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Fourth Quarter 2019
TO OUR INVESTORS
Q U A R T E R L Y R E P O R T
Quarterly report for our investors - Fourth quarter 2019
Quarterly report for our investors - Fourth quarter 2019
Bestinver Madrid
Dear investor,
The year 2019 ends with a positive return for our unitholders. The international portfolio has delivered a return of
23% while Bestinfond has climbed to 21%. A positive year in which our management has been conditioned by the
principle of prudence in the face of the distortions created by the monetary policy of negative interest rates. We
have sought a fine balance between increasing exposure to cheap companies (today mainly financial and Industriall),
avoiding value traps (in the same sectors), managing illiquidity risk, and of course, leveraging our competitive
advantage generated by our analysis team. This knowledge has enabled us to identify and capitalise on opportunities
such as Delivery Hero, Informa, Cobham…
Our focus remains, as always, on the long term. Precisely during this last quarter of the year we have celebrated 5
years since we arrived to Bestinver. During this time, we have achieved a return of +56%, which represents +9.03%
annualised, or to put it in absolute numbers, in Bestinver we have generated capital gains for our unitholders of
1.89 billion during this period. And the global environment has not been the most favourable, particularly for value
investing. The market has been dominated by high-growth companies, while we look for opportunities in companies
that offer attractive valuations and are generally based in Europe. Nevertheless, we have been able to outperform
the European market (56% vs MSCI Europe with Dividends 40%), with many of our funds ending the year at or near
their historical highs.
The investment philosophy that Ricardo Cañete and I set out in writing at the time rests on three fundamental pillars
–fundamental analysis, appropriate risk management and a time horizon shared by investors and managers– which
can be summed up in three words: knowledge, prudence and patience. These are Bestinver’s three guidelines for
management, in this past year, in previous years and in the years to come.
— Knowledge: the biggest risk is not knowing what you are doing. To mitigate this, we do two things. Firstly, we
focus on our circle of competence. Knowing what we know and what we don’t. Secondly, and just as important,
we have a large, qualified and experienced investment team. Bestinver is fundamental analysis, fundamental
analysis is team, so Bestinver is team. On these two points, we try to be humble in our approach and firm in our
decisions. We strive to be true experts in small areas knowing that there are many areas we know very little about.
And you cannot learn with investors’ money.
This philosophy certainly leads us to errors of omission and commission. Those of omission are an opportunity cost
“out of ignorance” –not investing in companies/areas that we do not know well– which in turn helps us reduce
individual mistakes that can significantly hamper portfolio performance. Errors of commission, on the other hand,
occur in areas we think we know well but in which we have drawn the wrong conclusions throughout the years
such as Imperial Brands, Volkswagen or corporate governance in China. We must be able to make money in spite of
making a few mistakes, because we will continue to make them. The key is to generate strong returns despite these
errors. Yet we have also been blessed with many successes, thank God, as we will see later in this letter.
— Prudence: not to attempt heroics or seek stardom with our neighbour’s money. Diversification without dispersion
allows us to benefit from the fact that we are more often right than wrong. Prudence has different facets. Last
time we talked about the risk of illiquidity –which is probably still latent as one of the biggest risks– and on this
occasion I would like to draw your attention to two extremes of companies in particular.
One, the prudence of not buying extraordinary companies due to their very high prices (influenced by negative
interest rates); avoiding these companies has diminished returns in the short term as expensive companies are
becoming more expensive since rates have fallen even further. We would do the same thing again; we seek to
minimise the risk of permanent capital loss and their extremely high prices bring a good dose of that risk (LVMH,
Nestlé…). Two, the prudence of not buying companies apparently at bargain prices because today they come with
risks associated that turn them into value traps or at least into casino speculations. This has undoubtedly spared us
significant permanent capital losses. There are endless examples which I leave to your imagination
— Patience: Work, work, work and wait to strike hard when opportunities arise. We don’t know when and we
don’t know how. What we do know is more opportunities emerge with a strong and organised analysis team.
Obviously. Patience in this market environment has enabled us to invest in good businesses at reasonable
prices. Until opportunity crops up again, perhaps in extraordinary companies at good prices or in somewhat
lesser quality companies at outstandingly low prices. When either of these two situations occurs, we should
expect extraordinary returns on Bestinver’s funds. We seem to be closer to the latter than to the former. In the
meantime, +56% in just over 5 years for waiting patiently is, in our view, a satisfactory result.
2020 and the following years will continue to be complex. Geopolitical risks –some of prime importance–, and the
fear of a possible economic recession (in my opinion, the only uncertainty surrounding an impending recession is
when it will happen) may temporarily affect the mood of many investors. But in our judgement, the attempt to
normalise monetary policy is the most relevant element. The bottom line is that a system with excess debt in the
hands of governments further encourages investment in real assets such as equities. However, be prepared for a
roller coaster of volatility. Today more than ever, knowledge, prudence and patience are key for both investors and
managers.
The implementation of our philosophy and processes is only possible thanks to our co-investors, without a doubt,
since the quality of capital is our greatest competitive advantage.
I would like to thank you most sincerely for your trust in Bestinver and wish you and your families a wonderful 2020.
Beltrán de la Lastra
Director of Investments
BESTINVER
Performance
14.23% annualised return for
Bestinfond since launch
Assets
More than €6.4 billion
under management
Investors
More than 50,000
Bestinver in numbers
Awards obtained
More than 100 in
the last 20 years
Independence
100% Acciona Group
Figures as at 31/12/2019. Bestinfond start date: 13/01/1993
Quarterly report for our investors - Fourth quarter 2019
9
CONTENTS
Portfolio performance and upside potential
International portfolio
Iberian portfolio
Portfolio analysis
International portfolio
Iberian portfolio
Investment funds
Equities
Mixed and fixed income
Hedge funds
Pension funds
Equities
Mixed and fixed income
Voluntary pension plan providers (EPSVs)
Equities
Mixed and fixed income
10
11
12
14
15
17
20
21
26
30
32
33
34
38
39
40
This document has been prepared by Bestinver Gestión, S.A. SGIIC for information purposes only, and may not be considered, under any circumstances,
as an offer to invest in its investment funds. The information has been compiled by Bestinver Gestión, S.A. SGIIC using sources considered reliable.
Nevertheless, and although reasonable measures have been taken to ensure that the information is correct, Bestinver Gestión, S.A. SGIIC does not
guarantee that it is accurate, complete or up-to-date.
All of the opinions and estimations included in this document represent the opinion of Bestinver Gestión, S.A. SGIIC on the date to which they refer
and may vary without prior warning. All of the opinions contained herein have been issued on a general basis, without taking into account the specific
investment objectives, financial situation or particular needs of each person.
Under no circumstances shall Bestinver Gestión, S.A. SGIIC, its administrators, employees or authorised personnel be held responsible for any harm of
any kind that may proceed, directly or indirectly, from the use of the information contained in this document. A statement of past performance does not
constitute, under any circumstances, a promise or guarantee of future returns.
All of Bestinver’s returns are expressed in € and in net terms, after expenses and commissions.
Potential: The upside potential that, in the opinion of Bestinver’s managers, the fund has at any given time, calculated as the difference between the
current PER and the target PER. This does not represent the gain that the fund will make in a certain period, given that, although the fund will achieve a
specific return, the objective of the managers is to increase, or at least maintain, that potential.
PER: The free cash-flow price at which the fund trades, based on the PER estimated by Bestinver’s managers for each company (includes adjustments
such as: debt, point in the cycle, price, currency, etc.).
Target price: The Net Asset Value that the shares in the fund may reach on the basis of the intrinsic value that all of the stocks that form the portfolio have,
in the opinion of Bestinver’s managers.
LEGAL WARNING
10
Portfolio performance
and upside potential
11
Table of annualised returns
2019 2018 3 years 5 years 10 years 15 years Launch
International portfolio 23,34% -14,15% 5,77% 8,27% 10,23% 9,47% 9,79%
European market 26,05% -10,57% 7,51% 6,65% 7,78% 6,10% 4,91%
Annualised returns
The net asset value of our international portfolio increased by 23.34% during the year, compared with 26.05% for
the European Market (MSCI Europe with dividends). Over the long term, the cumulative return on the international
portfolio in the last 5 years has been 48.78%. The international portfolio trades at a PER of 9.5x.
International
portfolio1.
Portfolio performance and upside potential
Figures as at close of business: 31/12/2019. Source: Bestinver. European market: MSCI Europe with net dividend. Launch date: 31/12/1997.
Past performance is not a guarantee of future returns.
Investment in equities can lead to the loss of capital invested and is inadvisable for time horizons of less than 5 years.
0%
5%
10%
15%
20%
25%
30%
-10%
-15%
-5%
-20%
International portfolio European market
2019 2018 3 years 5 years 10 years 15 years Launch
Target value Net asset value
75,4€ 47,7€
0€
10€
20€
30€
40€
50€
60€
80€
70€
58%
Upside
potential
12
Table of annualised returns
Annualised returns
Iberian portfolio 70% IGBM / 30% PSI
The net asset value of our Iberian portfolio grew by 10.51% during the year, compared with an increase of 16.42%
for the reference index (comprising the IGBM and the PSI). Over the long term, the cumulative return of the
Iberian portfolio in the last 5 years has been 33.16%. The Iberian portfolio trades at a PER of 9.3x.
Portfolio performance and upside potential
Iberian
portfolio2.
Figures as at close of business: 31/12/2019. Source: Bestinver. Since 01/01/2016, the reference index includes net dividends. Launch date: 01/12/1997.
Past performance is not a guarantee of future returns.
Investment in equities can lead to the loss of capital invested and is inadvisable for time horizons of less than 5 years.
