It ends in November and the market is preparing to start the last month of the year. The actions were the main protagonists of the financial crisis of this 2018, showing strong adjustments and significant losses in both pesos and dollars. At the same time, the stations accompanied the recovery of the financial assets together with the exchange stability achieved from the new measures of the BCRA. In the process of stabilization, the common investment fund industry reacted accordingly, showing interesting data on the operation of recent weeks.
In a report prepared by Criteria analysts, the evolution of the volume in November stands out and argue that the current month is being characterized by the low volume of operations, volatility and positive returns.
"The long-term trend indicates that the volumes operated are upward, however in the last year this indicator reached a level of stabilization. November saw a positive dynamic for this sector of the mutual funds industry. Despite the few existing businesses, returns are positive, "said Sergio González, Criteria Asset Management analyst in a report prepared by the company.
Timely for the variable equity segment, the industry of mutual funds is dominated by the institutional segment, They explain this from Criteria and also emphasize that it accounts for almost 70% of the participation.
"The industry is dominated by institutional investors. The highlight of this is that they choose independent managers and not banks to place their investments. The opposite behavior is the one that the retail investor advances. This selects banking products to have exposure in equities, "remarked Sergio González.
The total of the assets administered in shares reaches $ 18,610 million pesos and between the funds that more capital administers Highlights include Consultatio Acciones Argentinas, Compass Growth, Schroder Equities, Superfondo Renta Varibale, Galileo Acciones, Fima PB equities, Alpha Mega and SBS Acciones Argentinas, among others.
Regarding the evolution of the equity segment in the industry of mutual funds, the Criteria report highlights that the long-term trend indicates that investors turn capital into the FCI industry's segment of shares.
Timely, for the current month, Gonzalez said that "November is showing aligned behaviors of retail and institutional investors. Motivated by the uncertainty and interest rates offered in fixed-income securities, both types of investors decided to rescue the capital of this segment of the industry. In total they retired more than 100 million pesos. This is a considerable slowdown compared to last month. On the other hand, the funds are generating value for their investors. So far this month they generated 900 million pesos. "
Going more to the long term, the report of criterion emphasizes that, "In 2017 and what happened in 2018, the industry created value for its investors for a value of $ 5,317 million pesos, while in terms of flows, the institutional segment reported Net bailouts for more than 1500 million pesos and individuals reported subscriptions for more than 1500 million pesos. "
What is interesting is to be able to observe what is the positioning in actions that are applying the funds. "The portfolios of funds that have the objective of overcoming the Merval index finds value in the energy sector. Motivated by current valuations, equity managers have decided to start taking distance from the benchmark. This time TGSU2 is repeated and enter CEPU in the preferences. On the other hand, the funds that show the best performance in the year are those who chose to distance themselves from the index. This is seen in the high tracking error of the best-return funds in the last 12 months, "added Sergio Gonzalez.
With regard to the funds that follow the Merval Argentina index, it can be seen that these funds are those that take more distances with respect to their benchmark. "Puntually, they choose the energy sector, standing out in that segment to the actions of TGSU2 between the bets with greater conviction. In addition, other roles chosen by the managers of this sub-segment are YPFD, PAMP, FRAN, "remarked Gonzalez.
An interesting conclusion to which Gonzalez addresses is that, regardless of the index to beat, all managers agree not to invest in the finance sector. "In this context, the managers are seeing value in papers that are dedicated to the real economy and leave aside the banks."