CHILEAN MUTUAL FUNDS MONITOR Net investment of

INSTITUTIONAL INVESTOR - CHILEAN EQUITIES
October 11th, 2016
CHILEAN MUTUAL FUNDS MONITOR
Net investment of USD 71.9Mn in domestic equities in
October.
In October Chilean Mutual Funds showed a USD 71.9M net investment in domestic equities. Largest net investments this month took place in: Latam (USD 9.5Mn),
SQM-B (USD 8.8Mn), Falabella (USD 6.6Mn), Cencosud (USD 4.4Mn), and EndesaAM (USD 3.8Mn). Meanwhile, largest net divestments were observed in Enersis-CH
(USD 2.2Mn), Cmpc(USD 1.6Mn), Embonor (USD 0.9Mn), Conchatoro (USD 0.9Mn),
and AESGener (USD 0.9Mn). In the last twelve months, Chilean Mutual Funds amassed USD 118.9 Mn of net investment.
Sector-wise, in October Chilean Mutual Funds were net buyers in Retail (Falabella, Cencosud and Ripley), Banks (Itaucorp, Chile, SMChile-B and BSantander), and
Commodities (SQM-B, CAP), while showing a selling behavior in Vineyards (Conchatoro) and Industrial (GNChile)
Exposure to Domestic Equity increases 0.5%, reaching 3.44% of AUM. By the end
of October Mutual Funds held total investments of USD 48,256 Mn in AUM, -0.2%
MoM in USD (11.2% YoY).
1 Chilean Mutual Funds Investment Trend in Domestic Equity (USD Mn)
400
15%
300
10%
200
5%
100
0%
Jacinta Correa
+562 2 520-3486
[email protected]
@BICEinversiones
1
-100
-5%
-200
-10%
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
CONTACT
0
Net Investment
Source: SVS, BICE Inversiones
% Exposure to Domestic Equity
2 Investments (USD M)
3 Divestments (USD M)
Oct-16
Investments
LAN
SQM-B
FALABELLA
CENCOSUD
GNCHILE
LTM
Investments
9.5
8.8
6.6
4.4
3.8
LAN
FALABELLA
CENCOSUD
ENTEL
BCI
Oct-16
Divestments
23.5
23.1
20.8
20.1
16.8
CMPC
EMBONOR-B
CONCHATORO
AESGENER
COLBUN
LTM
Divestments
-1.6
-0.9
-0.9
-0.8
-0.6
-17.7
-12.2
-11.2
-10.9
-10.6
Source: SVS, BICE Inversiones
Source: SVS, BICE Inversiones
4 Largest Inv/Div by Sector (USD M)
5 Portfolio Breakdown (October 2016)
Long Term
Domestic
Fixed Income
34.6%
Oct-16
Invest
Divest
RETAIL
17.2
VINEYARD
-0.9
BANKS
15.3
INDUSTRIAL
-0.4
COMMODITIES
11.0
HEALTHCARE
0.0
TRANSPORT
BEVERAGE
10.7
3.3
PENSION FUNDS
WATER UT.
