Los fondos monetarios más atractivos para proteger el ahorro

The rising interest rates in Europe have once again positioned low-risk investment funds, such as monetary funds, as an attractive investment option for cautious investors. The European Central Bank's (ECB) rate hike in June and expectations of another increase in September have brought monetary funds back into favor for the coming year.

Monetaries primarily invest in short-term government debt with very low credit risk (such as bonds and Treasury bills) and bank deposits. In the first quarter of this year, the best-performing monetaries offered a modest return of around 1%, but compared to the last fiscal year, the highest returns surpassed 2.1%, according to Morningstar data.

Notable among these include the Renta 4 Renta Fija 6 Meses, with a 2.12% gain over a year and a 1.05% revaluation for the fiscal year. Other comparable funds include Groupama Trésorerie and AXA IM Euro Liquidity. The Amundi Euro Liquidity Select, BlackRock Institutional Cash Series Euro Liquidity Fund, and La Française Trésorerie also exhibit similar characteristics, with returns moving in the same range.

According to fund managers, the expected return on the best monetaries could reach around 2.5% in normal conditions, which could further increase with another ECB rate hike in September. When investing in monetaries, it is important to note their advantages and disadvantages compared to similar bank products, such as remuneration accounts, deposits, or direct investment in Treasury bills.

While they are low-risk products, like any investment, they carry a minimal risk due to short-term debt exposure. Additionally, monetaries charge fees that must be deducted from the total return. The greatest strength of these investment products is their liquidity, meaning participants can immediately access their capital, unlike debt or term deposits.

Monetaries are also tax-efficient compared to other savings or conservative investment products, as they are free from taxation when transferred, allowing the transfer of funds between funds without paying taxes until the final repayment. For those willing to take on slightly more risk, short-term fixed-income funds offer expected returns above monetaries, around 4%.

Among the best-performing short-term fixed-income funds in the last fiscal year, the Santalucía Renta Fija Corto Plazo Euro stands out, having revalued by 2.36% over the past year, the Amundi Enhanced Ultra Short Term Bond Select with a 2.21% increase, and the Bestinver Corto Plazo, which gains 2.17% over a year.