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Iberia

Least risk
Potentially lower return
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
Most risk
Potentially higher return

Category "1" does not mean that the investment is risk-free

Spain and Portugal are home to interesting investment opportunities.

What is it?

Spain and Portugal are two markets where we find both large multinationals and companies with a clear national or regional focus.

Through March International Iberia, you can invest in these countries in companies that are very focused on domestic consumption, but also on a global scale in large companies with an international presence.

Our portfolio will be diverse in terms of sector and number of companies to minimise risk.

We invest in solid, well-managed companies that have a catalyst that will generate value over the long term.

March AM's long-standing strategy (it is one of the firm's oldest funds) offers an ideal way to invest in Iberian companies with high upside potential and a strong degree of conviction. The strategy focuses on a concentrated portfolio of 40-50 companies.

We invest in companies with: a good business (sustainable competitive advantages), a sufficiently good management team (preference for family-owned businesses), a sound financial position and an appropriate discount to our target valuation (sufficient margin of safety).

Why invest?

Investing in a diversified mix of companies with a national and international presence, and from different sectors, we can capture excess returns, combining companies which have the best outlook at any point in the economic cycle, no matter which part of the cycle we find ourselves in at any given time.

We invest in Spanish companies; we learn about their businesses, we analyse them, model them and only invest in companies that are trading at a discount to their target price.

The portfolio is comprised of those companies we believe in most strongly, producing a sector composition that significantly differs from that of the IBEX 35.

Return/Risk

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Key figures

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Managed by

Antonio López SilvestreAntonio López Silvestre

Head of SRI and European Equities

Antonio started his professional career at Beta Capital SVB - Fortis Bank España, initially as a cyclical and infrastructure companies analyst before being appointed Director of Analysis and Coverage for Spanish Utilities. He has also worked at Exane BNP Paribas as Director of MidCaps for Spain and Head of the Spanish branch.

He also obtained excellent positions in team analyst rankings (5th position in Spain and Portugal in 2011; 6th in 2012) and individual analyst rankings (2nd analyst in Spain in 2011, 7th in 2012) at Extel.

Antonio has an MBA from IESE – Universidad de Navarra and a degree in Economics and Business Management from the Universidad Complutense de Madrid. He has also completed several postgraduate programmes and courses, including a Business Valuation programme at Harvard Business School, a Value Investing programme at Columbia Business School and a specialisation in Value Investing and Search for Value at Ivey Business School in Toronto, Canada. He is also certified in ESG investing by the CFA.

Javier Criado AndrésJavier Criado Andrés

Equity Analyst-Manager

Javier started his professional career in Seguros Bilbao as a personal advisor to brokers. He later worked at Analistas Financieros Internacionales in the market analysis team until he joined March AM in 2015, initially in the control department.

He then moved to the SICAVs management team as a manager. He has recently joined the equity funds team as an analyst and co-manager for the Iberian and European strategies.

Javier, a CFA level II candidate, holds a degree in Business Administration and Management from the University of Valladolid and a Masters in Banking and Finance from the AFI School of Finance. He pursued additional training with courses in equity market analysis and derivatives, both from the University of Valladolid.

Other funds:

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