The Spanish international stock funds are the ones showing the best behavior in these first months, among the active management products. And among them are those of a firm, Azvalor, who have become the undisputed starsby systematically leading the Global League of elEconomista, the classification that brings together the 200 most uncorrelated international equity products in its reference index.
The commitment for years to sectors that have been reviled in an investment industry that was turning towards a supposedly greener world, has helped the firm founded by Álvaro Guzmán and Fernando Bernad to achieve returns that have reached over 30%.
But the rise in the price of raw materials and the rise of energy firms, apart from a more lax European regulation regarding nuclear energy, which will finally be considered ecological until 2045, have helped Azvalor Internationalthe manager’s flagship, achieved a return of 29%, with data from Morningstar as of March 9, the last homogeneous date for all Global League funds, placing first in the ranking, followed by Azvalor Value Selection Sicav and Azvalor Blue Chipswith 28.61% and 23.64%.
These percentages allow them to present themselves at the annual investor conference, which is being held this Thursday, far outperforming their competitors, who achieve more moderate returns, such as 12.49% of GVC Gaesco Value Minu Growth Market Neutral A8.8% of Fidelity Fast Global E-ACC-Eur or 7.2% of Hamco Global Value Fund Rwhich came second in the Global League last year.
But they are not the only funds from Spanish management companies that are among the best for performance. In the first quartile appear another 12 products, among which are those of Cobas, Metavalor International -supervised now by Alberto Roldán-, Sigma Internationalmanaged by Gabriel Castro and José Ramón Boluda and DIP Value Catalyst Equity A Eurwhich range between 5.97% of the Sigma and 0.09% of the Value Catalyst fund, managed by Andrés Allende, who worked as an analyst at the Paramés firm.
They are also Elcano Special Situations Sicav, Horos Value Internacional, Bluenote Global Equity and Magallanes European Equitywhich are the ones that most manage to reduce losses in the year (see graph).
The GVC Gaesco fund, which was launched last year and is managed by Pol Companys, has managed to put its investment strategy to the test during these months, taking into account that it focuses on value companies that are below their fundamental value by time you sell growth index futures.
Other known funds, such as Bestinver Internationalwhich is included in the Global League together with Magallanes for its recognition by investors, is not going through its best moment, as it suffers a drop of 13%.
Among those who are having the worst behavior, at the moment, are True Value and Beka International Select Equitieswhich fell 17.54% and 17.57%., although less than the Echiquier World Next Leaders Awhich with a loss of 24.27% is in last place in the classification.
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