Si bien los diferenciales de los bonos corporativos con grado de inversión (medidos por índice ML-Global Broad Market Corporate) se han comprimido desde que tocaron niveles excepcionales en marzo, siguen situándose en niveles elevados con respecto a su nivel promedio. A fecha de 1 de mayo de 2020, los diferenciales se encontraban en los 209 puntos básicos, frente a los 137 puntos básicos que representan su media histórica, los niveles más amplios desde 2012.

Por eso, en Ninety One, gestora internacional de origen sudafricano anteriormente conocida como Investec AM, creen que los bonos corporativos con grado de inversión proporcionan unos rendimientos atractivos frente a los bonos del Tesoro estadounidense. Con el apoyo de las medidas política monetaria y fiscal, y con menos exposición al nivel de beneficios futuros que sus equivalentes en renta variable, podrían ser un universo adecuado para los inversores cautelosos.

Además, en el pasado, los rendimientos de las asignaciones a bonos corporativos con grado de inversión han sido sólidos en periodos en los que los diferenciales han sido elevados, por eso en Ninety One, creen que la oportunidad sigue estando ahí), muchos emisores con calificación de grado de inversión son negocios sólidos, con flujos de efectivo estables y niveles de deuda manejables.

El equipo gestor de la estrategia Investment Grade Corporate Bond de Ninety One, formado por Jeff Boswell y Garland Hansmann, es consciente de los riesgos que existen en el horizonte, pero se sienten cómodos con las bajas probabilidades históricas de incumplimiento entre los bonos corporativos de grado de inversión.

El mercado de bonos corporativos de grado de inversión debería ser uno de los principales beneficiarios de las significativas medidas de estímulo monetario y fiscal implementadas a nivel global. Por ejemplo, del anuncio de la Reserva Federal de Estados Unidos en el que comunicaba su intención de comprar bonos corporativos en el mercado secundario.  

La estrategia Investment Grade Corporate Bond de Ninety One

Lanzada en el año 2000, la estrategia tiene un largo historial de rendimientos. Agnóstica a nivel regional, la estrategia se centra en un amplio conjunto de oportunidades entre Estados Unidos y Europa, recibiendo el apoyo de un equipo global integrado que opera como una unidad coherente. Realiza una selección cuidadosa y una gestión rigurosa del riesgo construida a partir del marco de inversión “Compelling Forces” ™, creado a medida por la gestora Ninety One para sus inversores.

Unos buenos rendimientos históricos en periodos en los que los diferenciales son elevados

Los gráficos a continuación muestran los rendimientos del índice ML-Global Broad Market Corporate en subsecuentes periodos en los que los diferenciales han estado por encima de los 200 puntos básicos y en los que los rendimientos han estado por encima de 2,4%, desde la fecha del lanzamiento del índice en 1996. Basándose en datos mensuales, denominados en dólares estadounidenses.   

Important information

This is an advertising communication for institutional investors and financial advisors only. It is not to be distributed to retail customers who are resident in countries where the Fund is not registered for sale or in any other circumstances where its distribution is not authorised or is unlawful. Please visit www. ninetyone.com.com/registrations to check registration by country. If you are a retail investor and receive it as part of a general circulation, please contact us at www.ninetyone.com/contactus.

The information may discuss general market activity or industry trends and is not intended to be relied upon as a forecast, research or investment advice. The economic and market views presented herein reflect Ninety One’s judgment as at the date shown and are subject to change without notice. There is no guarantee that views and opinions expressed will be correct and may not reflect those of Ninety One as a whole, different views may be expressed based on different investment objectives.

Although we believe any information obtained from external sources to be reliable, we have not independently verified it, and we cannot guarantee its accuracy or completeness. Ninety One’s internal data may not be audited. Ninety One does not provide legal or tax advice. Prospective investors should consult their tax advisors before making tax-related investment decisions. The yield reflects the amount that may be distributed over the next 12 months as a percentage of the Fund’s net asset value per share, as at the date shown, based on a snapshot of the portfolio on that day. Where there is a yield number in brackets, it is calculated in the same way, however, as the charges of the share class are deducted from capital rather than income, it shows the level of yield had these charges been deducted from income. This has the effect of increasing the income payable whilst reducing capital to an equivalent extent. Yields do not include any preliminary charge and investors may be subject to tax on their distributions.

The Fund is a sub-fund of the Investec Global Strategy Fund, which is a UCITS organised as a Société d’Investissement à Capital Variable under the law of Luxembourg. Ninety One Luxembourg S.A. (registered in Luxembourg No. B 162485 and regulated by the Commission de Surveillance du Secteur Financier) is the Manager of the Fund. This communication is not an invitation to make an investment nor does it constitute an offer for sale. Any decision to invest in the Fund should be made after reviewing the full offering documentation, including the Prospectus, which sets out the fund specific risks.

Fund prices and English language copies of the Prospectus, annual and semi-annual Report & Accounts, Articles of Incorporation and local language copies of the Key Investor Information Documents may be obtained from www.ninetyone.com. In Switzerland, this information is available free of charge from – RBC Investor Services Bank S.A., Esch-surAlzette, Bliecherweg 7, CH-8027 Zurich, Switzerland. In Spain, the Investec Global Strategy Fund is registered with the Comisión Nacional de Mercados y Valores as a foreign collective investment scheme marketed in Spain, with the number 734. In the US, this communication should only be read by institutional investors, professional financial advisors and, at their exclusive discretion, their eligible clients. It must not be distributed to US Persons apart from the aforementioned recipients. THIS INVESTMENT IS NOT FOR SALE TO US PERSONS EXCEPT QUALIFIED PURCHASERS.

Except as otherwise authorised, this information may not be shown, copied, transmitted, or otherwise given to any third party without Ninety One’s prior written consent. © 2020, Ninety One. All rights reserved. Issued by Ninety One, May 2020.

Indices

Indices are shown for illustrative purposes only, are unmanaged and do not take into account market conditions or the costs associated with investing. Further, the manager’s strategy may deploy investment techniques and instruments not used to generate Index performance. For this reason, the performance of the manager and the Indices are not directly comparable.