Attract – Acquire – Retain – Develop - Deploy Union/Manageme nt Relations MODULE 6 .
US/European Union free trade agreement: a move to retain ...
Transcript of US/European Union free trade agreement: a move to retain ...
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Monthly Strategy Report – November 2013
US/European Union free trade agreement: a move to retain global economic leadership The negotiations to put in place a free trade agreement between the world's
two leading economic powers, the United States and the European Union,
have just begun. Nobody has any doubt concerning the goodwill between
both blocks, although neither is anybody under any illusions that the
negotiations will not be long and hard. Political, regulatory and cultural
barriers need to be overcome on both sides of the Atlantic, while the
economic recession and the rise of emerging economic powers make this the
optimum political moment in which to reach an agreement.
Transatlantic Agreement on Trade and Investment. Definition
The Transatlantic Agreement on Trade and Investment is the name given to
the partnership agreement between the US and the European Union,
currently at the negotiation phase. The explicit aim of the negotiations
focuses on the elimination of the obstacles in order to expedite trade
between the two blocks. Among the most important measures to be agreed
upon are the elimination of tariffs, the repeal of unnecessary or duplicate
legislation and the removal of investment restrictions that hinder access to
certain markets and sectors. The removal of these barriers will favour an
increase in transaction volume and more competition which will lead to lower
prices and unemployment and increased wealth.
To conclude, the opening of negotiations heralds the desire to reach a
balanced, satisfactory and positive agreement for all concerned.
Make-up of the negotiating parties. Tentative schedule
For the European Union, control of the discussions is in the hands of the
European Commission, which is negotiating on behalf of the EU and the 28
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Monthly Strategy Report – November 2013
member states. The Commission is required to keep all countries, the
Council and the European Parliament duly informed of all developments. The
agreement will need to be approved by EU member states in both the
Council and the European Parliament.
On the American side, the main negotiator is the Government's Trade
Representative. The final text will then have to be approved by Congress.
The negotiation process is not without its complexities and has been closely
followed from the outset. France's distrustful stance regarding progress in
opening up the agricultural sector is well-known (France is the main
recipient of funds through the Common Agricultural Policy) as are their
feelings toward the so-called “cultural exception” which allows European
countries to protect their music and film industries.
The first round of negotiations were held in July. Political problems in the US
saw the temporary closure of the government, delaying the second round
planned for October. Both parties expect to return to the table in December,
although tension has increased markedly with the confirmation of cases of
US intelligence services spying on European political leaders.
The start of EU/US talks coincides with the announcement of a free trade
agreement between the EU and Canada which requires the ratification of the
twenty-eight members of the EU as well as the ten provinces and three
territories that make up Canada. The agreement comes after four years of
intense negotiations, expertise which could serve well in bringing forward
the signing of the Transatlantic Agreement on Trade and Investment.
As far as the tentative schedule is concerned, there is no established time
frame in which to reach this agreement, although both parties would prefer
not to see negotiations drawn out too long. The aim of the Commission is to
advance negotiations as far as possible this year in order to reach an
agreement in principle in 2015.
What are the potential advantages of the agreement?
The agreement will have great repercussions, both in the two blocks in
question and in third-party countries and regions, bearing in mind that
together the US and the EU represent around 50% of the world's GDP and
30% of global trade.
The Centre for Economic Policy Research (CEPR) in London estimates that
the EU would obtain a benefit approaching 1% of its GDP - €119 billion a
year, the equivalent of increasing average family income in the region by
€545 per household. Equally beneficial is the conclusion that for the US, the
agreement will represent 0.8% of GDP - €95 billion, the same as increasing
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Monthly Strategy Report – November 2013
the average American family's by €655 per household. As far as exports are
concerned, it is estimated that trade flow from the European Union to the
United States will increase by some 28%.
The agreement may also have global implications, with a positive influence
on the negotiation on a bilateral or multilateral level of future agreements
with other trading blocks or even within the World Trade Organization.
The study also highlights the importance of the elimination of bureaucratic
and legal barriers and the opening up of the service market and public
procurement. The CEPR estimate that up to 80% of the economic benefit
generated by the potential agreement will come from the elimination of
bureaucratic expenses.
Is a total agreement expected?
