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Cartera Bellver SICAV, S.A.

Capital protection and value creation within a controlled-risk framework. The moderate investment alternative within the Institutional SICAV of Grupo March.

The fund is one of the three Institutional SICAV managed by March Asset Management aimed at a moderate risk profile investor obtaining a higher value increase over the medium to long term.

The fund has a global mixed strategy, normally 50% of the portfolio tries to beat main Global Equities markets with a lower volatility, while the other 50% tries to deliver a yield spread higher than the Euribor.

Fixed Income investment is done through assets from public and private high solvency issuers, with an average duration of one year.

As for equity, it invests in companies both national, European and American with strong fundamentals and attractive return per dividend, apart from investing in emerging markets through companies or funds specialists in the region.

The exposure to currency will be hedged mainly to avoid adding volatility to the fund, although is at the discretion of the managers.

The fund’s investment objective is capital protection and value creation within a controlled-risk framework. We take on the risks in equity investment. In this part of the portfolio, varying the exposure to markets depending on the markets view that we may have, we will go for future trends and companies that have good future perspectives. We will go for some markets in opposition to others, or for regions against others, investing in emerging companies, both in a direct way, buying shares, or through investment funds.

The yield of March International – Bellver Lux A-EUR was -1.77% in September. Year to date, yield stands at -3.10%.

Overall, there has been little movement in Fixed Income in September, and the few transactions there have been were focused on the money market – due to a greater supply of primary products centred on commercial paper, both those guaranteed by the Official Credit Institute (ICO) and unguaranteed.

The IRR for the portfolio has fallen to 0.42 percent after improving debt and credit markets this month of September. The portfolio duration has remained stable (1.07 years), which will once again allow us to adopt an opportunistic approach and make selective acquisitions during dips in the debt and credit markets.

Equity represented 49.78% at the end of September.

Throughout the autumn/winter, if the stock markets return to highs, we will continue to sell Equities to keep their weight at current levels, though we will take advantage of any significant correction (one month before the US elections, everything is possible) to once again increase our Equity exposure.

Consumer discretionary, finance and telecommunications are the sectors where equity has the greatest weight. By country, the fund focuses its investments in the US, France and the Netherlands.

In the first half of September, global stock exchanges corrected by slightly less than 3%, as a result of the decline in much of the technology and Internet sector (Nasdaq corrected by -6%). The SP500 corrected by -3%, while Europe and Japan were up about +2%. Finally, emerging markets were virtually unchanged over the two-week period. For the time being, this correction does not appear to mark an early change in trend in the behaviour of the sector, within the stock markets, but it does highlight the demanding valuations of many companies (which have benefited operationally from the pandemic…).

In the second half of the month, global stock markets fell -1.5%. This time the most significant falls were in the markets in Europe (-4%) and Emerging Markets (-3%). All told, the fall in September was -4% although, in the closed quarter, the performance is still positive (+8%) in the global stock markets.

In this situation, we did not repeat the sales (which we made over the summer) of shares, which sought to limit the weight of equities in the portfolio. Throughout the month we have increased the weight of Carnival (the cruises company), which, in our case, may be the first of other possible acquisitions in companies that we think will benefit most from the definitive success of some of the vaccines in development (from now until the end of the year).

We also bought Mastec, a US energy infrastructure company. We have had meetings with the company in recent weeks. We remain on the lookout for investment ideas in the field of energy transformation, steering clear of overly high valuations. We prefer US companies to European ones – in Europe we are beginning to see some risk of bubbles due to the strong inflow of money into funds with an environmental and ESG profile.

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* Data as of:

Juan Berberana Fernández de Muria

Institutional SICAV Co-Manager

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Juan Carlos Acitores Peñafiel

Institutional SICAV Co-Manager

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