Carta de la Presidente El problema Nuestras cuentas mínimas están valuadas en US$500,000 (MXN6,650,000), pero las inversiones adicionales pueden ser de cualquier tamaño. A menudo nuestros clientes desean invertir montos pequeños, digamos US$20,000 o menos. Tal vez el mercado opera en baja y los hemos instado a que ocupen sus excedentes de efectivo para comprar […]

Letter from the President The problem Our minimum accounts are valued at US$500,000 (MXN6,650,000), but additional investments can be of any size. Often our clients want to invest small amounts—say, of US$20,000 or less. Perhaps the market is down and we’re been urging them to bring in excess cash to buy on the dip. Or […]

Macro Views Not only did the FOMC end quantitative easing on Wednesday, it made no effort to cushion the hard fact that it will probably hike rates next year. This is bad news only if this would be a mistake. With incoming data point so far pointing to U.S. growth acceleration and falling labor market […]

Nuestro Desempeño En los últimos tres meses, las clases de activos en nuestros portafolios modelo[1] de mayor rentabilidad en términos del dólar estadounidense fueron los renta variable de baja volatilidad de EE UU (7.1%), los bienes raíces estadounidenses (5.1%) y la renta variable del sector financiero (5.1%). Las de peor desempeño (en dólares) fueron una […]

Our Performance In the past three months, the asset classes in our model portfolios[1] that delivered the highest U.S. dollar returns were US low volatility equity (7.1%), U.S. real state (5.1%), and US financial services equity (5.1%). Producing the lowest returns (in dollar terms) were broad commodities (–11.7%), U.S. energy equity (–11.0%), and Germany equity […]

Fixed Income We present our revised projections for the yield on the 10-year U.S. Treasury bond through September 2016: We now see the yield on a 10-year UST ending 2014 at 2.60%

Currencies Summary For end-2014, we revise up our forecast for the dollar against the peso, yen, and euro. Joel Virgen of Banamex does not expect Banco de México to intervene to smooth out foreign exchange volatility. Most of our peso-based clients made money on the volatility The recent volatility pushed the dollar up sharply against […]

Carta de la Presidente Procure revisar la báscula con menos frecuencia A excepción de los portafolios de liquidez a corto plazo que administramos para tesorerías e individuos, nuestros portafolios de menor plazo tienen horizontes de inversión de al menos seis meses. Sin embargo, algunos de nuestros clientes más recientes tienden a revisar sus portafolios al […]

Letter from the President Try looking at the scale less often Except for the short-term liquidity portfolios we manage for treasuries and individuals, the shortest-term portfolios we manage have investment horizons of at least six months. Yet, some of our newer clients have the habit of checking their portfolios at least once a day. Yet, […]

Macro Views Wednesday’s FOMC decision is a no brainer. But how about its tone? We expect the FOMC to announce the end of tapering in its Wednesday communiqué. We see U.S. data on track for growth acceleration this quarter and in 2015, hence expect the Fed to agree with us and refrain from backing off […]