Credit, equities, and gold are well-positioned in the face of market volatility.

In recent days, we have observed a certain increase in volatility in risk assets in the markets, driven by a deterioration in sentiment in a context of demanding valuations and by some disappointing corporate results.

Nevertheless, “our outlook remains constructive,” says Tomás García Purriños , senior portfolio manager at GMAS of Santander Asset Management . “The earnings season is generally proving very positive, and the global economy, while showing some moderation, maintains remarkable resilience.”

This resilience is also evident on other fronts. Inflation, for example, although at high levels, "continues to move towards central bank targets, allowing for a more accommodative monetary policy ."

In this context, how can we act? “We maintain a slightly pro-risk position, with carry as the core of the strategy: we prefer credit over duration, equities as a source of growth, and gold as a diversifier,” he says.

Everything must be understood within a diversified portfolio, adapted to the risk profile and investment horizon

The bet on gold has its motivations, since, despite the recent falls, "we continue to see intact the structural reasons that support its long-term role: hedging against political risk, protection against inflation and fiscal policy and a counterweight against a possible weakening of the dollar ."

In any case, all of the above should be understood within "a diversified portfolio , adapted to the risk profile and investment horizon of each client."

In recent days, we have observed a certain increase in volatility in risk assets in the markets, driven by a deterioration in sentiment in a context of demanding valuations and by some disappointing corporate results.