invested, how long would it take to recover it, at what interest rate, how much did I earn for this risk? The very basis of investment theory. The quintessential silver example of a fixed income asset is the fixed term. Other examples are sovereign bonds (such as the famous AL30) or corporate bonds called negotiable obligations, etc.
Variable income implies that I have no prior knowledge -with certainty- of how much I am going to earn for the invested capital. I start from an analysis that can lead me to believe that I am going to earn money associating myself with a future business, but only that: initial capital and future expectations. If I buy a small piece of a company, through an instrument called “share” I fully associate myself with its future risk: that it does well or badly because of what it does, and also with the risk that it does well or badly because of what happens to its segment, to the country where it develops, etc..
- More than 200
- It is the amount of Cedears available in our market that we can have access to.
Within this variable income segment, since 2020 the possibility of acquiring a Cedear (Argentine certificate of deposit) began to be attractive. It is a representation of a share that does not have a public offer in our country, since its original price is abroad, in another market. Fundamental point for portfolio diversification.
Let’s use Apple as an example. Until the year 2020, if I wanted to have AAPL in my investment portfolio, I had to buy the equivalent of a whole piece of paper. Bearing in mind that Apple is worth US$190 on the NYSE, you should then pay US$190 converted to pesos using the cash price of the dollar with settlement, which today is around US$570. To participate as an Apple shareholder, you had to have $108,300. And this is just one example, there are actions that were extremely expensive for the minority investor. It was for this reason, and with the intention of making it more accessible, that In August 2020, the requirement to buy at least the equivalent of one share abroad was eliminated and for this reason the “conversion ratios” were created.. Ratio is called the division of these papers into smaller pieces. That is why we bought Apple today from Argentina with pesos at $10,800 (since its ratio is 10:1).
A Cedear is a representation of a share that does not have a public offer in our country, since its original price is abroad, in another market.
Laura Pereyra, PIN Capital.
Why would we want to invest in Cedeares having local shares at a good price? simply to diversify our investments and to leave with part of the pesos to play in another field.
Cedear has two components: on the one hand, it is what we call “its underlying asset”, that is, Apple trading on its market in dollars. And on the other hand, the variability of the dollar “cable” or counted with liquidation. So, on the one hand, I buy a company with another geographical risk and (not a minor fact) I cover myself locally from eventual devaluations of financial dollars. This last characteristic was what catapulted this investment to the undisputed preference of moderate profiles. Because in countries like the US and Brazil (two of the markets in which we have more Cedears available) the incorporation of a third factor also plays in favor of the long term, which is that these shares also pay quarterly dividends for having them in the portfolio. With which a little fixed income can be found in various traditional papers.
- 90 days
- To operate Cedears, you should not have bought official dollars during that previous period.
There are over 200 Cedears available in our marketplace that we can access. The most operated are generally the brands best known by all (Coca-Cola, Apple, Tesla, Nvidia, etc). But there is a highly attractive group called ETFs (indices) that would be like acquiring, for example, the 500 largest capitalization companies in the US, that is what the SPY is following, which is bought for $13,000 and gives you access to everything that universe. It is accompanied by the QQQ that is bought for $10,800 and with it you take the entire universe of technology companies listed on Nasdaq, its reference market. If you are going to start and you do not know where, I suggest you first take a look at this type of global indices, and then choose the company that you like best in each sector.
Cedears: current regulations
There are two considerations for those who want to access the purchase of these assets with their investment accounts. First the investor must not have bought an official dollar in the last 90 days. I believe here that there is a gray area (also validated among colleagues) that if the investor bought official and buys Cedear in pesos, but does not make the sale in that period once morest dollars (executing an MEP) he would not run any risk with the regulations.
The only restriction in force as of the express date on the operation of these assets purchased in pesos is that “whoever is a beneficiary of subsidies in the rates derived from the supply of natural gas through the network, electricity or drinking water should not buy.” It shouldn’t, but as a power, it can. With which, watch out here! Important: the systems of all brokers will let you buy them, following “clicking” on the affidavit. There is no impediment or blockage by system since the data is not crossed online. I always suggest that the investor know the regulations or get proper advice before carrying out this type of operation.
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