No. The European Commission's negotiating position is optimistic in terms of
reaching agreement but realistic at the same time. Great progress is
therefore not expected in a sector as sensitive as defence, for example. It
should also be remembered that the Commission's mandate does not include
seeking an agreement on the question of the “cultural exception”, of which
certain countries such as France are fervent defenders. Other aspects such
as that of GMOs (genetically modified organisms) highlight the difficulties in
making significant progress in the agricultural sector.
Some of the key aspects of the Transatlantic Agreement on Trade
and Investment. We shall be looking at three:
The geopolitical aspect. While the economic benefits derived from the
potential agreement are unquestionable, there is also an underlying
geostrategic component. Bearing in mind that the two blocks dominate world
trade and the rules governing the current globalization process, it would
seem logical to think that the objective is to reach an agreement that
maintains their hegemony in that process.
However, a breakdown of negotiations between the EU and the US would
significantly reduce their capacity for geostrategic control over the rules
governing world trade. This aspect is of great importance when assessing
the need for an agreement of a certain weight between the two blocks.
The regulatory aspect. The European Commission has stressed that the
difficulties that exist in reaching an agreement are not so much related to
removing tariffs (many of which are very low) or harmonizing interests in
matters such as the labour market or the environment. For the EC, the
crucial point will be the unification or regulatory standards in two blocks with
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Monthly Strategy Report – November 2013
regulative cultures that are quite different. From this perspective, the
importance of the participation of technical organizations is clear.
The Commission has therefore stressed the need for regulatory cooperation
from an early phase in order to make it possible to draw up rules of
international trade and make real progress in terms of the convergence of
regulations. There is a need to establish a framework agreement that allows
the two blocks to take the aforementioned regulatory convergence further in
the future.
The external aspect. Here we refer to the emergence of economically vibrant
countries (e.g. China) which can adopt different or contradictory standards
to those potentially established in the Transatlantic Agreement on Trade and
Investment in specific sectors under their sphere of influence.
This will also be an important aspect for Europe and countries and sectors
who will potentially be beneficiaries or disadvantaged by the agreement. It is
important to bear in mind the re-industrialization process underway in the
USA, based on cheaper access to non-conventional fuels. There is clearly a
suggestion that those European countries with the highest energy costs will
be at a competitive disadvantage with the opening up of those sectors
covered by the agreement.
The agricultural sector, a sensitive sector as far as Europe is
concerned
Agriculture is especially relevant for Europe, as it accounts for 40% of the
total EC budget. We should highlight:
1) It is stressed that the opening up of agricultural markets will have a
"bidirectional character" with benefits for both regions.
2) The US's objective involves increasing the sale of agricultural products
such as soya and wheat. Meanwhile, the EU's negotiating position
focuses on ease of access to the North American market for products
with greater added or transformed value (wine, ham, cheese, etc.)
3) As far as genetically-modified foods are concerned, The European
Commission have made it clear that there will be no obligation to import
GMOs (genetically modified organisms), although it should be
remembered that EC legislation already authorizes GMOs such as
foodstuffs, animal feed and crop seeds. It is hoped that the Agreement
simplifies the authorization request process for new GMOs. Excluded
from the negotiations are hormone-treated foodstuffs due to rigid
European Union legislation in this regard.
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Monthly Strategy Report – November 2013
We are currently in the midst of a relatively stagnant phase as far as world
trade is concerned, having witnessed the World Trade Organization's inability
to bring together such diverse commercial interests. The time is therefore
right to adopt an agreement between the two main world blocks, both for
economic and geostrategic reasons. The adoption of common technical
standards at a key moment in the evolution of the worldwide recession could
lead to a restart of the Doha Round negotiations. The negotiations and the
subsequent agreement would ultimately help to halt the advance of the
protectionism which becomes so fashionable in times of economic crisis.
Pedro Sastre
Head of Private Banking Strategy
Notable performance of risky assets, despite greater
political uncertainty
Failure to
reach political
agreement
saw a
temporary
closure of the
Federal
Administratio
n in the US...
...with budget
approval
delayed once
more.
In Europe, the
gradual
advances
toward
banking union
continue...
...while Spain
may conclude
its bank
rescue
The political agenda played an important role last month, with 2014
budget negotiations between Republicans and Democrats and the
unavoidable increase to the US debt ceiling.
