jueves, 3 de mayo de 2007

Identificación de las mejores gestoras de fondos de inversión (IV): las gestoras internacionales

La selección de las mejores gestoras de fondos internacionales, que se distribuyen en España, se ha convertido en un problema. Aunque parezca una exageración, la realidad es que en Don Quijote de la Banca no estamos satisfechos con ninguna de ellas.

Es cierto que desde hace siete u ocho años se vienen comercializando en España la mayoría de las mejores gestoras internacionales, sin embargo, el problema es que no hacen distribución directa. Siempre son comercializadas a través de entidades financieras (bancos o cajas) como intermediarios. El resultado es que las comisiones y gastos resultan excesivamente elevados, son poco claros y la competencia real es limitada.

Sí que pensamos que en algún momento habrá grandes gestoras, como es el caso de Fidelity (www.fidelity.com), que es la mayor del mundo por volumen de sus fondos, que se atrevan a dar el salto a la distribución directa. Mientras tanto, estarán en manos de sus distribuidores y tendrán que multiplicar las comisiones casi por dos para poder remunerarles.

En todo caso, damos las siguientes recomendaciones:

  • Inversis (www.inversis.com) distribuye a través de Internet algunos fondos interesantes de renta variable y renta fija. A través de su buscador avanzado de fondos y poniendo como condición que la comisión de gestión sea inferior al 1%, se obtiene como resultado varios fondos indexados de gestoras como Pictet, M&G o Credit Suisse. Es importante consultar la ficha original de la gestora y en concreto el TER (Total Expense Ratio). Si no lo muestran, lo mejor es desconfiar.
    Por ejemplo, en el caso de la ficha de Fidelity no se encuentra el TER. La cuestión es que no podemos fiarnos sólo de la comisión de gestión porque, a veces, se incorporan gastos adicionales como “otras comisiones” o como “comisiones de distribución” y no suele ser fácil descubrirlas. También hay que tener cuidado de que no estemos contratando un fondo de fondos, con lo que la comisión se duplica.

  • También mencionamos a Citibank (www.citibank.es), porque los fondos que distribuye a través de Internet son con comisión de entrada y con baja comisión de gestión anual. Hay que tener en cuenta, que la comisión de entrada se puede intentar negociar.
    Como curiosidad, es interesante comparar los fondos de Invesco distribuidos por Citibank y los distribuidos por Inversis y comprobar que las comisiones de gestión anuales cobradas por este último son casi un 1% superiores.

  • En Openbank (www.openbank.es), no hemos encontrado fondos internacionales con bajas comisiones, no sabemos si excluidos a propósito. Sin embargo, en fondos de dinero locales, encontramos fondos como el Renta 4 Eurocash o el Patagon Dinero con comisiones del 0,15%. Son este tipo de fondos y también como dato curioso, los que parecen haber sido excluidos de Inversis.

  • Finalmente, mencionar a INGDirect (www.ingdirect.es), que destaca por su oferta de fondos naranja que resulta clara, transparente y muy ajustada en comisiones. Gracias a su política de ofrecer únicamente sus propios productos, facilita mucho el proceso de compra al inversor. Ofrecen unos fondos indexados en renta variable con comisiones del 1,1%. El fondo de renta fija a corto, con una comisión del 0,7% resulta razonable. El fondo de renta fija mixto, nos gusta menos por tratarse de un fondo de fondos, en el que se suman los gastos y se pierde transparencia. En definitiva, la oferta de INGDirect resulta un buen ejemplo del principio”KISS” (Keep It Simple Stupid).
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26 comentarios:

Anónimo dijo...

¿Qué es el TER?
¿el total de las comisiones?

donquijotedelabanca dijo...

En respuesta a anónimo.

El TER es el "Total Expense Ratio". Es decir, el total de comisiones más otros gastos del fondo. Es la mejor medida contable de lo que les cuesta un fondo a sus partícipes.

web en joomla dijo...

Es curioso, en el post no mencionas a ninguna de las grandes entidades bancarias y que también gestionan fondos de inversión...

Saludos

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