Workers and retirees collect the first installment of the complementary annual salary (SAC), better known as aguinaldo, in June, and specialists recommend some assets to invest it.
The salary bonus aimed at registered workers in the private and public sectors, domestic employment, retirees and pensioners represents 50% of the highest monthly remuneration received by the worker within each of the semesters. The first SAC installment is due this month, with June 30 being the deadline to collect it.
From Adcap Finance they pointed out that, for conservative savers looking to protect their capital without taking big risks, purchasing the MEP dollar is an attractive option. “In longer terms of around 6 months – they specified – we continue to prefer positions in Bonds tied to CER, which should allow us to hedge against the risk that inflation begins to show downward rigidities around 4% or 5% monthly. Also, we remain optimistic with the energy sector, highlighting the roles of YPF and VISTA.”
For its part, Cocos Capital gave investment options according to the type of portfolio:
Conservative portfolio
For this type of profiles, who seek stability and predictability in their investments, Cocos Capital weighted fixed income, where profitability is known in advance and diversification is key to mitigating risks.
- 20% in YMCQO, YPF Negotiable Obligations maturing in 2026, pays MEP dollars and is yielding around 7.5% annually, among the companies with the best credit in Argentina.
- 20% in MGC9O, Negotiable Obligations of Pampa Energía, another company with great financial strength, which makes the security of the paper high. Also maturing in 2026, it is yielding approximately 8%, an attractive number for Pampa Energía. “This Negotiable Obligations pays the Cable dollar, so the exchange (difference between the Cable price and the MEP) is in its favor,” he assured. Damian PalaisFinancial Advisor at Cocos Capital.
- 20% in TLC1O, Telecom Negotiable Obligation, telecommunications company. Although it does not enjoy the same situation as Pampa and YPF, it is one of the most popular securities within the corporate fixed income segment. Pays Cable dollar, matures in 2026 and is yielding over 9%.
- 20% BPY26, Bopreal maturing in 2026. It is yielding 18%, higher than previous assets given that it is BCRA debt and not corporate. It is attractive due to its short term and because it is an asset issued and payable by the current government.
- The remaining 20% to the MEP Dollar and FCI Cocos Ahorro USD, made up of various Negotiable Obligations, one of the safest on the market, which is estimated to yield between 6% and 7% annually.
Moderate portfolio
For moderate type portfolios, Cocos Capital pointed out that the fixed income part provides stability and security and variable income offers the potential for higher long-term returns, seeking to maximize the expected return.
- 15% BPY26 and another 15% YMCQO (maintained from the previous portfolio).
- 20% in GD35, a sovereign bond maturing in 2035 and with this asset the aim is to complete 50% of fixed income in the total portfolio. “Sovereigns are attractive given that the Central Bank’s reserves are increasing month by month, so their probability of payment is increasingly higher. The GD35 yields approximately 17% currently. In a scenario where Argentina yields the same as other countries with a similar credit rating (between 12% and 14% rate), the GD35 has the greatest potential to rise,” Palais said.
- The remaining 50% in Cedears are from well-known and solid companies: 15% in the technological sector, such as Microsoft and Mercado Libre, which have been presenting increasingly better results and have excellent projections. Then, to moderate the risk of the portfolio, the idea is to add SPY and DIA, S&P500 ETFs (index made up of the 500 most important companies in the US) and Dow Jones (index made up of the 30 most important industrial companies in the United States). Joined).
Aggressive portfolio
Finally, they proposed a portfolio designed for investors willing to take on a higher level of risk in search of potentially higher long-term returns.
- We maintain 15% in BPY26 (fixed income to provide a certain margin of safety to the portfolio)
- 15% in GD35 and 15% in AL30
- Cedears: we maintain the previously mentioned technology companies MSFT and MELI, with 10% each and add 15% in SPY.
- 20% in local shares and in equal parts (5% in each one): Pampa, the main energy producer in Argentina; Transportadora Gas del Norte, a company that has been solid in recent times despite the problems with the gas supply nationwide; Cresud, leading agricultural company; and Banco Galicia, in a context of changes in the banking sector with recent mortgage loan offers.
For its part, in a report, Bitso indicated which assets have increased the most so far this year to take it into account when investing the bonus.
“The assets that gained the most value from January 27 to June 7 were three cryptocurrencies: solana (SOL), with a growth of 72.9%; bitcoin (BTC), with 64.9%, and ether (ETH), with 62.8%. After crypto, the most profitable asset in the first half, despite the drop in recent days, was the AL30D bond, which is commonly used to access the so-called stock market dollar: the underlying bond appreciated 28.4% this year,” Bitso explained.
Also highlighted were the stocks of multinational technology companies, which have had great performance so far this year, especially Meta (+25%), Amazon (+15%) and Google (+14%). These titles also pushed up the S&P 500, the index that brings together the 500 main listed companies on Wall Street, which registered a rise of close to 10% since January. Among the stocks, the Argentine oil company YPF also stands out, with a notable growth of 13.1%.
Some commodities traditionally used as a store of value joined this group of winners, especially silver (+28%) and gold (+13.5%).
