After a declining first quarter of 2023, starting in May—which saw a 1.13% increase—mutual funds have begun to recover. By August, they have accumulated a total growth of 7% in managed assets, reaching S/30,300 million, according to Óscar Zapata, General Manager of Credicorp Capital SAF. However, this annual figure is still below, with a decrease of 1%, compared to 2022.
Thus, between July and August a positive variation was reported in the participants, which have risen to 341,000. “The improvement is associated with the recovery of financial markets, since this trend is transferred to the returns of the funds. In addition, the possible end of the bullish cycle of the central banks has helped to increase the returns in fixed income assets, and therefore, they generate growth in the portfolio”, said Zapata.
The funds have been growing 7% in assets managed in soles so far this year and have already exceeded S/30.3 billion. Photo: Credicorp
The Concentration is in short-term funds and conservative risk type. For example, the specialist pointed out that structured or staggered coupons have gained popularity, which ensure a minimum level of return in terms of between 3 and 12 months.
In detail, short-term funds and liquidity in soles have had returns of around 4.8%, while medium-term ones reach 6%. In contrast, riskier assets, such as equities, have higher returns. “The innovation credit fund (in dollars) is registering returns of over 30% so far this year,” added Zapata.
investment in dollars
At the momentmore than 50% of investment in funds are in dollars and for the eighth month of the year a figure of US$8.200 million was reachedwhich represents a growth of 10.3% in relation to 2022 (US$7,440 million), and above 2021 (US$8,080 million).
Zapata specified that this increase is mainly due to the impact of fluctuations in the exchange rate. In this sense, for funds in foreign currency in the short term, the return is 3.25%, while in the medium term it is 3.08%. On the other hand, long-term funds and higher risk in foreign currency are generating a return of 25.8%, while global consumer funds reach 11.9%.
By the end of the year, Credicorp anticipates that growth will continue to increase, also supported by the dissipation of fear of a recession in the United States and by the possible decision of the Federal Reserve (FED) to maintain its reference rates.
Source: Larepublica
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