Fynsa
It is quite likely that we will have a good performance in terms of returns in investment portfolios, both in fixed income and equities, in the second half of the year.
A more balanced overall exposure and active management is recommended to address the concentration risk of passive indexes.
We continue to recommend overweighting less rate-sensitive assets such as cash, value sectors, international equities and real assets.
The outcome of the plebiscite should have a positive impact on the markets, under the assumption of lower uncertainty and risk premiums in the future due to the expectation of a more moderate new constitution.
We see greater opportunities with a defensive strategy in terms of duration and credit risk and overweight UFs