0.4
0.6
Source: SVS, BICE Inversiones
6
ENDESA-CH
COLBUN
BSANTANDER
ENERSIS-CH
CONCHATORO
Foreign Equity
7.1%
Foreign Fixed
Income 2.1%
Short Term
Domestic
Fixed Income
52.7%
Domestic
Equities 3.4%
Source: SVS, BICE Inversiones
Mutual Funds Track (USD Mn)
Oct/15
Nov/15
Dec/15
Jan/16
Feb/16
Mar/16
Apr/16
May/16
Jun/16
Jul/16
Aug/16
Sep/16
Oct-16
Assets Under
Management
43,385
41,030
39,527
39,645
42,128
43,799
39,387
44,123
45,699
46,858
46,982
48,333
48,256
Source: SVS, BICE Inversiones
2
Domestic Equities
Net Flow
-33.1
4.1
12.7
-28.3
-18.4
-0.7
-7.1
16.1
-17.9
81.1
1.0
9.5
71.9
Domestic Equity
1,188
1,144
1,153
1,113
1,182
1,250
1,220
1,242
1,280
1,393
1,426
1,431
1,659
Domestic Fixed
Income
37,146
34,820
33,438
34,078
36,664
38,160
34,324
38,622
40,270
41,123
41,112
42,430
42,140
Foreign Equities
4,516
4,586
4,528
4,080
3,831
3,883
3,391
3,757
3,562
3,640
3,620
3,537
3,443
Foreign Fixed
Income
535
481
409
374
451
505
451
502
586
701
825
935
1,013
7
Aggregate Portfolio Breakdown
100%
90%
80%
70%
Domestic Equities
Long Term Domestic Fixed Income
Foreign Fixed Income
10.4% 11.2% 11.5% 10.3%
9.1%
Short Term Domestic Fixed Income
Foreign Equity
8.9%
8.6%
7,3%
7.8%
7.8%
7.7%
7.3%
7.1%
30.9% 20,2% 33.4% 33.3% 34.5% 35.9% 34.6%
30.4% 29.9% 30.0% 31.0% 32.5% 32.7%
60%
50%
40%
30%
55.2% 55.0% 54.6% 54.9% 54.5% 54.5% 56.3% 66,2% 54.8%
54.5% 53.0% 51.9% 52.7%
20%
3.0%
3.4%
Oct/16
3.0%
Sep/16
3.0%
Aug/16
May/16
2.8%
Jul/16
4,5%
Jun/16
2.9% 3.1%
Apr/16
2.8%
Mar/16
2.8%
Feb/16
Oct/15
2.9%
Dec/15
2.8%
Nov/15
2.7%
0%
Jan/16
10%
Source: SVS, BICE Inversiones
8
Portfolio Trend by asset class (% AUM)
80%
70%
60%
50%
40%
30%
20%
10%
0%
Domestic Equities
Long Term Domestic Fixed Income
Jun/16
Sep/16
Dec/15
Mar/16
Jun/15
Sep/15
Dec/14
Mar/15
Sep/14
Jun/14
Mar/14
Sep/13
Dec/13
Jun/13
Mar/13
Sep/12
Dec/12
Jun/12
Mar/12
Dec/11
Jun/11
Sep/11
Dec/10
Mar/11
Jun/10
Sep/10
-10%
Short Term Domestic Fixed Income
Foreign Equity
Source: SVS, BICE Inversiones
Similarities and disparities regarding Pension Funds’ performance
Pension Funds and Mutual Funds exhibited in September net investment , the first with
amounts of USD 34.4 Mn , while Mutual Funds with amounts of USD 71.9 Mn.
We can highlight swaps between these institutional investors in certain equities, such as:
•
CCU: Both Pension Funds and Mutual Funds were net buyers, the first one with amou-
nts of USD 22.2 Mn, and the second with the amuonts of USD 3.5 Mn
•
LAN :Mutual Funds and Pensions Funds were net buyers, the first one with
amounts of USD 9.5Mn, and the second with amounts of USD 0.3 Mn.
•
Entel: Mutual Funds and Pensions Funds were net buyers, the first one with
amounts of USD 1.7Mn, and the second with amounts of USD 7.9 Mn.
•
Endesa-AM: Mutual Funds were net buyers of USD 3.8 Mn, while Pensions Funds were
net sellers of USD 20.2 Mn.
•
BSantander: Mutual Funds were net buyers of USD 2.9Mn, while Pension Funds were
net sellers of USD 10.3Mn.