Negotiating positions became entrenched, above all with regard to
President Obama's health care program, opposed by a significant
number of Republicans. Within this context and given the impossibility
of meeting its payments satisfactorily, the Federal Government
temporarily closed down certain operations. This closure lasted a total
of 16 days, after which agreement was reached which extended the
previous budget until 15 January while suspending the raising of the
debt ceiling until 7 February. These measures allowed the
Administration to reopen and won some time for new negotiations,
although it did not solve the US's fiscal problems.
In Europe, progress was made toward banking union. Legislation was
passed allowing the Single Supervisory Mechanism to come into effect,
with the ECB given responsibility for supervising the 128 main
institutions within the Eurozone. In the first half of next year, a new
European banking stress test will be carried out, with the new
mechanism fully functional from November 2014 onward. As far as the
Single Resolution Mechanism (another of the centrals pillars of
banking union, creating a common fund to bail out failing banks) is
concerned, the only agreement reached was one to draw up a
proposal before the end of the year.
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Monthly Strategy Report – November 2013
program by
the end of the
year.
Central banks
continue to
support
economic
recovery.
The IMF
scaled down
its world
growth
forecast…
...although it
added that
the recession
would be less
intense in the
eurozone and
in Spain.
US macro
data was less
encouraging.
The Euro group (finance ministers from the Eurozone) opened up the
possibility of concluding the Spanish bank rescue program by year end
on the back of a positive assessment of the initiative. The final
decision will be made on 15 November.
The main central banks maintained their rhetoric of continuity. The
Fed chose not to touch official interest rates or the quantitative easing
program ($85 billion per month). It highlighted fiscal uncertainty as a
downside risk for the economy. President Obama nominated Janet
Yellen as successor to Bernanke at the head of the Fed from January
2014 onward.
The ECB kept official rates at historical lows (0.5%), confirming that
these would continue for a lengthy period of time. It also left the door
open to future interest rate cuts or new long-term refinancing
operations (LTRO) should the economic climate worsen. The Bank of
Japan and the Bank of England also kept their expansive monetary
policies unchanged.
The IMF scaled down its world growth forecast by two percentage
points to 2.9% for 2013 and 3.6% for 2014. It cited the greater
deceleration noted in emerging economies as the reason for this
reduction. Taken as a whole, these economies will show growth of
4.5% in 2013 (compared to 5% estimated in July) and 5.1% for the
coming year (5.5% in July). In China, GDP will increase 7.6% this
year and 7.3% in 2014, compared to earlier forecasts of 7.8% and
7.7% respectively.
In the developed economies, forecasts were mixed. The IMF pegged
back expected US GDP growth by 0.1% for both 2013and 2014 to
1.6% and 2.6% respectively, while the recession in the Eurozone is
forecast to be less intense (-0.4% compared to the previous estimate
of -0.5%). Expected recovery for 2014 remained unchanged (+1%).
In the case of Spain, the IMF's GDP forecast was revised upwards. It
is now expected to be -1.3% for this year (compared to the previously
forecast 1.6%) while the forecast for 2014 is 0.2%, a tenth of a
percentage point up on previous expectations.
In the United States, consumer figures were disappointing. Consumer
confidence fell in October to 71.2 (the lowest since April) while
September retail sales were 0.1% down for the month. September job
creation was up 148,000 (it had risen 193,000 the previous month)
although unemployment was down a tenth of a percentage point to
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Monthly Strategy Report – November 2013
In Europe,
confidence
heralds
recovery...
...while in
Spain figures
confirmed a
certain
improvement
in economic
activity.
In China,
growth
accelerates...
...without
inflationary
pressure on a
world level.
Markets
register a
second
consecutive
month of
strong gains.
7.2%. Public deficit provided the positive news, with the year-on-year
figure over the last twelve months down 37.5%.
In the Eurozone, confidence indicators continue to point to increased
activities over the coming quarters. Economic confidence was at its
highest levels since August 2011 and although it dropped off in
October, the composite PMI stood at 51.5%, situating it on the growth
side. The negative note was provided by September unemployment
figures which remained at an all-time high of 12.2%.
