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Spanish investors turn to the US stock market and debt in the rally since July | markets

Written by ebookingservices

A US stock market fund and a sovereign debt fund from Spain and Italy have been the ones that have registered the most inflows of new money in the month of July. These deposits are a reflection of the upward trend of the market during the month in both assets, which is continuing in August, and in which Spanish investors are positioning themselves.

The fund that received the most net subscriptions in July was the CaixaBank Master Renta Variable USA, with 813.7 million euros, followed by the CaixaBank Deuda Pública España e Italia 2025 fund, with another 687 million euros, according to data compiled by VDOS.

Both investment products, marketed mainly among private clients, are also the ones that have raised the most net money so far this year in the Spanish fund industry, which consolidates the leadership in asset management of the CaixaBank manager. Thus, its US stock market fund accumulates net inflows of 2,634 million euros in 2022, while the Spanish and Italian sovereign debt fund achieves net inflows of 1,521 million euros. This last fund manages to rank second in the classification by net deposits just three months after its launch, at the beginning of May.

In recent months, the CaixaBank manager has made a clear commercial commitment to the sovereign debt funds of Spain and Italy, just at a time when the prices of their bonds had plummeted. Debt funds are in fact the ones that have raised the most fresh money throughout the year, despite the fact that they have accumulated losses without pause except in July, when the returns have been notable for this type of asset thanks to the fall of returns.

For this time, in July the largest collections of money were concentrated in vehicles that invest in assets that have registered a significant profit. In the case of the aforementioned CaixaBank funds, the inflows of money are largely the result of the decisions of the firm’s managers, in which the discretionary portfolio management model is deeply rooted.

The Nasdaq rallied more than 11% during the month of July and the S&P rose more than 8%, while the sovereign debt of the euro zone left a return in the month of 4%. Investors and managers have therefore not hesitated to direct the new money inflows during July towards fixed income. The third fund that raised the most money that month was the CaixaBank Master Fixed Income Public Debt 1-3, with 555 million euros, followed by the CaixaBank Master Fixed Income Private, with 372.4 million euros. Fifth place goes to CaixaBank Monetary Yield, with another 335 million euros.

The manager of Renta 4 manages to position its short-term fixed income fund in sixth position among the funds with the most net subscriptions last month, with 311.2 million euros, in a classification largely dominated by CaixaBank.

In a year in which the Stock Market shows strong losses and great volatility, fixed income is concentrating money inflows in Spanish investment funds, despite the fact that July’s profits are far from being able to compensate for everything lost in the year because of the constant monetary tightening with which central banks are trying to fight inflation. Thus, the rise in interest rates has caused sharp rises in the return on assets, in parallel with their depreciation. According to data from Inverco, as of July, net subscriptions in fixed-income funds were the largest in the accumulated figure for the year, for 8,638 million euros.

Disputed leadership in deposits

BBVA. The manager of the financial group does not dominate in the classification of the funds that attracted the most net money in July. It appears in eighth position with the BBVA Bonds 2025, which captured 250.36 million in the month. However, in the global calculation, it does stand out as the manager with the most net subscriptions, for a total of 432 million euros in July. She is followed by the manager of CaixaBank, with net deposits of 358 million and Renta 4, with 291 million euros, according to data compiled by VDOS.

Balance. In any case, Caixabank maintains its position as the largest national entity by assets under management, with €77,046 million and a market share of 24.49%, followed by Santander with €47,613 million and a market share of 15.13% and BBVA, with 14. 44%.

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