{"id":1199,"date":"2020-07-03T10:53:02","date_gmt":"2020-07-03T10:53:02","guid":{"rendered":"https:\/\/www.norzpatrimonia.com\/blog\/?p=1199"},"modified":"2021-09-22T16:19:53","modified_gmt":"2021-09-22T16:19:53","slug":"garim-world-equity-nota-30-junio-2020","status":"publish","type":"post","link":"https:\/\/www.norzpatrimonia.com\/blog\/garim-world-equity-nota-30-junio-2020\/","title":{"rendered":"GARIM WORLD EQUITY – NOTA 30 JUNIO 2020"},"content":{"rendered":"

RENTABILIDAD A<\/span><\/b>\u00a0<\/span><\/b>30<\/span><\/b>\u00a0JUNIO\u00a0<\/span><\/b>2020<\/span><\/b>\u00a0<\/span><\/p>\n

La rentabilidad de<\/span>\u00a0GARIM WORLD EQUITY<\/span>\u00a0<\/span>acumulada en el a\u00f1o en curso\u00a0<\/span>hasta el cierre a 30<\/span>\u00a0<\/span>junio<\/span>\u00a02020 es de\u00a0<\/span>+1,0<\/span>%.<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

La rentabilidad acumulada\u00a0<\/span>en el mismo periodo por\u00a0<\/span>el \u00edndice S&P500 es de –<\/span>4,0<\/span>% y el \u00edndice EuroStoxx50 –<\/span>1<\/span>3,<\/span>5<\/span>%.\u00a0<\/span>\u00a0<\/span><\/p>\n

\"\"<\/a><\/p>\n

En el mes\u00a0<\/span><\/span>junio<\/span><\/span>, la cartera de\u00a0<\/span><\/span>GARIM WORLD EQUITY<\/span><\/span>\u00a0se ha revalorizado +<\/span><\/span>3,6<\/span><\/span>%, superando a los \u00edndices y a un buen n\u00famero de fondos de renta variable.\u00a0\u00a0<\/span><\/span>\u00a0<\/span><\/span>\u00a0<\/span><\/p>\n

\"\"<\/a><\/p>\n

COMENTARIO COMPONENTES CARTERA<\/span><\/b>\u00a0<\/span><\/p>\n

Destacamos el comportamiento de\u00a0<\/span>diversas posiciones\u00a0<\/span>en cartera que han contribuido positivamente<\/span>\u00a0a obtener un rendimiento en el mes y en el a\u00f1o en curso superior al de los \u00edndices<\/span>:\u00a0<\/span>\u00a0<\/span><\/p>\n

\"\"<\/a><\/p>\n

\"\"<\/a><\/p>\n

El\u00a0<\/span>mejor comportamiento de la cartera por comparaci\u00f3n a los \u00edndices y, sobre todo, a otros fondos de renta variable comparables<\/span><\/b>\u00a0por tipo de inversi\u00f3n en el a\u00f1o en curso podemos atribuirlo a:<\/span>\u00a0<\/span><\/p>\n

