Fynsa
The recent cases involving Tricolor and First Brands are testing the resilience of the private debt fund industry and the liquidity of its assets.
In the fixed-income market, we continue to recommend a strategy that is heavily weighted toward the UF index. Meanwhile, we believe that the recent adjustments in the equity market present a good opportunity to position oneself for the remainder of the year.
Private debt allows for more stable income with a better risk premium. In addition to being more limited in terms of duration, in most cases it allows investors to receive cash flows, avoiding some of the uncertainty regarding returns and maturity that private equity investments do have.
The software sector has suffered the largest non-recessionary decline relative to the market. But according to market consensus estimates, the sector's fundamentals remain largely intact.
Outperformance relative to DM (Developed Markets) is expected to continue through 2026. Emerging markets currently offer diversification in the artificial intelligence sector, from concentration in the US to exposure to Asian AI.
In this new cycle, global private equity strategies with access to secondary markets, co-investments, and adequate diversification by vintage, sector, and geography appear better positioned to offer greater control over liquidity and duration, without losing exposure to quality assets.
Reforms and investment are central to the optimistic outlook for Argentina.
Recent events in the international market serve as a reminder that, beyond expected returns, private debt requires in-depth analysis of risks, selectivity, and actual cash flow generation capacity in different economic scenarios.
We believe Chile continues to offer a good entry point toward 2026, with historically attractive real rates, equity valuations below their long-term averages and a discount relative to emerging markets, as well as catalysts that could favor a gradual re-rating of local assets.
The recent case of Inversiones Portuarias Chancay shows how a well channeled mass of retail investors can change the face of an entire stock market in a matter of months. However, it can also be a minefield for those who enter late, ill-informed or undiversified.
