AzValor Internacional: seguimiento y opiniones

Necesitan hacer ensayo antes de grabar...

tullow  -12%   y que siga la fiesta...……...

Espero que los de AzValor no tengan las santas narices de echarle la culpa al covid-19 de sus recientes pesimos resultados. A ver si se van a acoger a esta excusa para desviar la atencion una vez mas... ya me espero cualquier cosa de estos

Aquí hay algo sobre los culpables 

 https://citywireselector.com/news/underperforming-value-boutique-blames-esg-tesla-and-irrational-mood/a1329043?ref=citywire-global-most-popular-list 

Ya tiene narices que culpen a la "narrativa" actual de sus males, cuando ellos son los reyes de contar cuentos bonitos sobre la caja neta y el skin in the game, entre otros...

 ‘However, in the current environment, few investors try to evaluate asset prices according to the profits those assets generate; they prefer stories and narratives about disruptions and future technologies, sometimes bereft of logical reasoning.’

Efectivamente Alvaro y Fernando, el Sr. Warren Buffet es un pobre ingenuo al que le sorbieron el cerebro con unos cuantos anuncios del iphone por television...

Menuta jeta.

Les ha venido fenomenal esta movida preconferencias. 

Pongo a continuación la opinión de Citywire de Azvalor. Es demoledora la crítica que les hacen. Está solamente en inglés. Mini resumen:

La redactora del artículo de Citywire podría ser cualquier forero de Rankia. No aporta nada que no se haya comentado ya aquí, pero es interesante conocer una opinión tan franca sobre alguien de fuera, que además es experta en fondos de inversión y en gestores. 

Nisha Long, head of cross-border investment research writes:

What’s the extent of the fund’s underperformance?

Performance has been choppy since inception with the drawdowns. In this time, the fund has also underperformed the market indices that best reflect its underlying investments. It benchmarks itself against the MSCI Europe index but this is misleading. The fund has more than 60% in the Americas and more than 60% in natural resources. Appropriate benchmarks would be the MSCI World Value and the S&P GSCI indices but the fund has underperformed both over the past three years, with a 3.2% loss versus gains of 23.4% and 7.2% respectively.

Are there some red flags here?

Guzmán’s attitude towards his clients is disturbing. He doesn’t seem concerned whether he has them or not. Investors will always check performance and they should not be discouraged from doing so.

Even benchmark-agnostic managers need to have some sort of indicator to be measured against to better inform clients and potential investors of the true nature of the underlying holdings.

The high concentration of commodity stocks, for instance, is a risk investors need to be aware of.

Is this a risk worth taking?

These managers encourage investors to consider a five-year horizon. However, this doesn’t sit comfortably with the fund’s chop-and-change activity. Guzmán has moved quite swiftly into commodities and this approach is high-risk. If you are looking for commodity exposure, this fund could be worth considering, but beware strong bouts of potential volatility. Those looking for short-term gains would be better off investing in a commodity ETF. For global equity exposure, I would steer clear – the fund’s concentrated focus on commodities is not a reflection of this broader market.

Lo importante que es tener caja para una ciclica... 

¿alguno ha ido a la conferencia de azValor en Barcelona?
¿qué están contando?

Tremendo. Recoge exactamente todo lo que aqui hemos criticado. Vuelvo a repetir que la CNMV deberia tomar cartas en el asunto con lo de su concentracion mmpp... 

Tienes el enlace original de citywire, please?

El enlace original. No tiene desperdicio las perlas que suelta AdG.

https://citywireselector.com/news/we-wont-be-pressured-former-star-trails-benchmark-by-35/a1299334

Que se pegaron un festín de patos gordos a la brasa, y ahora se han dado cuenta que tenían altas dosis de mercurio.

jajajaja

Pero el pato quién lo paga? Los partícipes? :D