3
9 Individual Track Record
Net Investments/Divestments (USD M)
Oct-16
L3M
L6M
AESGENER
-0.8
-4.1
-5.5
AGUAS-A
0.6
1.1
1.1
AGUAS-B
0.0
0.0
0.0
AGUNSA
0.0
0.0
0.0
ALMENDRAL
0.0
0.2
0.7
ANDINA-A
0.0
0.0
0.0
ANDINA-B
0.4
2.1
2.8
ANDROMACO
0.0
0.0
0.0
ANTARCHILE
0.2
-1.5
1.3
AQUACHILE
1.2
1.5
1.5
AUSTRALIS
0.0
0.1
0.2
BANMEDICA
0.4
-0.2
-0.8
BANVIDA
-0.2
-0.2
-0.1
BBVACL
0.0
0.0
0.0
BCI
2.0
4.7
7.2
BESALCO
0.4
1.0
-0.9
BICECORP
0.0
0.0
0.0
BLUMAR
0.0
0.0
0.0
BSANTANDER
2.9
0.5
-3.2
CFMITNIPSA
0.0
0.0
0.0
CALCHA-OSA
0.0
0.0
0.0
CALICHERAA
0.0
0.0
0.0
CALICHERAB
0.0
0.0
0.0
CAMANCHACA
0.8
1.2
1.0
CAMPOS
0.0
0.0
0.0
CAP
1.5
-0.1
-1.0
CAROZZI
0.0
0.0
0.0
CCT
0.0
0.0
0.0
CCU
3.5
7.3
8.2
CEM
0.0
0.0
0.0
CEMENTOS
0.0
0.0
0.0
CENCOSUD
4.4
4.6
15.6
CFR
0.0
0.0
0.0
CGE
0.0
0.0
0.0
CHILE
3.3
6.1
5.7
CHILE-S
0.0
0.0
0.0
CHILE-T
0.0
0.0
0.0
CIC
0.0
0.0
0.0
CINTAC
0.0
0.0
0.0
CMPC
-1.6
-8.3
-3.7
COLBUN
-0.6
-4.4
-10.5
COLO COLO
0.0
0.0
0.0
COLOSO
0.0
0.0
0.0
CONCHATORO
-0.9
-2.8
-13.3
CONOSUR
0.0
0.0
0.0
COPEC
3.6
4.8
7.4
CORDILLERA
0.0
0.0
0.0
CORPBANCA
0.0
0.0
0.0
CRISTALES
0.1
0.2
0.2
CTISA
0.0
0.0
0.0
BUPACL
0.0
0.0
0.0
CTC-A
0.0
0.0
0.0
CTC-B
0.0
0.0
0.0
CTI
0.0
0.0
0.0
CUPRUM
0.0
0.0
0.0
CURAUMA
0.0
0.0
0.0
4
LTM
-3.9
-5.2
0.0
0.0
1.0
-3.2
5.7
0.0
2.7
1.6
0.2
-3.2
-0.1
0.0
16.8
0.7
0.0
0.0
-11.2
0.0
0.0
0.0
0.0
0.0
0.0
2.3
0.0
0.0
11.8
0.0
0.0
20.8
0.0
0.0
-4.7
0.0
0.0
0.0
0.0
-5.5
-12.2
0.0
0.0
-10.6
0.0
-2.1
0.0
4.0
0.2
0.0
-4.3
0.0
0.0
0.0
0.0
0.0
D&S
DETROIT
ECL
EDELMAG
EDELPA
EISA
ELECDA
ELECMETAL
ELIQSA
EMBONOR-A
EMBONOR-B
EMELARI
EMELAT
EMILIANA
ENAEX
ENDESA-CH
ENERSIS-AM
ENDESA-AM
ENERSIS-CH
ENJOY
ENTEL
EPERVA
FALABELLA
FASA
FORUS
FOSFOROS
FRIMETAL
GASCO
HABITAT
HF
HITES
IAM
IACSA
IANSA
ILC
INDISA
INDIVER
INFORSA
INGEVEC
INTASA
INTEROCEAN
INVERCAP
INVERMAR
INVEXANS
ISANPA
ITATA
ITAUCORP
KOPOLAR
NUEVAPOLAR
LAFARGE CL
LAN
LAS CONDES
MADECO
MARINSA
MASISA
MELON
Net Investments/Divestments (USD M)
Oct-16
L3M
L6M
0.0
0.0
0.0
0.0
0.0
0.0
1.6
3.0
8.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-0.9
1.8
3.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.1
-4.7
-2.1
0.6
-0.7
-5.1
0.6
0.1
-1.7
1.7
5.1
22.3
0.0
0.0
0.0
6.6
9.1
18.5
0.0
0.0
0.0
2.1
3.1
2.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.1
0.4
0.7
0.7
0.3
0.5
0.7
0.7
0.2
-0.9
0.6
0.8
0.4
0.0
0.0
0.0
0.0
0.0
0.0
-0.4
-5.9
-6.9
0.0
0.3
-0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