2019 2018 3 years 5 years 10 years 15 years Launch
Iberian portfolio 10,51% -8,66% 3,67% 5,89% 5,60% 6,99% 10,32%
70% IGBM/30% PSI 16,42% -10,46% 5,65% 3,59% -0,26% 1,55% 3,18%
Target value Net asset value
102,6€ 63,4€
0€
20€
40€
Upside
potential
62%
60€
80€
100€
120€
2019 2018 3 years 5 years 10 years 15 years Launch
0%
5%
10%
15%
20%
-5%
-10%
-15%
13
14
Portfolio
analysis
15
Industrial 38,3%
DASSAULT AVIATION 3,2%
SCHLUMBERGER 3,1%
ANDRITZ 2,6%
Communication 
Technology
15,3%
INFORMA 3,2%
RELX 2,8%
TENCENT HOLDINGS 2,1%
Consumer 20,1%
DELIVERY HERO 5,8%
BOOKING HOLDINGS 2,5%
JUST EAT 1,6%
Financial 18,8%
STANDARD CHARTERED 4,4%
INTESA SANPAOLO 3,1%
BNP PARIBAS 3,1%
Liquidity: 7,5%
SECTORAL DISTRIBUTION
International
portfolio1.
Date: 31/12/2019. Source: Bestinver
DISTRIBUTION OF THE PORTFOLIO
Portfolio analysis
Geographical distribution Sectoral distribution
Europe 77,9%
Other 14,6%
Liquidity 7,5%
Consumer 20,1%
Financial 18,8%
Industrial 38,3%
Communication
 Technology
15,3%
Liquidity 7,5%
16
MAIN MOVEMENTS IN THE INTERNATIONAL PORTFOLIO
Portfolio analysis
Additions to the portfolio
  APERAM
Aperam is one of the world’s most efficient producers of stainless steel with exposure to Europe, Brazil, the
United States and Asia. Being one of the companies that should survive in any steel price scenario, value is
discounting a sharp slowdown given the complicated situation in Europe due to competition from China and
Indonesia. The fact that it is barely indebted may allow them to grasp the opportunities that could arise at a time
when their competitors are suffering from the cycle and the high level of indebtedness.
Increases in positions
  ABB
The market still did not understand the implications that the improvement of corporate governance could have
on the company and therefore we continued to strengthen our position, thinking that this optimisation of the
company in the medium term could be substantial. The new management team will focus on reducing costs and
reinvesting efficiencies in RD and marketing, trying to recover some of the growth it has lacked in recent years.
  DELIVERY HERO
The food delivery company has carried out one of the most interesting corporate operations in recent years. The
company had only one country with a weak competitive position (Korea) and we thought it could sell its business
in that country and reinvest, thus strengthening its competitive position in the remaining markets. Its solution
has been very smart as it has acquired its Korean competitor (five times bigger) and leading food delivery app
in the country at an attractive price, thereby creating a dominant position. This operation has led the group to
increase its gross merchandise volume (GMV) by 70%, increasing the number of shares by less than 30%, with
the creation of value that this entails, while the group has become the absolute leader in all the countries where
it operates. In addition, it has dramatically improved its cash generation profile and positioned the company as
a global industry leader with the capacity to become one of the consolidators at an international level. In this
company we can appreciate the importance of having one the best management teams in the industry, which
has been able to create a lot of value from a weak position like the one they had in Korea. During the fourth
quarter, shares were up 55% yet we think they are not more expensive than before the rise and the acquisition
of its Korean peer.
Exits from the portfolio
  COBHAM
After the takeover bid, we believe there are better investment opportunities, as price reflects the quality of the
asset and therefore it is unlikely that there will be a competing offer that will improve the company’s price.
17
Portfolio analysis
Financial 26,1%
UNICAJA BANCO 4,6%
BANCO SABADELL 4,2%
BOLSA Y MERCADOS ESPAÑOLES 3,4%
Communication 
Technology
11,2%
INDRA SISTEMAS 3,8%
NOS 2,9%
PROMOTORA DE INFORMACIONES 2,7%
Consumer 14,3%
IBERSOL 4,8%
VISCOFAN 3,8%
JERONIMO MARTINS 3,1%
Industrial 44,5%
SEMAPA 6,1%
GALP SGPS 5,0%
ACS ACTIVIDADES CONS Y SERV 4,2%
Liquidity: 3,8%
Iberian
portfolio2.
SECTORAL DISTRIBUTION
DISTRIBUTION OF THE PORTFOLIO
Date: 31/12/2019. Source: Bestinver
Geographical distribution Sectoral distribution
Spain 71,1%
Portugal 25,2%
Liquidity 3,8%
Consumer 14,3%
Financial 26,1%
Industrial 44,5%
Communication
 Technology
11,2%
Liquidity 3,8%
18
Portfolio analysis
MAIN MOVEMENTS IN THE IBERIAN PORTFOLIO
Additions to the portfolio
  BME
BME is a stock market operator that manages all of the Spanish stock markets. It has a diversified source of
income which includes securities intermediation, settlement and clearing and the sale of market data. The
company is a well-managed, efficient company but which has suffered in recent years with the emergence
of alternative trading platforms. BME had stabilised its market share as competitors could no longer afford to
operate at such low levels of profitability. Moreover, the market only saw the competitive pressures and the risk
of a financial transactions tax putting downward pressure on trading volumes. The market did not contemplate
the creation of value it can have in an integration process. But the company has much to offer an international
operator, if properly integrated, in terms of both cost and revenue synergies, creating an undiscounted value on
the shares.
Increases in positions
  ENCE
The company continues to be penalized by the possible closure of its plant in Pontevedra and the evolution of
pulp prices in the short term, yet continues to generate value as with the opening of its new renewable energy
generation plant with biomass in Puertollano. In the worst case scenario, assuming the closure of the Pontevedra
plant, which is not certain, we estimate that we still have a large margin of safety, so the weakness of the stock
has been used to strengthen the position.
  BANCO SABADELL
The company continues to be depressed due to fears regarding its capital situation and exposure to the United
Kingdom, and these are precisely the points that we consider to be the most positive within the investment
thesis: the company is generating capital through the sale of non-strategic assets, and the restructuring of the
business in the UK can lead to an improvement in the group’s ROE that is not discounted in current prices.
Exits from the portfolio
  COLONIAL
An excellent company, with unique assets in Madrid, Barcelona and Paris, but whose price did not leave us
enough margin of safety, prompting us to offload our positions.
19
20
Bestinver Barcelona
Investment
funds
21
2019 2018 3 years 5 years 10 years 15 years Launch
Bestinfond 20,81% -13,39% 5,30% 7,81% 9,19% 8,82% 14,23%
Reference index* 30,02% -5,30% 13,32% 9,69% 9,80% 7,28% 9,93%
Table of annualised returns
Annualised returns
Target value Net asset value
349,2€ 219,3€
0€
50€
100€
150€
200€
250€
300€
400€
Upside
potential
59%
350€
Equities
1.
BESTINFOND
Reflects all of our investment ideas. Invests in global equities, especially in European companies.
Data as at close of business: 31/12/2019. Source: Bestinver. Periods of more than 1 year at annualised rate. Launch date: 13/01/1993. Since 01/01/2016, the reference index includes
net dividends. Past performance is not a guarantee of future returns.
*The index changed on 05/09/2018 and is now the MSCI World NR EUR. The historical reference data for the reference index have been calculated taking as a reference the data
obtained for the index in force at any given time.
Investment in this fund is inadvisable for time horizons of less than 5 years.
Date: 31/12/2019. Source: Bestinver
Investment funds
DISTRIBUTION OF THE PORTFOLIO
Geographical distribution Sectoral distribution
0%
5%
-5%
10%
15%
20%
30%
25%
Bestinfond Reference index
2019 2018 3 years 5 years 10 years 15 years Launch
Europe 70,6%
Iberia 9,2%
Other 13,1%
Liquidity 7,0%
Consumer 19,6%
Financial 18,8%
Industrial 40,1%
Communication
 Technology
14,4%
Liquidity 7,0%
-15%
-10%
22
2019 2018 3 years 5 years 10 years 15 years Launch
Bestinver internacional 23,34% -14,15% 5,77% 8,27% 10,23% 9,47% 9,79%
Reference index* 30,02% -3,66% 10,38% 10,05% 10,84% 6,71% 4,62%
Target value Net asset value
75,4€ 47,7€
0€
10€
20€
30€
40€
50€
60€
70€
80€
Upside
potential
58%
Annualised returns
Data as at close of business: 31/12/2019. Source: Bestinver. Periods of more than 1 year at annualised rate. Launch date: 19/11/1997. Since 01/01/2016, the reference index
includes net dividends. Past performance is not a guarantee of future returns.
*The index changed on 05/09/2018 and is now the MSCI World NR EUR. The historical return data for the reference index have been calculated taking as a reference the data
obtained for the index in force at any given time.
Investment in this fund is inadvisable for time horizons of less than 5 years.
Investment funds
Date: 31/12/2019. Source: Bestinver
Table of annualised returns
DISTRIBUTION OF THE PORTFOLIO
Geographical distribution Sectoral distribution
BESTINVER INTERNACIONAL
Invests globally, although mainly focused on companies listed in Europe, excluding Spain.
Europe 77,9%
Other 14,6%
Liquidity 7,5%
Consumer 20,1%
Financial 18,8%
Industrial 38,3%
Communication
 Technology
15,3%
Liquidity 7,5%
Bestinver internacional Reference index
0%
5%
10%
15%
-15%
-5%
20%
25%
30%
35%
-10%
2019 2018 3 years 5 years 10 years 15 years Launch
23
BESTINVER BOLSA
Invests in listed companies in Spain and Portugal.
