Tariffs, inflation, risk of recession and that eroded the confidence that many investors had deposited in the arrival of Donald Trump to the White House. They were underlined, for not a few managers, the importance of an active strategy and to follow the market with magnifying glass. The well -known motto that past returns do not guarantee future returns was more in force than ever, and collective investment societies of variable capital (SICAVS) – investment vehicles traditionally used by large fortunes, whose employment has fallen in recent years – verified it in the first person.
Neither the great technological ones, nor Inditex, nor the pharmaceutical sector served this time for the big names of the sector, such as Morinvest or Gesprisa, to beat the IBEX 35 or, in some cases, avoid losses. , most sicavs were below the index. Among the vehicles that beat the Spanish reference (among the best indices in the world this year), there are reduced societies such as Democratic Capital (35.8%) or Jureba Inversiones (26.37%).
A step below is the muza investments, of the Financial Saga of the Urquijo family (19.83%). His success relied on very different bets, but with a common denominator:, defense and banking. This vehicle achieved a 19.83% profitability, very close to 20.7% of Ibex 35. The firm is the most successful vehicle in the market: it offers an average profitability of 10% in the last 25 years, from an investment policy that follows the Warren Buffett manual together. Combine in its portfolio big names of the Spanish Stock Exchange such as Repsol, Indra or Rovi, all with a weight greater than 3% of the portfolio, in addition to smaller signatures such as Miquel and Coasts, Tubacex or Iberpapel.
with almost 10% of the portfolio. In a year when tariff threats have put copper in the spotlight, the owner of the Río Tinto mines is seen as an attractive option to take advantage of the maximums of this metal, a key piece in technology and energy transition. Atalaya Mining is also present in the Cobas Value portfolio (+7.78% in the semester), SICAV of the manager founded by Francisco García Paramés, another iron defender of Buffett’s investment philosophy: Buy very undervalued businesses by the market to keep them long periods in portfolio.
The mining sector also stands out in the portfolio of Democratic Capital, the SICAV of Hugo Casanovas, former expansion in Citi, which leads the profitability ranking. This cemented its success in assets linked to silver and gold, two products highly demanded by investors in times of volatility (the metal rises 27% in the year). Its main positions include the Australian Aurelia Metals (5.41% of the portfolio), Endeavour Silver and First Majestic Silver. With an eye on the coming months, the firm claims to have taken advantage of the specific market corrections to incorporate high quality companies such as the Nike sportswear firm, the Pharmaceutical Novo Nordisk and the Pepsico Food Company.
With a return of 26% at the end of June, Jueba Inversiones also, from the Santander Group, surpassed the Ibex after allocating almost 80% of its assets to Spanish actions, with a marked financial profile. that make up Ibex 35 advanced at least 47%, BBVA, Santander, CaixaBank, Sabadell and Bankinter are the firms that have contributed the most to the good performance of the SICAV. The commitment to Banco Sabadell is clear, with 8.63% of the portfolio bet on the entity that Josep Oliu chairs, although the SICAV also puts the focus on Bankinter or Mapfre. But not all bets were winning. Inditex, which is left 15% in the first half of the year, and Cellnex, were the two spots of the semester for society.
The big names, with disparate results
Among the big names of the Sicavs universe, that of the family of the late former president of Telefónica César Alierta, called Lierde, and Soixa, of the founder of Ebro Foods Antonio Hernández Callejas, are the best stops with 11.3% and 11.2% profits, respectively. At the opposite end is Morinvest, Alicia Koplowitz vehicle, who had to settle for a return of 1.56%, while Gesprisa, Alberto Palatchi (founder of Pronovias), and Lago Erie, of the Bernat Serra family, fit losses of 4.92%and 10.17%.
Despite the other way around, Gesprisa remains the largest SICAV in the market, with 1,452.4 million euros under management, followed by Torrenova, of the March family, which manages 1,032.7 million. The conservative profile of the latter – with 67.25% of the portfolio in debt – allowed him to dodge part of the volatility and close the semester with an advance of 1.45%, far from the record figures of the Ibex, but in positive.
The key to Lierde, the Alierta SICAV, is that it invests mainly for foreign variable income (74.98%), and Global Dominion. In a year in which the defense sector has gained weight in the main European indices, Lierde incorporated the British Babcock, with business in all branches of this industry. According to her semiannual report, this and French Thales were two of the companies that contributed the most to their results. , which took positions in the value for their solid competitive position. They have also entered Puig, from which they expect to fall the falls of the luxury sector, which they have combined with the sale of the signing of the Swiss luxury Richemont. To play the semiconductor letter, in Lierde they believe that ASML is the most attractive option.
Soixa, with an advance of 11.2%, stands out for its commitment to European banks. After this contribution and since the sector is quoted at demanding levels, the firm took advantage of the closure of the semester to reduce exposure to Commerzbank, as well as Unicredit, Caixabank, ING and Eurobank. Among the companies that most penalized the SICAV are Stellantis, Renault and Porsche, affected by the weak demand, the tariff threat, the Asian competition and the challenge of electrification, factors that led the sector to fall 6.6% in the semester. In its Iberian portfolio, in addition to Ebro Foods, the company is committed to Arceormittal.
