1.  Presentación Ejecutiva:
Visión Global de Mercados y Opciones de Inversión
en Mercados Internacionales.
1. Implicaciones en Fixed Income en EE.UU. de un Aumento de Tasas de Interés
2. Strategy in Fixed Income EE.UU.
Abril, 2015
Lic. Carlos Francisco Gómez Guzmán - Wealth Management Advisor

2. The True Value of Bonds: Bonds still HELP Diversify Portfolios and Provide Income.
Income seeking investors can look beyond a range of U.S.
government and Investment Grade Corporate Bonds.
Bank of America Corporation Merrill Lynch Global Research: The
risk of bond prices declining as interest rates rise could be better managed through
portfolio laddering—that is, by combining bonds with different maturities.
The interest rates should remain low compared with previous recoveries but will rise
gradually from current levels. As a result, finding income in bonds will continue to
be challenging as yields are stuck at the bottom of their historical ranges.
Two classic ways to meet that challenge and potentially boost income
are to buy bonds with longer maturities and to invest in higher-yielding,
lower-quality bonds. The risk with the first approach is that it leaves
investors vulnerable if interest rates rise. If you want to sell before
maturity—say, to reinvest the proceeds in a higher-yielding bond—you'll
likely have to accept a discounted price. The potential problem with the
second approach is that lower-quality bonds may be more volatile than
other issues and bring a greater risk of default. Thus, such bonds may
not be suitable for conservative investors.
The current economic environment, with its uncertainty about interest rates and
inflation, seems to favor intermediate bond maturities. Those bonds
provide higher yields than short-term bonds but are less susceptible to
interest rate risk than longer-term holdings.
 High Yield, Emerging Markets Corporate
Bonds and Senior Loans can be considered.

3. The True Value of Bonds: Bonds still HELP Diversify Portfolios and Provide Income.

4. ¿Rising Rates What You Need to Know?

5. ¿What Drives Interest Rates?

6. ¿What Drives Interest Rates?

7. Fixed Income Sectors That Tend to Have Lower Interest Rate Sensitivity

8. The Importance of Fixed Income Diversification
Fuente:
Morningstar 2015

9. The Benefits of Bonds: The Bonds Can Help Preserve Wealth
Fuente: Morningstar 2015

10. The Bonds Can Help Contribute to Portfolio Growth over the Long Term
Fuente: Morningstar 2015.

11. Comportamiento de la Rentabilidad en Fixed Income (Historia Ultimos 10 años)

12. Fixed Income Strategy - EE.UU. -
Lic. Carlos Francisco Gómez Guzmán - Wealth Management Advisor

13. Opportunities and Challenges for Fixed Income Investors
 The interest rates are still near their 60-year lows.
Short-term rates and real yields (i.e., yields after
inflation) on some fixed income investments are
close to zero.
 Even in a low rate environment, bonds provide
needed income and can reduce overall portfolio
volatility. Nevertheless, low rates, inflation and a
growing economy create challenges for fixed
income investors:
 Producing enough income when rates are low .
 Hedging against possible losses as rates rise.
 Combating the impact of inflation on yields and
purchasing power.
Appropriately diversified fixed income investors can access
total return opportunities while maintaining the income
potential and diversification benefits that bonds have
historically provided.

14. THE IMPACT OF RISING RATES WILL VARY GREATLY:
 While bonds will likely be adversely impacted by rising rates, the impact won’t be uniform across
all bond types.
 Different bond market sectors, structures and maturities respond differently to
changing interest rates.
 For example, High-Yield Bonds tend to be less sensitive to rates than U.S. Treasuries. The
same is true for shorter-term bonds. That’s why diversification can help manage risk
and reduce the overall impact rising rates might have on your bond portfolio.
The Impact of Rising Rates Will Vary Greatly

15. Comportamiento Histórico del Yield Treasury Bond 10 years

17. Find the Appropiate MIX for your Fixed Income Portfolio
When considering the right mix of investments, it’s important to:
 Think strategically about augmenting your core bond holdings with complements and
extended sectors.
 Adjust allocations to reflect your market and interest rate outlook.
 Consider your goals and risk tolerances.
An appropriately diversified fixed income portfolio can potentially deliver better results and help
investors achieve their goals with the right balance of market risk and opportunity.

18. Find the Appropiate MIX for your Fixed Income Portfolio

19. Find the Appropiate MIX for your Fixed Income Portfolio

21. Muchas Gracias por su Atención
Atentamente, Carlos F. Gómez G. Registered Broker No. 252
www.bolsacr.com
Lic. Carlos Francisco Gómez Guzmán - Wealth Management Advisor