December 4, 2021
Iturriaga Fund Regains Ground In The League By Climbing Seven Places With 13.4%

Iturriaga Fund Regains Ground In The League By Climbing Seven Places With 13.4%

Okavango Delta, the Spanish stock fund managed by José Ramón Iturriaga in Abante, is the only one that has taken the opportunity to climb positions in the last week. Specifically, it has risen seven places to fourteenth place in the League of active management of elEconomista , which is dominated by the main value managers, such as Horos, Cobas, Magallanes, Azvalor, Bestinver, Mutuactivos or Santalucía.

Iturriaga is one of those managers who has always been more faithful to his convictions. And that means that the portfolio does not change to follow the market trend, causing losses of almost 28% last year in its fund. This year, where investors are rotating their preferences towards more cyclical companies, it is benefiting, with a profitability of 13.41%, returning to the top of the league table.

In his last monthly letter, the head of the Okavango Delta explained that he had removed Prosegur Cash because, “at the present time, the equity story of the money transport company has been left hanging by the brush, while its main markets are not get traction. ”

And it has entered Amadeus, which “has done its homework and cut costs […]. With the current traffic volumes, the company has already stopped burning cash. The valuation is attractive, trading at more than 30% discount on precovid levels “.

‘Forgotten’ companies
In this way, the fund, which also counts among its positions with Meliá and IAG, “has direct exposure to the substantial reopening of the economy through high quality companies at very attractive valuations and without balance risk as long as it is worse is clearly behind “, according to the manager.

“That at this point in the party they continue to trade with these discounts is a symptom of how neglected Spanish listed companies are, a circumstance that more than a problem, must be read as an opportunity,” he added in his letter.

And he gave Repsol an example. “The company is diversifying into new businesses, which is positive in the medium term. Growth in renewables is a priority. The possibility of an IPO of renewables or the sale of a stake to an investor would accelerate growth. Cash generation is huge, so there is scope for share buyback programs to be announced, “he stressed.

Another fund that has been gradually climbing positions is Santander Small Caps , managed by Lola Solana who, with 13.25%, remains in position 16, behind Radar Inversión , from EDM, which gains 13.28 %, and Gesconsult Renta Variable , which offers a yield of 13.4%.

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