Insightful Portfolio Adjustments in the Fourth Quarter of 2024

Azvalor Iberia FI (Trades, Portfolio) recently submitted its report for the fourth quarter of 2024, shedding light on its strategic investment decisions during this period. Azvalor Iberia FI (Trades, Portfolio) is a mutual fund that focuses on undervalued equities within the Spanish and Portuguese stock markets, catering to investors with a long-term perspective. The fund invests over 75% of its assets in equities, with a portfolio primarily composed of Spanish and Portuguese companies listed on secondary markets. The fund adheres to the principles of value investing, seeking out companies with sustainable competitive advantages, high return on capital employed, and quality management teams. Managed by Fernando Bernad, the fund aims to achieve satisfactory and sustained returns over time, favoring investors with a long-term horizon.

Summary of New Buy

Azvalor Iberia FI (Trades, Portfolio) added a total of four stocks to its portfolio, with the most significant addition being Repsol SA (XMAD:REP, Financial). The fund acquired 311,206 shares, which now account for 9.51% of the portfolio, with a total value of €3.638 million. The second largest addition was Allfunds Group PLC (XAMS:ALLFG, Financial), consisting of 522,619 shares, representing approximately 6.89% of the portfolio, with a total value of €2.634 million. The third largest addition was Melia Hotels International SA (XMAD:MEL, Financial), with 315,547 shares, accounting for 6.08% of the portfolio and a total value of €2.324 million.

Key Position Increases

Azvalor Iberia FI (Trades, Portfolio) also increased its stake in one stock, Elecnor SA (XMAD:ENO, Financial). The fund added 8,456 shares, bringing the total to 155,230 shares. This adjustment represents a significant 5.76% increase in share count, a 0.36% impact on the current portfolio, with a total value of €2.493 million.

Summary of Sold Out

Azvalor Iberia FI (Trades, Portfolio) completely exited three holdings in the fourth quarter of 2024. The fund sold all 157,506 shares of Grifols SA (XMAD:GRF, Financial), resulting in a -3.31% impact on the portfolio. Additionally, it liquidated all 112,852 shares of Grifols SA (GRFS, Financial), causing a -1.74% impact on the portfolio.

Key Position Reduces

Azvalor Iberia FI (Trades, Portfolio) also reduced its position in nine stocks. The most significant changes include a reduction in Mapfre SA (XMAD:MAP, Financial) by 997,218 shares, resulting in a -73.31% decrease in shares and a -5.75% impact on the portfolio. The stock traded at an average price of €2.51 during the quarter and has returned 3.86% over the past three months and 8.50% year-to-date. Additionally, the fund reduced its position in Grifols SA (XMAD:GRF.P, Financial) by 275,119 shares, resulting in a -56.94% reduction in shares and a -4.2% impact on the portfolio. The stock traded at an average price of €7.76 during the quarter and has returned -20.27% over the past three months and -8.14% year-to-date.

Portfolio Overview

At the end of the fourth quarter of 2024, Azvalor Iberia FI (Trades, Portfolio)'s portfolio included 14 stocks. The top holdings were 16.22% in Tubacex SA (XMAD:TUB, Financial), 13.65% in Tecnicas Reunidas SA (XMAD:TRE, Financial), 11.68% in Prosegur Cash SA (XMAD:CASH, Financial), 9.51% in Repsol SA (XMAD:REP, Financial), and 7.59% in Miquel y Costas & Miquel SA (XMAD:MCM, Financial).

The holdings are mainly concentrated in seven of the eleven industries: Industrials, Basic Materials, Financial Services, Energy, Communication Services, Consumer Cyclical, and Healthcare.

This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.