Among the thirty most active funds on the Spanish stock market, Okavango Delta remains sheltered from the volatility of the stock markets and maintains its leadership in the ranking of elEconomista.eswith a profitability of 17.53%, closely followed by the Loyalty Iberialed by Karoline Rosenberg, which is close behind it with 17.11%. Both vehicles are outperforming the Ibex with dividends, which have already appreciated by 14.99% over the year. As for the Bouquetin, the number of funds that have beaten it is six.
José Ramón Iturriaga’s big bet in the financial sector is benefiting his fund, as are the positions in real estate. “Banks are the ones that are benefiting the most from the current environment: interest rates are falling, but less and less slowly than could have been expected a few months ago, because the economy is holding up better than expected. And, although they are the sector that has performed better this year, valuations remain very attractive. Bank profitability is stabilizing at a much higher level than in recent years, which is not yet reflected in the share price,” noted the manager in his latest monthly letter, in which he also highlighted how BBVA’s hostile takeover bid for Sabadell allows establishing “a clear floor for the valuation of the sector and gives rise to the final turning point in the process of consolidation of the Spanish financial system. […] Fewer, more profitable banks, with a favorable bottom line whose value has not yet been recognized by the market, could be a good summary of the sector’s investment thesis,” he noted.
Within funds that follow a value strategy, Magallanes Iberian Actions And Cobas Iberia are the ones that stand out the most, with returns of 12.70% for the first and 11.24% for the second. While the vehicle managed by Iván Martín has three financial entities in its portfolio (CaixaBank, Bankinter and Sabadell), Francisco García Paramés’ fund does not have any banks among its bets.
It is worth noting that among the ten best active Spanish stock funds in terms of profitability is BBVA Scholarshipmanaged by Mikel Navarro’s team, with a profitability of 10.40%, while the Santander Spanish Stocks ranks fourteenth in the ranking with 7.57%.
Azvalor Iberia And Horos Iberia Value They are still at the bottom of the ranking, but ahead of Gonzalo Lardiés.