Figures as at close of business: 31/12/2019. Source: Bestinver. Periods of more than 1 year at annualised rate. Launch date: 01/12/1997. Since 01/01/2016, the reference index includes
net dividends. Past performance is not a guarantee of future returns.
Investment in this fund is inadvisable for time horizons of less than 5 years.
Investment funds
Date: 31/12/2019. Source: Bestinver
Table of annualised returns
DISTRIBUTION OF THE PORTFOLIO
Geographical distribution Sectoral distribution
2019 2018 3 years 5 years 10 years 15 years Launch
Bestinver bolsa 10,51% -8,66% 3,67% 5,89% 5,60% 6,99% 10,32%
Index (70% IGBM / 30% PSI) 16,42% -10,46% 5,65% 3,59% -0,26% 1,55% 3,18%
Annualised returns
Target value Net asset value
102,6€ 63,4€
0€
20€
40€
Upside
potential
62%
60€
80€
100€
120€
Spain 71,1%
Portugal 25,2%
Liquidity 3,8%
Consumer 14,3%
Financial 26,1%
Industrial 44,5%
Communication
 Technology
11,2%
Liquidity 3,8%
Bestinver Bolsa Index (70% IGBM / 30% PSI)
0%
5%
10%
15%
20%
2019 2018 3 years 5 years 10 years 15 years Launch
-5%
-10%
-15%
24
2019 2018 3 years 5 years Launch
Bestinver Grandes Compañías 23,37% -9,20% 7,48% 7,52% 10,01%
Reference index* 30,02% -6,01% 12,92% 9,35% 11,49%
Annualised returns
Target value Net asset value
281,1€ 215,3€
0€
50€
100€
150€
200€
250€
300€
Upside
potential
31%
Date: 31/12/2019. Source: Bestinver
Investment funds
Figures as at close of business: 31/12/2019. Source: Bestinver. Periods of more than 1 year at annualised rate. Launch date: 19/12/2011. Since 01/01/2016, the reference index includes
net dividends. Past performance is not a guarantee of future returns.
*The index changed on 05/09/2018 and is now the MSCI World NR EUR. The historical return data for the reference index have been calculated taking as a reference the data
obtained for the index in force at any given time.
Investment in this fund is inadvisable for time horizons of less than 5 years.
Table of annualised returns
DISTRIBUTION OF THE PORTFOLIO
Geographical distribution Sectoral distribution
BESTINVER GRANDES COMPAÑÍAS
Focuses on our selection of large companies. Reflects all of our investment ideas.
2019 2018 3 years 5 years Launch
0%
5%
10%
15%
20%
30%
35%
25%
Grandes Compañías Reference index
-10%
-5%
Europe 61,5%
Iberia 11,7%
Other 12,0%
Liquidity 14,7%
Consumer 28,7%
Financial 0,0%
Industrial 33,6%
Communication
 Technology
22,9%
Liquidity 14,7%
25
BESTINVER LATAM
Equity investment fund that invests primarily in Latin America.
Figures as at close of business: 31/12/2019. Source: Bestinver. Launch date: 18/01/2019. Past performance is not a guarantee of future returns.
Investment in this fund is inadvisable for time horizons of less than 7 years.
Investment funds
Date: 31/12/2019. Source: Bestinver
Table of annualised returns
DISTRIBUTION OF THE PORTFOLIO
Geographical distribution Sectoral distribution
2019
Bestinver Latam 12,66%
SP LATIN AMERICA 40NR 2,90%
Consumer 26,3%
Financial 19,1%
Industrial 26,6%
Communication
 Technology
13,5%
Liquidity 14,5%
Annualised returns
Bestinver Latam Reference index
2019
4%
8%
6%
2%
10%
14%
12%
0%
Brazil 48,9%
Chile 11,6%
Colombia 9,8%
Mexico 8,1%
Peru 7,0%
Liquidity 14,5%
26
Date: 31/12/2019. Source: Bestinver
Investment funds
Mixed and
fixed income2.
Figures as at close of business: 31/12/2019. Source: Bestinver. Periods of more than 1 year at annualised rate. Launch date: 29/06/1997.
Since 01/01/2016, the reference index includes net dividends. Past performance is not a guarantee of future returns.
*The index changed on 05/09/2018 and is now 50% MSCI W.NR Eur / 50% Barc. Euro Agg. 1-10y TR. The historical return data for the reference index have been calculated taking as
a reference the data obtained for the index in force at any given time.
Investment in this fund is inadvisable for time horizons of less than 2-3 years.
DISTRIBUTION OF THE PORTFOLIO
Geographical distribution
Bestinver Mixto Reference index
Annualised returns
Sectoral distribution
BESTINVER MIXTO
Invests up to 75% in global equities and the rest in fixed income.
2019 2018 3 years 5 years 10 years 15 years Launch
Bestinver Mixto 17,19% -8,85% 4,43% 5,02% 4,77% 5,56% 7,75%
Reference index* 16,15% -5,96% 5,49% 3,35% 0,33% 1,71% 2,91%
Table of annualised returns
Europe 54,9%
Iberia 7,0%
Other 10,2%
Fixed
income
22,9%
Liquidity 5,0%
Consumer 14,6%
Financial 14,8%
Industrial 32,1%
Communication
 Technology
10,7%
Fixed income 22,9%
Liquidity 5,0%
2019 2018 3 years 5 years 10 years 15 years Launch
0%
-10%
5%
-5%
-15%
10%
15%
20%
27
BESTINVER PATRIMONIO
Invests mainly in fixed income, with up to 25% in global equities.
Investment funds
Date: 31/12/2019. Source: Bestinver
Figures as at close of business: 31/12/2019. Source: Bestinver. Periods of more than 1 year at annualised rate. Launch date: 24/07/2006.
Since 01/01/2016, the reference index includes net dividends. Past performance is not a guarantee of future returns.
*The index changed on 05/09/2018 and is now 12.5% MSCI W.NR Eur / 87.5% Barc. Euro Agg 1-3y TR. The historical return data for the reference index have been calculated taking
as a reference the data obtained for the index in force at any given time.
The investment policy of BESTINVER PATRIMONIO FI was changed substantially on 5 September 2018. The historical return data shown are not representative of the returns this fund
could obtain in the future.
Investment in this fund is inadvisable for time horizons of less than 2-3 years.
DISTRIBUTION OF THE PORTFOLIO
Geographical distribution Sectoral distribution
Bestinver Patrimonio Reference index
Annualised returns
2019 2018 3 years 5 years 10 years Launch
Bestinver Patrimonio 7,89% -6,30% 2,87% 4,80% 7,13% 5,51%
Reference index* 3,80% 2,80% 3,72% 3,99% 5,76% 3,39%
Table of annualised returns
2019 2018 3 years 5 years 10 years Launch
0%
2%
4%
6%
8%
10%
-4%
-8%
-2%
-6%
Europe 16,5%
Iberia 3,2%
Other 3,3%
Fixed
income
64,5%
Liquidity 12,5%
Consumer 9,2%
Financial 0,0%
Industrial 8,3%
Communication
 Technology
5,6%
Fixed income 64,5%
Liquidity 12,5%
28
Investment funds
BESTINVER RENTA
Invests in short-term Euro fixed income.
Figures as at close of business: 31/12/2019. Source: Bestinver. Periods of more than 1 year at annualised rate. Launch date: 30/10/1995.
Past performance is not a guarantee of future returns.
*The index changed on 05/09/2018 and is now 100% Barc. Euro Agg 1-10y TR. The historical return data for the reference index have been calculated taking as a reference the
data obtained for the index in force at any given time.
Investment in this fund is inadvisable for time horizons of less than 1-2 years.
2019 2018 3 years 5 years 10 years 15 years Launch
Bestinver Renta 4,93% -1,02% 1,29% 0,92% 0,96% 1,81% 3,05%
Reference index* 3,44% 0,14% 1,22% 1,05% 1,13% 1,74% 2,58%
Table of annualised returns
Bestinver Renta Reference index
2019 2018 3 years 5 years 10 years 15 years Launch
0%
2%
3%
4%
5%
Annualised returns
-1%
1%
-2%
29
Investment funds
BESTINVER CORTO PLAZO
Invests in short-term Euro fixed income.
Figures as at close of business: 31/12/2019. Source: Bestinver. Launch date: 20/07/2018.
Past performance is not a guarantee of future returns.
Investment in this fund is inadvisable for time horizons of less than 1 year.
2019 Launch
Bestinver Corto Plazo 0,29% -0,13%
(35% Treasury bills 1 year / 65% Eonia 7d) -0,23% -0,24%
Table of annualised returns
Bestinver Corto Plazo Reference index
2019 Launch
0%
0,2%
0,1%
-0,1%
0,3%
Annualised returns
-0,2%
-0,3%
30
Date: 31/12/2019. Source: Bestinver
DISTRIBUTION OF THE PORTFOLIO
Geographical distribution Sectoral distribution
The Hedge Fund invests in a portfolio without concentration restrictions and with a restricted liquidity profile.
Figures as at close of business: 31/12/2019. Source: Bestinver. Periods of more than 1 year at annualised rate. Launch date: 30/09/2007. Since 01/01/2016, the reference index
includes net dividends. Past performance is not a guarantee of future returns.
Investment in this fund is inadvisable for time horizons of less than 7 years.
Hedge funds:
Hedge Value Fund3.
