Ethan Turner, Senior Vice President and Portfolio Manager de Voya Investment Management, explica en esta videoentrevista el papel que pueden desempeñar los bonos convertibles en una cartera de inversión, su funcionamiento y por qué resultan especialmente atractivos en el entorno de mercado actual.
“En su forma más simple, un bono convertible es un valor híbrido que ofrece a los inversores las ventajas tanto de las acciones como de los bonos”, señala el experto del equipo de Income & Growth de Voya, que es uno de los mayores gestores de convertibles del mundo*.
Es decir que los convertibles funcionan como un bono tradicional, ofreciendo un cupón y el reembolso del principal al vencimiento, pero incluyen además una opción implícita que permite convertirlo en acciones, lo que añade un potencial de revalorización.
Esta característica dual los convierte en un instrumento capaz de ofrecer tanto la protección a la baja propia de la renta fija como la participación en las subidas del mercado de renta variable. Teniendo en cuenta, eso sí, que “dado que tienen estas dos características, un valor convertible tiene los riesgos tanto de la renta variable y su volatilidad como de la renta fija relacionados con los diferenciales y los tipos”, apunta Turner.
A lo largo de la entrevista, el gestor explica que este tipo de activo tiene un comportamiento único, que se traduce en una rentabilidad asimétrica. “Cuando una acción sube, el valor convertible tiene aceleración al alza. Y cuando la acción baja, tienes desaceleración a la baja”, indicó, subrayando que esto permite a los inversores capturar entre el 60% y el 70% de las subidas del mercado con menos del 50% de las caídas.
En este sentido, los bonos convertibles resultan especialmente interesantes en entornos volátiles e inciertos como el actual, marcado por tensiones geopolíticas, dudas sobre la inflación y movimientos de política fiscal. “Como ha demostrado la historia en los últimos 35 años, los bonos convertibles han ofrecido rentabilidades similares a las de la renta variable, pero con menor volatilidad”, concluyó Turner, resaltando el valor de estos instrumentos en la gestión del riesgo y la búsqueda de rendimientos sostenibles a largo plazo.
*As of May 22, 2025 Source: eVestment Alliance, LLC and its affiliated entities(collectively “Nasdaq eVestment”) collect information directly from investment management firms and other sources believed to be reliable, however, Nasdaq eVestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on Nasdaq eVestment’s systems and other important considerations such as fees that may be applicable. Not for general distribution and limited distribution may only be made pursuant to client’s agreement terms. * All categories not necessarily included, Totals may not equal 100%. Copyright © Nasdaq. All Rights Reserved.
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Por Beatriz Zúñiga
Por Funds Society, Miami