Conozca a Daniel

Daniel Karnaus CEFA

Portfolio Manager

37 años de experiencia en inversión

27 años en Vontobel

Zúrich

Vontobel Asset Management AG

Genferstrasse 27

CH-8022 Zúrich

Suiza

Daniel Karnaus se incorporó a Vontobel en noviembre de 2000. Es Portfolio Manager en el Developed Markets Team dentro de Fixed Income.

Tras finalizar sus estudios en 1995, Daniel Karnaus trabajó para el Banco Nacional Suizo. Sus responsabilidades incluían la gestión de reservas de divisas con responsabilidad rotativa en EUR, USD y JPY. Antes de esto, en 1990, tras finalizar un aprendizaje comercial en una sociedad fiduciaria, Daniel Karnaus se incorporó al departamento de negociación de divisas del Banco Cantonal de Zúrich. Durante los cinco años siguientes se especializó en la negociación de opciones sobre divisas.

Daniel es licenciado en Administración de Empresas por la HWV de Zúrich (universidad de ciencias aplicadas de economía y administración de empresas) y tiene un diploma federal de experto en finanzas e inversiones.

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Fixed Income Boutique

6 Jul 2026 Fixed Income Quarterly

Beneath the hawkish headlines: What’s next for the European Central Bank, Federal Reserve, and Bank of Japan?

The closure of the Strait of Hormuz reignited inflation concerns and prompted major central banks into a more hawkish stance. While inflation has risen, we believe the shock is temporary, making further ECB and Fed tightening unlikely. An additional hike from the BoJ is likely, in our view, but it risks moving too slowly.

Fixed Income Boutique

1 Abr 2026 Fixed Income Quarterly

How the Federal Reserve, Bank of Japan, and European Central Bank are balancing monetary and fiscal priorities

In the US and Japan, monetary policy is expected to support fiscal policy, even when central banks have other plans. Federal Reserve “Fed” Chair nominee Kevin Warsh's reform plans conflict with US President Donald Trump's preference for low rates, and the Bank of Japan's efforts to normalize policy clash with Prime Minister Sanae Takaichi's economic agenda.

Fixed Income Boutique

11 Dic 2025 Fixed Income Quarterly

K-shaped economy presents challenges for the Federal Reserve

In a K-shaped economy, high-income earners and large corporations thrive while low-income groups and small businesses struggle. This divergence challenges the Fed, as its policy decisions traditionally rely on GDP, unemployment rates, and inflation. However, K-shaped dynamics are often hidden behind these aggregate measures.

Fixed Income Boutique

8 Sep 2025 Fixed Income Quarterly

Tariffs, trade, and rising prices – a challenge for central banks

While we expect the Fed to resume its easing cycle, we don’t foresee the ECB or the BoE cutting rates, despite market expectations. And the BoJ is likely to hike rates. This fragmented global monetary policy landscape could have a significant impact on economies and markets.

Fixed Income Boutique

2025-03-12_fixed-income-quarterly-your-overconfidence-is-your-weakness_teaser.jpg

12 Mar 2025 Fixed Income Quarterly

Fixed Income Quarterly: «su exceso de confianza es su debilidad».

Seguimos siendo prudentemente optimistas sobre la rentabilidad de la renta fija. Los riesgos de cola son elevados, lo que merma nuestra confianza en los mercados alcistas. Sin embargo, sigue habiendo oportunidades de alfa aguardando a los inversores activos y conscientes de los riesgos. Quienes traten de predecir el próximo gran viraje macroeconómico podrían encontrarse haciéndose eco de las palabras de Luke Skywalker: «su exceso de confianza es su debilidad».

Fixed Income Boutique

10 Dic 2024 Fixed Income Quarterly

Fixed income markets in 2025: Shifting terrain

Conditions are currently favorable across fixed income markets. But pockets of volatility and risk aversion will challenge even the most skilled investors. The silver lining? We expect risk-conscious, active investors can generate alpha opportunities in 2025 similar to those achieved this year.