3.5
6.4
4.1
0.0
0.0
0.0
0.1
-0.1
-0.7
0.0
0.0
0.0
9.5
15.3
19.6
0.2
0.5
-0.2
0.0
0.0
0.0
0.0
0.0
0.0
0.6
0.3
0.7
0.0
0.0
0.0
LTM
0.0
0.0
12.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1.1
0.0
0.0
0.0
0.0
-17.7
5.8
-1.0
-10.9
-2.5
20.1
0.0
23.1
0.0
-3.3
0.0
0.0
-0.1
-0.7
0.7
-0.6
-4.3
0.0
0.0
-7.2
-1.9
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
5.7
0.0
-1.5
0.0
23.5
0.0
0.0
0.0
0.2
0.0
Individual Track Record
MINERA
MOLLER
MOLYMET
MULTIFOODS
NAVARINO
NAVIERA
NITRATOS
NORTEGRAN
ORO BLANCO
PARAUCO
PASUR
PAZ
PEHUENCHE
PILMAIQUEN
POLPAICO
POTASIOS-A
PROVIDA
PUCOBRE-A
QUEMCHI
QUINENCO
QUINTEC
RIPLEY
SALFACORP
VSPT
SANTA RITA
SECURITY
5
Net Investments/Divestments (USD M)
Oct-16
L3M
L6M
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.4
1.8
1.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.6
0.0
0.1
0.1
-1.2
0.1
0.1
5.6
6.4
0.0
0.0
0.0
0.3
-0.4
-0.4
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.4
-0.3
0.3
0.0
0.0
0.0
3.1
1.9
1.1
1.2
2.9
2.8
0.0
0.0
0.0
0.0
0.0
0.0
0.6
7.9
8.7
LTM
0.0
0.0
0.0
1.1
0.0
0.0
0.0
1.3
0.8
11.2
0.0
-2.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-0.3
0.0
3.6
0.9
1.1
0.0
4.7
SIEMEL
SIPSA
SK
SM-CHILE B
SM-CHILE E
SMSAAM
SOCOVESA
SOMELA
SONDA
SOQUICOM
SQM-A
SQM-B
SUD AMER-A
TECHPACK
TELCOY
TELSUR
TRICOLORSA
VAPORES
VENTANAS
VOLCAN
WATTS
WATTS-A
WATTS-B
WMTCL
ZOFRI
GNCHILE
Net Investments/Divestments (USD M)
Oct-16
L3M
L6M
0.0
0.0
0.0
0.0
0.0
0.0
0.2
-0.1
0.0
3.0
4.2
4.0
0.0
0.0
0.0
0.9
-3.0
2.1
0.2
-3.9
-3.3
0.0
0.0
0.0
0.8
7.1
17.2
0.0
0.1
0.2
0.0
0.0
0.0
8.8
7.7
16.6
0.0
0.0
0.0
0.0
0.0
-0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.3
1.0
3.1
0.0
0.0
0.0
0.0
0.0
0.0
0.3
0.6
0.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
3.8
4.3
13.5
LTM
0.0
0.2
-1.0
3.5
0.0
-0.3
-3.3
0.0
12.3
0.2
0.0
16.2
0.0
-0.3
0.0
0.0
0.0
2.5
0.1
0.0
1.0
0.0
0.0
0.0
0.0
18.5
10 Institutional Investment/Divestment (USD M)
AESGENER
AGUAS-A
AGUAS-B
AGUNSA
ALMENDRAL
ANDINA-A
ANDINA-B
ANDROMACO
ANTARCHILE
AQUACHILE
AUSTRALIS
BANMEDICA
BANVIDA
BBVACL
BCI
BESALCO
BICECORP
BSANTANDER
BUPACL
CALCHA-OSA
CALICHERAA
CALICHERAB
CAMANCHACA
CAMPOS
CAP
CAROZZI
CCT
CCU
CEM
CEMENTOS
CENCOSUD
CFR
CGE
CHILE
CHILE-S
CHILES-OSA
CHILE-T
CIC
CINTAC
CMPC
COLBUN
COLO COLO
COLOSO
CONCHATORO
CONOSUR
COPEC
CORDILLERA
CRISTALES
CTC-A
CTC-B
CTI
CUPRUM
CURAUMA
D&S
DETROIT
ECL
6
Institutional Invest/Divest (USD M)
