Bestinver is living a new stage with Beltrán de la Lastra as Investment Director and Ricardo Cañete as Head of Investments in Iberian Equities. The truth is that I really wanted to listen to the new faces of this great fund manager, and I have finally achieved it through the Bestvalue 2014 conference. In this article you can see the video of the VII Bestvalue 2014 Annual Conference together with my compilation of outstanding phrases by Beltrán de la Lastra and Ricardo Cañete. They are just over 40 minutes worth it.
Video of the VII Annual Bestvalue Conference 2014
In this video you can see Beltrán de la Lastra's intervention at Bestvalue 2014:
In my opinion, the talk has not disappointed me at all. The company's investment principles remain unchanged, which should be reassuring to investors in its mutual funds. Now we just have to wait and see if the results meet expectations, since the previous managers have left the list very high.
Featured phrases by Beltrán de la Lastra in Bestvalue 2014
Here you have my selection of outstanding phrases by Beltrán de la Lastra at the conference.
"The interests of the participant always go ahead of any other"
"Our investment philosophy is the search for returns by investing in undervalued companies based on fundamental analysis with proper risk management and with a long-term vision shared between investors and managers"
"We buy companies that we know, we do the analysis to know well the companies in which we are going to put our and their capital"
"We are going to reinforce the analysis team with sector specialists to help us make increasingly better informed decisions"
“Our main risk control is to always buy with a safety margin”
"There is no other way to invest based on fundamental analysis if not with a long-term vision"
"From the point of view of the profitability of 2.014, for me there is no doubt that it has been a difficult and bad year for Bestinver"
"We had a couple of situations with investment errors in Tesco and Portugal Telecom"
"Bestinver's equity level has stabilized significantly"
"Selling with some type of discount is over if it is not for the benefit of our participants"
"We have reduced Tesco significantly"
"We have invested in Carrefour, which has done its homework and is in a growth position and is still cheaper than Tesco today"
“Volkswagen, being a high market capitalization company, we have bought. It has done its homework in bad years, it has gained market share, it has improved its operations and today it is trading at 7,5 times its profits. We give it a potential good in excess of 50%. "
"If we continue to build portfolios that are earning more and more money, we are on the right path for the net asset value to go up in the medium and long term"
"We are going to hire a fixed income manager in the very very short term"
"We may have some new equity strategy for investors less tolerant of market downturns"
Featured phrases by Ricardo Cañete in Bestvalue 2014
“Sonae's valuation is extremely attractive. The multiples are below 9,5 times normalized profits and it has a generation of free cash flow on capitalization (free cash flow yield) of over 12% that can be used to reduce debt or remunerate shareholders. "
"For us, the macro part is something that we look at and analyze in depth, but it does not guide our investment ideas"
"We use the macro view to determine where we are in the cycle at any given moment and we use it mainly as a risk control tool"
"We think that the economy is going to be stable or slightly better"
“Today, we think that something very similar to what has happened in the United States may happen in Europe. We are not expecting large macroeconomic growth, but we are expecting that a good part of the stimulus will result in an expansion of business margins.