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March Europa F.I.

Strategy that invests in the best opportunities the European companies offer, with the target of beating the Stoxx 50 in the medium-term.

European companies offer very attractive investment opportunities and with March Europa Bolsa you will be able to take advantage of these opportunities. We follow a value investment philosophy where we look for good companies that offer a good opportunity to buy. To select these companies we analyse them in depth, we understand them. We invest in companies that have gone through our qualitative filter and have a discount of about 30% on their target price, maintaining a weight of 5% in those companies in which we have the greatest conviction, as long as their liquidity is guaranteed.

If you are looking to invest in Europe, this is a very good alternative. We are going to build a portfolio according to our conviction in the different companies that we analyse and invest in. We will look for those business ideas that have attractive valuations and that offer us an interesting value increase potential, in such a way that our fund achieves a behavior, in the long term, better than the market.

We do not follow any benchmark index, so our portfolio will be considerably differentiated with respect to the Stoxx50, both by sectoral breakdown and geographic breakdown.

Investing in the March Europa Bolsa is investing in companies with an interesting potential and that can have a good behavior regardless of the economic cycle in which we may be.

March Europa FI’s yield in March was +9.35% compared to +6.36% of Stoxx50 Europe. Year to date, the fund’s yield is +13.43% and the index is +6.91%.

Consumer staples, consumer discretionary, and industry are the sectors with the greatest weight. By country, the fund focuses its investments on France, the United Kingdom, and Spain.

This month we have started a position in Iberdrola and in Faurecia.

We received Faurecia as payment in kind for our position in Stellantis. Faurecia supplies parts to the automotive sector (38% of revenues in seats; 31% in the interior including doors and dashboard and 26% in clean mobility including hydrogen). The company is a global leader in the segments in which it is present although it is highly dependent on 4 OEMs (VW, Ford, PSA and Renault/Nissan/Mitsubishi with 60% of sales). We see Faurecia as a good way to take advantage of the recovery in the car business in one of the less disruptive parts due to the shift to electric cars together with its strong strategic focus on the hydrogen business. This together with a value upside of 87% according to our estimates (the company trades at a P/E 22 of 7.6x with debt at around 2x DN/EBITDA) justifies our entry in the company.

In terms of operations to increase weight, we highlight the increase in weight in Iberdrola, Arcelor Mittal, and Precia, among others.

We have sold our entire position in PSB Industries due to a takeover bid by its shareholder family members at a premium of more than 60% as we see an improvement of the offer as being unlikely.

In terms of position reductions, Irras, Lundin Mining, and Check Point Software are noteworthy.

We have maintained the fund’s liquidity (including current account liquidity plus derivatives account liquidity) at levels of 4.1% at present. With a view to ensuring that this measure does not reduce the level of investment, we have maintained Eurostoxx futures maturing on June 21 that account for around 5.5% of the portfolio, maintaining our level of investment in equity at 100.4%, slightly above our goal of 100%.

Return *

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

Risk *


* Data as of:

Antonio López Silvestre

Head of European and Spanish Equities

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