Although three months is considered short term, in Argentina, with a climate of great volatility, it might seem like a long time. Along these lines, Abel Cuchietti, a public accountant and financial adviser, argues that people who have a investment horizon 3 monthsare usually clients with a conservative profile.
“In a short term horizon how could it be 3 months, the investments They must be in pesos and not in dollars, since the latter are oriented to the medium or long term. Taking into account that inflation is falling and with an investment horizon of 3 months, the The best alternative is the traditional fixed term“, says the specialist.
Along these lines, the expert assures that, despite being a financial adviser and his advice is always invest money, if the investor cannot hold his investment for more than 6 months, then invest in assets such as negotiable obligations stops making sense, so traditional options like fixed term are a better option for these people.
According to Cuchietti, to invest in negotiable obligations, you must have an investment horizon of more than 6 months.
“The option of the fixed term UVA, since inflation is slowing down. For this reason, sticking to three months, which is the minimum term for this type of investment, can yield much less than a traditional fixed term“says the expert.
On the other hand, for those people who wish to obtain a coverage Front of inflation and are willing to leave their money for a period longer than two months, Cuchietti affirms that there are some Mutual funds interesting.
“One of those funds is SBS Strategy, since it is highly diversified and is a mix between ‘inflation linked’ and ‘dollar linked’, but not only the dollar linked ‘by finger’ of the BCRA, that is, bonds adjusted for the official dollar, but hard dollar bonds and no sovereign exposure, making it an extremely interesting bond for hedge against inflation and the dollar“, highlights the specialist.
As for his performance, the expert comments that one of the cons is that it is yielding less than the fixed term, Since the evolution of the dollar is also tied to inflation and the crawling peg is lower than the fixed term rate.
On the other hand, Agustín Funes, financial advisor of AFIN Inversiones, maintains that in the last rounds of the 2022 market it was possible to observe a government very interested in lower the value of financial dollars to close the year with a “good photo”.
According to Funes, the drop in the “financial” exchange rate at the end of 2022 was a government strategy
“This strategy has been maintained for now and is bringing financial dollars closer to the 360 area, leaving it very cheap compared to the rest, both the card dollar and the blue exchange rate. At the same time that we see a uncontrolled emission product, to a large extent, of the soybean dollar, which evidently will bring more inflation in the future“, says the specialist.
Taking these data from the context into account, for conservative investors, the expert maintains that a portfolio made up of a 3-month discount bill with a yield of 75% per year and MEP dollar It would be a good strategy to start the year.
“For moderate investors, extend the duration a few days with the letter to April with a return of 110% and Incorporate some negotiable obligation in dollars such as, for example, ARCOR 2026 (with a yield greater than 4%), would be a good idea in order to increase the yield for the coming months”, says Funes.
Finally, for investors more “aggressive”, that is, with a higher risk tolerance the specialist maintains that there great opportunities in the world of equities. In fact, in 2022 they yielded 40% in dollars, guided mainly by energy companies.
“I think one low of the Merval It would be excellent buying opportunity to gradually add exposure to what the market seems to think: a change of government and economic improvements going forward. Some interesting options to take into account are: Grupo Financiero Galicia, San Miguel AGICI, Central Puerto, Transener and Pampa Energía,” says the expert.
According to Agustín Funes, the shares of Grupo Financiero Galicia are a great option for investors with a higher risk tolerance
“In addition to equities, we can add exposure to YPF negotiable obligations trying to find a good entry point, in order to complement the aggressive portfolio”, he concludes.
How to invest in the Argentine Stock Market?
In the event that you want to invest in some of these assets, You can do it in two ways: on the one hand, through your bank and, on the other hand, by creating a client account with a broker. In the case of invest through your bank, You simply have to contact a representative of this to Proceed with the opening of an investment account.
In the case of register with a broker, the procedure may vary slightly depending on the entity you choose. However, with some differences, the process of opening an account on the stock exchange is as follows:
- Complete the broker’s form with your personal information and your address
- Complete steps such as identity verification
- Enter your basic data such as approximate income, how much percentage of your money you will allocate to invest, etc.
- Complete the “investor test”, since it will be of vital importance for an agent to advise you on what type of assets you should invest in (it will also be helpful in the case that you invest with an independent financial advisor)
- At the end, you must read the conditions, give your agreement and accept the contracting conditions and legal terms
