Despite the prevailing nervousness in the month, both due to external and internal factors, the Spanish stock index scores returns that place it in the middle of the table of returns achieved by the European stock markets. Turnover to cyclical sectors continues to be the trend, such as IAG that closed the quarter with a gain of 37.2% or banks such as Bankinter or Sabadell that rose 32.28% and 28.62% respectively, and remaining at the bottom companies that had a very favorable 2020 such as Solaria or Siemens Gamesa.
Some managers take advantage of the wave
As observed last year, active management is back in the spotlight, and fundamental analysis generates better results than the index in this first quarter.
Thus, there are funds that so far this year achieve returns well above 10%, such as Cobas Iberia That almost reaches 18.3%, but six months later (since the value funds rebounded at the end of 2020) the profitability touches almost 50%. This fund recorded losses of 21.58% in 2020, having lost around 40% in 1Q20.
Among the main positions that make up its portfolio, which by the way is almost € 39 million, include Semapa (+ 32% YTD), Técnicas Reunidas (+ 15% YTD), Vocento (+ 19% YTD), Atalaya Mining (+ 30%), Elecnor, Melia Hotels, among others.
The fund has a 3-year volatility higher than the average of its peers and with negative returns in that period:
It is followed by the fund of the management company Abante Asesores, Okavango Delta, fund managed by José Ramón Iturriaga, with extensive experience in the market and that, although in previous years the fund has positioned itself not so well compared to its competitors, this year it is not doing badly at all, closing the first quarter with a return of 16.06%, despite a difficult 2020 when it lost 27.95%. It is a fund with even greater volatility than the previous one and that loses just over 34% in 3 years. The fund is larger than the previous one, with just over 80 million euros.
Among the main positions of the fund are both Ibex futures, such as Aedas Homes (practically flat in the year), Neinor Homes (the same as the previous one), Unicaja and Liberbank in the heat of the merger that has generated returns of over 16% in the year, Gestamp, Metrovacesa, among others.
And with returns so far this year below 15% are: March International Iberia Fund, which closed the quarter with + 14.8%, having fallen -13.6% much less than the previous funds in 2020. It is a small fund, only 21.6 million euros of equity and without a Morningstar rating. It is managed by Antonio López. The profitability reached in 1Q21 is 14.8% and almost 36% at 12 months. The risk-return binomial is more attractive than the previous funds, since assuming less volatility it achieves better results, which means that Citywire is in a good position compared to its competitors after one year:
The positions in the real estate sector include Anima Real Estate, Merlin Properties, in the banking sector it has Bankinter and BBVA, it also has Atalaya Mining and Corporación Financiera Alba, among others.
Another fund that in 2019 as 2020 it managed to close with positive numbers is he Metavalue, which in March closed the quarter with a profitability of 14.3%, although to one year exceeds 54% profitability. The heritage reaches 40 million euros, and the portfolio shows a strong bias to the public services sector such as Solaria, Audax Renovables, Iberdrola, EDP, Holaluz, among others. Is a very consistent background, with good track record, and one attractive risk-return combination, which makes that consistently rank at the top of the ranking of comparable funds. U.S It attracts our attention and we consider it an attractive option for those investors who want to invest in RV Spain. Morningstar gives it 5 stars.
Its portfolio is highly skewed to the health sector, which represents just over 52% of its portfolio, followed by technology and industrials (but with lower weights). Among its main positions are Solaria, Audax, Iberdrola, EDP, Cellnex, Altia, Holaluz.
And finally, the bottom Abante Global Fund Spanish Opportunities, with a size smaller than 20 million euros, invested in 21 positions, including Promotora de Información, Unicaja, Eadas, Sacyr, Ence, Liberbank and Bankinter, among others. It is also managed by José Ramón Iturriaga. Despite closing the first quarter with a double digit profitability + 14.3%, in 2020 it registered losses of 28.8%. After one year, it is around 60% profitability. Like the second fund we discussed, it is characterized by high volatility, which is not supported by good long-term results.