Spain's economic environment improved: 3Q GDP was up 0.1%,
ending the recession with unemployment down to 25.98% from
26.26% based on the EPA Survey of the Working Population. The
combined public deficit of Central Government, the regional
Autonomous Communities and Social Security at the end of August
stood at 4.8 of GDP, compared to 5.27% in July and the 6.5% target
for the end of the year.
In China, year-on-year GDP grew three-tenths of a point to 7.8% for
the third quarter, a higher rate than that set by the government for
the year (7.5%). This was accompanied by an increase in
manufacturing PMI in October, with the Index now standing at 51.4.
On a world level, inflation remained under control thanks to the
moderation exercised in developed economies. In the US, RPI growth
was pegged back by three-tenths of a point to a year-on-year figure of
1.2%, while in the Eurozone it fell to 0.7% in October. In Spain, the
RPI fell into negative numbers for the first time since 2009, standing
at -0.1% year-on-year. In emerging economies, the picture was even
less clear. In China, RPI rebounded to 3.1% although it remained
below the target figure (3.5%) while in Mexico it slowed to 3.4% and
in Brazil it reached higher levels (5.9%).
October closed with world stock markets up, driven by signs of
improvement in world growth figures which outweighed political
uncertainty. The start of the period in which business results are
published further backed current market levels, especially in the US,
where the positive surprise ratio stood at 75%. Region by region, the
S&P 500 gained 4.5% while the Euro Stoxx 50 was up 6%. The Ibex
35 performed even better, climbing 7.9%. Meanwhile, the Emerging
Markets Reference Index was up 4.8%. The exception was Japan,
which, after a year of strong gains, closed the month flat.
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Monthly Strategy Report – November 2013
Higher risk
premiums
favoured both
the stock
market and
Spanish debt.
The Euro has
weakened in
recent days...
...while raw
materials still
show no clear
trend.
The on-going purchase of public debt by the Fed, the Bank of Japan
and the Bank of England encouraged fixed income indexes, with global
sovereign debt up 0.9%. As far as peripheral debt is concerned, the
reduced risk premiums in Spain saw a fall in 10-year bond rates to
4%, their lowest level since 2010, with the Spanish debt index up
1.7% over the month. The highest quality credit in global terms also
saw significant gains, up 1.4%, as did local currency emerging debt
(+2.3%).
After major gains over the first fortnight, the euro weakened toward
the end of the month due to increased expectations of the ECB
announcing an interest rate cut, with the euro gaining 0.5% on the
dollar and the exchange rate at the 1.36 EUR/USD mark.
There were no great changes as far as raw materials were concerned,
with benchmark Brent at $109 and gold at $1,324 an ounce.
Agricultural raw materials performed less well.
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Monthly Strategy Report – November 2013
Strategy
Political
tension takes
a back seat
World
economic
growth will
continue to
pick up
No
inflationary
pressure -
fear in some
cases of
deflationary
trends
Political tension has taken a back seat. Market focus is now on
economic growth, main central bank monetary policy and the
publication of corporate results.
World economic growth will continue to pick up. An acceleration is
forecast to year end which will continue into 2014. Global growth will
rise from 3% in 2013 to 3.6% in 2014. A large part of this acceleration
will correspond to developed economies, as the rate of growth in
emerging countries will not repeat this year's growth. Nevertheless,
these emerging economies will continue to be at the forefront of world
economic growth.
Despite the recovery, inflation in developed countries will remain around
or below the average or target level set by central banks, due to the
high levels of unemployment and the on-going idle business capacity.
The Eurozone is on the verge of dropping into deflation which will have
a negative effect on the sought-after price stability. The majority of
emerging countries will not notice inflationary pressure either. Only a
Monetary
Bonds
Variable income
Difference
Neutral
Recommended
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Monthly Strategy Report – November 2013
Central
banks:
expansive
monetary
policies
except in
certain
emerging
countries
Little to
attract the
attention in
money
markets,
where profits
continue to be
very low
Nothing to
recommend
sovereign
debt...
...although
some value
can still be
found in
peripheral
bonds
small number of them - among them large economies such as Brazil and
India - are experiencing high inflation due to overheating in the
economy or currency depreciation.
Central banks in developed countries will maintain their expansive
monetary policies in the short term. The Central European Bank may
decide to reduce interest rates or reintroduce auctions in the long term
in order to ensure banks have greater liquidity if the economy does not
pick up as expected and inflation continues at near-deflationary levels.
