Carta de la Presidente La tasa de cambio peso-dólar cerró el viernes 12 de diciembre en $1.00=MXN14.76. Probablemente usted se pregunte hacia dónde se dirige esta tasa y cómo estamos enfrentando el colapso del peso en las cuentas de nuestros clientes. Prevemos una recuperación a corto plazo. Pero no debiera apostar por ello ni por […]

Letter from the President The peso-dollar rate closed Friday 12 December at $1.00=MXN14.76. You’re probably wondering where might the exchange rate be going and how we’re handling the peso collapse in client accounts. We expect a near-term recovery. But you should not bet on that or any view in the derivatives markets unless you speculate […]

Macro Views Next week: the highlights Two events especially will command market attention this week: The Federal Open Market Committee (FOMC) monetary policy decision and Janet Yellen press conference. The market will be focused on whether the Fed will keep, remove, or modify its forward guidance, which today reads  as follows: The Committee anticipates, based […]

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 bienes raíces de EE UU (6.3%), la renta variable de baja volatilidad (10.5%), y los bonos del Tesoro de EE UU 7-10 años  (4.7%). Las de peor desempeño (en dólares) […]

Our Performance In the past three months, the asset classes in our model portfolios[1] that delivered the highest U.S. dollar returns were U.S. real estate (10.5%), U.S. low volatility equity (6.3%), and U.S. treasuries  (4.7%). Producing the lowest returns (in dollar terms) were U.S. energy equity (–21.8%), Mexico equity (–20.4%), and EM equity (–11.3%). Over […]

Carta de la Presidente Si bien la semana pasada dijimos que conservaríamos nuestras posiciones largas en energía, para el portafolio modelo de corto plazo[1] ahora daremos un giro de 180 grados: las abandonaremos. Este portafolio tiene un fondo cotizado en bolsa (ETF) con una amplia canasta de contratos a futuro de materias primas. Este lunes […]

Letter from the President Having said last week we would not bail out of our long positions in energy, for the short-term model portfolio[1] only, I’m doing a U turn: we’re bailing out. This portfolio holds ETF that holds a broad basket of commodities futures. We’re selling it on Monday and reassigning that small position […]

Macro Views The U.S. jobs report surprised on the upside. Yet we hold to our view that the Fed will not raise rates before the second half of 2015. Note that the unemployment rate did not come down: workers who had been idle are responding to jobs growth by rejoining the work force. Also, we’ve […]

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 la renta variable de baja volatilidad (7.6%), los bienes raíces (6.0%) y la renta variable del sector financiero EE UU (4.8%). Las de peor desempeño (en dólares) fueron una amplia gama […]

Our Performance In the past three months, the asset classes in our model portfolios[1] that delivered the highest U.S. dollar returns were U.S. low volatility equity (7.6%), real estate (6.0%), and U.S. financial services equity (4.8%). Producing the lowest returns (in dollar terms) were broad commodities (–18.0%), U.S. energy equity (–16.2%), and Mexico equity (–14.4%). […]