Azioni FinTech: tendenze da osservare nel 2023

A nostro avviso, le valutazioni eccessive nel nostro universo FinTech sono ormai in gran parte scomparse, il che contribuisce a una prospettiva positiva per il 2023. Stiamo aumentando la nostra esposizione alle società FinTech emergenti. 

Temi chiave per il 2023

Abbiamo identificato diversi temi chiave che, a nostro avviso, influenzeranno l’andamento dei mercati nel 2023. Le pressioni inflazionistiche probabilmente persisteranno, ma non ci aspettiamo che i multipli azionari subiscano lo stesso impatto del 2022. Riteniamo che lo scenario di base per la Cina sia una progressiva riapertura dopo un periodo prolungato di crescita economica contenuta. Gli imminenti cambiamenti dell’MSCI al suo sistema Global Industry Classification Standard avranno un impatto considerevole sul nostro universo, in particolare perché le società di pagamenti saranno in gran parte classificate come società finanziarie anziché tecnologiche, ma in definitiva saranno decisamente positivi per il nostro portafoglio. Infine, i rischi legati alla cybersecurity saranno sempre più al centro dell’attenzione dei gestori patrimoniali, in quanto gli enti di regolamentazione si interesseranno più attivamente.

Posizionare il portafoglio per il 2023

Il nostro posizionamento nel 2022 è stato conservativo e abbiamo scelto di essere fortemente orientati verso la stabilità e la prevedibilità. Crediamo che il 2023 sarà un buon anno per creare posizioni in società FinTech e stiamo già incrementando le nostre posizioni in titoli FinTech di qualità emergenti. Riteniamo che le valutazioni siano interessanti e puntiamo ad aumentare la nostra esposizione nel corso del 2023, a seconda della valutazione del mercato.

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