Presentación Ejecutiva:

Visión Global de Mercados y Opciones de Inversiónen Mercados Internacionales.

1. Implicaciones en Fixed Income en EE.UU. de un Aumento de Tasas de Interés2. Strategy in Fixed Income EE.UU.

Abril, 2015

Lic. Carlos Francisco Gómez Guzmán - Wealth Management Advisor

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: Therisk of bond prices declining as interest rates rise could be better managed throughportfolio laddering—that is, by combining bonds with different maturities.

The interest rates should remain low compared with previous recoveries but will risegradually from current levels. As a result, finding income in bonds will continue tobe challenging as yields are stuck at the bottom of their historical ranges.

Two classic ways to meet that challenge and potentially boost incomeare to buy bonds with longer maturities and to invest in higher-yielding,lower-quality bonds. The risk with the first approach is that it leavesinvestors vulnerable if interest rates rise. If you want to sell beforematurity—say, to reinvest the proceeds in a higher-yielding bond—you'lllikely have to accept a discounted price. The potential problem with thesecond approach is that lower-quality bonds may be more volatile thanother issues and bring a greater risk of default. Thus, such bonds maynot be suitable for conservative investors.The current economic environment, with its uncertainty about interest rates andinflation, seems to favor intermediate bond maturities. Those bondsprovide higher yields than short-term bonds but are less susceptible tointerest rate risk than longer-term holdings.

High Yield, Emerging Markets CorporateBonds and Senior Loans can be considered.

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

¿Rising Rates What You Need to Know?

¿What Drives Interest Rates?

¿What Drives Interest Rates?

Fixed Income Sectors That Tend to Have Lower Interest Rate Sensitivity

The Importance of Fixed Income Diversification

Fuente:Morningstar 2015

The Benefits of Bonds: The Bonds Can Help Preserve Wealth

Fuente: Morningstar 2015

The Bonds Can Help Contribute to Portfolio Growth over the Long Term

Fuente: Morningstar 2015.

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

Fixed Income Strategy - EE.UU. -

Lic. Carlos Francisco Gómez Guzmán - Wealth Management Advisor

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 afterinflation) on some fixed income investments areclose to zero.

Even in a low rate environment, bonds provideneeded income and can reduce overall portfoliovolatility. Nevertheless, low rates, inflation and agrowing economy create challenges for fixedincome 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 accesstotal return opportunities while maintaining the incomepotential and diversification benefits that bonds havehistorically provided.

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 riskand reduce the overall impact rising rates might have on your bond portfolio.

The Impact of Rising Rates Will Vary Greatly

Comportamiento Histórico del Yield Treasury Bond 10 years

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 helpinvestors achieve their goals with the right balance of market risk and opportunity.

Find the Appropiate MIX for your Fixed Income Portfolio

Find the Appropiate MIX for your Fixed Income Portfolio

Muchas Gracias por su AtenciónAtentamente, Carlos F. Gómez G. Registered Broker No. 252

www.bolsacr.com

Lic. Carlos Francisco Gómez Guzmán - Wealth Management Advisor