Every month we analyze the portfolios of the largest Spanish equity funds to see which securities have been the most bought and sold by their managers in the last month (in this case August 2024, which is the month for which we have portfolios of a sufficient number of investment funds in this category).
We focused on the largest funds by assets, excluding funds of funds and index funds.
There are funds with significant assets from managers such as Santander Asset Management, BestinverManagement, Azvalor Asset Management either Cobas Asset Management which were not taken into account for the analysis. This is simply because we do not have portfolios at the end of August for these funds.
Together, the 15 major Spanish equity funds manage a total of 1,540 million euros, which represents 15% of the total of the Spanish variable income category.
Positive net activity in August
The funds analyzed showed positive net activity (difference between total purchases and total sales) during the month of August, with estimated net purchases of approximately 4,400,000 euros. As we do not know at what price the managers bought or sold the shares, I calculated this data by taking the average price between the data from the end of July and the end of August.
There are a majority of sectors showing positive net purchases, but two sectors particularly stand out: finance and healthcare, with positive net purchases of respectively 5 and 4.2 million euros.
As for the best-selling sectors, they include basic materials (-2.0 million euros), industrial (-2.3 million euros) and utilities (-2.7 million euros ).
The stock most purchased by managers during the month of August was BBVAwith net purchases worth an estimated 5.8 million euros. Few funds bought or sold BBVA stock during this period. Only three: the Loyalty Iberia (who sold 2,751 titles), he Okavango Delta (who bought 10,968 titles) and especially the Mutuafondo Spain (which added some 590,000 titles).
While it is common to see BBVA among the most purchased stocks by executives, it is much less common to see pharmaceutical company Rovi, which benefited from net purchases worth around 4.2 million euros.
Two funds are largely responsible for these purchases: the Caixabank Master RV Spain who bought it 8,000 titles and the Mutuafondo Spain who bought no less than 37,000 shares.
The third most purchased security is another banking security: Banco Santander. The funds that bought the most Banco Santander shares are the same as those that bought the most BBVA shares: the Okavango Delta (with almost 23,000 titles) and the Mutuafondo Spain (with some 510,000 titles)
Read the full article on Morningstar.