Table of annualised returns
2019 2018 3 years 5 years 10 years Launch
Hedge Value Fund 19,75% -12,22% 7,29% 9,70% 10,46% 7,97%
MSCI World Index (Eur) 30,02% -4,17% 10,19% 9,93% 10,79% 5,71%
Annualised returns
Hedge Value Fund MSCI World Index (Eur)
Target value Net asset value
404,8€ 255,9€
0€
50€
100€
150€
200€
300€
250€
350€
450€
Upside
potential
58%
400€
0%
5%
10%
15%
20%
30%
25%
-10%
-5%
-15%
2019 2018 3 years 5 years 10 years Launch
Europe 63,1%
Iberia 13,0%
Other 15,9%
Liquidity 8,0%
Consumer 57,7%
Financial 2,4%
Industrial 12,0%
Communication
 Technology
19,9%
Liquidity 8,0%
Investment funds
31
32
Pension
funds
Bestinver León
33
5%
10%
15%
20%
25%
0%
-10%
-15%
35%
-5%
30%
Equities
1.
BESTINVER GLOBAL
Invests in global equities
Date: 31/12/2019. Source: Bestinver
Figures as at close of business: 31/12/2019. Source: Bestinver. Periods of more
than 1 year at annualised rate. Launch date: 31/12/2004.
Since 01/01/2016, the reference index includes net dividends.
Past performance is not a guarantee of future returns.
*The index changed on 19/09/2018 and is now MSCI World NR EUR. The
historical return data for the reference index have been calculated taking as a
reference the data for the index in force at any given time.
Investment in this fund is inadvisable for time horizons of
less than 5 years.
Bestinver Global Reference index
DISTRIBUTION OF THE PORTFOLIO
Geographical distribution Sectoral distribution
Pension funds
2019 2018 3 years 5 years 10 years Launch
Bestinver Global 21,19% -13,20% 5,51% 7,88% 9,35% 8,49%
Reference index* 30,02% -5,30% 13,32% 9,69% 9,80% 6,74%
Table of annualised returns
Annualised returns
2019 2018 3 years 5 years 10 years Launch
Europe 69,9%
Iberia 9,1%
Other 13,0%
Liquidity 8,0%
Consumer 19,2%
Financial 18,8%
Industrial 39,8%
Communication
 Technology
14,2%
Liquidity 8,0%
34
Figures as at close of business: 31/12/2019. Source: Bestinver. Periods
of more than 1 year at annualised rate. Launch date: 30/10/1996.
Since 01/01/2016, the reference index includes net dividends. Past
performance is not a guarantee of future returns
*The index changed on 19/09/2018 and is now 50% MSCI W.NR Eur
/ 50% Barc. Euro Agg 1-10y TR. The historical return data for the
reference index have been calculated taking as a reference the data
obtained for the index in force at any given time.
Investment in this fund is inadvisable for time
horizons of less than 3-5 years.
Date: 31/12/2019. Source: Bestinver
Mixed and
fixed income2.
BESTINVER PLAN MIXTO
Invests up to 75% in global equities and the rest in fixed income.
DISTRIBUTION OF THE PORTFOLIO
Geographical distribution
Table of annualised returns
Sectoral distribution
Pension funds
2019 2018 3 years 5 years 10 years 15 years Launch
Bestinver Plan Mixto 17,67% -10,82% 4,09% 5,31% 6,90% 7,04% 9,92%
Reference index* 16,15% -2,54% 6,40% 3,86% 5,22% 4,82% 6,44%
Annualised returns
Bestinver Plan Mixto Reference index
Europe 57,0%
Iberia 6,4%
Other 10,2%
Fixed
income 21,6%
Liquidity 4,8%
Consumer 15,6%
Financial 15,5%
Industrial 31,5%
Communication
 Technology
11,1%
Fixed income 21,6%
Liquidity 4,8%
2019 3 years 5 years 10 years 15 years Launch
20%
15%
10%
5%
0%
-5%
-10%
-15%
2018
35
BESTINVER PLAN RENTA
Invests in short-term fixed income.
Figures as at close of business: 31/12/2019. Source: Bestinver. Periods of more than 1 year at annualised rate. Launch date: 31/12/2004.
Since 01/01/2016, the reference index includes net dividends. Past performance is not a guarantee of future returns
*The index changed on 19/09/2018 and is now 100% Barc. Euro Agg 1-10y TR. The historical return data for the reference index have been calculated taking as a reference the data
obtained for the index in force at any given time.
Investment in this fund is inadvisable for time horizons of less than 1-2 years.
Date: 31/12/2019. Source: Bestinver
Pension funds
Bestinver Plan Renta Reference index
Annualised returns
Table of annualised returns
2019 2018 3 years 5 years 10 years Launch
Bestinver Plan Renta 4,97% -1,33% 1,50% 1,49% 1,27% 1,90%
Reference index* 3,44% 0,58% 1,91% 1,74% 1,42% 1,92%
0%
1%
2%
6%
-1%
-2%
2019 3 years 5 years 10 years Launch
3%
4%
5%
2018
36
BESTINVER PLAN PATRIMONIO
Invests in short-term Euro fixed income.
Figures as at close of business: 31/12/2019. Source: Bestinver. Launch date: 15/11/2018.
Past performance is not a guarantee of future returns.
Investment in this fund is inadvisable for time horizons of less than 2-3 years.
2019
Bestinver Plan Patrimonio 5,41%
(12,5% MSCI W.NR Eur / 87,5% Barc. Euro Agg 1-3y TR) 3,80%
Table of annualised returns
Bestinver Plan Patrimonio Reference index
Annualised returns
Pension funds
2019
0%
2%
1%
3%
4%
6%
5%
37
38
EPSVEPSV
Only for investors
who are tax resident
in the Basque Country
Bestinver Bilbao
39
EPSV
Equities
1.
BESTINVER CRECIMIENTO
Invests up to 100% in global equities.
Figures as at close of business: 31/12/2019. Source: Bestinver. Periods of more than 1 year at
annualised rate. Launch date: 11/12/2017.
*The index changed on 26/07/2018 and is now MSCI World NR EUR. The historical return data for the
reference index have been calculated taking as a reference the data obtained for the index in force at
any given time.
Investment in this fund is inadvisable for time horizons of less than 5 years.
Table of annualised returns
2019 2018 Launch
Bestinver Crecimiento 21,03% -15,69% 1,02%
Reference index* 30,02% -3,66% 11,97%
Annualised returns
Bestinver Crecimiento Reference index
DISTRIBUTION OF THE PORTFOLIO
Geographical distribution Sectoral distribution
Date: 31/12/2019. Source: Bestinver
Consumer 18,4%
Financial 21,4%
Industrial 40,8%
Communication
 Technology
13,4%
Liquidity 6,1%
Europe 72,3%
Iberia 9,2%
Other 12,5%
Liquidity 6,1%
2019 Launch2018
-10%
20%
30%
40%
10%
-20%
0%
40
EPSV
Mixed and
fixed income2.
BESTINVER FUTURO
Invests up to 75% in equities and the rest in fixed income.
Figures as at close of business: 31/12/2019. Source: Bestinver. Periods of more than 1 year at
annualised rate. Launch date: 28/12/2011.
Since 01/01/2016, the reference index includes net dividends. Past performance is not a
guarantee of future returns.
*The index changed on 26/07/2018 and is now 50% MSCI W.NR Eur / 50% Barc. Euro Agg
1-10y TR. The historical return data for the reference index have been calculated taking as a
reference the data obtained for the index in force at any given time.
Investment in this fund is inadvisable for time horizons of less than 5
years.
Table of annualised returns
2019 2018 3 years 5 years Launch
Bestinver Futuro 17,35% -10,74% 4,25% 5,85% 6,71%
Reference index* 16,15% -0,99% 6,91% 6,10% 7,23%
Bestinver Futuro Reference index
Annualised returns
Date: 31/12/2019. Source: Bestinver
DISTRIBUTION OF THE PORTFOLIO
Geographical distribution Sectoral distribution
Europe 55,3%
Iberia 7,5%
Other 8,6%
Fixed
income
22,1%
Liquidity 6,6%
Consumer 14,4%
Financial 15,3%
Industrial 32,1%
Communication
 Technology
9,5%
Fixed income 22,1%
Liquidity 6,6%
2019 2018 3 years 5 years
0%
5%
10%
-5%
-15%
15%
20%
-10%
Launch
41
BESTINVER CONSOLIDACIÓN
Invests up to 25% in equities and the rest in fixed income.
Figures as at close of business: 31/12/2019. Source: Bestinver. Periods of more than 1 year at
annualised rate. Launch date: 20/01/2012.
Since 01/01/2016, the reference index includes net dividends. Past performance is not a
guarantee of future returns.
*The index changed on 26/07/2018 and is now 12.5% MSCI W.NR Eur / 87.5% Barc. Euro Agg
1-3y TR. The historical return data for the reference index have been calculated taking as a
reference the data obtained for the index in force at any given time.
Investment in this fund is inadvisable for time horizons of less than 2-3
years.
