What actions are attractive?
Of less, the team of managers of BlackRock and Natixis agree that the markets “overlook a key point”: the economic restart has not reached its limit. “Investors seem to underestimate the momentum of the US economy,” Melson said. “We may be seeing markets being hit by doubts about growth, but growth is likely to remain strong and above trend for quite some time,” he added.
Taking into account that much of what happens in the economy and markets in the United States has repercussions in Mexico -of course not necessarily with the same magnitude-, there is some truth in this phrase when observing the performance of some sectors in the BMV in the last month.
One of the sectors that have stood out is the Real Estate Investment Trusts (Fibras). With the exception of Fibra Uno and Fibra Hipo, this segment begins to recover the ground lost during May. Fibra Macquarie went from 2.54 pesos at the end of April to 23.88 pesos, and Fibra Danhos went from 22.83 pesos to 23.50 pesos.
In addition to this sector, Juan Rich, director of analysis and strategy at Banco Ve por Más, stressed that they also have a positive outlook for banking. It is known in the banking industry that in times of high interest rates, the bank wins, because the margins are wider.
An example of this is the shares of Banorte that have recovered ground after six falls in a row (from May 4 to 12). Although the share price closed at 127 pesos on May 23, it is still far from its maximum price of 160 pesos.
Another case is the actions of Gentera that in the last month have had ups and downs. But, they have had an advance of 7.8% so far this year.
For Martínez and Rich, it is still time to take advantage of these sectors, as well as the mining industry, health, oil and gas, consumption, and of course commodities.
“The stations that can be seen as more stable will be those that are focused on maintaining profitability or that can pass on price increases to their clients without translating into lower consumption,” said Rich.
Many times these sectors can be grouped into exchange-traded funds, or ETFs, to have exposure to a basket of assets and reduce risk. One example is the iShares S&P GSCI Commodity-Indexed Trust, which tracks commodity assets such as energy, industrial and precious metals, and agriculture and is listed on the BMV. This fund that replicates the S&P GSCI Total Return index accumulates a gain of 42.98% so far this year, according to data published by BlackRock at the close of May 24.
Of course, nobody knows for sure what the economic landing will be like. Even for Melson, the nervousness of the market has opened up the opportunity to buy technology stocks that trade cheap against the expensive prices of value shares. “The odds of a soft landing are higher than the market appreciates and continue to grow, continuing to support our view that the second half will see a strong rally in risk assets, led by a bar in the technology and cyclical products,” Melson said.