Okavango Delta, managed by José Ramón Iturriaga, and Fidelity Iberia, managed by Karoline Rosenberg, are the two most active funds on the Spanish stock market that are vying for first position in the elEconomista.es League, with returns greater than 20% in the yeara return that is above the 17.77% achieved by the Ibex. In fact, of the thirty most uncorrelated vehicles in the selective, they are the only ones that improve the index’s performance.
Both products have been hand in hand almost from the beginning and in the final stretch of the year they do not seem willing to allow themselves to be stripped of the title of best active Spanish stock market fund, something that for the moment is the Abante product that is achieving it, with 20.43%.
His commitment to the financial and real estate sector has benefited him since the central banks raised rates, and although they have now begun the reverse process, the renowned manager maintains his conviction. “We may see some decline in net profit in 2025 [en los bancos]but perhaps the news is that in 2026, when all rates have already moved, we will return to profits above 2024 and a stabilized profitability (greater than 15%), higher than the cost of capital, which does not explain that banks are trading below their book value,” he points out in his latest monthly letter.
Regarding the SOCIMIs, their “prices continue to be very attractive and the drop in interest rates will probably return them to the radar of institutional investors,” the manager underlines in his comment.
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