El Economista - elEconomista Pais Vasco
Alternativas de inversión hacia la rentabilidad
Recientemente se ha registrado en la CNMV el fondo Acurio European Managers. Con él, el inversor puede acceder a invertir en compañías europeas de calidad, de mano de gestoras que conocen las mejores alternativas de su país
O PHUFDGR GH OD JHVWLyQ GH DFWLYRV HQ (XURSD UHSUHVHQWDED \D DO FLHUUH GH WULOORQHV GH HXURV GH DFWLYRV EDMR JHVWLyQ XQ SRU FLHQWR PiV TXH D ILQDOHV GH $O FDORU GH HVWRV Q~PHURV HO VHFWRU GH ORV IRQGRV GH LQYHUVLyQ KD OOHJDGR D XQRV QLYHOHV GH VDWXUDFLyQ HOHYDGRV (O Q~PHUR GH IRQGRV GH LQYHUVLyQ GLVSRQLEOHV UHSUHVHQWDQ PiV GHO SRU FLHQWR GHO PHUFDGR \ RFXOWD XQD UHDOLGDG FDGD YH] PiV FRQRFLGD SRU HO LQYHUVRU GH D SLH OH UHVXOWD PiV FRPSOLFDGR HQFRQWUDU JHVWRUHV TXH GHVSXpV GH FRPLVLRQHV VHDQ FDSDFHV GH RIUHFHU YDORU SDUD HO SDUWtFLSH $QWH HVWD UHDOLGDG 2ULHQWD &DSLWDO WUDEDMD SDUD RIUHFHU D VXV FOLHQWHV SURSXHVWDV GH LQYHUVLyQ GLIHUHQWHV
2ULHQWD &DSLWDO HV XQD VRFLHGDG JHVWRUD GH LQVWLWXFLRQHV GH LQYHUVLyQ FROHFWLYD HVSHFLDOL]DGD HQ GDU DVHVRUDPLHQWR ILQDQFLHUR D SDWULPRQLRV SHUVRQDOHV HPSUHVDV H LQVWLWXFLRQHV FRQ XQD FODUD GHGLFDFLyQ D UHQWDELOL]DU ORV SDWULPRQLRV GH QXHVWURV FOLHQWHV GH OD PDQHUD PiV HILFLHQWH DWHQGLHQGR D ODV FLUFXQVWDQFLDV GHO PRPHQWR \ FRQ OD LQGHSHQGHQFLD FRPR SULQFLSDO VHxD GH LGHQWLGDG
'HVGH VX FUHDFLyQ HQ HO 3DtV 9DVFR HQ KD DELHUWR RILFLQDV HQ %LOEDR 6DQ 6HEDVWLiQ \ 0DGULG DGHPiV GH
GHOHJDFLRQHV HQ 9LWRULD 9DOHQFLD 3DPSORQD \ 0XUFLD *HVWLRQD XQ SDWULPRQLR VXSHULRU D ORV PLOORQHV GH HXURV \ FXHQWD FRQ SURIHVLRQDOHV
/D VRFLHGDG QDFH FRQ OD LGHD GH FXEULU XQD IDOWD GH DVHVRUDPLHQWR LQGHSHQGLHQWH TXH H[LVWtD \ VLJXH H[LVWLHQGR HQ OD DFWXDOLGDG 3DUD FXPSOLU FRQ HVWH SURSyVLWR GHFLGLy SRQHU D GLVSRVLFLyQ GH VXV FOLHQWHV SURJUDPDV GH DQiOLVLV GH SURGXFWR \ GH UHSRUWLQJ DFFHVR D LQIRUPDFLyQ HFRQyPLFD LQGHSHQGLHQWH \ XQ HTXLSR KXPDQR GHGLFDGR D WUDEDMDU HQ GRV iUHDV HVSHFtILFDV HO iUHD GH LQYHUVLRQHV ILQDQFLHUDV \ HO iUHD GH LQYHUVLRQHV DOWHUQDWLYDV FRQ XQ REMHWLYR PX\ FRQFUHWR EXVFDU \ DQDOL]DU ODV PHMRUHV LGHDV GH LQYHUVLyQ FRQ HO ILQ GH DOFDQ]DU HO REMHWLYR GH UHQWDELOLGDG GH FDGD FOLHQWH GH OD PDQHUD PiV HILFLHQWH \ DO PHQRU FRVWH SRVLEOH
