Revés a la Sicav de Koplowitz: sufre el colapso de Atlantia y la crisis turca (el Independiente)

La fortuna de la empresaria Alicia Koplowitz ha sufrido en las últimas horas el azote de los mercados. Morinvest, la Sicav a través de la que canaliza parte de su patrimonio, cuenta con posiciones fuertemente castigadas por los inversores en las últimas horas: acciones de Atlantia y un bono de Garanti, el banco turco controlado por BBVA.

De acuerdo con los últimos registros de la CNMV, la sociedad contaba al cierre de junio -último dato disponible-, con 2,9 millones de euros invertidos en Atlantia, la compañía de infraestructuras que gestiona la autopista en la que el pasado martes se despeñó un puente a la altura de Génova (Italia). Hasta el momento, 38 personas han fallecido.

Las acciones de la compañía transalpina se desplomaron el jueves un 22%. Y las perspectivas para el valor no son muy halagüeñas. “El conjunto de las autopistas italianas supusieron el 67% del Ebitda del grupo en 2017. Además de la retirada de la concesión, la incertidumbre sobre costes o posibles penalizaciones adicionales y la evolución de su calificación crediticia seguirá penalizando al valor”, señalan al respecto los analistas de Bankinter. La compañía ya ha advertido de que este escenario supondría un quebranto para sus accionistas y los propietarios de sus títulos de deuda.

La crisis turca también ha supuesto un sobresalto para la rentabilidad de Morinvest que tiene 1,3 millones de euros de exposición a deuda subordinada del banco turco Garanti. El bono está denominado en dólares, por lo que, más allá del fuerte castigo al precio, los títulos no han sufrido el efecto de la depreciación de la divisa.

La entidad, controlada en casi un 50% por BBVA, se ha visto penalizada en las últimas semanas la creciente desconfianza del mercado hacia la economía turca, agravada por las tensiones que el gobierno de Recep Tayyip Erdogan mantiene con la administración estadounidense de Donald Trump. La situación de Turquía ha llegado a mostrarse tan preocupante que los expertos, incluso, han llegado a plantear la posibilidad de que el país reclame la ayuda del FMI, una opción descartada, de momento, por el Gobierno otomano.

En cualquier caso, es precisamente el volumen de deuda en dólares que mantiene Garanti una de las cuestiones que más preocupan a los inversores, ya que la caída superior al 34% que arrastra la lira turca en el año, hace más difícil para el banco hacer frente a sus obligaciones. En ese contexto, los bonos de Garanti que mantiene en su cartera Morinvest acumulan -pese a la remontada de los dos últimos días- desde inicios de 2018 una caída superior al 30%, que se ha fraguado, en buena parte en las últimas semanas, en las que la tensión se ha disparado.

Morinvest es una de las mayores Sicav de España, con un volumen de activos de 552 millones de euros, al cierre de junio. Invierte en grueso del patrimonio -71% del total- en renta variable y, dentro de estos activos, Europa pesa un 65,44%; EEUU y Canadá, un 19,58%; y la región de Asia-Pacífico, un 2,65%. Los productos globales representan el 12,33% del total, según consta en la CNMV.

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