The Federal Reserve is likely to maintain quantitative easing at current
levels until early 2014. The Bank of Japan will maintain its bond-buying
program, increasing it if necessary, while the Bank of England will also
continue its QE.
The majority of central banks in emerging countries will maintain their
expansive monetary policies in order to stimulate growth. Only those
countries with weak currencies or high inflation will need to once again
increase benchmark rates by year end.
With the expectation that benchmark rates stay low and the high level
of liquidity in the system continues, remuneration from money-market
assets will continue to be low. On a national level, remuneration from
bank deposits has fallen. The profitability of bonds from peripheral
countries have also dropped. There is still some value to be found in
short-term promissory notes issued by well-known Spanish companies
or those which have a medium-high credit rating. Absolute return funds
are a reasonable alternative in order to preserve value, although they
represent a greater level of volatility.
The falling rates along the yield curve for safe bonds, mainly American
and German, and expectations of greater normalization make such
assets generally unattractive. Sovereign bonds are expensive and do
not sufficiently compensate for the risk assumed or inflation.
In Europe, peripheral bonds continue to perform well despite specific
aspects which create volatility. Among these assets, Spanish bonds
appear the safest, although they offer less potential, while other
countries may offer greater profitability although they also represent
higher risk.
The low level of coupon issued by international companies, above all in
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Monthly Strategy Report – November 2013
Credit market
remuneration
continues to
hold little
interest
Variable
income bonds
remain the
assets with
the greatest
potential
...although
they are no
longer as
cheap and
the market
very accom-
modating
The corporate
results season
is throwing
up few
significant
surprises
In the
currency
markets, the
the case of investment-grade bonds, makes them vulnerable to
expected future sovereign debt interest rate rises. The downward trend
of risk premiums is limited and may not compensate for the rise in base
rates. High yield bonds, which have the greatest margin to offset
higher base rates, and emerging bonds, which have been hit hard and
may appreciate, are those in the best position. There are also
opportunities for a revaluation of bonds issued by peripheral European
companies, although they are beginning to lose their appeal price-wise.
Convertible bonds are still attractive thanks to the option of converting
them into variable income bonds as a support factor.
Stock markets continue to be attractive due to their expected increased
profitability, although the margin for appreciation has been adjusted.
Estimates of global profit growth for 2013 and 2014 are 7% and 10%
respectively, although multiples have risen to levels approaching 16x
and 14x in the US and 13X and 12X in Europe respectively.
Nevertheless, profitability per dividend continues to be at attractive
levels, above all in Europe, and corporate operations, specifically those
paid in cleared funds, are breathing new life into the market.
Having said this, there are risk factors that could lead to a correction as
the market may be too complacent in terms of the performance of
variable income: the high liquidity and market sentiment indexes
(volatility, purchase intentions) are reaching the point where they
indicate excessive confidence and therefore the risk of overbuying.
The results announcement season is in full swing and expectations are
being met: slightly increased profits for American companies, European
company profits slightly down. At the same time, positive surprises are
around their historical average, while sales are rising at a slower rate
than profits. This represents a risk within the context of high margins,
especially in the case of America. Nonetheless, we still feel that until
the end of the year, stock markets - slightly upward or
sideways/upward trending - will continue to be bolstered by the liquidity
provided through central banks and the lack of profitable alternatives
for investors. As far as the various regions are concerned, in the short
term we believe that European and emerging markets will perform
better than US markets, although they are more defensive and serve as
a refuge when risk aversion increases.
The Fed's recent confirmation of its intention to cut its treasury bond
and mortgage-buying program in the near future offers support to the
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Monthly Strategy Report – November 2013
euro is
running out of
steam due to
the
divergence of
Fed and ECB
monetary
policy
Commodity
prices
trending
sideways
dollar. At the same time, forecasts that the ECB will have to take action
to ease deflationary pressure and ensure that credit once again
circulates through the European financial system work against the euro.
We therefore feel that it may return to a EUR/USD 1.30-1.35 exchange
rate, approaching the lower extreme as the Fed's removal of monetary
stimulus packages comes closer. We therefore recommend investing in
dollar assets at around the €/$1.35 mark.
