The more volatile and lower prices per share of the stock they are not only a matter of small speculators. The ones known as ‘chicharros’ also make room in the investment portfolios the great Spanish fortunes. The most repeated are Abengoa, Dia and Quabit, but there are many more.
At a time when volatility is unleashed and the coronavirus crisis threatens to keep hitting financial markets, the ‘chicharros’ remain an essential part of the sicavs portfolio. The preferred investment vehicles of the great homeland fortunes collectively accumulate positions in all the securities of the Spanish stock market that fit this description with one exception: mining Berkeley Energy.
The opposite extreme to this scenario occurs in Abengoa. The Sevillian infrastructure and renewable energy company makes room for no less than 66 sicavs, according to the latest data submitted by these vehicles to the National Securities Market Commission (CNMV) and compiled by Dato Capital. More specifically, this is the leading role that the company’s class B shares acquire in the industry, those that five years ago they were part of the Ibex 35.
In the case of class A titles, less numerous and more illiquid, a total of 28 sicavs add positions. Although the difference is notable, the figure is sufficient for these actions to also enter the ranking of the five most desired har chicharros ’of the great Spanish fortunes. And this despite the fact that the company is undergoing a deep financial restructuring that has a key milestone in July to avoid a new bankruptcy.
The second volatile and low unit price value that attracts the most attention among sicavs is Day. A total of 34 of these investment companies so marked by the Government in recent dates include the supermarket chain in their portfolio, according to data compiled by Dato Capital.
Although its popularity is much lower than that of Abengoa, it seems that the Spanish ‘rich’ are once again betting on the potential of a story of profound restructuring. The retail firm is rolling out a wide turnaround in strategy, structure, business and finance with Russian tycoon Mikhail Fridman.
At the moment, the balance of Dia is experiencing some improvement with the changes introduced, although also the collection of essential goods during the confinement It has had a good part of the responsibility in this strengthening. On the stock market, it is also noticeable, since against the current drop in the market, it adds a revaluation of 11% so far this year, although it is practically in tables with what it marked in the early stages of Fridman’s landing.
Brick in portfolio
The favorite podium is completed by the real estate agency Quabit, who has just announced an ERTE for two-thirds of its workforce and a 20% cut in the salary of the members of its board of directors. In the midst of this scenario, the company chaired by Félix Abánades and rejected his conversion into socimi earns the trust of a total of 31 sicavs.
Among this thirty, it stands out Lierde, the investment vehicle of the renowned César Alierta, former president of Telefónica. The Aragonese and his sicav colleagues have entrusted 0.93% of their assets to the ‘brickmaker’ in a portfolio in which the highest position does not exceed 5% of the total, but which gives entry to other ‘peas’.
The case of Alierta is, in this sense, exceptional within the best known sicavs controlled by renowned Spanish businessmen or managers. Lierde has positions in the real estate company Realia (4.63%), where another 19 of these vehicles invest, and Ezentis (1.21%), which is part of the portfolio of 19 other investment companies.
The pharmaceutical PharmaMar It does not fit perfectly with the classic description of ‘cicada’, but its habitual volatility has recently been reinforced by its breakthrough in the business of fighting the coronavirus. The person in charge of the well-known antitumor Yondelis is fourth in the table, with a total of 28 sicavs with positions in their capital.
The volatility of banking
Something similar could be said of two financial values of the Ibex 35 that with the latest collapses of the sector have seen collapse its price below the euro per share. A fact that has facilitated the fact that any price change places them at the front or the bottom of the table of revaluations of the Spanish stock market index par excellence.
It is the tandem formed by Bankia and Sabadell Bank. These financial entities are respectively part of the investment portfolio of 183 and 136 Spanish sicavs.
It is worth mentioning here that a sector partner that has recently hit record lows, although it is far from falling to a valuation of cents, is the main bet on the Spanish Allocation, the reference vehicle of the Del Pino family. Is he Santander and represents 0.16% of the assets of the sicav, according to data collected at the end of the first quarter of this year.