Fynsa
In this context of falling rates, it is to be expected that another type of asset will begin to attract attention in the search for better returns.
In our 2024 Asset Allocation Outlook, bonds emerge as a prominent asset class.
Nathan Pincheira and Humberto Mora of Fynsa share their outlook on the economy and investments for the first half of 2023 and the coming months.
Our Softlanding baseline scenario is based on a moderation of inflation and greater resilience of activity.
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 global exposure and active management are recommended to address the risk of concentration in passive indices.
The divergence between equities and interest rates cannot continue much longer, and it should reverse.
We continue to recommend increasing the weighting of assets that are less sensitive to interest rates, such as cash, value stocks, international stocks, and real assets.
Most baseline scenarios for 2023 assume either a soft landing or a mild recession, under the assumption that inflation will decelerate significantly and that the terminal policy rate would be in the range of 5.0% - 5.25%.