We continue to think that currencies are being moved by monetary
policy, that the yen will remain weak and that the pound will stabilize at
levels similar to at present.
In what remains of the year we expect to see crude prices remain within
their present range, at an average of $110 per barrel of Brent, with
precious metals still under pressure given a stronger dollar. As far as
industrial metals are concerned, prices may recover somewhat,
although not sufficiently or safely enough to recommend that investors
take positions in these raw materials
Banca March Market Strategy Team:
Miguel Ángel García, Director of Market Strategy
Rose Marie Boudeguer, Director of Research Department
Pedro Sastre, Head of Private Banking Strategy
Alejandro Vidal, Head of High-Net-Worth Banking Strategy
Paulo Gonçalves, Head of Studies Department
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Monthly Strategy Report – November 2013
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Monthly Strategy Report – November 2013
Data: Bloomberg
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Monthly Strategy Report – November 2013
CARTERAsemana mes año 2013 año actual
hace 1
mesLiquidez Depositos RF RV
Inv.
AlternativaTotal USD
MARCH RENTA FIJA CORTO PLAZO F.I. 0,05% 0,25% 1,52% 1,92% 0,573 0,561 1,87% 25,78% 75,42% 0,00% 0,00% 0,00% 0,00%
MARCH PREMIER RENTA FIJA CORTO PLAZO F.I. 0,05% 0,22% 1,72% 2,19% 0,523 0,482 3,50% 34,77% 63,77% 0,00% 0,00% 0,00% 0,00%
MARCH PATRIMONIO CORTO PLAZO F.I. 0,09% 0,50% 2,21% 2,52% 1,048 0,432 3,20% 69,50% 26,08% 0,00% 0,00% 0,43% 0,00%
NMAS1 GESTION RENTA FIJA C/P F.I. 0,05% 0,20% 2,03% 2,47% 0,554 0,454 4,28% 71,87% 24,06% 0,00% 0,00% 0,00% 0,00%
MARCH PATRIMONIO RENTA FIL 0,04% 0,16% 2,56% 3,07% 0,558 0,118 8,15% 96,38% 0,00% 0,00% 0,00% 0,00% 0,00%
MARCH PATRIMONIO RENTA 2 FIL -0,04% -0,23% 1,84% 2,35% 0,003 0,003 69,13% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00%
FONMARCH F.I. 0,18% 0,83% 4,22% 5,30% 1,922 1,838 8,26% 14,97% 81,82% 0,00% 0,00% 0,06% -0,05%
MARCH RENTA FIJA PRIVADA F.I. 0,29% 0,98% 2,02% 3,09% 2,323 2,166 6,68% 5,21% 87,67% 0,00% 0,00% 6,72% 2,67%
MARCH BOLSA MIXTO F.I. 0,24% 2,66% 10,53% 12,87% 2,121 2,011 10,62% 3,82% 38,46% 50,34% 0,00% 19,91% 0,01%
MARCH VALORES F.I. -0,20% 7,49% 27,20% 33,79% 0,010 0,003 32,62% 0,00% 0,00% 75,38% 0,00% 0,01% 0,00%
MARCH EUROPA BOLSA F.I. 0,20% 3,49% 12,79% 16,68% 0,011 0,003 22,68% 0,00% 0,00% 79,37% 0,00% 25,95% 0,01%
MARCH GLOBAL F.I. -0,10% 4,24% 17,17% 17,57% 0,011 0,003 22,06% 0,00% 0,00% 77,49% 1,06% 43,75% 26,00%
MARCH VINI CATENA F.I. 0,58% 1,61% 11,54% 14,02% 0,201 0,264 11,47% 7,97% 0,00% 80,18% 0,03% 45,21% 22,52%
