It is not being an easy year for the market. With runaway inflation and a geopolitical and energy crisis in a European key in the background, not even the active managers of the Spanish stock market are capable of beating this year, on average, the Ibex 35, which includes the dividends of the listed companies. According to Morningstar data, at the end of September 13 (latest available), the funds in which at least 60% of their portfolio is decorrelated from the reference index lost an average of 6.39% since January, compared to 4.9% who left 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 as the leader, which is the only one that stands out with double-digit returns. In the last week, moreover, the fund managed by Rodrigo Utrera, , has managed to climb to fourth position, yielding only 0.06% in the year. The vehicle piloted by José Ramón Iturriaga, with a high exposure to the banking sector, of the European Central Bank, has also advanced four places and remains among the ten with the best behavior in the year, yielding 2.17%.
There were more position dances. Some value-style funds have lost places: , managed by Francisco García Paramés, fell one rung to fifth place; , owned 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 place .
‘EDM Investment’, among the laggards
In the lower part of the classification there has been a change between the three that fell the most in the year. Now, behind the small caps fund managed by Lola Solana is the longest-running Spanish stock market fund, EDM, which has dropped five positions. 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 remains a relevant position for 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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