It is not being an easy year for the market. With runaway inflation and a European geopolitical and energy crisis in the background, not even the active managers of the Spanish stock market are able to beat the Ibex 35, which includes dividends from listed companies, on average this year. According to Morningstar data, at the close of September 13 (the latest available), funds in which at least 60% of their portfolio is uncorrelated with the reference index have lost an average of 6.39% since January, compared to the 4.9% leaving the selective in the same period. That is, they lose 1.5 more points.
In total, of the 33 funds that make up the Active Management League of elEconomista.es, only eleven perform better than the index in 2022, with products leading the way, which is the only one that stands out with double-digit returns. In addition, in the last week, the fund managed by Rodrigo Utrera, has managed to climb to fourth position, losing only 0.06% in the year. Also the vehicle piloted by José Ramón Iturriaga, with a high exposure to the banking sector, of the European Central Bank, has advanced four places and remains among the ten with the best performance in the year, by losing 2.17%.
There were more position dances. Some value-style funds have lost places: , managed by Francisco García Paramés, fell one step to fifth place; , led by Iván Martín, dropped another three, to tenth position, and , managed by Javier Ruiz, Alejandro Martín and Miguel Rodríguez, dropped another four and remains in 14th place, just two positions away from , which occupies 16th .
‘EDM Investment’, among the laggards
In the lower part of the classification there has been a change between the three that have fallen the most in the year. Now, behind the small caps fund managed by Lola Solana is the longest-running Spanish stock market, EDM, which has dropped five places. This product, which from 1990 to mid-2018 was managed by Juan Grau and is now in the hands of Ricardo Vidal, Albert Fayos and Ignacio Ortiz, fell 12.78% in the year. During the second quarter of the year, this vehicle took the opportunity to increase its position in Inditex, Fluidra, Vidrala and Viscofan; while it reduced weight in Repsol, after its good performance in the first part of the quarter. However, the oil company continues to be a relevant position of the fund, which sold its position in Airbus and Endesa. According to the latest data available, its five largest positions are in Catalana Occidente (7.07%), Grifols (6.21%), Inditex (5.77%), CAF (5.72%) and Repsol (5. 68%).
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