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Cobas AM takes profits and reallocates quarter of portfolios towards family holding companies
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The firm has reached assets under management of €4,674 million, underpinned by the solid performance of its main strategies.
Meanwhile, the Iberian Portfolio gained 6.5 per cent, below the 14.7 per cent return of its benchmark.
Boosting upside potentialThe freed-up capital has been channelled into family-owned holding companies and firms with sound balance sheets.
Notable additions include Exor, Bolloré, Fresenius Medical Care and a new position in JD Sports (at an estimated P/E ratio of 5x), which has become the third-largest holding in the International Portfolio.
Following these adjustments, the firm estimates an upside potential of 115% for the International Portfolio (P/E ratio of 7.1x) and for Large Cap Companies (P/E ratio of 7.5x), whilst the Iberian Portfolio has an upside potential of 85% (P/E ratio of 9.1x).