The ‘value’ style is punching the table, and it’s the umpteenth time. In this year of stock market distress, full of ups and downs, we see once again who are powerful in the world of management. And they are managers, precisely, not banks. Only Sabadell is capable of sneaking into the select bunch of the best 12-month funds, with the Sabadell España Dividend, which obtains 31% according to the Investment Strategies ranking of funds. It is the eighth most profitable in the entire universe.
The best is Horos Value Iberia, with a spectacular 45%. The fund, belonging to the manager Horos Asset Management, chaired in turn by the industry historian José María Concejo, and has an important weight in hotel companies (Sol Meliá), chemical companies (Ercros), insurance companies (Catalana Occidente, another classic value of the ‘value’) and steel (Aperam, Acerinox).
With returns between 25% and 35% at 12 months are EDM International Spanish Equity (from EDM, a specialized boutique founded by Eusebio Díaz Morera, recently bought by Mutua Madrileña), Magallanes Value Investors (manager managed by Iván Martín, originally born with the heritage of the Hernández Callejas family), Mutuafondo España, Santalucía Ibérico Shares or another classic of ‘value’: Metavalue.
The Spanish Stock Market is a roller coaster, but it contains some opportunities that managers know how to find. This is where banks, more concerned with distributing than managing, fail to offer value, with the occasional exception such as Sabadell.
However, it will be important for banks to intensify their efforts to offer value, in an environment like the current one, in which deposits are penalized. Investment funds will be an important leg in the income chapter of financial entities, but for that they need well-managed products. Today more than ever.