The elEconomista Active Management League has become a good thermometer to check the extent to which the most uncorrelated Spanish stock-exchange funds in their benchmark index successfully face the ups and downs of the market.
And in a year in which the rotation towards the more cyclical sectors has intensified, since at the end of 2020 this process began, spurred by the appearance of the first vaccines against Covid, value managers or that apply a value strategy in the selection of companies have been able to prove their worth during the first half of this year .
This is the case of Cobas Iberia, the fund managed by Francisco García Paramés , which has dominated the ranking for four months now, with a 21.87% revaluation, with Morningstar data up to June 22. This leadership implies a rise of 27 places compared to the position it had at the end of last year, when it was in twenty-eighth place, only above Dux Iberian Value , Azvalor Iberia and Okavango Delta , the fund managed by José Ramón Iturriaga in Abante .
The Paramés vehicle is almost ten points higher than the average of the League group, which stands at 12.7%, a performance similar to that obtained by the Ibex 35 with dividends and 130 basis points above what the IBEX 35.
Taking into account that last year only three funds ended in positive (with Metavalor at the top, with 2.85%, followed by Santander Small Caps and Bankia Small Caps , with 0.30% and 0.17% ), investors are managing to recover this first half of the year the accumulated losses since the Covidcrash. However, there are still fifteen products that, despite the increases achieved since January, have not left negative territory, as is the case with Cobas’ own fund, the Azvalor Iberia or the Okavango Delta.
Horos Value Iberia , managed by Javier Ruiz, Alejandro Martín and Miguel Rodríguez , who last year finished in eighth position, containing losses at 6%, now remains clinging to second place, with a yield of 20.31%, while Magallanes Iberian Equity , managed by Iván Martín, has risen to fourth place after climbing 16 steps since last year.
Santalucía Ibérico Actions and Santalucía Espabolsa , on the other hand, have advanced 20 positions each, reaching third and sixth place, respectively, with a profitability of 17.5% and 16.38%.
In fifth position is Radar Inversión , from EDM, and in seventh place, March International Iberia , another of the funds that last year was one of those that most halted the falls, at 7.39% . Okavango Delta has been another of the funds that has risen the most in the League, climbing 23 positions to eighth place, with 16.23%, followed by EDM Inversión and Bestinver Bolsa, with 15.78%.
Worst in class
The paradox of this first semester is that the funds that performed the best in 2020 are now in many cases among those that have shown the worst evolution in these months, such as Gesconsult Renta Variable , which has dropped 18 positions to 22nd place, or Caja Ingenieros Iberian Equity , which has become the red lantern of the League, with a profitability of 5.87%, after descending 27 steps.
If their path from last year were taken into account, they would be among the top ten positions, with a revaluation of 7.19%, in the case of the fund managed by Gonzalo Sánchez, and 3.37% in the case of the vehicle. scored by Dídac Pérez.
Metavalor has also suffered a drop of twenty places in the Active Management League ranking to 21st, with a performance of 10.87%.