Table of annualised returns
2019 2018 3 years 5 years Launch
Bestinver Consolidación 5,55% -3,51% 0,97% 1,92% 1,77%
Reference index* 3,80% -0,08% 1,98% 2,50% 2,55%
Annualised returns
Bestinver Consolidación Reference index
EPSV
Date: 31/12/2019. Source: Bestinver
DISTRIBUTION OF THE PORTFOLIO
Geographical distribution Sectoral distribution
Europe 16,6%
Iberia 3,1%
Other 2,8%
Fixed
income
70,2%
Liquidity 7,4%
Consumer 8,9%
Financial 0,6%
Industrial 8,7%
Communication
 Technology
4,3%
Fixed income 70,2%
Liquidity 7,4%
2019 2018 3 years 5 years Launch
0%
1%
2%
3%
4%
-3%
6%
-4%
5%
-1%
-2%
Quarterly report for our investors - Fourth quarter 2019
Quarterly report for our investors - Fourth quarter 2019
Barcelona
C. Diputació, 246
planta 3
08007 Barcelona
A Coruña
Pl. de Mina 1,
planta 4
15004 A Coruña
youtube.com/bestinverAM @bestinverlinkedin.com/company/bestinver facebook.com/bestinver
Madrid
C. Juan de Mena, 8
planta 1
28014 Madrid
Pamplona
Avda. Carlos III El noble, 13-15
planta 2
31002 Pamplona
León
Avda. Padre Isla, 2
planta 1
24002 León
Sevilla
C.Fernández y
González 2,
41001 Sevilla
Valencia
C. Moratín 17
planta 2
46002 Valencia
Bilbao
C. Gran Vía 58
planta 4
48011 Bilbao
www.bestinver.es bestinver@bestinver.esTelephone  91 595 91 00
OFFICES

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Quarterly report for our investors - Fourth quarter 2019

  • 1. Fourth Quarter 2019 TO OUR INVESTORS Q U A R T E R L Y R E P O R T
  • 5. Dear investor, The year 2019 ends with a positive return for our unitholders. The international portfolio has delivered a return of 23% while Bestinfond has climbed to 21%. A positive year in which our management has been conditioned by the principle of prudence in the face of the distortions created by the monetary policy of negative interest rates. We have sought a fine balance between increasing exposure to cheap companies (today mainly financial and Industriall), avoiding value traps (in the same sectors), managing illiquidity risk, and of course, leveraging our competitive advantage generated by our analysis team. This knowledge has enabled us to identify and capitalise on opportunities such as Delivery Hero, Informa, Cobham… Our focus remains, as always, on the long term. Precisely during this last quarter of the year we have celebrated 5 years since we arrived to Bestinver. During this time, we have achieved a return of +56%, which represents +9.03% annualised, or to put it in absolute numbers, in Bestinver we have generated capital gains for our unitholders of 1.89 billion during this period. And the global environment has not been the most favourable, particularly for value investing. The market has been dominated by high-growth companies, while we look for opportunities in companies that offer attractive valuations and are generally based in Europe. Nevertheless, we have been able to outperform the European market (56% vs MSCI Europe with Dividends 40%), with many of our funds ending the year at or near their historical highs. The investment philosophy that Ricardo Cañete and I set out in writing at the time rests on three fundamental pillars –fundamental analysis, appropriate risk management and a time horizon shared by investors and managers– which can be summed up in three words: knowledge, prudence and patience. These are Bestinver’s three guidelines for management, in this past year, in previous years and in the years to come. — Knowledge: the biggest risk is not knowing what you are doing. To mitigate this, we do two things. Firstly, we focus on our circle of competence. Knowing what we know and what we don’t. Secondly, and just as important, we have a large, qualified and experienced investment team. Bestinver is fundamental analysis, fundamental analysis is team, so Bestinver is team. On these two points, we try to be humble in our approach and firm in our decisions. We strive to be true experts in small areas knowing that there are many areas we know very little about. And you cannot learn with investors’ money. This philosophy certainly leads us to errors of omission and commission. Those of omission are an opportunity cost “out of ignorance” –not investing in companies/areas that we do not know well– which in turn helps us reduce individual mistakes that can significantly hamper portfolio performance. Errors of commission, on the other hand, occur in areas we think we know well but in which we have drawn the wrong conclusions throughout the years such as Imperial Brands, Volkswagen or corporate governance in China. We must be able to make money in spite of making a few mistakes, because we will continue to make them. The key is to generate strong returns despite these errors. Yet we have also been blessed with many successes, thank God, as we will see later in this letter. — Prudence: not to attempt heroics or seek stardom with our neighbour’s money. Diversification without dispersion allows us to benefit from the fact that we are more often right than wrong. Prudence has different facets. Last time we talked about the risk of illiquidity –which is probably still latent as one of the biggest risks– and on this occasion I would like to draw your attention to two extremes of companies in particular. One, the prudence of not buying extraordinary companies due to their very high prices (influenced by negative interest rates); avoiding these companies has diminished returns in the short term as expensive companies are
  • 6. becoming more expensive since rates have fallen even further. We would do the same thing again; we seek to minimise the risk of permanent capital loss and their extremely high prices bring a good dose of that risk (LVMH, Nestlé…). Two, the prudence of not buying companies apparently at bargain prices because today they come with risks associated that turn them into value traps or at least into casino speculations. This has undoubtedly spared us significant permanent capital losses. There are endless examples which I leave to your imagination — Patience: Work, work, work and wait to strike hard when opportunities arise. We don’t know when and we don’t know how. What we do know is more opportunities emerge with a strong and organised analysis team. Obviously. Patience in this market environment has enabled us to invest in good businesses at reasonable prices. Until opportunity crops up again, perhaps in extraordinary companies at good prices or in somewhat lesser quality companies at outstandingly low prices. When either of these two situations occurs, we should expect extraordinary returns on Bestinver’s funds. We seem to be closer to the latter than to the former. In the meantime, +56% in just over 5 years for waiting patiently is, in our view, a satisfactory result. 2020 and the following years will continue to be complex. Geopolitical risks –some of prime importance–, and the fear of a possible economic recession (in my opinion, the only uncertainty surrounding an impending recession is when it will happen) may temporarily affect the mood of many investors. But in our judgement, the attempt to normalise monetary policy is the most relevant element. The bottom line is that a system with excess debt in the hands of governments further encourages investment in real assets such as equities. However, be prepared for a roller coaster of volatility. Today more than ever, knowledge, prudence and patience are key for both investors and managers. The implementation of our philosophy and processes is only possible thanks to our co-investors, without a doubt, since the quality of capital is our greatest competitive advantage. I would like to thank you most sincerely for your trust in Bestinver and wish you and your families a wonderful 2020. Beltrán de la Lastra Director of Investments BESTINVER
  • 7. Performance 14.23% annualised return for Bestinfond since launch Assets More than €6.4 billion under management Investors More than 50,000 Bestinver in numbers Awards obtained More than 100 in the last 20 years Independence 100% Acciona Group Figures as at 31/12/2019. Bestinfond start date: 13/01/1993
  • 9. 9 CONTENTS Portfolio performance and upside potential International portfolio Iberian portfolio Portfolio analysis International portfolio Iberian portfolio Investment funds Equities Mixed and fixed income Hedge funds Pension funds Equities Mixed and fixed income Voluntary pension plan providers (EPSVs) Equities Mixed and fixed income 10 11 12 14 15 17 20 21 26 30 32 33 34 38 39 40 This document has been prepared by Bestinver Gestión, S.A. SGIIC for information purposes only, and may not be considered, under any circumstances, as an offer to invest in its investment funds. The information has been compiled by Bestinver Gestión, S.A. SGIIC using sources considered reliable. Nevertheless, and although reasonable measures have been taken to ensure that the information is correct, Bestinver Gestión, S.A. SGIIC does not guarantee that it is accurate, complete or up-to-date. All of the opinions and estimations included in this document represent the opinion of Bestinver Gestión, S.A. SGIIC on the date to which they refer and may vary without prior warning. All of the opinions contained herein have been issued on a general basis, without taking into account the specific investment objectives, financial situation or particular needs of each person. Under no circumstances shall Bestinver Gestión, S.A. SGIIC, its administrators, employees or authorised personnel be held responsible for any harm of any kind that may proceed, directly or indirectly, from the use of the information contained in this document. A statement of past performance does not constitute, under any circumstances, a promise or guarantee of future returns. All of Bestinver’s returns are expressed in € and in net terms, after expenses and commissions. Potential: The upside potential that, in the opinion of Bestinver’s managers, the fund has at any given time, calculated as the difference between the current PER and the target PER. This does not represent the gain that the fund will make in a certain period, given that, although the fund will achieve a specific return, the objective of the managers is to increase, or at least maintain, that potential. PER: The free cash-flow price at which the fund trades, based on the PER estimated by Bestinver’s managers for each company (includes adjustments such as: debt, point in the cycle, price, currency, etc.). Target price: The Net Asset Value that the shares in the fund may reach on the basis of the intrinsic value that all of the stocks that form the portfolio have, in the opinion of Bestinver’s managers. LEGAL WARNING
