Subjects
53 Ciencias económicas
5307 Teoría económica
530713 Teoría de la inversión
Análisis de los principales fondos de inversión cotizados en Estados Unidos que invierten en economías emergentes
Abstract
El
presente
trabajo
analiza
los
fondos
de
inversión
cotizados
en
EE.UU.
que
invierten
en
economías
emergentes
con
mayor
rentabilidad
en
noviembre
de
2014
a
fin
de
identificar
las
posibles
palancas
de
éxito
que
han
llevado
a
dichos
fondos
a
obtener
la
mayor
rentabilidad.
Asimismo,
se
estudia
la
sostenibilidad
de
dichas
palancas
para
futuras
inversiones
en
este
tipo
de
países.
Para
ello,
en
primer
lugar,
se
estudia
el
concepto
de
economías
emergentes
y
la
trayectoria
histórica
de
las
magnitudes
macroeconómicas
de
los
países
principales
incluidos
en
dicho
término,
al
igual
que
las
características
del
producto
financiero
denominado
fondos
de
inversión
cotizados
comparados
con
diferentes
alternativas
de
inversión.
En
segundo
lugar,
se
ha
realizado
un
estudio
empírico
de
las
características
de
los
mejores
fondos
en
2014
de
acuerdo
con
el
ranking
“The
Street”
analizando
la
relación
de
las
variables
de
los
fondos
que
pueden
explicar
una
rentabilidad
actual
y
futura
de
los
mismos.
De
la
comparación
de
la
rentabilidad
obtenida
invirtiendo
en
los
ETFs
frente
al
invertir
en
los
índices
bursátiles,
la
rentabilidad
aumenta
alrededor
de
22%
en
el
corto
plazo.
Como
conclusión
del
estudio
se
pone
de
manifiesto
que
de
los
fondos
analizados,
que
obtiene
esta
mayor
rentabilidad
se
caracterizan
por
una
gestión
pasiva,
con
un
alfa
del
fondo
positiva.
Además,
centran
el
riesgo
en
una
zona
geográfica
y
país,
diversificando
en
sectores
donde
uno
representa
en
torno
a
la
mitad
de
la
inversión,
con
un
tamaña
global
de
activos
considerado
alto
y
diversificando
en
el
número
de
empresas
en
las
que
se
invierte
para
los
sectores
seleccionados.
The present study analyzes the exchange traded funds in the USA that invest in emerging economies with greater profitability in November 2014 in order to identity the possible variables that have led them to that level of profitability. Furthermore, the sustainability of these variables have been studied to clarify whether they can be used for future investments. In pursuance of this goal, this paper studies the emerging economies concept and the historical tendency of the macroeconomic data from the main countries included in this term, as well as, the features of the financial product known as Exchange Traded Fund (ETFs) compared to different alternatives of investment. Secondly, an empirical study of the characteristics of the best ETFs in 2014, has been carried out analyzing the relation of the fund variables that can explain its actual and its future profitability. From the comparison of the profitability obtained by investing in ETFs versus investing in stock exchanges, this data increases around 22% in the short term. As a conclusion of this study, the analyzed funds that obtained higher profitability are characterized by a passive management, a positive alpha. Furthermore, they focus the risk on one geographic area and country, diversifying in sectors where one represents around half of the investment, with a global size of assets under management considered to be high and diversifying in the number of holdings that they invest in considering the selected sectors.
The present study analyzes the exchange traded funds in the USA that invest in emerging economies with greater profitability in November 2014 in order to identity the possible variables that have led them to that level of profitability. Furthermore, the sustainability of these variables have been studied to clarify whether they can be used for future investments. In pursuance of this goal, this paper studies the emerging economies concept and the historical tendency of the macroeconomic data from the main countries included in this term, as well as, the features of the financial product known as Exchange Traded Fund (ETFs) compared to different alternatives of investment. Secondly, an empirical study of the characteristics of the best ETFs in 2014, has been carried out analyzing the relation of the fund variables that can explain its actual and its future profitability. From the comparison of the profitability obtained by investing in ETFs versus investing in stock exchanges, this data increases around 22% in the short term. As a conclusion of this study, the analyzed funds that obtained higher profitability are characterized by a passive management, a positive alpha. Furthermore, they focus the risk on one geographic area and country, diversifying in sectors where one represents around half of the investment, with a global size of assets under management considered to be high and diversifying in the number of holdings that they invest in considering the selected sectors.
Información detallada
Materias, derechos, colecciones e identificadores
Keywords
Economías Emergentes, Exchange ETFs, fondos, Emerging Economies, Exchange Traded Funds, BRIC, NYSE, NASDAQ