Mutuactives highlights the sector of the Utilitiesthat of the socimis, that of consumption and artificial intelligence such as the niches in which the greatest opportunities in variable income are found, especially in Europe. This was highlighted by Ángel Fresnillo, director of Variable Income of the Manager, at her recent annual investor conference. “We like companies like Redeia, National Grid, acts energy, colonial, Merlin Properties, Microsoft, Asml… We also consider that there are attractive cyclic companies by valuation, such as Repsol, Tubacex, Brembo or Atalaya Mining, “said Fresnillo.
For his part, Gabriel Pañeda, director of fixed income in mutual, commented that they maintain a positive vision regarding this investment segment, which are still considering interesting in this year. “Taking into account inflation expectations, returns will remain attractive “he said. “In any case, in recent months, given the normalization we have seen in the market, we have reduced exposure to private debt and subordinate assets and we have increased the liquidity of our portfolios. We will take advantage of it to take positions again before new opportunities that They can arise, “he added. Two thirds of the mutual patrimonial volume is already third clients.
Emilio Ortiz, investment director, reviewed the current macroeconomic situation, marked by some favorable growth expectations worldwide and for inflation under control. “According to IMF forecasts, the economy will grow by 2025 3.3% globally, with great impulse from emerging countries. Developed economies will expand at a lower pace: 1.9% and with some divergence between states United, for which a GDP of 2.7%is expected, and the euro zone, 1%, “he explained. “Inflation, meanwhile, is controlled, which favors new declines in interest rates. In the Eurozone, for example, medium -term inflation expectations are maintained stable, at 2%levels, in Line with the objective of long -term inflation of the ECB, “he said.
Asset Allocation director Pedro Pablo García, commented that the normalization of interest rates greatly improves expectations for medium -term profitability. He also recalled that “in the long term, the yields are greater the higher the risk assumed.” “In the last three years, we have been able to see how the expectation of profitability of numerous assets, both fixed income and variable income, has grown, as is the case of the fixed income of high and low quality, the private debt, the European stock market or the Private Equity“He said.
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