  • 11. 11 Table of annualised returns 2019 2018 3 years 5 years 10 years 15 years Launch International portfolio 23,34% -14,15% 5,77% 8,27% 10,23% 9,47% 9,79% European market 26,05% -10,57% 7,51% 6,65% 7,78% 6,10% 4,91% Annualised returns The net asset value of our international portfolio increased by 23.34% during the year, compared with 26.05% for the European Market (MSCI Europe with dividends). Over the long term, the cumulative return on the international portfolio in the last 5 years has been 48.78%. The international portfolio trades at a PER of 9.5x. International portfolio1. Portfolio performance and upside potential Figures as at close of business: 31/12/2019. Source: Bestinver. European market: MSCI Europe with net dividend. Launch date: 31/12/1997. Past performance is not a guarantee of future returns. Investment in equities can lead to the loss of capital invested and is inadvisable for time horizons of less than 5 years. 0% 5% 10% 15% 20% 25% 30% -10% -15% -5% -20% International portfolio European market 2019 2018 3 years 5 years 10 years 15 years Launch Target value Net asset value 75,4€ 47,7€ 0€ 10€ 20€ 30€ 40€ 50€ 60€ 80€ 70€ 58% Upside potential
  • 12. 12 Table of annualised returns Annualised returns Iberian portfolio 70% IGBM / 30% PSI The net asset value of our Iberian portfolio grew by 10.51% during the year, compared with an increase of 16.42% for the reference index (comprising the IGBM and the PSI). Over the long term, the cumulative return of the Iberian portfolio in the last 5 years has been 33.16%. The Iberian portfolio trades at a PER of 9.3x. Portfolio performance and upside potential Iberian portfolio2. Figures as at close of business: 31/12/2019. Source: Bestinver. Since 01/01/2016, the reference index includes net dividends. Launch date: 01/12/1997. Past performance is not a guarantee of future returns. Investment in equities can lead to the loss of capital invested and is inadvisable for time horizons of less than 5 years. 2019 2018 3 years 5 years 10 years 15 years Launch Iberian portfolio 10,51% -8,66% 3,67% 5,89% 5,60% 6,99% 10,32% 70% IGBM/30% PSI 16,42% -10,46% 5,65% 3,59% -0,26% 1,55% 3,18% Target value Net asset value 102,6€ 63,4€ 0€ 20€ 40€ Upside potential 62% 60€ 80€ 100€ 120€ 2019 2018 3 years 5 years 10 years 15 years Launch 0% 5% 10% 15% 20% -5% -10% -15%
  • 13. 13
  • 15. 15 Industrial 38,3% DASSAULT AVIATION 3,2% SCHLUMBERGER 3,1% ANDRITZ 2,6% Communication Technology 15,3% INFORMA 3,2% RELX 2,8% TENCENT HOLDINGS 2,1% Consumer 20,1% DELIVERY HERO 5,8% BOOKING HOLDINGS 2,5% JUST EAT 1,6% Financial 18,8% STANDARD CHARTERED 4,4% INTESA SANPAOLO 3,1% BNP PARIBAS 3,1% Liquidity: 7,5% SECTORAL DISTRIBUTION International portfolio1. Date: 31/12/2019. Source: Bestinver DISTRIBUTION OF THE PORTFOLIO Portfolio analysis Geographical distribution Sectoral distribution Europe 77,9% Other 14,6% Liquidity 7,5% Consumer 20,1% Financial 18,8% Industrial 38,3% Communication Technology 15,3% Liquidity 7,5%
  • 16. 16 MAIN MOVEMENTS IN THE INTERNATIONAL PORTFOLIO Portfolio analysis Additions to the portfolio   APERAM Aperam is one of the world’s most efficient producers of stainless steel with exposure to Europe, Brazil, the United States and Asia. Being one of the companies that should survive in any steel price scenario, value is discounting a sharp slowdown given the complicated situation in Europe due to competition from China and Indonesia. The fact that it is barely indebted may allow them to grasp the opportunities that could arise at a time when their competitors are suffering from the cycle and the high level of indebtedness. Increases in positions   ABB The market still did not understand the implications that the improvement of corporate governance could have on the company and therefore we continued to strengthen our position, thinking that this optimisation of the company in the medium term could be substantial. The new management team will focus on reducing costs and reinvesting efficiencies in RD and marketing, trying to recover some of the growth it has lacked in recent years.   DELIVERY HERO The food delivery company has carried out one of the most interesting corporate operations in recent years. The company had only one country with a weak competitive position (Korea) and we thought it could sell its business in that country and reinvest, thus strengthening its competitive position in the remaining markets. Its solution has been very smart as it has acquired its Korean competitor (five times bigger) and leading food delivery app in the country at an attractive price, thereby creating a dominant position. This operation has led the group to increase its gross merchandise volume (GMV) by 70%, increasing the number of shares by less than 30%, with the creation of value that this entails, while the group has become the absolute leader in all the countries where it operates. In addition, it has dramatically improved its cash generation profile and positioned the company as a global industry leader with the capacity to become one of the consolidators at an international level. In this company we can appreciate the importance of having one the best management teams in the industry, which has been able to create a lot of value from a weak position like the one they had in Korea. During the fourth quarter, shares were up 55% yet we think they are not more expensive than before the rise and the acquisition of its Korean peer. Exits from the portfolio   COBHAM After the takeover bid, we believe there are better investment opportunities, as price reflects the quality of the asset and therefore it is unlikely that there will be a competing offer that will improve the company’s price.
  • 17. 17 Portfolio analysis Financial 26,1% UNICAJA BANCO 4,6% BANCO SABADELL 4,2% BOLSA Y MERCADOS ESPAÑOLES 3,4% Communication Technology 11,2% INDRA SISTEMAS 3,8% NOS 2,9% PROMOTORA DE INFORMACIONES 2,7% Consumer 14,3% IBERSOL 4,8% VISCOFAN 3,8% JERONIMO MARTINS 3,1% Industrial 44,5% SEMAPA 6,1% GALP SGPS 5,0% ACS ACTIVIDADES CONS Y SERV 4,2% Liquidity: 3,8% Iberian portfolio2. SECTORAL DISTRIBUTION DISTRIBUTION OF THE PORTFOLIO Date: 31/12/2019. Source: Bestinver Geographical distribution Sectoral distribution Spain 71,1% Portugal 25,2% Liquidity 3,8% Consumer 14,3% Financial 26,1% Industrial 44,5% Communication Technology 11,2% Liquidity 3,8%
  • 18. 18 Portfolio analysis MAIN MOVEMENTS IN THE IBERIAN PORTFOLIO Additions to the portfolio   BME BME is a stock market operator that manages all of the Spanish stock markets. It has a diversified source of income which includes securities intermediation, settlement and clearing and the sale of market data. The company is a well-managed, efficient company but which has suffered in recent years with the emergence of alternative trading platforms. BME had stabilised its market share as competitors could no longer afford to operate at such low levels of profitability. Moreover, the market only saw the competitive pressures and the risk of a financial transactions tax putting downward pressure on trading volumes. The market did not contemplate the creation of value it can have in an integration process. But the company has much to offer an international operator, if properly integrated, in terms of both cost and revenue synergies, creating an undiscounted value on the shares. Increases in positions   ENCE The company continues to be penalized by the possible closure of its plant in Pontevedra and the evolution of pulp prices in the short term, yet continues to generate value as with the opening of its new renewable energy generation plant with biomass in Puertollano. In the worst case scenario, assuming the closure of the Pontevedra plant, which is not certain, we estimate that we still have a large margin of safety, so the weakness of the stock has been used to strengthen the position.   BANCO SABADELL The company continues to be depressed due to fears regarding its capital situation and exposure to the United Kingdom, and these are precisely the points that we consider to be the most positive within the investment thesis: the company is generating capital through the sale of non-strategic assets, and the restructuring of the business in the UK can lead to an improvement in the group’s ROE that is not discounted in current prices. Exits from the portfolio   COLONIAL An excellent company, with unique assets in Madrid, Barcelona and Paris, but whose price did not leave us enough margin of safety, prompting us to offload our positions.
