This week began the last quarter of the year, usually bullish for stocks. Over the past three decades, for example, the Ibex 35 has grown 65% of the time. In 2024, significant uncertainties remain, such as the presidential elections in the United States or the escalation of the war in the Middle East, although experts are optimistic about the end of the year despite the volatility. For the moment, investment funds are benefiting from the positive year for the stock markets. Products active on the Spanish stock exchange yield on average more than 9% with some vehicles approaching 20% returns.
The two funds that stand out this year are Okavango Delta And Loyalty Iberia. This week they competed for first position of the Spanish Active Management League that this journal prepares with the most uncorrelated products of the indices. The Abante product lost its leadership on Tuesday, when the bank (one of its main bets) suffered a significant setback in the stock market due to increased expectations of a rate cut in October. According to the latest available data, as of Wednesday’s close, the product managed by José Ramón Iturriaga returned to first place with 19.93%, compared to 18.94% added by the Fidelity fund since January.
Third position is now for Magallanes Iberian Stockswhich moved up one position last week. The vehicle driven by Iván Martín defends this year a profitability of 15.07%. Seven other funds achieve a return above 10%, although in some cases this means being lower than the annual return of almost 15% that the Ibex 35 achieved until that same date. The Spanish index has stood out from the rest of Europe for months, making it difficult for funds to beat it, as small and medium-sized companies are lagging behind on the stock market this year and many of these products are finding ideas precisely among these. small capitals.
One of the best known Spanish vehicles that invest in this niche of companies is Santander Small Caps Spain Awhich this week is among the 10 best funds by gaining one position. Its profitability is 10.48%. In the very long term it remains leader of the ranking. The fund managed by Lola Solana reaches 6.77% annualized over the last decade.
