Video summary

292.Rentabilidad fondos favoritos en 2026

Main summary

Key takeaways

Finance

Summary (finance-focused)

Disclaimers / context

  • Educational only; not personalized recommendation to buy/sell/hold securities or funds.
  • Investors should consider their own financial situation, time horizon, and risk profile.
  • No responsibility for listener investment decisions.

Schedule / logistics

  • No episode next week due to Holy Week.
  • Next episode: April 10, published Fridays at 3pm.

Q1 performance review of “favorite funds” (YTD)

(All figures referenced as returns “so far this year / this quarter” unless noted.)

Equities (selected)

  • Ben & Melon Lunter Global Equity: -5.06%
  • Avante Managers (fund-of-funds): -4.78%
    • Favorite due to manager quality; not typically used in portfolios because it’s expensive and some holdings aren’t always accessible.
  • Value Catalyst Paradigm: +19.21%
    • Manager target: 15% annualized (presented as being met historically).
    • Example: client purchases ~a year ago now showing ~+60%, with +19% YTD.
    • Drivers mentioned: strong performance from oil & gas holdings after the Iran conflict; “catalyst” thesis execution.
  • Guinness Global Equity: -0.90%
  • Slen Wrop: -15.65% (subtitle appears “1565”; interpreted as -15.65%)
  • Bailey Griff 1380: negative (exact % unclear; appears “in negative territory”)
  • Fidelity F global: +2.10%
    • Framed as a portfolio stabilizer / decorrelation approach using both bullish and bearish positions (including shorts in “many technology stocks”).
  • Equan (European small companies niche): -4.46%
  • Valentum (similar niche): +3.58%
    • Described as a large divergence vs another similar small-cap European fund.
  • Benny Melon Eurolan (small European equity): -4.6% (subtitle appears garbled)
  • Nartes (quality/growth style in small-cap Europe): -11.09%
  • Find Par (small US companies): -0.64%
  • Bestinber International: -3.23%
  • Bestinfón (Bestinber Int’l + Iberia combination): -3.60%
  • MFS Prudent Capital (capital preservation / prudent): -3.53%
  • Magallanes European Equity: -2.85%
  • Magallanes Siberia: +1.19%
  • Polar Capital Insurance (insurance sector): return not clearly stated as a number
    • Discussion focuses on insensitivity to war conflict due to government coverage.
  • Cartesian: -0.96%
    • Historical context: ~+28% last year; current YTD modest decline (-0.96%) presented positively.
  • Capital Group New Perspective (mentions 50+ years): -4.12% YTD
    • Mentions “stratospheric return” historically ~11–12% (past reference).
  • MIP Global TCH (medical technology niche): -1.40%
  • Ropchet fund (“Roo valalor” / Ropchet): -5.47%
  • Fanmith: -9.76%
  • Morgan Stanley Global Brand: -11.54%
  • Morgan Stanley Asia Opportunity: -5.90%

Other equity/thematic funds mentioned

(Numbers mostly garbled in subtitles.)

  • BlackRock Gold (gold mining, not direct gold): last year +129%, this year -4.56%
  • BlackRock Health: 5.99% (“599”; unclear formatting)
  • BlackRock Mining: last year +70%, this year +3.74% (“374”)
  • Depan Investment Real Estate: return not stated
  • Fidelity China Consumer: -7.62%
  • Sigma International: +7%
  • International Golds: -3.81%
  • Cova Selection: +8.90%
  • Bailey Griff Discovery: -9.04%
  • Bailey Griff emerging: +9.37%
  • “Index fund” comparisons: B&Ward MSC W -1.94 and B&Ward Small Cup +2.89 (names/tickers unclear due to subtitles)

Currency / benchmarking approach (explicit methodology)

  • For equity comparisons, they use euro-denominated, unhedged funds as benchmark—even for global equity funds.
  • Currency-hedged funds:
    • Generally disliked due to cost, estimated around ~2%.
    • Even when euro moves favorably/unfavorably (example mentioned: euro rising earlier described as ~101–102 to ~1018 / or hedging penalties), the long-run impact is framed as being more about hedging costs than spot moves.
    • Comment: strong currencies converge around a midpoint ~120 (historical framing); currently around ~115 and earlier ~117–118.

Portfolio behavior recommendation (equities)

  • Advice: don’t constantly check markets; less checking = less tinkering, framed as better long-run behavior.

“Equity framework” and ideas (explicit step-style guidance)

  • For fund selection under equity:
    • Prefer funds where the manager demonstrates company-level understanding, not constant macro debate.
    • Use manager Q&A to judge decision quality:
      • Ask about specific companies’ challenges (examples mentioned: Microsoft, SAP).
      • Score based on responsiveness/knowledge (9/10, 8/10, 6/10 style).
      • If the manager focuses too much on macro (“why interest rates up/down”), points are deducted.
    • Use this to assess why performance/metrics may “misbehave” when markets swing.

