Insightful Analysis of Azvalor Iberia FI (Trades, Portfolio)'s Latest Portfolio Adjustments
Azvalor Iberia FI (Trades, Portfolio), a mutual fund focused on undervalued equities in the Spanish and Portuguese markets, recently disclosed its investment activities for the second quarter of 2024. Managed by Fernando Bernad, the fund adheres to a value investing philosophy, targeting companies that are not only undervalued but also possess sustainable competitive advantages and high return on capital employed (ROCE). The fund's strategy is designed for long-term investors, leveraging market volatility to capitalize on mispriced assets without engaging in derivative instruments.
Summary of New Buys
Azvalor Iberia FI (Trades, Portfolio) expanded its portfolio by adding five new stocks. Noteworthy among them are:
- Linea Directa Aseguradora SA (XMAD:LDA, Financial), with 2,727,509 shares, making up 8.43% of the portfolio and valued at €31.53 million.
- Grifols SA (XMAD:GRF.P, Financial), comprising 483,187 shares or approximately 7.38% of the portfolio, with a total value of €27.59 million.
- Grifols SA (XMAD:GRF, Financial), adding 157,506 shares, accounting for 3.31% of the portfolio and valued at €12.38 million.
Key Position Increases
The fund also increased its stakes in four stocks, with significant enhancements in:
- Mapfre SA (XMAD:MAP, Financial), adding 291,809 shares to bring the total to 1,360,260 shares. This adjustment increased the share count by 27.31%, impacting the current portfolio by 1.68%, and valued at €29.3 million.
- Tubacex SA (XMAD:TUB, Financial), with an additional 129,055 shares, bringing the total to 2,014,198. This adjustment represents a 6.85% increase in share count, valued at €65.26 million.
Key Position Reductions
Conversely, Azvalor Iberia FI (Trades, Portfolio) reduced its position in four stocks, with significant reductions in:
- Semapa SA (XLIS:SEM, Financial), cutting down by 167,876 shares, resulting in a 92.92% decrease and a 7.02% portfolio impact. The stock traded at an average price of €15.33 during the quarter.
- Tecnicas Reunidas SA (XMAD:TRE, Financial), reducing by 265,492 shares, which led to a 35.89% reduction and a 6.92% portfolio impact. The stock's price averaged €10.59 during the quarter.
Portfolio Overview
As of the second quarter of 2024, Azvalor Iberia FI (Trades, Portfolio)'s portfolio included 13 stocks. The top holdings were 17.45% in Tubacex SA (XMAD:TUB, Financial), 16.02% in Tecnicas Reunidas SA (XMAD:TRE), and 12.41% in Prosegur Cash SA (XMAD:CASH, Financial). The holdings are predominantly concentrated in five industries: Industrials, Basic Materials, Financial Services, Healthcare, and Communication Services.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