FFMM
AFP
-0.8
1.7
0.6
-4.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
3.8
0.4
4.1
0.0
0.0
0.2
0.0
1.2
-1.3
0.0
0.0
0.4
0.0
-0.2
0.0
0.0
0.0
2.0
3.8
0.4
0.1
0.0
0.0
2.9
-10.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.8
0.0
0.0
0.0
1.5
0.0
0.0
0.0
0.0
0.0
3.5
22.2
0.0
0.0
0.0
0.0
4.4
0.2
0.0
0.0
0.0
0.0
3.3
2.4
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-1.6
1.2
-0.6
1.0
0.0
0.0
0.0
0.0
-0.9
-2.6
0.0
0.0
3.6
5.2
0.0
0.0
0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1.6
0.0
TOTAL
0.9
-3.7
0.0
0.0
0.0
3.8
4.5
0.0
0.2
-0.2
0.0
0.5
-0.2
0.0
5.8
0.5
0.0
-7.4
0.0
0.0
0.0
0.0
0.8
0.0
1.5
0.0
0.0
25.7
0.0
0.0
4.6
0.0
0.0
5.7
0.0
0.0
0.0
0.0
0.0
-0.4
0.3
0.0
0.0
-3.5
0.0
8.8
0.0
0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1.5
EDELMAG
EDELPA
ELECDA
ELECMETAL
ELIQSA
EMBONOR-A
EMBONOR-B
EMELARI
EMELAT
EMILIANA
ENAEX
ENDESA-AM
ENDESA-CH
ENERSIS-AM
ENERSIS-CH
ENJOY
ENTEL
EPERVA
FALABELLA
FASA
FORUS
FOSFOROS
FRIMETAL
GASCO
GNCHILE
HABITAT
HF
HITES
IACSA
IAM
IANSA
ILC
INDISA
INDIVER
INFORSA
INGEVEC
INTASA
INTEROCEAN
INVERCAP
INVERMAR
INVEXANS
ISANPA
ITATA
ITAUCORP
KOPOLAR
LAFARGE CL
LAN
LAS CONDES
MADECO
MARINSA
MASISA
MELON
MOLLER
MOLYMET
MULTIFOODS
NAVARINO
Institutional Invest/Divest (USD M)
FFMM
AFP
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-0.9
1.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
3.8
-20.2
0.1
0.0
0.6
6.8
-2.0
2.7
0.6
0.0
1.7
7.9
0.0
0.0
6.6
2.2
0.0
0.0
2.1
0.3
0.0
0.0
0.0
0.0
0.0
0.0
-0.4
0.0
0.4
0.0
0.3
0.0
0.7
0.0
0.0
0.0
0.6
-0.5
0.0
0.0
-0.4
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
3.5
-5.1
0.0
0.0
0.0
0.0
9.5
0.3
0.2
0.0
0.0
0.0
0.0
0.0
0.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.4
0.0
0.0
0.0
TOTAL
0.0
0.0
0.0
0.0
0.0
0.0
0.1
0.0
0.0
0.0
0.0
-16.4
0.2
7.4
0.6
0.6
9.6
0.0
8.9
0.0
2.4
0.0
0.0
0.0
-0.4
0.4
0.3
0.7
0.0
0.1
0.0
-0.4
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-1.6
0.0
0.0
9.8
0.2
0.0
0.0
0.6
0.0
0.0
0.0
0.4
0.0
Institutional Investment/Divestment (USD M)
NAVIERA
NITRATOS
NORTEGRAN
NUEVAPOLAR
ORO BLANCO
PARAUCO
PASUR
PAZ
PEHUENCHE
PILMAIQUEN
POLPAICO
POTASIOS-A
PROVIDA
PUCOBRE-A
QUEMCHI
QUINENCO
QUINTEC
RIPLEY
SALFACORP
SAN PEDRO
SANTA RITA
SECURITY
SIEMEL
SIPSA
7
Institutional Invest/Divest (USD M)
FFMM
AFP
0.0
0.0
0.0
0.0
0.6
-0.9
0.1
0.0
0.1
-1.6
0.1
5.1
0.0
0.0
0.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.4
