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Iberia

Offers the best way to invest in a selection of high quality listed Spanish and Portuguese companies.

Spain and Portugal are two markets where we can find large multinational companies as well as companies with a clear national or local focus. Investing in Valores Iberian Equity we invest not only in these two countries through companies very focused on the internal consumption, but also at a global scale through big companies with international presence. What is more, we will be well diversified regarding sectors and number of companies. We target good companies, well managed, that can have a catalyser that makes them create value in the long-term. We will invest in companies with a discount of a 30% over their target value, holding a 5% weigh in those companies for which we have a stronger conviction, given that the liquidity in those companies is guaranteed.

Regardless of the economic cycle in which we are, by being able to invest in companies with a national and international presence and from different sectors, we will be able to capture an excess of profitability by combining those companies that best perspectives have at any time in the economic cycle.

We invest in Spain, know the companies, analyze them and model them and invest only in those that offer us a discount against their target price. The portfolio is built according to the degree of conviction about each of the companies that make up it, so its sectoral composition varies substantially with the IBEX 35.

The yield of March International – Iberia A-EUR was -2.09% in September compared to -3.81% for 90% Ibex 35 + 10% PSI-20. Year to date, the fund’s yield is -23.07% and the index is -28.90%.

The sectors with the most weight are financial, materials and consumer discretionary.

This month we have not opened any new positions in the portfolio after starting our position in Telefónica and Almirall last month; however, we have significantly increased our position in Bankinter, after two Spanish financial institutions (Caixabank and Bankia) began a merger process. Although we do not expect Bankinter to play a direct role in further M&A activity, we believe the sector is now strong undervalued, and that Bankinter would be one of the direct beneficiaries of the sector’s re-rating along with potential catalysts such as Linea Directa’s spin-off in early 2021. For us, it is the most profitable and best managed of the listed Spanish banks.

We have also increased our positions in Grifols and Rovi (Grifols due to the falls, and Rovi for its good outlook), in addition to other slight increases in positions in companies such as CIE Automotive.

We have sold our entire position in MasMovil since there have been no counter bids in the private equity offering for the company; we also think it is quite unlikely they will be able to improve the offer received per share in the delisting offer that we expect in October.

We have reduced our positions in Catalana Occidente, Alba, Global Dominion, Semapa, Amadeus, Euskaltel and Alantra, all minor operations.

We have maintained the liquidity of the fund (including current account liquidity plus derivatives account liquidity) to levels of 4%. To ensure that this measure does not reduce the level of investment (maintaining the “fully invested” fund) we have maintained Ibex 35 futures maturing in October 20 for around 3.9% liquidity by establishing our equity investment level at 99.9% (in line with our 100% target).

Return *

2021 1 month 3 months 6 months 1 year 3 years
2020 2019 2018 2017 2016

Risk *

Volatility

* Data as of:

Francisco Javier Pérez Fernández

Head of Global Equities

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