Business · Markets · 3 hrs ago
Bestinver cuts Spanish bank holdings and adds Digi and Meliá
Bestinver cut its Spanish bank holdings from 29% to 24% of its domestic stock portfolio over the last three months.
The investment manager has also reduced its holding in Inditex after the company’s shares rose, and Inditex is no longer among its five largest positions.
Bestinver increased its Meliá holding and bought Digi shares, citing tourism growth in Spain and confidence in Digi’s long-term prospects.
Bestinver expects Digi to gain market share and says its share price could double by 2030, though this is the manager’s forecast, not a certainty.
The changes shift some investment away from banks and Inditex toward other companies, while Bestinver’s manager still sees potential for Spanish stocks to rise.
Internationally, the firm increased investments in construction-related companies, including US supplier Amrize and UK homebuilders Barratt Redrow and Persimmon.
Bestinver’s Spanish equity fund was up 10.9% this year, while its international funds ended the quarter with gains of 13.1% and 14.7%.
Bestinver reduced its Spanish bank investments from 29% to 24% of its domestic equity portfolio over the past three months.
The investment manager added to its position in Meliá and bought shares in Digi.
It also reduced its Inditex holding, which is no longer among its five largest Iberian portfolio positions.
Bestinver said it expects Digi to gain market share and sees potential in the company’s shares over the long term.
Its Spanish equity fund, Bestinver Bolsa, was up 10.9% so far this year.
- Who
- Bestinver, an investment manager.
- What
- It cut its Spanish bank holdings and increased or added investments in other companies, including Meliá and Digi.
- When
- The bank holding reductions took place over the past three months. Bestinver joined Digi’s stock market listing in July.
- Where
- In Bestinver’s Spanish and Iberian equity portfolios.
- Why
- The manager reduced holdings after strong share-price gains and shifted investments towards other sectors and companies it sees as having potential.
This story does not have two clearly opposing sides.
Bestinver took part in Digi’s stock market listing.
Bestinver reduced its Spanish bank holdings from 29% to 24%.
Bestinver Bolsa gained 10.9%.
- Spanish bank holdings
- Reduced from 29% to 24% over the past three months
- Digi
- Bestinver joined its stock market listing in July
- Digi customer growth
- Around 600,000 net new customers annually
- Digi market-share outlook
- Bestinver expects a share of about 20% by 2030
- Bestinver Bolsa
- Up 10.9% so far this year
What people are saying
the level of non-performing loans remains very low, an increase in net interest margin is expected and it remains a very strong sector
the price could double between now and 2030
there is very important support from earnings per share
In the United Kingdom, there is a total housing construction deficit and we believe that the new policies will help a lot to bring about a recovery in the medium term