  • 19. 19
  • 21. 21 2019 2018 3 years 5 years 10 years 15 years Launch Bestinfond 20,81% -13,39% 5,30% 7,81% 9,19% 8,82% 14,23% Reference index* 30,02% -5,30% 13,32% 9,69% 9,80% 7,28% 9,93% Table of annualised returns Annualised returns Target value Net asset value 349,2€ 219,3€ 0€ 50€ 100€ 150€ 200€ 250€ 300€ 400€ Upside potential 59% 350€ Equities 1. BESTINFOND Reflects all of our investment ideas. Invests in global equities, especially in European companies. Data as at close of business: 31/12/2019. Source: Bestinver. Periods of more than 1 year at annualised rate. Launch date: 13/01/1993. Since 01/01/2016, the reference index includes net dividends. Past performance is not a guarantee of future returns. *The index changed on 05/09/2018 and is now the MSCI World NR EUR. The historical reference data for the reference index have been calculated taking as a reference the data obtained for the index in force at any given time. Investment in this fund is inadvisable for time horizons of less than 5 years. Date: 31/12/2019. Source: Bestinver Investment funds DISTRIBUTION OF THE PORTFOLIO Geographical distribution Sectoral distribution 0% 5% -5% 10% 15% 20% 30% 25% Bestinfond Reference index 2019 2018 3 years 5 years 10 years 15 years Launch Europe 70,6% Iberia 9,2% Other 13,1% Liquidity 7,0% Consumer 19,6% Financial 18,8% Industrial 40,1% Communication Technology 14,4% Liquidity 7,0% -15% -10%
  • 22. 22 2019 2018 3 years 5 years 10 years 15 years Launch Bestinver internacional 23,34% -14,15% 5,77% 8,27% 10,23% 9,47% 9,79% Reference index* 30,02% -3,66% 10,38% 10,05% 10,84% 6,71% 4,62% Target value Net asset value 75,4€ 47,7€ 0€ 10€ 20€ 30€ 40€ 50€ 60€ 70€ 80€ Upside potential 58% Annualised returns Data as at close of business: 31/12/2019. Source: Bestinver. Periods of more than 1 year at annualised rate. Launch date: 19/11/1997. Since 01/01/2016, the reference index includes net dividends. Past performance is not a guarantee of future returns. *The index changed on 05/09/2018 and is now the MSCI World NR EUR. The historical return data for the reference index have been calculated taking as a reference the data obtained for the index in force at any given time. Investment in this fund is inadvisable for time horizons of less than 5 years. Investment funds Date: 31/12/2019. Source: Bestinver Table of annualised returns DISTRIBUTION OF THE PORTFOLIO Geographical distribution Sectoral distribution BESTINVER INTERNACIONAL Invests globally, although mainly focused on companies listed in Europe, excluding Spain. Europe 77,9% Other 14,6% Liquidity 7,5% Consumer 20,1% Financial 18,8% Industrial 38,3% Communication Technology 15,3% Liquidity 7,5% Bestinver internacional Reference index 0% 5% 10% 15% -15% -5% 20% 25% 30% 35% -10% 2019 2018 3 years 5 years 10 years 15 years Launch
  • 23. 23 BESTINVER BOLSA Invests in listed companies in Spain and Portugal. Figures as at close of business: 31/12/2019. Source: Bestinver. Periods of more than 1 year at annualised rate. Launch date: 01/12/1997. Since 01/01/2016, the reference index includes net dividends. Past performance is not a guarantee of future returns. Investment in this fund is inadvisable for time horizons of less than 5 years. Investment funds Date: 31/12/2019. Source: Bestinver Table of annualised returns DISTRIBUTION OF THE PORTFOLIO Geographical distribution Sectoral distribution 2019 2018 3 years 5 years 10 years 15 years Launch Bestinver bolsa 10,51% -8,66% 3,67% 5,89% 5,60% 6,99% 10,32% Index (70% IGBM / 30% PSI) 16,42% -10,46% 5,65% 3,59% -0,26% 1,55% 3,18% Annualised returns Target value Net asset value 102,6€ 63,4€ 0€ 20€ 40€ Upside potential 62% 60€ 80€ 100€ 120€ Spain 71,1% Portugal 25,2% Liquidity 3,8% Consumer 14,3% Financial 26,1% Industrial 44,5% Communication Technology 11,2% Liquidity 3,8% Bestinver Bolsa Index (70% IGBM / 30% PSI) 0% 5% 10% 15% 20% 2019 2018 3 years 5 years 10 years 15 years Launch -5% -10% -15%
  • 24. 24 2019 2018 3 years 5 years Launch Bestinver Grandes Compañías 23,37% -9,20% 7,48% 7,52% 10,01% Reference index* 30,02% -6,01% 12,92% 9,35% 11,49% Annualised returns Target value Net asset value 281,1€ 215,3€ 0€ 50€ 100€ 150€ 200€ 250€ 300€ Upside potential 31% Date: 31/12/2019. Source: Bestinver Investment funds Figures as at close of business: 31/12/2019. Source: Bestinver. Periods of more than 1 year at annualised rate. Launch date: 19/12/2011. Since 01/01/2016, the reference index includes net dividends. Past performance is not a guarantee of future returns. *The index changed on 05/09/2018 and is now the MSCI World NR EUR. The historical return data for the reference index have been calculated taking as a reference the data obtained for the index in force at any given time. Investment in this fund is inadvisable for time horizons of less than 5 years. Table of annualised returns DISTRIBUTION OF THE PORTFOLIO Geographical distribution Sectoral distribution BESTINVER GRANDES COMPAÑÍAS Focuses on our selection of large companies. Reflects all of our investment ideas. 2019 2018 3 years 5 years Launch 0% 5% 10% 15% 20% 30% 35% 25% Grandes Compañías Reference index -10% -5% Europe 61,5% Iberia 11,7% Other 12,0% Liquidity 14,7% Consumer 28,7% Financial 0,0% Industrial 33,6% Communication Technology 22,9% Liquidity 14,7%
  • 25. 25 BESTINVER LATAM Equity investment fund that invests primarily in Latin America. Figures as at close of business: 31/12/2019. Source: Bestinver. Launch date: 18/01/2019. Past performance is not a guarantee of future returns. Investment in this fund is inadvisable for time horizons of less than 7 years. Investment funds Date: 31/12/2019. Source: Bestinver Table of annualised returns DISTRIBUTION OF THE PORTFOLIO Geographical distribution Sectoral distribution 2019 Bestinver Latam 12,66% SP LATIN AMERICA 40NR 2,90% Consumer 26,3% Financial 19,1% Industrial 26,6% Communication Technology 13,5% Liquidity 14,5% Annualised returns Bestinver Latam Reference index 2019 4% 8% 6% 2% 10% 14% 12% 0% Brazil 48,9% Chile 11,6% Colombia 9,8% Mexico 8,1% Peru 7,0% Liquidity 14,5%
  • 26. 26 Date: 31/12/2019. Source: Bestinver Investment funds Mixed and fixed income2. Figures as at close of business: 31/12/2019. Source: Bestinver. Periods of more than 1 year at annualised rate. Launch date: 29/06/1997. Since 01/01/2016, the reference index includes net dividends. Past performance is not a guarantee of future returns. *The index changed on 05/09/2018 and is now 50% MSCI W.NR Eur / 50% Barc. Euro Agg. 1-10y TR. The historical return data for the reference index have been calculated taking as a reference the data obtained for the index in force at any given time. Investment in this fund is inadvisable for time horizons of less than 2-3 years. DISTRIBUTION OF THE PORTFOLIO Geographical distribution Bestinver Mixto Reference index Annualised returns Sectoral distribution BESTINVER MIXTO Invests up to 75% in global equities and the rest in fixed income. 2019 2018 3 years 5 years 10 years 15 years Launch Bestinver Mixto 17,19% -8,85% 4,43% 5,02% 4,77% 5,56% 7,75% Reference index* 16,15% -5,96% 5,49% 3,35% 0,33% 1,71% 2,91% Table of annualised returns Europe 54,9% Iberia 7,0% Other 10,2% Fixed income 22,9% Liquidity 5,0% Consumer 14,6% Financial 14,8% Industrial 32,1% Communication Technology 10,7% Fixed income 22,9% Liquidity 5,0% 2019 2018 3 years 5 years 10 years 15 years Launch 0% -10% 5% -5% -15% 10% 15% 20%
  • 27. 27 BESTINVER PATRIMONIO Invests mainly in fixed income, with up to 25% in global equities. Investment funds Date: 31/12/2019. Source: Bestinver Figures as at close of business: 31/12/2019. Source: Bestinver. Periods of more than 1 year at annualised rate. Launch date: 24/07/2006. Since 01/01/2016, the reference index includes net dividends. Past performance is not a guarantee of future returns. *The index changed on 05/09/2018 and is now 12.5% MSCI W.NR Eur / 87.5% Barc. Euro Agg 1-3y TR. The historical return data for the reference index have been calculated taking as a reference the data obtained for the index in force at any given time. The investment policy of BESTINVER PATRIMONIO FI was changed substantially on 5 September 2018. The historical return data shown are not representative of the returns this fund could obtain in the future. Investment in this fund is inadvisable for time horizons of less than 2-3 years. DISTRIBUTION OF THE PORTFOLIO Geographical distribution Sectoral distribution Bestinver Patrimonio Reference index Annualised returns 2019 2018 3 years 5 years 10 years Launch Bestinver Patrimonio 7,89% -6,30% 2,87% 4,80% 7,13% 5,51% Reference index* 3,80% 2,80% 3,72% 3,99% 5,76% 3,39% Table of annualised returns 2019 2018 3 years 5 years 10 years Launch 0% 2% 4% 6% 8% 10% -4% -8% -2% -6% Europe 16,5% Iberia 3,2% Other 3,3% Fixed income 64,5% Liquidity 12,5% Consumer 9,2% Financial 0,0% Industrial 8,3% Communication Technology 5,6% Fixed income 64,5% Liquidity 12,5%
  • 28. 28 Investment funds BESTINVER RENTA Invests in short-term Euro fixed income. Figures as at close of business: 31/12/2019. Source: Bestinver. Periods of more than 1 year at annualised rate. Launch date: 30/10/1995. Past performance is not a guarantee of future returns. *The index changed on 05/09/2018 and is now 100% Barc. Euro Agg 1-10y TR. The historical return data for the reference index have been calculated taking as a reference the data obtained for the index in force at any given time. Investment in this fund is inadvisable for time horizons of less than 1-2 years. 2019 2018 3 years 5 years 10 years 15 years Launch Bestinver Renta 4,93% -1,02% 1,29% 0,92% 0,96% 1,81% 3,05% Reference index* 3,44% 0,14% 1,22% 1,05% 1,13% 1,74% 2,58% Table of annualised returns Bestinver Renta Reference index 2019 2018 3 years 5 years 10 years 15 years Launch 0% 2% 3% 4% 5% Annualised returns -1% 1% -2%
