The expected increase in rates for 2019 will have an impact on the profitability of this investment modality. Experts believe that the segment with the most potential is that of private fixed income.
If you are allergic to risk, do not hesitate: yours is fixed income. The best known is the public one, that is, Treasury bills, from 3 to 12 months, bonds or obligations up to 30 years, and the autonomy emissions such as Navarra, Andalucía or Madrid, which will soon recover financial autonomy. It is the debt guaranteed by the State. But fixed income is also the emissions of companies to finance their investments, with a little more risk. Fixed income comes from a prodigious decade, with returns even higher than the variable one. The problem is that, according to the experts predict, 2019 will end this cycle and will lose money in an aggregate way.
«We are very conservative, we are committed to maintaining low risk investments», says Enrique Lluva, specialist in fixed income of the Madrid manager Imantia. The monetary normalization that Europe is going to experience from December, with the aim of buying debt by the European Central Bank, does not sit well with fixed income, as the rise in interest rates makes it lose value. It will be a gradual process, because there are risks in the European market, such as the commercial war or the messages of uncertainty left by the Italian Government. "The European Central Bank he is aware of the situation and it is not advisable to overstress monetary policy, "he says.
Where should invest then if you still bet on fixed income? "The advice is fixed rent yes, but fixed income that has not been subject to purchase by the ECB," says the Imantia expert. And the private debt of financial institutions can be the big bet for 2019. "The banks have recovered a lot. They have prices that should not suffer in excess. This asset will have a presence in our portfolio. And always in the short term. We are coming from a virtuous decade and any process of interest rate recovery will lead to losses in the fixed income portfolio, "explains Lluva.
One last advice: Debt issues of companies such as El Corte Inglés. «We incorporate them into our portfolios. They have a strong cash position in the short term. You have to have it in a limited percentage because it is a narrow market. Six months maximum. They are instruments that are difficult to move in secondary markets, they are not as liquid as other types of assets. They are above the yield of deposits and a good part of fixed-income assets, "he concludes.