Selectividad y diversificación: dos elementos clave en la gestión de los bonos high yield para protegerse de las caídas y aprovechar las alteraciones del mercado. Apostar por lo global ofrece oportunidades de diversificación y alfa, no sólo en tiempos de volatilidad e incertidumbre.
¿Por qué el high yield global está aquí para quedarse?
Al analizar el mercado de high yield (HY), puede ser beneficioso adoptar una perspectiva global. En vista de la reciente volatilidad y de la actual incertidumbre relacionada con los efectos de la pandemia de la COVID-19 sobre los mercados financieros mundiales, creemos que la selectividad y la diversificación son fundamentales para protegerse de las caídas y para aprovechar las dislocaciones del mercado en los mercados de bonos HY.
A lo largo de la última década, el mercado global de bonos HY ha duplicado con creces su tamaño, y actualmente asciende a 2,7 billones de dólares (a 31/12/20). En particular, los mercados europeos y emergentes (EM) han adquirido una importancia creciente en todo el mercado HY. Hay evidencias de que abordar el mercado de bonos HY con un enfoque global, en lugar de una perspectiva centrada en EE.UU., podría proporcionar oportunidades adicionales de diversificación y alfa. Estos beneficios potenciales de diversificación pueden observarse, entre otros aspectos, desde una perspectiva de calificación, sectorial y regional.
Posibles puntos clave en esta clase de activos
El crecimiento de los mercados de high yield europeo y de los mercados emergentes ha hecho que la clase de activos High Yield Global esté más diversificada y sea demasiado grande como para ser ignorada.
El High Yield Global ofrece varias ventajas de diversificación frente al US High Yield desde una perspectiva de calidad crediticia, sectorial y geográfica.
Las ineficiencias del mercado global y las discrepancias de precios entre los bonos denominados en diferentes monedas pueden presentar atractivas oportunidades de inversión.
El secured high yield es un segmento interesante del mercado de High Yield Global y puede aportar valor añadido.
Rendimiento y riesgo
Desde la creación del índice Global HY en 1997, el Global HY ha superado al US HY en 13 de los 23 años naturales transcurridos entre 1998 y 2020. Los mayores periodos de rentabilidad inferior fueron: 2001, durante la burbuja de las punto.com; 2008, durante la crisis financiera mundial; 2011, durante la crisis de la deuda europea; y 2016, cuando los mercados emergentes experimentaron volatilidad a raíz de la subida de tipos de la Reserva Federal y de las elecciones presidenciales de Estados Unidos.
Haz clic aquí para leer el análisis completo de Gary Russell, Co-Head de U.S. Credit & Head de U.S. High Yield en DWS, y Robin Kelly, Fixed Income Product Specialist en DWS.
For institutional investors only. Further distribution of this material is strictly prohibited. For institutional investor use and registered representative use only. Not for public viewing or distribution. Past performance is not a reliable indicator of future returns. Forecasts are based on assumptions, estimates, views and hypothetical models or analyses, which might prove inaccurate or incorrect.
DWS and FundsSociety are not affiliated.
Important risk information
DWS is the brand name of DWS Group GmbH & Co. KGaA and its subsidiaries under which they operate their business activities. The respective legal entities offering products or services under the DWS brand are specified in the respective contracts, sales materials and other product information documents. DWS, through DWS Group GmbH & Co. KGaA, its affiliated companies and its officers and employees (collectively “DWS”) are communicating this document in good faith and on the following basis.
This document has been prepared without consideration of the investment needs, objectives or financial circumstances of any investor. Before making an investment decision, investors need to consider, with or without the assistance of an investment adviser, whether the investments and strategies described or provided by DWS are appropriate, in light of their particular investment needs, objectives and financial circumstances. Furthermore, this document is for information/discussion purposes only and does not constitute an offer, recommendation or solicitation to conclude a transaction and should not be treated as giving investment advice.
The document was not produced, reviewed or edited by any research department within DWS and is not investment research. Therefore, laws and regulations relating to investment research do not apply to it. Any opinions expressed herein may differ from the opinions expressed by other legal entities of DWS or their departments including research departments.
The information contained in this document does not constitute a financial analysis but qualifies as marketing communication. This marketing communication is neither subject to all legal provisions ensuring the impartiality of financial analysis nor to any prohibition on trading prior to the publication of financial analyses.
This document contains forward looking statements. Forward looking statements include, but are not limited to assumptions, estimates, projections, opinions, models and hypothetical performance analysis. The forward looking statements expressed constitute the author‘s judgment as of the date of this document. Forward looking statements involve significant elements of subjective judgments and analyses and changes thereto and/ or consideration of different or additional factors could have a material impact on the results indicated. Therefore, actual results may vary, perhaps materially, from the results contained herein. No representation or warranty is made by DWS as to the reasonableness or completeness of such forward looking statements or to any other financial information contained in this document. Past performance is not guarantee of future results.
We have gathered the information contained in this document from sources we believe to be reliable; but we do not guarantee the accuracy, completeness or fairness of such information. All third party data are copyrighted by and proprietary to the provider. DWS has no obligation to update, modify or amend this document or to otherwise notify the recipient in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.
Investments are subject to various risks, including market fluctuations, regulatory change, possible delays in repayment and loss of income and principal invested. The value of investments can fall as well as rise and you might not get back the amount originally invested at any point in time. Furthermore, substantial fluctuations of the value of any investment are possible even over short periods of time. The terms of any investment will be exclusively subject to the detailed provisions, including risk considerations, contained in the offering documents. When making an investment decision, you should rely on the final documentation relating to any transaction.
No liability for any error or omission is accepted by DWS. Opinions and estimates may be changed without notice and involve a number of assumptions which may not prove valid. DWS or persons associated with it may (i) maintain a long or short position in securities referred to herein, or in related futures or options, and (ii) purchase or sell, make a market in, or engage in any other transaction involving such securities, and earn brokerage or other compensation.
DWS does not give taxation or legal advice. Prospective investors should seek advice from their own taxation agents and lawyers regarding the tax consequences on the purchase, ownership, disposal, redemption or transfer of the investments and strategies suggested by DWS. The relevant tax laws or regulations of the tax authorities may change at any time. DWS is not responsible for and has no obligation with respect to any tax implications on the investment suggested.
This document may not be reproduced or circulated without DWS written authority. The manner of circulation and distribution of this document may be restricted by law or regulation in certain countries, including the United States.
This document is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, including the United States, where such distribution, publication, availability or use would be contrary to law or regulation or which would subject DWS to any registration or licensing requirement within such jurisdiction not currently met within such jurisdiction. Persons into whose possession this document may come are required to inform themselves of, and to observe, such restrictions.
© 2021 DWS International GmbH All rights reserved. I-084241-1 ORIG: 082735
Por Fórmate a Fondo
Por Funds Society, Madrid