The visible head of the fifth largest fortune in Spain he owes much of this position to his good sense of investment. An activity that Juan Abelló Gallo (79 years old) deploys in the markets mainly through his two family sicavs: Arbarin, chaired by his wife Anna Isabel Gamazo, and Naira Investments, in front of which is placed Juan Claudio, son of both.
The spearhead of the Madrid businessman’s emporium is the holding company Torreal. From this head hang the rest of investment and commercial companies who build a fortune valued at about 2.2 billion euros, according to Forbes estimates.
The employer has each of his vehicles well differentiated. While Inversiones Naira has focus on funds and collective investment institutions (IIC), its other sicav focuses on direct positions in shares of publicly traded companies, although it also gives a small space to other types of assets, as stated in the documentation sent by both vehicles to the supervisor.
More than 300 million
Together, the two vehicles have a net worth close to 333 million euros, with which the range of positions is more than wide. In equities, the Spanish Rovi and the American Facebook stand out by weight. Regarding other investment vehicles, a fund of Francisco García Paramés and the sicav Lierde, of the former president of Telefónica César Alierta, earn the trust of Abelló, among many others.
The latest update of positions sent to the National Securities Market Commission (CNMV), just a few days ago, indicates that Arbarin’s equity reaches 224.37 million. Of this amount, about 27 million – the equivalent of almost 12% of the total – is in liquidity ready to hunt for opportunities. 81.98% is dedicated to investment in the stock market, mostly international.
Eight Spanish listed companies
It dedicates 33.3 million euros to listed positions on the Spanish stock market, 14.86% of its assets. This item is distributed among only eight listed companies, in front of which is placed Rovi Laboratories. The Madrid pharmaceutical company allied with Moderna for the manufacture of its vaccine against Covid-19 gains Abelló’s trust, to the point that it becomes the heaviest weight in the Arbarin portfolio, with 6.9% of its assets.
The following bets ‘made in Spain’ of this sicav are, as far as weight is concerned, the also pharmaceutical Grifols (3.1%) and Rent 4 Bank (1.3%). The next five on the list do not even reach the percentage point, but given the size of the vehicle, they all exceed an investment volume of one million euros. They are: Almirall (0.91%), Gestamp (0.89%), Prosegur Cash (0.88%), Clínica Baviera (0.51%) and the Socimi Merlin Properties (0.45%).
It should be noted here that in the first months of this year Abelló has proceeded to settle your lightest bet on the Spanish stock market: Viscofan. At the end of last year, this sicav only trusted 0.05% of its assets to the meat wrapping company.
The international portfolio of this sicav is much broader, as it is made up of positions in more than 70 listed. Among all of them, the strongest bet goes to Facebook, which with an investment of 10.13 million euros represents just over 4.5% of the vehicle’s assets. However, it is not the only great American technology company that Abelló is betting on, since it also accommodates companies such as Alphabet -Google parent- (2.36%) and reserves a small gap for Snowflake (0.01%), which has been one of the most recent bets of the magnate Warren Buffett.
New and old economy
Some big names in e-commerce also find their way into the sicav, which invests in Alibaba (1.6%), Tencent Holdings (1.4%) and Amazon (0.6%). However, the ‘old economy’ also has its part in the investment vehicle, such as the tobacco box. Philip Morris (2.5%), the gas company Gazprom (1.3%) and mining Freeport-McMoran (1.1%).
Beyond the stock market, Arbarin includes positions for 2.6 million euros in an exchange-traded fund linked to the evolution of gold, the ZKB Gold ETF. It also entrusts 2.5% of its assets to Mimosa Capital, the Luxembourg sicav of the Spanish management company value Azvalor.
And, speaking of value managers, 1.5 million euros are entrusted to a fixed income issue due in 2025 of Aryzta. The Swiss bakery that for years has been the preferred bet of Francisco García Paramés.
The founder and head of Cobas AM is also a protagonist in Inversiones Naira, the second of the Sicavs linked to the wealthy Madrid businessman. The bottom Cobas Selection It is the destination of 2.14% of the equity of this vehicle, which translates into an investment of 2.32 million euros. Here, Paramés concentrates its most convincing investments, which currently have bias towards the Eurozone and the oil and gas transport sector.
One sicav and almost 30 funds
More relevant, 3.1% is the weight given to Lierde, the sicav linked to César Alierta, former president of Telefónica. This participation translates into 3.32 million euros in constant and sound terms. Funds Belgravia Epsilon (3.3%), Valentum (2.6%) of the Gesiuris management company and Magallanes European Equity (1.1%) complete the commitment to vehicles domiciled in Spain.
79.9% of the equity of this firm is distributed among more than twenty international investment funds. In the list appear names of management companies such as Ako Capital, Schroder, Auriga, Blackstone, Guinness, Heptagon and Pimco, the largest fixed income management firm in the world.