    \n
  1. Empresas con excelentes fundamentales,<\/span><\/b>\u00a0generadoras de flujos de caja elevados, posici\u00f3n de liderazgo en su sector, ratios de endeudamiento moderados, con negocios poco expuestos al ciclo econ\u00f3mico.\u00a0 Por ejemplo,\u00a0<\/span>Microsoft,\u00a0 Adobe<\/span><\/b>\u00a0o Roche.<\/span><\/b>\u00a0<\/span><\/li>\n<\/ol>\n
      \n
    1. Creciente<\/span>\u00a0exposici\u00f3n a\u00a0<\/span>empresas representativas de las nuevas\u00a0<\/span><\/b>megatendencias<\/span><\/b>\u00a0(inteligencia artificial, ciberseguridad, rob\u00f3tica, comercio electr\u00f3nico, plataformas financieras, nuevas energ\u00edas, reciclaje,<\/span><\/b>\u00a0<\/span><\/b>\u2026<\/span><\/b>). Por ejemplo,\u00a0<\/span>Enel,\u00a0<\/span><\/b>NextEra<\/span><\/b>\u00a0Energy,\u00a0<\/span><\/b>Waste<\/span><\/b>\u00a0Management<\/span><\/b>,\u00a0<\/span><\/b>Thermo<\/span><\/b>\u00a0Fisher\u00a0<\/span><\/b>Scientific<\/span><\/b>, Tesla<\/span><\/b>, PayPal,<\/span><\/b>\u00a0<\/span><\/b>..<\/span><\/b>.<\/span>\u00a0<\/span><\/li>\n<\/ol>\n
        \n
      1. Evitar sectores muy c\u00edclicos o bajo tensiones de cambio como petr\u00f3leo, banca tradicional, fabricantes autom\u00f3viles, bienes de equipo,<\/span>\u00a0<\/span>\u2026<\/span>\u00a0<\/span><\/li>\n<\/ol>\n

        \"\"<\/a><\/p>\n

        ULTIMAS INCORPORACIONES A LA CARTERA<\/span><\/b>\u00a0<\/span><\/p>\n

        En el mes de<\/span>\u00a0junio<\/span>\u00a0se han\u00a0<\/span>vendido parcialmente<\/span><\/b>\u00a0y\u00a0<\/span><\/b>consolidado beneficios<\/span><\/b>\u00a0en la posici<\/span>\u00f3<\/span>n en\u00a0<\/span>Baxter<\/span><\/b>, (<\/span>farmac\u00e9utica estadounidense<\/span>)<\/span>.<\/span>\u00a0<\/span>La raz\u00f3n principal de la venta parcial\u00a0<\/span>es haber alcanzado niveles cercanos a los precios objetivo<\/span>\u00a0y a la revisi\u00f3n a la baja de su valoraci\u00f3n<\/span>.<\/span>\u00a0<\/span>En junio tambi\u00e9n se ha cerrado la posici\u00f3n residual en el banco belga\u00a0<\/span>KBC<\/span><\/b>\u00a0y en la petrolera\u00a0<\/span>Royal Dutch Shell<\/span><\/b>.<\/span>\u00a0<\/span><\/p>\n

        Tambi\u00e9n se ha\u00a0<\/span>cerrado<\/span>\u00a0la posici\u00f3n en\u00a0<\/span>Colonial<\/span><\/b>.\u00a0<\/span><\/b>Se han reducido posiciones en la constructora francesa<\/span>\u00a0<\/span><\/b>Eiffage<\/span><\/b>,\u00a0<\/span><\/b>y se han consolidado parcialmente beneficios en la aseguradora m\u00e9dica estadounidense<\/span>\u00a0<\/span><\/b>United<\/span><\/b>\u00a0<\/span><\/b>Healthcare<\/span><\/b>.\u00a0<\/span><\/b>\u00a0<\/span><\/p>\n

        \u00a0<\/span><\/p>\n

        Con los importes generados por las ventas, se han efectuado\u00a0<\/span>incrementado posiciones<\/span><\/b>\u00a0en\u00a0<\/span>POWERCELL SWEDEN<\/span><\/b>\u00a0(<\/span>Suecia<\/span>,\u00a0<\/span>nuevas\u00a0<\/span>energ\u00edas<\/span>, pilas de hidr\u00f3geno<\/span>),\u00a0<\/span>NVIDIA<\/span><\/b>\u00a0(Estados Unidos,\u00a0<\/span>semiconductores<\/span>, inteligencia artificial<\/span>)<\/span>\u00a0y\u00a0<\/span>NOVO NORDISK<\/span><\/b>\u00a0(Dinamarca, farmac\u00e9utica l\u00edder en insulinas)<\/span>.\u00a0<\/span>\u00a0Se han iniciado posiciones en\u00a0<\/span>ADYEN<\/span><\/b>\u00a0(Pa\u00edses Bajos, servicios financieros) y\u00a0<\/span>DEXCOM\u00a0<\/span><\/b>(Estados Unidos, equipos m\u00e9dicos, con enfoque en dispensadores insulinas)<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

