A la hora de escoger activos en Alemania, los inversores no deberían centrarse solo en las ‘blue chips’ del Dax, sino también en pequeñas y medianas empresas. En respuesta a esta serie de preguntas, DWS hace hincapié en la idea de que las firmas de pequeña y mediana capitalización del país europeo pueden ofrecer potencial de retorno y diversificación. Sin embargo, si quieres aprovechar al máximo la amplia variedad disponible, es importante poner en marcha una investigación exhaustiva de la renta variable y limitar los riesgos.
¿Qué ventajas potenciales tienen las acciones ‘small’ y ‘mid cap’ frente a las blue chips más grandes?
Si un inversor solo invirtiese en blue chips alemanas, estaría pasando por alto oportunidades de retornos al ignorar una parte considerable del valor creado históricamente por empresas que cotizan en bolsa. La selección de activos es sin duda más difícil en el sector small y mid cap, por eso el análisis requiere mucho tiempo, lo que genera una brecha de información que puede descubrir ideas de inversión interesantes que otros actores del mercado quizás no hayan visto todavía.
¿Qué tipo de criterios de inversión pueden aplicarse a la hora de invertir en esos activos?
Creemos que la prioridad debería ser el análisis de los fundamentales, centrándose, sobre todo, en los modelos de negocio de las empresas, así como en diversos indicadores financieros y la perspectiva general del mercado. Un factor decisivo para las decisiones de inversión es el diálogo directo y frecuente con los equipos de gestión: esto significa tratar de recibir la información de primera mano para poder evaluar mejor las situaciones cambiantes.
¿Por qué son tan interesantes las ‘small’ y ‘mid caps’ alemanas?
Estas empresas suelen operar en nichos, pero a menudo son líderes del mercado en ellos y hacen negocio a nivel internacional. En teoría, las firmas más pequeñas generalmente tienen un potencial de crecimiento más alto. Además, muchas veces estas empresas continúan gestionadas por sus fundadores, que han invertido sus propios activos en ellas. Pueden ser capaces de reaccionar más ágilmente a los cambios de circunstancias, en parte por sus jerarquías más planas.
Pero las mayores oportunidades de crecimiento se compensan con un riesgo más alto. Los beneficios de las ‘small’ y ‘mid caps’ son a veces menos rentables que los de las grandes compañías y los precios de las acciones también pueden ser más volátiles.
¿Pueden mitigarse esos riesgos más altos?
La diversificación es fundamental cuando se trata de las acciones ‘small’ y ‘mid-cap’. Por ejemplo, en un universo de unos 300 activos, invertir en entre 50 y 100 empresas puede crear potencialmente el tipo de amplia diversificación que un inversor no podría alcanzar de forma individual.
Pero debes tener en cuenta que las fluctuaciones de precios más marcadas son parte integrante de la inversión en sectores más pequeños. Esto tiene algunas ventajas, así como riesgos. Significa que las oportunidades de comprar barato en compañías prometedoras pueden ocurrir más frecuentemente.
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