The asset manager has assets under management of nearly €4.674 million, driven by the progress of its international strategies and profit-taking in the energy sector.
Reported by the Consejeros Editorial Team
Cobas AM has closed the first half of 2026 by consolidating the positive trend of its funds. The firm has reached assets under management of €4,674 million, underpinned by the solid performance of its main strategies. The International Portfolio rose by 15.8 per cent (compared with 10.5 per cent for the BBG Europe Developed Markets index), whilst the Large Cap Portfolio advanced by 17.9 per cent (outperforming its index’s 12.7 per cent). Meanwhile, the Iberian Portfolio gained 6.5 per cent, below the 14.7 per cent return of its benchmark.
Divestment from energy and investment in family-owned holding companies
True to its value discipline, the firm led by Francisco García Paramés has taken advantage of the strong rallies during the half-year to reduce or divest from assets with a lower margin of safety and rotate liquidity into undervalued stocks. The most significant strategic move has been the pullback from the energy sector — its main focus over the past five years — reducing its weighting in the International Portfolio from 30% to 24%.
Profit-taking focused on energy service and engineering providers following the realisation of their investment theses, notably including full divestments from firms such as Saipem and Weatherford, as well as the pharmaceutical company Teva. Conversely, the fund manager has maintained its exposure to exploration and production companies, as it considers that current prices do not reflect their strategic value.
Boosting upside potential
The freed-up capital has been channelled into family-owned holding companies and firms with sound balance sheets. Notable additions include Exor, Bolloré, Fresenius Medical Care and a new position in JD Sports (at an estimated P/E ratio of 5x), which has become the third-largest holding in the International Portfolio.
Following these adjustments, the firm estimates an upside potential of 115% for the International Portfolio (P/E ratio of 7.1x) and for Large Cap Companies (P/E ratio of 7.5x), whilst the Iberian Portfolio has an upside potential of 85% (P/E ratio of 9.1x).
