bankinter believes that, in 2023, the economy will enter a new expansion cycle “more comfortable and reliable than the previous one” and, with that idea, he released his predictions for the next course at a press conference held in Madrid.
“We are in a good context to risk again and take positions and, therefore, we significantly raised our positions in November. We went ahead because it will be difficult to enter at the right time and you can stay out ”, he highlighted Ramón ForcadaDirector of Analysis and Markets of Bankinter.
Esther Gutiérrez, a financial markets analyst, detailed the increased exposure in the entity’s profiled portfolios. The more defensive, which previously held a 5% in shares, moved to a 15%; while the most aggressive experienced an increase of 25% -Of 45% to 70%–.
Similarly, he pointed out that Bankinter’s preferences have changed from a regional to a sectoral focus. His interest will be fixed next year in six areas: banks and insurance companies –Sabadell, CaixaBank or Morgan Stanley–, infrastructure –Win or ACS–, consumption and luxury –Inditex or LVMH–, luxury car –Mercedes Benz, BMW–, renewable –Iberdrola or Acciona– e technology.
In technology, he specified that they will open positions in mature and large companies, such as Apple, Alphabet or Microsoft. In the banking sector, he denied that the tax raised by the government it will damage its valuations because “the market discounted it on the first day” and it is a sector that “will rise by double digits”, driven by interest rates.
Rafael Alonsoa Bankinter analyst, was tasked with launching the company’s forecasts for fixed rent. “We’ve been insisting for two years that it didn’t make sense to buy bonds and now we’re saying there is grounds for optimism: inflation begins to decline and the market assumes that central banks will succeed in their fight against rising prices; oil is down and supply chains are relaxing,” she stressed.
From the institution, they highlighted that its policy in this sense does not seek “speculation”, but rather focuses on bonds that allow to collect coupons for, therefore, mitigate the impact of inflation and, when the deadline arrives, recover the principal.
In this scenario, the analyst sees opportunities in Sovereign bondsespecially, in short and medium sections – two or three years. Also, it leans towards high quality corporate credit due to their creditworthiness and liquidity and the attractive valuations they offer, relative to Treasuries, swaps or mortgage-backed securities.