MARCH NEW EMERGING WORLD F.I. 0,87% 3,61% -3,95% 0,46% 0,003 0,003 9,65% 0,00% 0,00% 107,29% 0,00% 66,91% 46,21%
MARCH PATRIMONIO DEFENSIVO FI 0,09% 0,72% 2,17% 2,81% 0,649 0,574 11,24% 24,30% 43,87% 12,01% 3,77% 1,79% 1,77%
MARCH CARTERA CONSERVADORA FI 0,19% 1,22% 4,47% 5,10% 0,167 0,133 0,64% 3,77% 65,35% 24,42% 4,12% 11,96% 11,95%
MARCH CARTERA MODERADA FI 0,23% 1,56% 6,04% 6,29% 0,088 0,068 1,50% 0,80% 55,00% 35,73% 4,00% 17,54% 17,53%
MARCH CARTERA DECIDIDA FI 0,20% 2,94% 2,42% 3,67% 0,005 0,376 3,07% 0,00% 8,51% 82,92% 3,93% 9,98% 9,84%
CARTERA MODELO CONSERVADORA 0,14% 1,24% 3,30% 4,39% 0,003 0,003 0,00% 0,00% 52,88% 17,28% 29,84% 0,00% 0,00%
CARTERA MODELO MODERADA 0,17% 1,90% 4,75% 6,20% 0,003 0,003 0,00% 0,00% 40,77% 34,45% 24,78% 0,00% 0,00%
CARTERA MODELO DECIDIDA 0,23% 3,34% 7,84% 9,96% 0,003 0,003 0,00% 0,00% 17,77% 74,35% 7,88% 0,00% 0,00%
MARCH VIDA UNIT LINK - PERFIL PRUDENTE 0,13% 1,19% 4,73% 5,95% 0,000 0,000 0,00% 0,00% 76,24% 15,85% 7,91% 0,00% 0,00%
MARCH VIDA UNIT LINK - PERFIL EQUILIBRADO 0,12% 1,66% 6,70% 8,17% 0,000 0,000 0,00% 0,00% 59,81% 33,34% 6,85% 0,00% 0,00%
MARCH VIDA UNIT LINK - PERFIL DINAMICO 0,06% 2,26% 9,86% 11,71% 0,000 0,000 0,00% 0,00% 35,66% 59,53% 4,81% 0,00% 0,00%
TORRENOVA DE INVERS. S.I.C.A.V. S.A. 0,22% 1,23% 5,55% 6,70% 0,896 0,950 9,28% 10,52% 59,62% 21,72% 0,00% 12,36% 9,79%
CARTERA BELLVER S.I.C.A.V., S.A. 0,31% 2,05% 8,24% 10,36% 0,731 0,809 13,08% 7,78% 31,72% 49,46% 0,00% 32,59% 23,08%
LLUC VALORES S.I.C.A.V., S.A. 0,42% 2,74% 9,99% 13,48% 0,381 0,349 10,72% 5,92% 4,93% 78,60% 0,00% 56,39% 41,52%
MARCH AHORRO, F.P. 0,25% 1,95% 7,91% 9,41% 2,442 2,186 3,09% 8,99% 67,02% 28,74% 0,40% 18,84% 10,44%
MARCH PENSIONES 80/20, F.P. 0,18% 1,45% 5,86% 6,78% 2,441 2,198 1,87% 9,53% 77,47% 17,88% 0,25% 12,15% 5,81%
MARCH PENSIONES 50/50, F.P. 0,19% 2,03% 8,31% 9,36% 2,763 2,182 3,22% 2,66% 53,37% 44,04% 0,51% 27,07% 14,40%
MARCH ACCIONES, F.P. 0,04% 3,37% 14,41% 15,75% 0,011 0,003 24,10% 0,00% 0,00% 74,50% 0,85% 42,28% 25,10%
PLAN PENSION CRECIENTE, F.P. 0,10% 0,50% 2,70% 3,34% 1,209 1,102 2,72% 25,20% 76,10% 0,00% 0,00% 2,77% 0,00%
PLAN OPTIMO, F.P. 0,25% 1,92% 7,13% 8,47% 2,391 2,080 4,78% 4,25% 67,48% 29,54% 0,41% 19,24% 10,62%
MARCH MODERADO EPSV 0,19% 1,46% n.a. n.a. 1,960 0,944 32,64% 8,89% 66,83% 11,13% 0,00% 0,00% 0,00%
MARCH ACCIONES EPSV 0,29% 2,27% n.a. n.a. 0,011 0,003 190,04% 0,00% 0,00% 26,88% 0,00% 0,00% 0,00%
Data as of 31st October 2013
RENTABILIDAD DURACION DISTRIBUCION DE CARTERA EXP. Divisas (no EUR)
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Monthly Strategy Report – November 2013