With the return of Donald Trump To the White House, investors already suspected that the volatility It was going to be the usual tonic in the markets. And they have only enough for a few days with the Republican at the head of the US presidency to verify the new reality. In the midst of these fluctuations, and despite the Doubts about inflation And the speeches «sometimes contradictory on the path to be followed by central banks», in Buy & Hold reveal their «thorough» selection of values to succeed in the stock market. FEB, 2025 Act. At 06:00 in fact, in its new semiannual letter, from the independent manager they emphasize that «it seems much easier for us to guess what will happen in the economy of the Argentina of Milei to determine Where are the types in the USwhat will happen to the duty International trade or What a focus of political instability will become the next black swan«Moreover, they remember that 2018 is not so far away when Trump «moved the market with a blow of tweet». «And if that were not enough … Now it's not alone! In this mandate comes elbow next to Elon Muskwhich has repeatedly demonstrated that it also knows how to move the markets with appropriate messages on the social network of its property to the point of having become investigated by the US stock and values commission (SEC, for its acronym. in English) «. Given this complex scenario, in Buy & Hold they announce their Variable rental strategy which is marked by the 'Small Caps' and a revolutionary pharmacist.
Why 'Small Caps'?
In the manager they reaffirm their conviction in the Potential of medium and small contributed with consistently bullish businesses and benefits that «they have not yet been rewarded in the market,» says Julián Pascual, president, co -founder and manager of Buy & Hold. Thus, they emphasize that the gap between the valuation of the Small CAPS and the great US values has only increased in the last twelve months. «The Difference of valuation between Europe and the USeven in high quality and size European companies. «Therefore, they indicate that, although it is possible that many investors feel tired after so many years of bad results in the stock market of small values shares,» it is possible that Let's be on the edge of a change in feelingas happened in the early 2000s (with the end of the bubble of the Puntocom) and in 1973 (with the end of the Nifty Fifty bubble), to give rise to many years in which the Profitability of the actions of small values was far superior to that of the large. «With these evidence, Buy & Hold maintains positions in quotes such as ASML, LVMH and the German technology Nagarroin which «the development of artificial intelligence (AI) will involve in the medium term an impulse to its turnover.»
The outbreak of AI … Made in China
Precisely, in terms of Iain the firm they refer to the irruption of the Startup China Depseek And they emphasize that the most striking thing is that the cost of development of its model seems to have been much lower than Openai, with which it has a similar quality. «Deepseek launches many questions on medium -term billing and the sustainability of the current margins of Nvidia. It is clear that efficiency improvements translate into greater use, in a higher level of applications based on AI and, therefore, in higher sales volumes of Graphic Processing Units (GPU) in the future, but at what price? » , they wonder in Buy & Hold. It will be difficult to keep the operational margins of 64%»that the American had been getting. «We think currently The small and medium -sized companies offers better opportunities That many of the great American companies that have had extraordinary performance throughout 2024. And, in fact, we also think the same to the European stock market, «they insist since the firm.
Novo Nordisk: With margin to gain weight
A positive scenario is also the one raised by the manager to Novo Nordiskwhich has been incorporated into the Variable Rent portes of Buy & Hold in the last semester. «He Mercado so huge to which their drugs are directedhis clear experience in this vertical medical and his technical manufacturing excellence «are some of the arguments for the entry into the Danish company responsible for the well -known Ozempic, among other medications. With a current price that is around its benefits 20 times, Pascual emphasizes he Great potential existing from «a multiplier substantially lower than that of contributed such as Apple and Tesla»reached after the recent falls of value. An opportunity that has precisely taken advantage of Buy & Hold to build its position.