La batalla entre el bien y el mal llega al mundo de las finanzas
Como en cualquier otro ámbito, la eterna batalla entre el bien y el mal también se libra en el mundo de las inversiones. En esta nota, analizamos dos tipos de fondos de inversión con un objeto claramente distintos, pero un mismo objetivo:
Ganar dinero.
Por un lado los denominados fondos éticos (o religiosos) donde quienes invierten y quienes los administran realizan su aporte siempre y cuando las empresas en las que invierten cumplan algunas reglas muy rígidas respecto al objeto comercial (no venta de alcohol, no fomento de la pornografía, no armas, etc), como así también el tipo de cultura empresarial.
Por otro lado tenemos los denominados fondos “vicio” orientados a invertir en empresas que tienen por objeto comercial el ocio (¿la madre todos los medios?), el juego, el armamento, entre otros similares.
Este tipo de inversión posee una cantidad importante de adeptos, no debido a su carácter vicioso, sino porque los sectores que ocupan estos fondos son denominados contra cíclicos, lo que los presenta como una alternativa de inversión muchas veces válida (ver Neffa Gustavo en Latinforme.com respecto del concepto de inversión contra cíclica defensiva: http://www.latinforme.com/2010/05/19/%c2%bfes-el-momento-de-rotar-a-sectores-defensivos/ ).
¿Quién es quién?
Amana Funds son una familia de fondos regidas por las normas del Corán, su prospecto claramente establece que no pueden invertir en empresas del sector cárnico, en empresas relacionadas con armamentos, en el sector financiero (el Islám prohíbe recibir o cobrar interés[1]), como así también empresas de juegos de azar entre otras.
Una mirada al fondo Amana Trust Growth (AMAGX), nos muestra un importante sesgo hacia la tecnología, ya que por lo general es reconocida como amigable con el medio ambiente, entre otras virtudes aceptadas y difundidas por este tipo de fondos.
Top 5 holdings
| Security | Net Assets | |
| Apple, Inc. (AAPL) | 3.03% | |
| Akamai Technologies, Inc. (AKAM) | 2.26% | |
| Cree, Inc. (CREE) | 2.13% | |
| Best Buy Co., Inc. (BBY) | 2.12% |
Del lado de los viciosos tenemos el fondo Vice Fund (VICEX) Que invierte en empresas pequeñas medianas y grandes, que obtienen una porción significativa de sus ingresos de negocios tales como: La venta de bebidas alcohólicas, juego y defensa.
Como vimos en el caso anterior, este tipo de fondos se encuentran poco diversificados.
Top 5 holdings
| Security | Net Assets | |
| Philip Morris International Inc (PM) | 11.10% | |
| Lorillard, Inc. (LO) | 9.72% | |
| Lockheed Martin Corporation (LMT) | 6.13% | |
| Altria Group Inc. (MO) | 6.08% | |
| Diageo PLC ADR (DEO) | 5.15% |
¿Quién gana en esta batalla del bien y del mal?
En el siguiente gráfico podemos ver el resultante de esta batalla.
Claramente en el largo plazo (en el corto los “vicios” han ganado algunas batallas”) los buenos llevan las de ganar. En el gráfico adjunto vemos como fondo el Amana Trust Growth (AMAGX), gana claramente sobre el fondo Vice Fund (VICEX), e incluso sobre el S&P500, representado en el gráfico por ETF SPY. Moraleja: Haz el bien sin mirar a quien… y luego pasa por caja.
[1] Permite cobrar dividendos, ya que invita a participar en el negocio, no a financiarlo.
July 15th, 2010 at 11:03 pm
Se puede decir que el bien siempre triunfa sobre el mal….
July 15th, 2010 at 11:45 pm
Y, parece que acá le va ganando por varios metros.
August 13th, 2010 at 1:50 pm
[...] http://www.marianopantanetti.com/?p=36, donde podemos ver el comportamiento de distintos fondos relacionados con diferentes tipos de bienes y servicios. [...]
October 22nd, 2010 at 11:49 am
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