As every quarter, Spanish mutual funds disclosed their portfolios with both, the name of each holding and its weight in the overall fund. This transparency, although some investment managers do not always like it, allows individual investors to generate new investment ideas for their personal portfolios for free. Additionally, a mutual fund investor can understand the investment philosophy of a given fund by analysing the holdings, the concentration and the evolution.
Below is a summary of some of the best Spanish funds’ portfolios split into three categories. First, I show the Iberian and European / International funds of five independent value investing asset managers in Spain. Then, I show other independently-managed funds, each of them with different characteristics in terms of geographic bias, management style or asset manager. The colour of the tables represents the asset manager of the fund. Additionally, there is an analysis on the concentration of each portfolio as well as a general summary with the top 3 holdings of each fund.
The most concentrated portfolio is Elcano Inversiones Financieras SICAV, whose ten first holdings weight 62%, followed by AzValor Iberia (61%) and AzValor Internacional (57%). The least concentrated portfolio is Lierde SICAV, whose first ten holdings weight 27%, followed by Magallanes Microcaps Europe (31%) and Bestinver Internacional (31%). The average weight of the ten first holdings is 44%.
The relationship between the top 10, the top 3 and top 5 is, as expected, very strong. The fund with the highest conviction in the first three companies is AzValor Iberia, followed by Elcano and Cobas Iberia, while the most diversified funds according to the top 3 and top 5 weighting are, once again, Lierde, Magallanes Microcaps and B&H Acciones Europa.
Top 3 Holdings
In summary, the main holdings of these stock pickers can be summarised as follows.
3Q2017 Portfolios analysis available here