{"id":6587,"date":"2021-03-23T12:39:32","date_gmt":"2021-03-23T12:39:32","guid":{"rendered":"https:\/\/cartesio.com\/?post_type=noticia&#038;p=6587"},"modified":"2025-05-16T11:16:33","modified_gmt":"2025-05-16T11:16:33","slug":"del-abismo-al-rebote-nuestra-gestion-durante-la-crisis-del-covid","status":"publish","type":"noticia","link":"https:\/\/cartesio.com\/en\/noticia\/del-abismo-al-rebote-nuestra-gestion-durante-la-crisis-del-covid\/","title":{"rendered":"Del abismo al rebote: nuestra gestio\u0301n durante la crisis del COVID"},"content":{"rendered":"<p>El 12 de marzo de 2020&nbsp;<strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/cartesio.com\/en\/blog\/Entrada61\/\" target=\"blank\">publicamos<\/a><\/span><\/strong>&nbsp;en este blog c\u00f3mo est\u00e1bamos gestionando la crisis causada por la pandemia. En ese momento la bolsa europea hab\u00eda ca\u00eddo un 32% desde los m\u00e1ximos de febrero y todos nos enfrent\u00e1bamos a un escenario, personal y econ\u00f3mico, sin precedentes. \u00c9ramos conscientes de que el comportamiento de los fondos no hab\u00eda sido el acostumbrado por nosotros o nuestros part\u00edcipes. La evoluci\u00f3n de la pandemia y su impacto econ\u00f3mico fue mucho m\u00e1s r\u00e1pido y grave de lo que pudimos anticipar, algo que pens\u00e1bamos ocurri\u00f3 a la gran mayor\u00eda.<\/p>\n\n\n\n<p>Nuestro an\u00e1lisis era doble. El mercado descontaba una recesi\u00f3n larga y, al mismo tiempo, pens\u00e1bamos que la situaci\u00f3n de emergencia sanitaria iba a tener un car\u00e1cter temporal y extraordinario. La decisi\u00f3n, en un momento muy dif\u00edcil por la incertidumbre del momento, fue clara. Era el momento de, como m\u00ednimo, aguantar riesgo y no adoptar un posicionamiento especialmente defensivo o \u201cde moda\u201d en cuanto a la composici\u00f3n de la cartera.<\/p>\n\n\n\n<p>No lo sab\u00edamos entonces, pero los mercados tocaron fondo el 16 de marzo y desde entonces la renta variable europea ha subido casi un 50%. Esa decisi\u00f3n y las decisiones que siguieron en los pr\u00f3ximos meses, han permitido a los dos fondos recuperar las p\u00e9rdidas del 2020. Hemos asumido los mayores niveles de volatilidad en los fondos desde su inicio hace diecisiete a\u00f1os \u2013ha sido la crisis m\u00e1s complicada de las tres que hemos vivido\u2013 pero podemos decir que parece hemos llegado a buen puerto. El buen comportamiento de los fondos desde finales de marzo de 2020, tanto desde el punto de vista de la composici\u00f3n de la cartera como de nivel de inversi\u00f3n, nos permite ahora tener algo de protecci\u00f3n comprada y encarar lo que esperamos sea una normalizaci\u00f3n gradual de la econom\u00eda con m\u00e1s tranquilidad.<\/p>\n\n\n\n<p>Para nosotros, la mayor lecci\u00f3n de esta crisis, una vez m\u00e1s, es que el precio de las cosas no es independiente de la narrativa del momento. Dejarse llevar por el miedo o el optimismo con independencia de las valoraciones, nunca ha sido la mejor estrategia en los mercados financieros.<\/p>","protected":false},"excerpt":{"rendered":"<p>El 12 de marzo de 2020&nbsp;publicamos&nbsp;en este blog c\u00f3mo est\u00e1bamos gestionando la crisis causada por la pandemia. En ese momento la bolsa europea hab\u00eda ca\u00eddo un 32% desde los m\u00e1ximos de febrero y todos nos enfrent\u00e1bamos a un escenario, personal y econ\u00f3mico, sin precedentes. \u00c9ramos conscientes de que el comportamiento de los fondos no hab\u00eda [&hellip;]<\/p>","protected":false},"author":4,"parent":0,"template":"","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_mo_disable_npp":"","inline_featured_image":false,"_uag_custom_page_level_css":""},"noticias-categoria":[33],"class_list":["post-6587","noticia","type-noticia","status-publish","hentry","noticias-categoria-noticias"],"acf":{"title_img":{"ID":6588,"id":6588,"title":"Del abismo al rebote_Nuestra gestio\u0301n durante la crisis del 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m\u00e1s ideas y noticias de Cartesio."},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.6 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Del abismo al rebote: nuestra gestio\u0301n durante la crisis del COVID - cartesio<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cartesio.com\/en\/noticia\/del-abismo-al-rebote-nuestra-gestion-durante-la-crisis-del-covid\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Del abismo al rebote: nuestra gestio\u0301n durante la crisis del COVID\" \/>\n<meta property=\"og:description\" content=\"El 12 de marzo de 2020&nbsp;publicamos&nbsp;en este blog c\u00f3mo est\u00e1bamos gestionando la crisis causada por la pandemia. 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