(Q OD DFWXDOLGDG GLFKR GHSDUWDPHQWR GH DQiOLVLV HVWi FRPSXHVWR SRU FXDWUR DQDOLVWDV GH LQYHUVLRQHV ILQDQFLHUDV \ WUHV DQDOLVWDV GH LQYHUVLRQHV DOWHUQDWLYDV
+DFH XQ DxR \ PHGLR 2ULHQWD &DSLWDO HQFRPHQGy DO GHSDUWDPHQWR GH DQiOLVLV GH LQYHUVLRQHV ILQDQFLHUDV OD E~VTXHGD GH ODV PHMRUHV JHVWRUDV GH UHQWD YDULDEOH HXURSHD HVSHFLDOL]DGDV TXH UHXQLHUDQ ODV FDUDFWHUtVWLFDV DGHFXDGDV SDUD DMXVWDUVH D OD ILORVRItD GH DVHVRUDPLHQWR SDWULPRQLDO GH OD
ILUPD &RPR FRQVHFXHQFLD GH HVWD E~VTXHGD UHFLHQWHPHQWH VH KD UHJLVWUDGR HQ OD &109 HO IRQGR GH LQYHUVLyQ $FXULR (XURSHDQ 0DQDJHUV (VWH YHKtFXOR HV HO UHVXOWDGR GH XQ DFXHUGR FRQ VHLV boutiques LQGHSHQGLHQWHV FRQ XQ WDPDxR UD]RQDEOH \ XQD FDSDFLGDG OLPLWDGD GH DFWLYRV EDMR JHVWLyQ *HVWRUDV FRQ HTXLSRV GH LQYHUVLyQ HVWDEOHV UREXVWRV \ FRQ XQ DOWR FRQRFLPLHQWR GH VXV PHUFDGRV QDFLRQDOHV HQ ODV TXH HO HTXLSR JHVWRU FR LQYLHUWH HQ OD HVWUDWHJLD TXH GLULJHQ FRQ FDUWHUDV FRQFHQWUDGDV FRQ EDMD URWDFLyQ \ HQ GHILQLWLYD FRQ XQD WUD\HFWRULD VREUHVDOLHQWH D ODUJR SOD]R
*UDFLDV D $FXULR (XURSHDQ 0DQDJHUV HO LQYHUVRU SXHGH DFFHGHU D LQYHUWLU HQ FRPSDxtDV HXURSHDV GH FDOLGDG GH OD PDQR GH JHVWRUDV TXH FRQRFHQ ELHQ FXiOHV VRQ ODV PHMRUHV DOWHUQDWLYDV GH VX SDtV HQ FDGD PRPHQWR \ D ODV TXH GH RWUD PDQHUD OH UHVXOWDUtD PX\ GLItFLO DFFHGHU &DEH GHVWDFDU TXH GH HVDV VHLV JHVWRUDV FLQFR QR WLHQHQ VXV YHKtFXORV GH LQYHUVLyQ UHJLVWUDGRV HQ (VSDxD OR TXH FRQYLHUWH DO IRQGR $FXULR HQ XQD VROXFLyQ LQQRYDGRUD \ H[FOXVLYD GH LQYHUVLyQ
(O RWUR iUHD GH DQiOLVLV TXH FRPHQWDED HO HTXLSR GH LQYHUVLRQHV DOWHUQDWLYDV WDPELpQ WUDEDMD HQ OD OtQHD GH LGHQWLILFDU RSFLRQHV LQQRYDGRUDV SULQFLSDOPHQWH HQ SUR\HFWRV GH HFRQRPtD UHDO EDVDGRV HQ DFXHUGRV GH FRODERUDFLyQ FRQ WHUFHURV HQ ORV TXH OD HPSUHVD WUDWD GH LGHQWLILFDU ORV PHMRUHV JHVWRUHV GH FDGD iUHD GH QHJRFLR (VWD WLSRORJtD GH LQYHUVLyQ SUHVHQWD XQRV UDWLRV GH UHQWDELOLGDG PX\ LQWHUHVDQWHV DO WLHPSR TXH FRQWULEX\HQ DO GHVDUUROOR HFRQyPLFR IDYRUHFLHQGR OD FRQVWUXFFLyQ GH ELHQHV \ VHUYLFLRV QHFHVDULRV SDUD OD VRFLHGDG