        Disponemos de un\u00a0<\/span>5,<\/span>2<\/span>% de liquidez que seguimos usando para comprar selectivamente.\u00a0<\/span>\u00a0<\/span><\/p>\n

        \"\"<\/a><\/p>\n

        COMPOSICION POR SECTORES Y GEOGRAF\u00cdAS<\/span><\/b>\u00a0<\/span><\/p>\n

        Las tablas muestran la distribuci\u00f3n de la cartera a cierre de\u00a0<\/span><\/b>30<\/span><\/b>\u00a0junio<\/span><\/b>\u00a02020 por sectores<\/span><\/b>,\u00a0<\/span><\/b>zonas geogr\u00e1ficas<\/span><\/b>\u00a0y las diez principales posiciones<\/span><\/b>\u00a0en cartera<\/span><\/b>.\u00a0<\/span><\/b>\u00a0<\/span><\/p>\n

        \"\"<\/a><\/p>\n

        \"\"<\/a><\/p>\n

         <\/p>\n

         <\/p>\n

         <\/p>\n

        \u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

        RENTABILIDAD A\u00a030\u00a0JUNIO\u00a02020\u00a0 La rentabilidad de\u00a0GARIM WORLD EQUITY\u00a0acumulada en el a\u00f1o en curso\u00a0hasta el cierre a 30\u00a0junio\u00a02020 es de\u00a0+1,0%.\u00a0\u00a0 La rentabilidad acumulada\u00a0en el mismo periodo por\u00a0el \u00edndice S&P500 es de –4,0% y el \u00edndice EuroStoxx50 –13,5%.\u00a0\u00a0 En el mes\u00a0junio, la cartera de\u00a0GARIM WORLD EQUITY\u00a0se ha revalorizado +3,6%, superando a los \u00edndices y a un buen n\u00famero […]<\/p>\n","protected":false},"author":1,"featured_media":860,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"episode_type":"","audio_file":"","podmotor_file_id":"","podmotor_episode_id":"","cover_image":"","cover_image_id":"","duration":"","filesize":"","filesize_raw":"","date_recorded":"","explicit":"","block":"","footnotes":""},"categories":[221],"tags":[261],"series":[],"class_list":["post-1199","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-vehiculos-inversion","tag-garim-world-equity"],"episode_featured_image":"https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2018\/12\/eafi002.jpg","episode_player_image":"https:\/\/www.norzpatrimonia.com\/blog\/wp-content\/uploads\/2022\/02\/blog-inversion.jpg","download_link":"","player_link":"","audio_player":false,"episode_data":{"playerMode":"light","subscribeUrls":{"apple_podcasts":{"key":"apple_podcasts","url":"","label":"Apple Podcasts","class":"apple_podcasts","icon":"apple-podcasts.png"},"stitcher":{"key":"stitcher","url":"","label":"Stitcher","class":"stitcher","icon":"stitcher.png"},"google_podcasts":{"key":"google_podcasts","url":"https:\/\/www.google.com\/podcasts?feed=aHR0cHM6Ly93d3cuYmxvZ2ludmVyc2lvbi5jb20vZmVlZC9wb2RjYXN0","label":"Google Podcasts","class":"google_podcasts","icon":"google-podcasts.png"},"spotify":{"key":"spotify","url":"https:\/\/open.spotify.com\/show\/1Vji4f6SYTHZ0OZC3w5ydB","label":"Spotify","class":"spotify","icon":"spotify.png"}},"rssFeedUrl":"https:\/\/www.norzpatrimonia.com\/blog\/feed\/podcast\/blog-inversion","embedCode":"

        GARIM WORLD EQUITY – NOTA 30 JUNIO 2020<\/a><\/blockquote>