While growth companies have outperformed value companies this year (with a return margin of almost 9 points in favor of the former, according to MSCI indexes), there are managers true to the value investing philosophy who are capable of generating differentiated investment returns. your funds this year too. In the Spanish stock market, examples of this are Cobas AM, founded by Francisco Garcia Parames, and Magallanes, created by Ivan Martin. Its Iberian funds achieve double-digit returns, exceeding those of Ibex 35 itself with dividends, as well as the returns achieved by other independent managers who follow the same value philosophy, such as Bestinver, Horos AM or Azvalor AM.
In the case of Cobas Iberia, it has been leading the classification of actively managed Spanish stock market funds for several weeks (only those funds with at least 60% of their portfolio uncorrelated to the benchmark index are included, according to Morningstar). . According to the latest available data, The vehicle currently ranks third with a return of 16.53%, compared to the 14.14% achieved by Ibex with dividends over the same period.
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In late March, Atalaya Mining – first position of its portfolio with a share of 4.1%, followed by Técnicas Reunidas (2%), Semapa (2%), Almirall (1.2%), Grifols (1.4%), Elecnor (1%), CAF (1 %), Vocento (1%). %). As the manager explained at the latest annual investor conference, which attracted more than 2 thousand parishioners, the fund’s revaluation potential is 102%.
In the case of Magallanes Iberian Equity, The return is 14.63% and is positioned as the fourth best performing fund in the classification.. Its main positions are Applus Services (6.8%), Semapa (6%), Ibersol (5.1%), Miquel y Costas (4.8%) and Grupo Catalana Occidente (4.7%).
While both funds are aiming for double-digit returns in 2024, Bestinver Bolsa is overvalued by almost 9%, Horos Value Iberia by 6.46% and Azvalor Iberia by 4.83%. This latest fund has dropped one place over the past week and is already the third worst performer this year.