Mixed funds (asset allocation / multi-asset)

Selected mixed funds & YTD returns

  • Trohan Fan: -2.95%
  • Invesco Pan European (in Hincon): -1.69%
  • Morgan Stanley Global Balance: -2.62%
  • Flosbat Multias Balance: -4.36%
  • Fidelity Multiasset Global: +2.12%
  • MFS Global Total Return: +1.77%
  • Defensive multi-asset Flosball: -2.96%
  • Capital Group Global Allocation: +0.92%
  • Bahn Hall Flexible: -2.08%
  • Carmignac Emerging Patrimon: +5.24%
  • Capital Group Emerging Total Opportunity: -0.11%
  • Ben & Melon Global Real Retour: +1.04%
  • Averding diversification fund: -0.88%
    • Key detail: distributes dividends at ~5% annually, paid monthly.
  • Carmignac Patrimón: -0.32% (context: +12% last year)
  • Olea Neutral: -0.98%
    • Track record: profitability >20 years, “average return” ~5.70% (“570” shown in subtitle)

Mixed-fund methodology / who they recommend it for

  • Mixed funds are suggested for:
    • Medium/long-term investors who want to “forget” timing.
    • Investors who believe the manager can dynamically allocate weight between equities and fixed income.
  • Target/expectation cited:
    • “Reasonable” long-term return around ~5–6%.
    • Controlled volatility expectation:
      • Some years down ~10%, other years up ~15%, but averaged to the expected range.

Fixed income (defensive, bonds, duration, credit risk)

Fixed income / defensive-mixed hybrids

  • Cartesio X: defensive mixed with ~85% fixed income
    • YTD: -1.56%
    • Prior year: +8.72%
    • Stated behavior: “never gives unpleasant surprises.”
  • Bene & Melon Global Shore (appears to be high-yield/lower credit quality profile):
    • YTD: -0.95%
    • Framed as investing in lower credit quality bond funds (higher yields due to lower credit quality) and aiming for consistency/limited bankruptcies.

Credit quality / duration / mortgage / hedging principles

  • Mortgage bonds: described as having “double coverage”
    • Bond + mortgage certificates (underlying real estate collateral) if issuer fails.
  • Currency hedging discussion (risk caution):
    • For global fixed income funds without hedging, FX swings can be large.
    • Example: FX could move between ~115/117 to ~130 (~13%), which would be excessive for a shorter-horizon fixed income context.
    • Conclusion: prefer currency hedging when appropriate for risk control.

Selected fixed income funds & YTD returns (as stated)

  • “Stand-bond picking”: -1.67%
  • Corporate bond (Norwegian) “Ely sure corporate bond” (managed by EBL): +0.87%
  • Britate Capital: +0.14%
  • Acacia dynamic income (beats treasury bills + ~2 bps): -0.85%
    • Last year referenced: +3.71% meeting objective.
  • J Safra Tels Insurance (bond part): -1.62%
  • Money market-like “Grupama…”: +0.15%
  • Muzini (fixed income manager; global short duration investment grade): -0.65%
  • Nordea, duration: -0.54%
  • Morgan Stanley Global Fix Income: -1.25%
  • Morgan Stanley European Fix Inc.: return not clearly stated (Europe-only bonds)
  • Ban Hall bonds: -0.75%
  • Ban Hall Debit (more conservative, alternative to treasury bills): -0.49%
  • Pinco GIS Global Incon: -1.94% (medium/long-term target cited around ~5%)
  • Fidelity Global Sore, Income duration: -0.89%
  • Carmignac Security: -0.60%
  • MNG Optimal Incon: -1.36%
  • Capital Group Global High Income: -1.2% (shown as “-12”)
  • Morgan Stanley Sure Maturity Eurobon: -0.81%
  • Morgan Stanley Euro Corporate Bond: -1.17%
  • Fidelity Euro-sorter Bond: return not explicitly given
    • Described as similar with slightly more risk but higher long-term than treasury bills.
  • Axa Ltda Euro10 (maturity >10 years): -0.72%
    • Prior year: -3.82%
    • Note: narrator says he typically doesn’t include >10y in portfolios, but keeps it to monitor long-term fixed income behavior.
  • Robeco Euroover (EU government bonds): -1.50%

Overall “tactical” takeaway themes

  • Focus on valuations when niches underperform
    • Example logic: when “value investing wasn’t performing,” focus on what became cheaper; similar logic applied to quality-company funds that are temporarily lagging.
  • Risk management via fund structure
    • Use defensive / capital preservation bias funds and manage FX/currency-hedging appropriately.
  • Communication preference
    • Managers who explain company dynamics and thesis logic are favored over those fixating on macro.

Presenters / sources

  • Presenter/Author: Eusebio Gómez (financial advisor; hosts the podcast).
  • No other specific guest names clearly identifiable in the subtitles (a manager interview is referenced, e.g., Andrés Allende, but not as a full presenter/source for this episode).

Original video