-0.1
0.0
0.0
3.1
0.9
1.2
0.0
0.0
0.0
0.0
0.0
0.6
0.0
0.0
0.0
0.0
0.0
TOTAL
0.0
0.0
-0.2
0.1
-1.5
5.2
0.0
0.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.4
0.0
4.0
1.2
0.0
0.0
0.6
0.0
0.0
SK
SM-CHILE B
SM-CHILE E
SMSAAM
SOCOVESA
SOMELA
SONDA
SOQUICOM
SQM-A
SQM-B
SUD AMER-A
TECHPACK
TELCOY
TELSUR
TRICOLORSA
VAPORES
VENTANAS
VOLCAN
WATTS
WATTS-A
WATTS-B
WMTCL
ZOFRI
Institutional Invest/Divest (USD M)
FFMM
AFP
0.2
6.9
3.0
-0.1
0.0
0.0
0.9
1.7
0.2
0.0
0.0
0.0
0.8
0.0
0.0
0.0
0.0
0.0
8.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.3
-0.1
0.0
0.0
0.0
0.0
0.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
TOTAL
7.1
2.8
0.0
2.6
0.2
0.0
0.9
0.0
0.0
8.8
0.0
0.0
0.0
0.0
0.0
0.2
0.0
0.0
0.3
0.0
0.0
0.0
0.0
SALES TEAM
RESEARCH TEAM
Felipe Figueroa E.
Agustín Álvarez M.
Equity Sales and Trading
[email protected]
Head of Research
[email protected]
Jacinto Laso P.
Aldo Morales E.
Equity Research Analyst
[email protected]
Equity Sales and Trading
[email protected]
Jacinta Correa A.
Sebastián Torrealba D.
Equity Research Analyst
[email protected]
Equity Sales and Trading
[email protected]
Sebastián Carvallo I.
Andrés De la Cerda G.
Equity Research Analyst
[email protected]
Fixed Income and Currency
[email protected]
Sebastián Senzacqua B.
Chief Economist
[email protected]
Juan Pablo Castillo C.
Strategy
[email protected]
Contact
Follow
Download
Visit
600 400 4000
@BICEInversiones
App BICE Inversiones
biceinversiones.cl
8
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analyzed in it. At the date of publication of this report, none of the members of the Research Department holds, directly or indirectly, links to the issuer
analyzed in it. The members of the Research Department expressly declare that no part of their compensation was, is or will be directly or indirectly related to specific recommendations or views expressed in this report. BICE Inversiones Corredores de Bolsa S.A. and members of the Research Department
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At the date of publication of this report, the analyst _________________ holds, directly or indirectly, investments in the issuer or issuers analyzed in
it. At the date of publication of this report, the analyst Mr. _________________ holds, directly or indirectly, with related links to the issuer analyzed
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9