If an investor looks at the behavior of the ibex during the year, it seems impossible, a priori, to think that his Spanish stock investment fund offers a revaluation much lower than that of the main selective and that he could even end up with losses. in a year in which the index has a yield of 12.87%, one of the best among the European and even world stock markets, on a par with the Dax and only behind the Italian Ftse Mib, the S&P 500 and the Nasdaq 100 and the Japanese Nikkei . But that is precisely what happens: if we analyze the thirty most active funds on the Spanish stock market, Only ten exceed double-digit profitability and half are below the 8.18% that this group offers on average.
It could be argued that more active funds, where a value strategy tends to prevail, need more time for portfolio composition to show results. But even here, there are funds value who are showing more consistency compared to their competitors, in a year in which the Ibex has suffered three significant declines. Since Black Monday in early August, the index has gained 10% and since the lows of January, it has recovered almost 16%, thanks to the good performance of the banks, Rovi, Inditex or IAG, among the most bullish values.
And funds like Okavango Delta, managed by José Ramón Iturriaga, who has always had a very high commitment to financial entities, are in fact leaders in the ranking of the most active funds in the Spanish stock market, with 18.49%, even surpassing the Ibex index funds, such as Santander Index Spain Openbank (the largest in the Spanish stock market in terms of assets, with 666 million euros), Caixabank Bolsa Index Spain Standard or ING Direct FN Ibex 35, which offer around 15%.
But among the best active funds are Solventis Aura Iberian Equity R, Magallanes Iberian Equity M, SWM España Gestión Activa A and Cobas Iberia D, which range between 12.31% of the fund managed by Francisco García Paramés and 14.02% of the vehicle Solventis, worn by Jordi Sebastiá.
At Cobas AM, like any other management company valuedo not disclose the names of the companies that appear in the portfolio of their funds, but in the comments of their semi-annual letter they assured that the companies that had contributed most to the good performance of the portfolio had been Técnicas Reunidas and Vocento.
On the other hand, there are seven active Spanish stock funds that are not having their best year, with returns below 5% and even some with losses, such as Sigma Inv. The house FCP Equity Spain A, managed by Gonzalo Lardiés at Andbank, which suffers a drop of 1.84%, although the main stocks in the portfolio are Telefónica, Iberdrola, Redeia, Endesa, Catalana Occidente, Metrovacesa, the Portuguese Nos and Ence, which are among the most optimistic in the Spanish market, but are penalized by exposure to Cellnex and Solaria.
In the case of Metavalor, it is barely saved, with a meager 0.15%, despite the fact that it has among its main positions IAG, Inditex, Sabadell, CaixaBank or Bankinter, with the data of the race at the end of July according to Morningstar. But its strong commitment to Naturgy and Grifols reduces the performance of the fund.
Azvalor Iberia, supervised by Álvaro Guzmán and Fernando Bernad, also does not offer information on the composition of its securities, but in the commentary of the first half of the year, the company assured that it is a very concentrated portfolio, in which ten positions weigh more than 60%, “in a few companies that we know very well, very good businesses, as evidenced by a weighted average ROCE of 32%, and the vast majority have very solid balance sheets and are managed by a single owner.
Tubacex was one of the values in which they had a lot of weight, like others valuebut the 16% drop this year will have taken its toll if they did not exit the position before its uptrend ended in May.
Horos Value Iberia, managed by Javier Ruiz, Miguel Rodríguez and Alejandro Martín, also does not have financial entities in its portfolio, where companies such as Alantra, NH Hoteles, Global Dominion, Talgo or Elecnor stand out, which occupy leading positions, which has penalized their net asset value, with the portfolio data for the first half of the year, despite having benefited from the rise of Iberpapel, Meliá Hotels, Atalaya Mining and Merlin Properties.
Better profitability data show Gesconsult Renta Variable Iberia A, with 4.27%, –although clearly below funds with a similar profile–, thanks to the incorporation of financial entities to its portfolio, such as Santander, which weighs 9.27% and is the main position, or CaixaBank. But the commitment to Cellnex, Amadeus, EDP, Global Dominion, Repsol, CAF or Acciona Energías Renovables has reduced the revaluation of the fund supervised by Gonzalo Sánchez.
Even though these funds are not showing their best face this year, for the moment, they are not among those that give the best results in the long term, except in the case of Horos Value Iberia, which offers an annualized return over five years of 8.74%the third most profitable over this period.
