City specialists recommended the best investment alternatives for those who were able to maintain their income despite the crisis
Although some will charge it in installments and others will have a few weeks delay to receive it, the half bonus is already in the hands of many employees. For those who have been able keep your income Despite the crisis, extra income in the middle of the year represents an investment opportunity.
Thus, iProfessional consulted with several specialists who recommended the best alternatives to invest the extra weights. Protection against the advance of the exchange rate and get out of the Argentine risk they are the guiding principles of most councils. Another point that stands out is to maintain a medium or long-term look to get good performance.
The recommendation that is repeated among specialists points to invest in shares of companies listed outside the country. In particular, they choose companies that are listed in New York but whose roles they can be bought in the local market through cedears.
“Today we are privileging the cedears. It seems to us that they are a type of asset that can be bought with Argentine pesos on the Buenos Aires Stock Exchange and that gives a protection against the devaluation of the dollar“, said Alejandro Bianchi, of Investment Advisor.
Ramiro Marra, from Bull Market Broker, agreed: “The assets of the moment are the cedears. Many people entered the market during quarantine to buy shares that are in pesos but follow the dollar”
Although they agree on the recommendation at a general level, at the time of choose names Each analyst chooses to mention different companies.
Specialists recommend investing through cedears in shares listed in New York
“We are privileging some cedears that we find interesting such as Globant; American express, which has just entered China; and Petrobras. We think there are interesting opportunities there, “said Bianchi
Marra, meanwhile, said: “The Cedears can be divided into three groups. The most stable assets like Gold and Wall mart; the second, actions with potential such as technology Amazon and Google; and finally, those hit by quarantine such as airlines. The first group is for more conservatives; the second, for moderate; and the third, for risky “.
Financial advisor Mauro Cognetta mentioned other companies. “Punctually, I like 3 companies that have cedears. Alibaba, a Chinese ecommerce company that has a very interesting valuation perspective and covers a very large market; I see it in u $ s290 in a year. Qualcomm, within the semiconductor category, which can easily reach US $ 110. Another one I like is Disney, who had low but can compete on Netflix with Disney +; not only have the parks closed but other interesting businesses, “he said.
2. Dollarize portfolios
For the most conservative, keeping a good chunk of your dollar investments is still an option. However, in a context of stocks as rigid as the one in Argentina, it can be a difficult path. Beyond cedears, there are also other ways to access dollars, or assets that follow the dollar.
The first option, and the most chosen by small savers, is to buy the monthly quota at the official price, even with the 30% tax. “For someone who has a savings flow of no more than $ 18,000 per month, the $ 200 at the official price is a good alternative to buy cheap dollarsCognetta summed up.
One fact to keep in mind is that those who buy dollars at the official price cannot access currencies through the Exchange for 90 days. Therefore, the advisor advised against this operation in the case of clients who can save a little more, who suggested buying tickets on the capital market.
Green banknotes are preferred by Argentines, who buy them in the official market or in the Stock Market
This alternative, however, has a 5-day parking between purchase and sale of the bonds. “Parking to buy dollars on the Stock Exchange is being done. Investors bear the risk and exchange rate closes after 5 business daysCognetta said.
3. Follow the official dollar
Another way to dollarize portfolios at the official exchange rate is through dollar linked bonds. In the last weeks there have been a boom of this type of corporate emissions. These are titles that they are bought and paid in pesos but they are denominated in dollars, so the capital adjusts for devaluation of the wholesale exchange rate.
Unlike other alternatives to dollarize the portfolio, dollar linked bonds they do not have a PAIS tax or any regulatory limit. Companies like YPF, Pan American Energy, IRSA and Cresud have already financed themselves in the local market in this way.
Even if cover the investor from a devaluation of the official dollar, it has some risks. “Cons for a retailer may be on the side of the illiquidity you can have the product and the corporate credit risk. Another disadvantage that the product may have is that the official dollar does not accelerate its depreciationCognetta commented
With the purpose of guarantee liquidity and a good risk analysis from broadcasters, experts recommend to retailers enter a mutual fund that has dollar linked negotiable obligations in its portfolio.
4. What about the local market?
In a context dominated by debt renegotiation and pandemic, local assets have a higher risk. Both bonds and stocks can be subject to a strong volatility. However, the experts consulted pointed out some possibilities.
Regarding equities, Bianchi considered: “The effect of the pandemic is going to be hard and complicated but also offers an opportunity to enter certain assets at a lower price. I think there is a small opportunity in Argentine stocks. ”
And added: “The S&P Merval measured in dollars is worth less than $ 400 and whenever it was below that level it was a good opportunity to buy looking at a term of 2 or 3 years“
The local market is submerged in the volatility produced by the pandemic and the debt renegotiation
On the side of bonds, the situation is less clear. “Maybe there is also an opportunity in dollar bonds under Argentine law. Anyway, it will be necessary to see what treatment they are going to give him: whether or not it is the same as the titles with New York law“Bianchi warned.
Finally, Leonardo Chialva, from Delphos Investment, stressed that everything will depend on the investor’s profile but stated that “there may be attractive investments in CER-adjusted bonds for those who can think in the medium or long term “.
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