MADRID, 26 Nov. (EUROPA PRESS) -

The Spanish fund managers José Ramón Iturriaga (partner and fund manager at Abante) and Ricardo Seixas (director of variable income at Bestinver), have agreed in pointing out that there has been a change of regime in the stock markets motivated by the new cycle of monetary policy.

Their funds are the ones that are performing the best in 2023, while they outperform the Ibex 35 between two and four points, the main indicator of the Spanish market, which is advancing 20.78% in the year.

Regarding this change of era from negative interest rates to ones that are now above 4% and that are going to remain high, Iturriaga has assessed that this change of tide "should continue because, although rates have finished rising, "They probably aren't going to go up any more, and I don't think they're going to go down much or very fast either."

Furthermore, in a conference sponsored by MIND on opportunities in variable income, he stressed that in this change "what had been done badly in an environment of low interest rates [such as banking] is being done well and vice versa, doing badly what they had done well [like the miners], with the exceptions of the magnificent seven (the great technological stocks of the United States)".

Both have agreed to highlight that, with this new interest rate policy and the capital costs that it entails, it is essential to value the role of active management.

Regarding the good work of the Ibex 35 during the year, Freixas commented that the selective, through its banking securities, has been able to promote the upward trend, while the index itself came from a decade of 'under performance' (low performance ).

Asked about the influence that this new legislature may have on the markets, in addition to the new executive of Pedro Sánchez, Freixas indicated that yes, there has been an accusation of an impact on sectors such as banking and energy due to the profit tax. extraordinary, this situation has been reproduced throughout Europe and is expected to be something more perennial than circumstantial.

However, he has also pointed out that similar situations have already been experienced that have had "a relatively small impact in terms of amount and time; so I think we should not expect anything very different, honestly."

For his part, Iturriaga has pointed out that the market, both in Spain and in the world, "is cured of fear" in relation to the issues that may come from politics and has recalled that the Ibex rose a lot last week - rose 4.1% -, when Pedro Sánchez was invested.

In that sense, he has argued that there are other types of events that are "unfortunate, like a guy with bison horns entering the American Capitol."

On the other hand, he has pointed out that, in the Spanish case, he has pointed out that the current composition of the Spanish Parliament suggests that its capacity to pass laws is limited, which implies for the investor "the best of all worlds, because There is regulatory risk." Furthermore, he has pointed out that the rate increase affects the investment environment more than the new government.