(Q HVWH VHQWLGR GHVWDFDUtD LQYHUVLRQHV UHDOL]DGDV HQ UHVLGHQFLDV GH HVWXGLDQWHV HQ 0DGULG 0iODJD \ 6HYLOOD
YHKtFXORV GH LQYHUVLyQ SDUD DORMDPLHQWR GH MyYHQHV SURIHVLRQDOHV HQ +RODQGD OD LQYHUVLyQ HQ XQD SODWDIRUPD GH DSDUFDPLHQWRV HQ URWDFLyQ TXH LQFOX\H PiV GH SDUNLQJV HQ WRGD (VSDxD FRQ SOD]DV GH JDUDMH R IRQGRV GH FDSLWDO ULHVJR TXH LQFOX\HQ XQD JUDQ GLYHUVLILFDFLyQ
+DEODPRV GH LQYHUWLU HQ VHFWRUHV TXH JHQHUDQ UHQWDV HVWDEOHV HQ PHUFDGRV HQ GHVDUUROOR TXH VH SODQWHDQ FRPR DFWLYRV GH LQYHUVLyQ HQWUH LQYHUVRUHV LQVWLWXFLRQDOHV 1XHVWURV DVHVRUHV IXHURQ SLRQHURV HQ RIUHFHU D VXV FOLHQWHV DOWHUQDWLYDV GH LQYHUVLyQ HQ HFRQRPtD UHDO FRODERUDQGR HQ OD FUHDFLyQ GH OD SULPHUD VRFLPL GH UHVLGHQFLDV GH HVWXGLDQWHV &DEH UHVDOWDU TXH HO GHSDUWDPHQWR GH DQiOLVLV GH LQYHUVLRQHV DOWHUQDWLYDV HVWXGLy GXUDQWH HO PiV GH SRVLEOHV SUR\HFWRV GH ORV TXH VROR WHUPLQDURQ UHFRPHQGDQGR GRV
'HVGH 2ULHQWD &DSLWDO WHQHPRV FODUR TXH OD ILJXUD GHO DVHVRU MXHJD XQ SDSHO IXQGDPHQWDO \D TXH HVWH WLSR GH DFWLYRV QR VRQ DGHFXDGRV SDUD WRGRV ORV LQYHUVRUHV SRU VHU PX\ LOtTXLGRV \ GH ODUJR SOD]R \ HQ PXFKDV RFDVLRQHV KDEUi TXH LQGLFDU DO FOLHQWH OD QR FRQYHQLHQFLD GH HVWD WLSRORJtD GH LQYHUVLyQ 'HVGH QXHVWUR SXQWR GH YLVWD SDUD DTXHOORV LQYHUVRUHV TXH SXHGDQ LQYHUWLU HQ HVWD FODVH GH DFWLYR OD FODYH HVWi HQ EXVFDU XQ DOWR JUDGR GH GHVFRUUHODFLyQ HQWUH OD SURSLD FDUWHUD GH DOWHUQDWLYRV TXH FRQVWUX\D HO FOLHQWH
(Q GHILQLWLYD SDUD FRQVHJXLU UDWLRV GH UHQWDELOLGDG LQWHUHVDQWHV YD D VHU FDGD YH] PiV LPSRUWDQWH OD ODERU GH ORV VHOHFWRUHV GH JHVWRUDV HVSHFLDOL]DGDV FRQ H[SHULHQFLD HQ FDGD VHJPHQWR GHO PHUFDGR \ OD E~VTXHGD GH QXHYRV YHKtFXORV GH LQYHUVLyQ FROHFWLYD TXH IDFLOLWHQ OD LQYHUVLyQ HQ VHFWRUHV GH DFWLYLGDG HFRQyPLFD SRFR H[SORWDGRV