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Torrenova de Inversiones SICAV, S.A.

Our most conservative SICAV, expression of the historical experience and commitment of Grupo March in the management that accounts for more than 25 years full of success with a conservative exposure to global stock markets.

With the aim of preserving capital and beating inflation, it combines the investment of approximately 80% of the fund in fixed income and the remainder in listed companies from developed countries. As for fixed income investment we are looking for a stable portfolio of public and/or private issuers (including money market deposits and instruments quoted or not, which 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, little leveraged and cash flows generators, from developed countries and in rather defensive sectors. The currency risk is hedged to a large degree, to avoid adding a source of risk or volatility to the portfolio. The decision to have more or less invested in the stock market will depend on the macro vision that the managers have at any given moment.

Exposure to currency will be largely hedged to avoid adding volatility to the fund, although it is at the discretion of the managers.

A great expression of the experience and commitment of Grupo March in Asset Management and a clear example of co-investment.

Its investment objective is assets protection and value creation within a controlled-risk framework.

A dynamic management is carried out in the assets allocation, variating the exposure to equity depending on the market framework. It combines a top-down approach with a bottom-up. The top-down approach is based on the macroeconomic analysis of the different variables and trends at global scale, which will make managers determine the level of exposure to equity of the strategy, as well as the trends or sectors where they will invest. The top-down approach is made in both the investment in fixed income and equity, where we will select those companies that offer better fundamentals and valuations within each sector or trend that we want to implement.

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.

Return *

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

Risk *

Volatility

* 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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