Adjuntamos algunos informes de análisis y opiniones de nuestros gestores que consideramos de gran interés.

Please find below interesting market views from our Managers. We hope you find them interesting.

Stress Testing (Weekly Comment from May 11th)

Essentially halfway through Q1’20 earnings season, the corporate profitability outlook for the balance of the year remains highly uncertain. EBITDA generation, thus far, has remained somewhat resilient, but coronavirus-related shutdowns for the most part primarily impacted a small portion of the quarter (just the last two weeks of March)… 

Rubrics Fixed Income Update

Has central bank interference in capital markets gone too far? Thursday’s announced extension to the Fed’s corporate bond purchasing programme to include fallen angels and high yield ETFs marks a truly astonishing development. Perhaps even calling into question the role of capital markets within the economy itself …

Stewart AM, la primera propuesta en España de la plataforma de fondos de Link Group

Link Group trae a España su nueva plataforma de fondos UCITS. En esta primera fase, la sicav Elevation Fund SICAV cuenta con un primer compartimento, la estrategia de la estadounidense Stewart Asset Management, cuya distribución en Iberia está en manos de BrightGate Capital. El movimiento es parte del plan de expansión de la entidad en Luxemburgo tras 30 años de servicio de fondos de terceros en los mercados de Reino Unido e Irlanda…

Odds for Success

• Many academics demonstrate that concentrated portfolios tend to outperform their benchmarks over time.
• Concentrated portfolios, however, may be more volatile. A portfolio with less volatility versus a benchmark can look more attractive to certain audiences even though they are less likely to outperform…

Inflation Risk and Opportunity

A European-based friend sent me a long note from a gold bug predicting run away inflation ahead. He asked how that might affect my investment plans. Here’s my reply: Thanks for sending the article, Luis. Here’s how I relate the author’s views to my present investment thesis…

Tesis de inversión sobre Berkshire Hathaway

Extracto de la tesis escrita por Javier López-Bernardo, Ph.D., CFA, gestor del fondo BrightGate Focus Fund.

El fondo “BrightGate Focus Fund” tomó recientemente una posición en Berkshire Hathaway, que actualmente representa el 4,3% de la cartera.

Aviso Legal: Los comentarios recogidos en el presente documento no representan asesoramiento financiero alguno y su uso es meramente informativo. Es posible que los comentarios aquí expresados no sean aplicables a su perfil de inversión o a su situación patrimonial personal. En caso de duda, le recomendamos contactar con un profesional financiero.