In an environment where volatility and uncertainty prevail, the new Fynsa Tactical Debt fund has been strategically designed to take advantage of the opportunities presented by investments with longer durations. In this way, it seeks to maximize returns in local debt markets for investors less sensitive to daily market fluctuations, as its strategy is based on a careful observation of historical and current trends.

As highlighted in the rolling 12-month return data -since 2008-, AAA bank bonds with durations of 3 to 5 years have proven to be a more profitable option, outperforming those with shorter durations by 1%. This can be seen in the graph below:

It is important to note that the exclusion of the year 2021 in this analysis - a period affected by fund withdrawals in the PFAs - reinforces the consistency of this strategy over time, avoiding distortions in the interpretation of the data.

The new Tactical Debt fund strategy comes at an opportune time. The spread in the term premium between the 2-year BCU and the 5-year BCU - which historically stood at 34 basis points - has seen a significant increase to 70 basis points.

Along with the above, it is essential to recognize that this fund, due to its structure, presents higher volatility compared to the Fynsa Deuda Chile Fund. And the key to optimizing both strategies lies in diversification: by maintaining a significant participation in the Deuda Chile Fund, it is possible to reduce overall volatility, while allocating an adequate percentage in Tactical Debt increases the potential for profitability.

Lukas Hernandez

Portfolio Manager Financial Funds

"Be informed of the essential characteristics of the investment in this fund, which are contained in its internal regulations". "The profitability or gain obtained in the past by this fund does not guarantee that it will be repeated in the future. The values of the fund shares are variable".