Letters from the main Spanish value funds Q3 20015

Difference between market value, company value, notional value and intrinsic valueIt is always advisable to learn from the best. This mentality should not be implemented only when it comes to investing in the stock market, but also in any area of ​​life. One of the best ways for small investors to learn from the best managers is through their regular presentations and letters, in which they explain their philosophy and main investment thesis. In this article I will briefly comment on the quarterly letters of the main Spanish value funds for the third quarter of 2015. It also contains the links so that you can download and read them calmly.

Quarterly letter from Bestinver Q3 2015

I suppose that most of you will know the manager wellBestvalue conference 2015.

Aquí podéis descargar la Bestinver's quarterly letter for the third quarter of 2015.

Quarterly letter from Magallanes Value Investors Q3 2015

Magallanes Value Investors it is the youngest fund of the four. It has Iván Martín as president and director of investments and José María Díaz Vallejo as co-manager and analyst.

In their last quarterly letter they address topics such as the importance of preserving capital, the psychology of markets, the importance of financial health (Glencore case) and the integrity of the board (Volkswagen case).

They also briefly explain the acquisitions of the electric companies Verbund AG and E.ON, the copper producer Antofagasta and the cork producer Corticeira Amorim.

Aquí podéis descargar la quarterly letter from Magallanes Value Investors for the third quarter of 2015.

Carta trimestral de Metagestión Q3 2015

Metagestation It is another of the great Spanish value managers that many of you will know. Its investment director is Javier Ruiz and the co-managers of its funds are Alejandro Martín Toledo and Miguel Rodríguez Quesada.

The letter explains the main acquisitions of Metagestión in Iberian equities in the last quarter, which have been the metallurgical companies Acerlor Mittal and Acerinox. They also explain its main increases in position, which have been in Talgo and the DIA supermarkets and its main reductions in Barón de Ley and Vidrala.

Regarding its international fund, the quarterly letter briefly comments on some of its main positions, such as Tessi, Corticeira Amorim, Yahoo, Alphabet (ex-Google), eBay, Value Partners or Aberdeen.

Finally, they explain the main bets of the Metagestión Dividendo fund, a fund that seeks to invest in companies with growing dividend yields that are sustainable in the long term. The main positions of this fund are Intel, National Grid, Sage Group and Vodafone.

Aquí podéis descargar la carta trimestral de Metagestión del tercer trimestre de 2015.

True Value Q3 2015 quarterly chart

In conclusion, True value It is the smallest of the four funds analyzed, but on the other hand it shows great growth. The fund is advised by José Luis Benito and Alejandro Estebaranz.

In their quarterly letter they explain the importance of investing for the long term, how investors should cope with periodic market crises, and they also discuss their investment in the automotive components company Plastic Omnium.

Aquí podéis descargar la True Value quarterly letter for the third quarter of 2015.