Agregador de canales de noticias

Aquí tenéis un resumen de los informes se seguimiento semestrales que han elaborado nuestros gestores sobre los principales fondos de inversión de Renta 4 Gestora. Desde aquí podrás acceder a los informes completos.

El Teatro Real instala pantallas gigantes en Madrid para que todos los aficionados al género disfruten de 'Tosca'. Leer

Un optimista convencido que planteó una sociedad utópica. Leer

People who know me for a while know that I am a big fan of infrastructure investments. In particular, I like direct infrastructure investments, both green and traditional. Before I moved to the UK, I did not know about the large number of listed infrastructure funds in the UK that allow investors with every budget to invest in this asset class. Without endorsing any specific fund and reminding everyone to do their own due diligence before investing in any of these funds, you can get an overview of the listed closed-end funds in the infrastructure and renewable energy space at the homepage of The AIC.

But investors also need to be aware that infrastructure investments are not as straightforward as they might think. One of the most common reasons why investors want to get a hold of infrastructure assets is because they promise stable cash flows that often are linked to inflation. And in a yield-starved world getting a stable dividend of 5% or more is indeed very tempting.

But when you look at the actual performance of closed-end funds and direct infrastructure investments, then their cash flows look anything but stable and in fact resemble more the cash flows of traditional private equity and direct real estate funds.

Distributions of infrastructure funds, private equity and real estate over time

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Source: Andonov et al. (2021)

A new paper explains why. The underlying cash flows from the infrastructure assets are indeed very stable, but they only make a small part of the total cash flows of the investment. The bulk of the cash flows are generated by selling existing assets and distributing the proceeds to investors, just like a private equity or venture cap fund would do.

Simulated cash flows of infrastructure funds

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Source: Andonov et al. (2021)

In fact, the main explanatory variable for the difference in performance between a top quartile and a bottom quartile infrastructure fund is how well the asset manager is able to exit an investment at a profit within the first five years of the fund’s life.

As they say in investing, a successful investment requires two good decisions, the decision to buy and the decision to sell. So far, the decision to sell generally was quite easy to make. As more and more investors increased their exposure to infrastructure investments, there were plenty of buyers for existing assets. Exits were easy and prices achieved were high. But as the asset class matures, less and less new money will flow into it and exits will become harder to do profitably – especially if you have paid too much for an asset when you bought it. This will mean that returns for infrastructure funds will likely decline over time, just like they did for private equity and venture capital. And it will become more and more important for investors to do their due diligence and invest in high-quality asset managers that don’t overpay for assets.

La decisión del BCE supone un cambio significativo con respecto al anterior objetivo de "por debajo, pero cerca, del 2%". Leer

¿Qué precauciones debo tener a la hora de invertir? ¿Qué estrategias de inversión en fondos ve más correctas? ¿Y a la hora de invertir en ETFs? Víctor Alvargonzález, socio fundador de Nextep Finance, responde a sus dudas hoy a partir de las 11 horas. Leer

Constantemente leo en algunos foros que se tiende a idealizar la vida y obra de filósofos como Sócrates, Platón o Aristóteles. Estoy seguro que muy pocas personas han leído obras completas de los dos últimos y, haciendo lo que los ingleses llaman cherry picking,  solo se han quedado con las frases sueltas que rulan por ... Leer más

La entrada El lado oscuro de los socráticos se publicó primero en SIGMADIEZ.

Análisis sobre las mejores opciones para saber dónde invertir ahora y cuáles son las inversiones más rentables del momento.

I love reading pieces that challenge your beliefs or the prevailing narrative. Something landed in my inbox recently that did both of those things. Much has been made over the Blackstones of the world and the impact that they’re having on the housing market. Home prices, as you’ve probably noticed, are on fire. In Are Private Equity Firms to Blame for Rising Home Prices? Coby Lefkowitz gave some background on...

The post Who’s Driving Up Home Prices? appeared first on The Irrelevant Investor.

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Iberia y British deberán competir contra compañías que han recibido ayudas públicas milmillonarias. Leer

El banco de inversión sitúa en 3,09 euros el valor de la acción tras sumar el efecto del acuerdo por el ERE. Leer

En diez años, ha generado 2,1 billones de ingresos. Leer

En diez años, ha generado 2,1 billones de ingresos. Leer

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