Los fondos 'value' más rentables ganan hasta un 38% en seis meses

Spanish value funds are enjoying a new golden age, with top managers achieving returns ranging from 14% to 38% in the first half of the year. Spanish value funds have been on a streak of positive returns over the past five years, surpassing the lagging growth-style products. The best-performing Spanish value managers have achieved double-digit returns in the past five fiscal periods, the minimum timeframe recommended for evaluating a fund's performance beyond short-term market movements.

However, it's essential to monitor short-term movements and results to identify current investment decisions shaping recent portfolio evolution and understand the managers' primary bets.

As of the first semester's close, the most profitable Spanish value fund was the Paradigma Value Catalyst Equity, managed by Andrés Allende of A&G Global Investors. Like other value managers, Allende seeks undervalued peers in the market to build a long-term concentrated portfolio. Despite general opposition from value managers to invest in technology, this fund has achieved an 38.4% return in the semester, largely due to the fund's exposure to sector peers that have skyrocketed on the stock market with the AI boom.

Value also allows investing in technology, with the manager emphasizing the importance of controlling one's future and having a reasonable valuation. Key positions include semiconductor companies like SK Hynix, Samsung Electronics, and TSMC, as well as energy companies like Blue Nord, a Danish producer in a mature field that has started paying a 30% dividend, and Kosmos Energy, which is reaching an operational inflection point after years of heavy spending and delays on a major project in West Africa.

Looking ahead, the manager expects potential in the healthcare sector and luxury-related stocks on the stock market. Bestinfond's flagship fund, Bestinfond, has achieved a 15.4% return as of June. In their latest quarterly letter, the managers also join the bandwagon that investing in value is not tied to investing in technology.

The investment in value consists of buying good companies for less than they are worth, regardless of their sector, the managers explain, believing that despite observing overvalued technology peers, the fund still offers unique opportunities for investors who strive to distinguish between a good story, a good company, and a good investment.

Recently, the manager has increased its investment in the American giant Meta and reinforced its positions in other sectors, such as Reckitt, CNH Industrial, and BMW, internationally. Azvalor Internacional, with a 15.1% revaluation in the first semester, is another value fund from the period. The manager does not disclose any of its portfolio movements but has used its latest quarterly letter to warn of market overvaluation and index investing.

The market is not cheap, as dividend yields on the S&P500 are lower than bonds for the first time in 20 years, while the index has doubled since October 2020, while earnings have only grown by 30%. Beware of investing in indexes. The investment team at Azvalor asserts that we are in a new golden age for our investment style. The flagship fund of Cobas Asset Management, Cobas Selección, which combines the convictions of the managers, has achieved a 14.5% return from January to June.

The most significant movement in Cobas during the semester has been the reduction of its investment in the energy sector, which has been a significant part of the manager's portfolio and also had a significant impact on the revaluation of the funds. The energy sector now represents around 24% of the international portfolio, down from 30% at the end of 2025 and the maximum 46% it reached in the early days of 2022.

The most significant disinvestment within the energy sector has been in services, consisting of engineering companies and service providers along the hydrocarbon value chain. Saipem and Weatherford were sold after near 75% and 40% revaluations, respectively. In contrast, the manager has entered new holdings, such as family holding companies Exor and Bolloré, and the world leader in dialysis, Fresenius Medical Care.

Another recent addition to the portfolio is the acquisition of shares in British JD Sports, one of the largest distributors of urban and sports fashion in the United States, United Kingdom, and Europe.