Re: ¿Los buenos fondos mixtos o una ilusión de marketing?
Hola Rick, enhorabuena por tu nuevo blog, muy interesante y prometedor. Te felicito por tus iniciativas y la información que aportas.
A ver qué pasa tras finalizar EEUU el QE. Por el momento, en lo referente a dólar/otras divisas, me llama la atención el posicionamiento de Adrian Owens (gestor del GAM Star Discretionary FX fund):
Top currency manager halves dollar bet on Fed’s ‘dovish’ tone
24 de octubre
The leading currency specialist in the Citywire database has cut his long exposure to the US dollar in response to what he views as an increasingly dovish tone from the Federal Reserve.
Speaking to Citywire Global, Adrian Owens said he had made the tweaks to the GAM Star Discretionary fund over the last month.
‘We have cut our dollar long exposure because we are seeing the Federal Reserve take a more dovish stance as they are likely to be more mindful of the pace at which the dollar has appreciated over the past three months,’ Owens said.
The central bank’s recent rhetoric saw Owens alter holdings in his €94 million fund over the start of September, most notably cutting plays such as his long US dollar versus short New Zealand dollar, Australian dollar and UK sterling plays.
‘We decided to do this at the start of last month and we saw as September went on that we were right to reduce these positions. We have, however, kept a core position in the US, the real trade weighted dollar, as we see upside potential there,’ he said.
No currency wars.- The relative strength of the dollar, Owens said, will obviously have major implications for global markets but he stressed there is no resurrection of the so-called ‘currency wars’ seen in previous cycles.
‘The term ‘currency wars’ does get used when looking at the size and strength of developed world currencies but, if we look where we are on a macro perspective, the US is now entering the final period of three rounds of quantitative easing,’
‘This is while Japan is mid-way into its own policy and the ECB, with the announcement of the purchasing programme and targeted loans, is just getting started,’ he said.
‘The US is a relatively self-contained economy in the sense it can depend on internal, domestic demand to aid growth, but this is also dependent on the dollar not depreciating too quickly off the back of QE ending. This period of adjustment will be key for dollar investors.’
The GAM Star Discretionary FX fund has returned 56.9% over the three years to the end of September 2014. The average manager in the Citywire Alternative Ucits Currency sector lost 0.9% over the same period.
http://citywire.es/news/top-currency-manager-halves-dollar-bet-on-fed-s-dovish-tone/a779683