Value investing (or ‘value’, as it is called in English) has been a success for investors who bet on it in the medium term. Thus, four of the five most profitable Spanish management funds over a three-year period belong to this management modality.
Specifically, The most profitable Spanish firm product of the last three years is the Hamco Global Value Fundwhich accumulates a return of 175 percent in that period, according to data from the specialized platform VDOS.
The strong presence of oil and gas, 15 percent; as well as 7 percent in banks are some of the bets that have favored the good performance of this vehicle, which has appreciated 14 percent in the year.
According to Morningstar, the portfolio’s main holdings are currently Spanish debt at 3.5 percent (with a 20 percent position); as well as shares of the Canadian oil company Peyto Exploration & Development, the Korean chemical company Ak Holdings, the Turkish food company Ulker Biskuvi Sanayi and the Japanese textile chain Aoyama Trading.
“We identify undervalued companies with long-term growth and revaluation potential,” the manager points out.
Azvalor Internacional, the second fund that rises the most in 3 years
The second Spanish management product that rises the most over three years is Azvalor Internacional, from the renowned ‘value’ manager of Álvaro Guzmán de Lázaro, Fernando Bernad and Beltrán Parages.
This portfolio, which has appreciated 8 percent in the year and 155 percent in three, has also benefited from the good performance of oil and gas, as well as mining.
In fact, its main positions are mining, according to Morningstar: Barrick Gold, Endeavor Mining, Arch Resources and Agnico Eagle Mines, along with the oil company Nov (National Oilwell Varco).
The Azvalor manager places two products in the top 5
In third position is another fund from the same manager, Azvalor Bluechips. It is focused on large companies, although with the requirement that they be undervalued, to respect the house’s ‘value’ investment philosophy (which draws on the postulates of the legendary Warren Buffet).
With a rise of 10 percent in the year and 136 percent at three, it shares some positions with Azvalor Internacional, such as Barrick Gold and Endeavor Mining, as well as others such as Canadian Natural Resources and Prairiesky Royalty.
In fourth position is a strategy that has nothing to do with value management but that in 2022 had excellent results (it revalued by 75 percent, although in 2023 it left 4 percent): Global Allocation, a fund author of Renta 4 and managed by Luis Bononato.
The Urquijo fund, in fifth position
Finally, in fifth position a value style fund appears again. This is Muza Fi, a fund born from the Urquijo SICAV, which also has strong positions in oil and mining.
With a revaluation of 97 percent in 3 years and 4.2 percent in 2023, its main positions are Repsol, Atalaya Mining, International Petroleum, Sacyr and Laboratorios Farmacéuticos Rovi.
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