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Torrenova Lux

Maximum expression Banca March´s experience in asset management of over 25 years of successful track record, with a conservative exposure to global markets.

With vocation to preserve the capital and beat inflation, combines the investment of approximately the 80% of the fund in fixed income and the remaining in quoted companies from developed countries. As for Fixed Income we aim for a stable portfolio of private / public issuers (including deposits and instruments of the money market quoted or not, that are liquid) maintaining a maximum duration of 2 years. As for Equity we select big cap companies with low volatility, lower beta than the market, low leverage ratio and generators of cash flows from developed countries and sectors rather more defensive. The currency risk is largely hedged to avoid adding another source of exposure or volatility to the portfolio. The decision of having less or more invested in equity will depend on the macroeconomic view that the managers may have in each moment.


The fund’s investment objective is capital preservation and value generation within a controlled risks framework.

The fund has broadly diversified portfolios across different asset classes so as to minimize unnecessary market risk.

Our asset management model is dynamic, with a wide range of exposure to equities and fixed income, and global, with investments not limited by geographic area, sector or financial instrument.

The best way to preserve capital is to maintain it over inflation.

The fund does not follow any benchmark in order to determine stock weighting and sector or geographical allocation.

A great exponent of the experience and involvement of Grupo March in asset management and a clear example of co-investement.

The fund’s investment objective is capital preservation and value generation within a controlled risks framework.

The yield of March International – Torrenova Lux A EUR was -0.60% in September. Year to date, yield stands at -3.03%.

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 0.45 percent after improving debt and credit markets this month of September. The portfolio duration has remained stable (1.05 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 17.94% 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 staples, telecommunications and finance 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.

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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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