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Where does the year's top manager invest?

Nov 10, 2021

Redacción Mapfre

Redacción Mapfre

Luis García, manager of the Mapfre AM Behavioral Fund, has won the award for being the best professional in the industry this fiscal year. His product earns 22.74% in 2021 and scores 38% since its creation three years ago.

The 37-year-old manager from Madrid has been named the best professional in Spain by RankiaPro, the specialized portal for professionals in the investment fund industry.

He created the Mapfre AM Behavioral Fund in September 2018, and has not stopped bringing joy to its investors since then: an annualized 14.5% is recorded from the start.

The European equity product bases its philosophy on value, that is, it seeks to consistently generate positive returns over the long term based on behavioral economics and seeks to invest in well-managed companies with healthy balance sheets.

"It is important to look for well-managed companies, with an attractive business that can overcome the current uncertainties in the market," said García. As he explained, there are different factors today that can contribute to volatility in the stock markets, including inflation and shifts in the path of central banks.

In addition, he considers that most indexes are subject to demanding ratings. In his view, "now more than ever, we must look for good intrinsic stories behind each security, which will work well regardless of the market's direction."

The fund has recently increased its liquidity to 10% "to be prepared for a possible correction and to have working capital," he explains.

Main Investments

A recent addition to the Mapfre AM Behavioral Fund is the French manufacturer Chargeurs, which specializes in different areas, such as haute couture fabrics, construction packaging, and museum graphics. This fiscal year, the company earns 47.5% and has a position weighted at 2% in the portfolio.

In addition, the fund invests in four Spanish stocks. Cie Automotive and its subsidiary Global Dominion, which have been in the portfolio since its inception. "We like both companies for their management team and the good performance of their businesses," said García. Both securities are weighted at 3%. They are up 6% and 25.5%, respectively, this fiscal year.

Laboratorios Rovi, on the other hand, is the bet that is working the best due to its ability to manufacture the active ingredient in Moderna's vaccine. Weighted at 2.5% in the fund, its shares gain 62% this 2021. "But not only that, it has taken significant steps to become one of the most important medium-sized pharmaceutical companies in Europe," explains García.

In addition, the fund has a 2% stake in Applus +, the world's leading inspection, testing and certification company. Their titles have lost 12% since the beginning of January.

Passion for sports

However, if the Mapfre AM Behavioral Fund is known for anything, it is its commitment to sports and football teams. It devotes approximately 25% of its portfolio to this industry. García explains that he likes soccer teams because "there are rules of economic control and they maintain healthy finances."

Among the 22 clubs listed on the Stock Exchange, García seeks the same thing as the other companies: good business, a sound balance sheet, and an ethical management team that creates value for shareholders.

Its portfolio includes titles from Borussia Dortmund (which has a weighting of 5.5%), Ajax Amsterdam (2.5%), and Olympique de Lyon (2%). "They continue to trade below pre-Covid levels," says the manager of Mapfre AM, and hopes that they will soar on the floor as the economy recovers.

They are not the fund's only sport-related investments. It also has positions in German sportswear and apparel giant Adidas; the British chain of low-cost gyms Gym Group, which is up 21% this fiscal year; the Swedish manufacturer who devised a system for preventing head impacts in helmets for MIPS cyclists, which climbed 118%; and the Italian company Technogym, which makes Italian-designed gym machines.

Alternative assets: portfolio diversification with these funds

Alternative assets: portfolio diversification with these funds

Alternative assets are a good way to diversify the portfolio, and MAPFRE knows it. Since 2018, the Group has worked to have greater exposure to this area and explore new investment opportunities: as of last year, €1.35 billion had been committed to this type of asset.

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