MAPFRE AM Inclusion Responsable: profitability and social impact in a single fund

Ramón Pardo, Institutional Sales Heat at MAPFRE AM

For over 30 years, MAPFRE AM has helped customers manage their savings through a variety of financial solutions, while always maintaining a strong focus on sustainability and socially responsible investment. We firmly believe that incorporating environmental, social, and governance (ESG) criteria into long-term investment strategies yields better results for investors. What once may have seemed like a passing trend has, for some time now, become a fundamental part of the investment landscape.

With over €40 billion in assets under management, MAPFRE AM is the largest independent asset manager in Spain. As a subsidiary of the MAPFRE Group, one of the ten largest insurers in Europe, we have access to top-tier resources. Thanks to this support, we’re able to deliver sustainable and consistent long-term returns to our investors.

MAPFRE Inclusión Responsable FI is a fund that is 100% invested in European equity, with a focus on companies that demonstrate a strong social commitment. We only invest in companies that actively promote and strive to include people with disabilities in the workplace.

We seek high-quality businesses: companies with sustainable and scalable models; leaders in their sectors; strong cash generators; and those with clear competitive advantages. We seek resilient businesses that can maintain healthy margins in any market environment—especially in today's dynamic landscape—and that allocate resources toward these non-financial principles. Until recently, non-financial factors carried little to no weight when assessing a company’s value. But at MAPFRE AM, we believe these factors now play an increasingly important role in the overall picture of a business. In fact, we foresee a time, within a reasonable timeframe, when these factors could carry more weight in a company’s valuation than traditional financial metrics alone. When it comes to the performance of businesses with a sustainability focus, there’s already empirical evidence showing that, since 2014, companies that integrate sustainability criteria have consistently outperformed those that don’t.

From a strategic standpoint, the fund typically has between 30 and 35 positions, ensuring optimal portfolio diversification. In terms of management, we’re almost fully invested at all times. Since this is a long-term strategy, we take a structural approach and never engage in market timing. For example, the portfolio includes well-known companies such as BNP Paribas and ASML. Both are leaders in their respective industries, but they also stand out for their strong social commitments. BNP, for instance, finances social projects at zero cost. ASML, meanwhile, has 3% of its workforce made up of individuals on the autism spectrum and has pledged to increase that figure to 5%. These are two clear examples showing that responsible investing doesn’t come at the expense of performance—quite the contrary. From a sector perspective, the portfolio is meaningfully allocated across industrials, technology, and consumer cyclicals, among others.

In terms of profitability, as of June 3, 2025, the fund’s Class I has delivered a year-to-date return of +7.25%. Annualized returns stand at +9.65% over three years, and +10.39% over five years. These double-digit figures, achieved with well-controlled volatility, show that we’re not only meeting our objectives, but ranking among the top performers in the long-term investment landscape.

Lastly, the fund is domiciled in Luxembourg, is fully transferable, and is classified as an Article 8 fund under SFDR regulations.