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international funds, socimis, Azvalor and the Alierta sicav

The family Navarro Pertusa represents one of the most recognized business sagas in the Valencian Community and in Spain. Their last names are behind the Gioseppo footwear brand, the origin of a good part of their fortune, which they manage in part through two sicavs that add up to a net worth close to 10 million euros.

The marriage formed by Jose Navarro Y Pertusa Hope founded Gioseppo in 1991 in the Alicante town of Elche. From there and since then it has expanded to 75 countries in which the firm has more than 1,200 points of sale. Regarding investment, the family saga bets strongly on investment funds, to which it entrusts the bulk of the portfolio of its two sicavs.

In the first months of the year, the two sicavs scored a revaluation close to 2%. This is stated in the documentation sent by its managers to the National Securities Market Commission (CNMV). A boost that has raised the assets of both vehicles to maximums.

International funds

The bulkier of the two is Nice day, which owes its name to the slogan of the family shoe company. In addition, this sicav was the most advantageous in this period, with a return of 2.46% that its managers attribute to the “Good start to the year for stock exchanges worldwide”. In this sense, 39.3% of its assets are invested in equities.

However, by type of asset, collective investment institutions are the ones that have the most weight in the portfolio of this sicav, since they account for up to 77.54% of the total equity. Within this category, the management companies with the greatest prominence are BlackRock (13.78%), UBS (12.07%) and JP Morgan (10.27%).

With regard to individual funds, among the thirty that the Navarro Pertusa vehicle accommodates, the favorite is the SPDR S&P 500, a State Global ETF linked to the US index that alone represents 8% of the portfolio. The second place is held by JPM EUR Liquidity VNAV, a JP Morgan monetary fund with 5.12% of equity.

With regard to direct positions in listed companies, the fund only includes 11 listed companies, of which only two are Spanish. The latter are Telephone Y Endesa, which barely accumulate an investment equivalent to 1.71% and 0.67% of the portfolio, respectively.

Consumption and commerce ‘online’

In the international portfolio, the heaviest value is Amazon, to which 1.57% of the fund’s assets are entrusted, about 106,000 euros in absolute terms.

From highest to lowest exposure, the list is completed with the following companies: Merck & Co, Vodafone, Ayden, Bayer, Diageo, Nestlé, Alibaba and Novartis. In recent months, up to four listed companies have lost favor with the Elche family: Banco Santander, Repsol, JD.com and Porsche.

For its part, the second of the family’s sicavs accumulated a 1.92% profitability in the first quarter. Tabaya Investments, which is the name of the vehicle, accumulates assets of 3.07 million euros.

If the management of the above is entrusted to UBS, the management of this portfolio is a matter of Santander Private Banking. What both do coincide is in their preference for investment funds, which in Tabaya is accentuated to such an extent that they account for 78.5% of their portfolio. The investment in publicly traded shares represents 10.2% and only 3.6% is dedicated to bonds.

Technological and ‘value’

With regard to the collective investment institutions in which this sicav invests, in the Spanish market, there are two positions. 3.59% of the equity is entrusted to Lierde, the sicav linked to the family of César Alierta, the former president of Telefónica, and 1.73% in the Azvalor International, managed by Álvaro Guzmán de Lázaro’s team.

Among the 17 positions in international vehicles, stands out the iShares Russell 2000, a BlackRock ETF referenced to the US benchmark smallcaps index to which 6.74% of the capital of the sicav is entrusted. Nearby is the Nordea 1 – Low Duration European Covered Bond, which marks a weight of 6.52%. Also noteworthy is the 4.57% that is allocated to the Invesco Physical Gold ETC that replicate the price of gold.

With regard to direct positions on the stock market, only six listed and, again, only two of them based in Spain. Also, the two are Socimis: Merlin Properties (0.85%) and Almagro Capital (4.87%). In the international portfolio, full of large American technology companies with weights that in all cases are around 2%: Alphabet, Manzana, Amazon Y Microsoft.

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