The most active funds on the Spanish stock market get up to ten points of difference for profitability in the year to those that are closest to the benchmark index, the Ibex 35.
This gap means that products such as Horos Value Iberi a, with a yield of 22, 47%, almost double that achieved by the Bindex Spain BBVA Index , the most profitable index with 13.17%, two points more than what the Ibex achieved in the year and approximately the same percentage of the Ibex with dividends in the same period.
These extra performance points can be found in the Horos fund mentioned, the Santalucía Ibérico Actions and the March International Iberia , which accumulate returns above 19% in the year, according to Morningstar data as of August 11.
In other highly recognized values, such as the Spanish stock-exchange funds of Magallanes or Cobas, the difference is reduced by one point, reaching 18%, but it is equally high compared to its competitors who are closer to the evolution of the selective.
Investment vehicles belonging to large banks also appear in this group of Spanish stock market funds that widely exceed the performance of the Ibex 35, which are traditionally associated with a management more correlated with the evolution of the index.
This is the case of Sabadell España Bolsa Base , managed by Antonio Hormigos and Carlos Catalán, and Caixabank Bolsa España 150 Standard , managed by Belén Álvarez, which obtained 19%.
But investors are not taking advantage of this profitability bonus, despite the fact that the Ibex still retains a 12.8% revaluation potential for the Bloomberg consensus. The latest data from Inverco, corresponding to the month of July, show that the inflows of money into Spanish stock market funds have been only 170 million euros in the year, the variable income category with the least volume of net deposits.
There are up to eight index funds that try to replicate the evolution of the Ibex, representing 19% of the 6.195 million euros managed by investment vehicles on the Spanish stock market, according to Morningstar data. Some even outperform active funds in assets under management.
This is the case of the Santander Index Spain Openbank , which with 305 million euros is the third largest Spanish equity fund, after its brothers Santander Actions Spanish and Santander Small Caps . They are followed by Caixabank Bolsa Index Españ a, with 292 million, and ING Direct FN Ibex 35 , with 264 million.
Bindex España Index and BBVA Bolsa Index manage 133 and 104 million euros, respectively, while Bankinter Futuro Index has 88 million, and Imantia Ibex 35 and Evo Fondo Inteligente Ibex 35 already have less than ten million assets each.
The meteoric rise that Horos Value Iberia has achieved, managed by Javier Ruiz, Alejandro Martín and Miguel Rodríguez, has led him to unseat the fund of Francisco García Paramés in the League from the active management of elEconomista, a position he had held for several months.
In this classification, made up of some thirty funds, only 18 exceed the Ibex in the year and of these, 12 products provide more profitability than the Ibex with dividends.
Horos portfolio
Horos Value Iberia, which manages less than seven million euros of assets, has reached its third year of life with an annualized return of 1.53%, thus placing itself as the fifth most profitable Spanish stock exchange fund in this period of time, according to Morningstar data.
In its last letter to investors, the Horos Value Iberia management team pointed out that it had reduced the weight in the Portuguese company Semapa , although it remains the main position with 7.65%, while it had increased it in Alantra .
In addition, they noted that they have started investing in Prim , the manufacturer of medical and orthopedic supplies. “We think that the recent changes in the company’s management team and the new strategic plan can be an important catalyst for the business, uncovering a good investment opportunity at current prices,” they explained.
The fund’s main positions also include Merlin Properties, Sonae, Renta Corporación Real Estate, Talgo, Elecnor, Catalana Occidente and Gestamp.