  • 29. 29 Investment funds BESTINVER CORTO PLAZO Invests in short-term Euro fixed income. Figures as at close of business: 31/12/2019. Source: Bestinver. Launch date: 20/07/2018. Past performance is not a guarantee of future returns. Investment in this fund is inadvisable for time horizons of less than 1 year. 2019 Launch Bestinver Corto Plazo 0,29% -0,13% (35% Treasury bills 1 year / 65% Eonia 7d) -0,23% -0,24% Table of annualised returns Bestinver Corto Plazo Reference index 2019 Launch 0% 0,2% 0,1% -0,1% 0,3% Annualised returns -0,2% -0,3%
  • 30. 30 Date: 31/12/2019. Source: Bestinver DISTRIBUTION OF THE PORTFOLIO Geographical distribution Sectoral distribution The Hedge Fund invests in a portfolio without concentration restrictions and with a restricted liquidity profile. Figures as at close of business: 31/12/2019. Source: Bestinver. Periods of more than 1 year at annualised rate. Launch date: 30/09/2007. Since 01/01/2016, the reference index includes net dividends. Past performance is not a guarantee of future returns. Investment in this fund is inadvisable for time horizons of less than 7 years. Hedge funds: Hedge Value Fund3. Table of annualised returns 2019 2018 3 years 5 years 10 years Launch Hedge Value Fund 19,75% -12,22% 7,29% 9,70% 10,46% 7,97% MSCI World Index (Eur) 30,02% -4,17% 10,19% 9,93% 10,79% 5,71% Annualised returns Hedge Value Fund MSCI World Index (Eur) Target value Net asset value 404,8€ 255,9€ 0€ 50€ 100€ 150€ 200€ 300€ 250€ 350€ 450€ Upside potential 58% 400€ 0% 5% 10% 15% 20% 30% 25% -10% -5% -15% 2019 2018 3 years 5 years 10 years Launch Europe 63,1% Iberia 13,0% Other 15,9% Liquidity 8,0% Consumer 57,7% Financial 2,4% Industrial 12,0% Communication Technology 19,9% Liquidity 8,0% Investment funds
  • 31. 31
  • 33. 33 5% 10% 15% 20% 25% 0% -10% -15% 35% -5% 30% Equities 1. BESTINVER GLOBAL Invests in global equities Date: 31/12/2019. Source: Bestinver Figures as at close of business: 31/12/2019. Source: Bestinver. Periods of more than 1 year at annualised rate. Launch date: 31/12/2004. Since 01/01/2016, the reference index includes net dividends. Past performance is not a guarantee of future returns. *The index changed on 19/09/2018 and is now MSCI World NR EUR. The historical return data for the reference index have been calculated taking as a reference the data for the index in force at any given time. Investment in this fund is inadvisable for time horizons of less than 5 years. Bestinver Global Reference index DISTRIBUTION OF THE PORTFOLIO Geographical distribution Sectoral distribution Pension funds 2019 2018 3 years 5 years 10 years Launch Bestinver Global 21,19% -13,20% 5,51% 7,88% 9,35% 8,49% Reference index* 30,02% -5,30% 13,32% 9,69% 9,80% 6,74% Table of annualised returns Annualised returns 2019 2018 3 years 5 years 10 years Launch Europe 69,9% Iberia 9,1% Other 13,0% Liquidity 8,0% Consumer 19,2% Financial 18,8% Industrial 39,8% Communication Technology 14,2% Liquidity 8,0%
  • 34. 34 Figures as at close of business: 31/12/2019. Source: Bestinver. Periods of more than 1 year at annualised rate. Launch date: 30/10/1996. Since 01/01/2016, the reference index includes net dividends. Past performance is not a guarantee of future returns *The index changed on 19/09/2018 and is now 50% MSCI W.NR Eur / 50% Barc. Euro Agg 1-10y TR. The historical return data for the reference index have been calculated taking as a reference the data obtained for the index in force at any given time. Investment in this fund is inadvisable for time horizons of less than 3-5 years. Date: 31/12/2019. Source: Bestinver Mixed and fixed income2. BESTINVER PLAN MIXTO Invests up to 75% in global equities and the rest in fixed income. DISTRIBUTION OF THE PORTFOLIO Geographical distribution Table of annualised returns Sectoral distribution Pension funds 2019 2018 3 years 5 years 10 years 15 years Launch Bestinver Plan Mixto 17,67% -10,82% 4,09% 5,31% 6,90% 7,04% 9,92% Reference index* 16,15% -2,54% 6,40% 3,86% 5,22% 4,82% 6,44% Annualised returns Bestinver Plan Mixto Reference index Europe 57,0% Iberia 6,4% Other 10,2% Fixed income 21,6% Liquidity 4,8% Consumer 15,6% Financial 15,5% Industrial 31,5% Communication Technology 11,1% Fixed income 21,6% Liquidity 4,8% 2019 3 years 5 years 10 years 15 years Launch 20% 15% 10% 5% 0% -5% -10% -15% 2018
  • 35. 35 BESTINVER PLAN RENTA Invests in short-term fixed income. Figures as at close of business: 31/12/2019. Source: Bestinver. Periods of more than 1 year at annualised rate. Launch date: 31/12/2004. Since 01/01/2016, the reference index includes net dividends. Past performance is not a guarantee of future returns *The index changed on 19/09/2018 and is now 100% Barc. Euro Agg 1-10y TR. The historical return data for the reference index have been calculated taking as a reference the data obtained for the index in force at any given time. Investment in this fund is inadvisable for time horizons of less than 1-2 years. Date: 31/12/2019. Source: Bestinver Pension funds Bestinver Plan Renta Reference index Annualised returns Table of annualised returns 2019 2018 3 years 5 years 10 years Launch Bestinver Plan Renta 4,97% -1,33% 1,50% 1,49% 1,27% 1,90% Reference index* 3,44% 0,58% 1,91% 1,74% 1,42% 1,92% 0% 1% 2% 6% -1% -2% 2019 3 years 5 years 10 years Launch 3% 4% 5% 2018
  • 36. 36 BESTINVER PLAN PATRIMONIO Invests in short-term Euro fixed income. Figures as at close of business: 31/12/2019. Source: Bestinver. Launch date: 15/11/2018. Past performance is not a guarantee of future returns. Investment in this fund is inadvisable for time horizons of less than 2-3 years. 2019 Bestinver Plan Patrimonio 5,41% (12,5% MSCI W.NR Eur / 87,5% Barc. Euro Agg 1-3y TR) 3,80% Table of annualised returns Bestinver Plan Patrimonio Reference index Annualised returns Pension funds 2019 0% 2% 1% 3% 4% 6% 5%
  • 37. 37
  • 38. 38 EPSVEPSV Only for investors who are tax resident in the Basque Country Bestinver Bilbao
  • 39. 39 EPSV Equities 1. BESTINVER CRECIMIENTO Invests up to 100% in global equities. Figures as at close of business: 31/12/2019. Source: Bestinver. Periods of more than 1 year at annualised rate. Launch date: 11/12/2017. *The index changed on 26/07/2018 and is now MSCI World NR EUR. The historical return data for the reference index have been calculated taking as a reference the data obtained for the index in force at any given time. Investment in this fund is inadvisable for time horizons of less than 5 years. Table of annualised returns 2019 2018 Launch Bestinver Crecimiento 21,03% -15,69% 1,02% Reference index* 30,02% -3,66% 11,97% Annualised returns Bestinver Crecimiento Reference index DISTRIBUTION OF THE PORTFOLIO Geographical distribution Sectoral distribution Date: 31/12/2019. Source: Bestinver Consumer 18,4% Financial 21,4% Industrial 40,8% Communication Technology 13,4% Liquidity 6,1% Europe 72,3% Iberia 9,2% Other 12,5% Liquidity 6,1% 2019 Launch2018 -10% 20% 30% 40% 10% -20% 0%
  • 40. 40 EPSV Mixed and fixed income2. BESTINVER FUTURO Invests up to 75% in equities and the rest in fixed income. Figures as at close of business: 31/12/2019. Source: Bestinver. Periods of more than 1 year at annualised rate. Launch date: 28/12/2011. Since 01/01/2016, the reference index includes net dividends. Past performance is not a guarantee of future returns. *The index changed on 26/07/2018 and is now 50% MSCI W.NR Eur / 50% Barc. Euro Agg 1-10y TR. The historical return data for the reference index have been calculated taking as a reference the data obtained for the index in force at any given time. Investment in this fund is inadvisable for time horizons of less than 5 years. Table of annualised returns 2019 2018 3 years 5 years Launch Bestinver Futuro 17,35% -10,74% 4,25% 5,85% 6,71% Reference index* 16,15% -0,99% 6,91% 6,10% 7,23% Bestinver Futuro Reference index Annualised returns Date: 31/12/2019. Source: Bestinver DISTRIBUTION OF THE PORTFOLIO Geographical distribution Sectoral distribution Europe 55,3% Iberia 7,5% Other 8,6% Fixed income 22,1% Liquidity 6,6% Consumer 14,4% Financial 15,3% Industrial 32,1% Communication Technology 9,5% Fixed income 22,1% Liquidity 6,6% 2019 2018 3 years 5 years 0% 5% 10% -5% -15% 15% 20% -10% Launch
  • 41. 41 BESTINVER CONSOLIDACIÓN Invests up to 25% in equities and the rest in fixed income. Figures as at close of business: 31/12/2019. Source: Bestinver. Periods of more than 1 year at annualised rate. Launch date: 20/01/2012. Since 01/01/2016, the reference index includes net dividends. Past performance is not a guarantee of future returns. *The index changed on 26/07/2018 and is now 12.5% MSCI W.NR Eur / 87.5% Barc. Euro Agg 1-3y TR. The historical return data for the reference index have been calculated taking as a reference the data obtained for the index in force at any given time. Investment in this fund is inadvisable for time horizons of less than 2-3 years. Table of annualised returns 2019 2018 3 years 5 years Launch Bestinver Consolidación 5,55% -3,51% 0,97% 1,92% 1,77% Reference index* 3,80% -0,08% 1,98% 2,50% 2,55% Annualised returns Bestinver Consolidación Reference index EPSV Date: 31/12/2019. Source: Bestinver DISTRIBUTION OF THE PORTFOLIO Geographical distribution Sectoral distribution Europe 16,6% Iberia 3,1% Other 2,8% Fixed income 70,2% Liquidity 7,4% Consumer 8,9% Financial 0,6% Industrial 8,7% Communication Technology 4,3% Fixed income 70,2% Liquidity 7,4% 2019 2018 3 years 5 years Launch 0% 1% 2% 3% 4% -3% 6% -4% 5% -1% -2%
  • 44. Barcelona C. Diputació, 246 planta 3 08007 Barcelona A Coruña Pl. de Mina 1, planta 4 15004 A Coruña youtube.com/bestinverAM @bestinverlinkedin.com/company/bestinver facebook.com/bestinver Madrid C. Juan de Mena, 8 planta 1 28014 Madrid Pamplona Avda. Carlos III El noble, 13-15 planta 2 31002 Pamplona León Avda. Padre Isla, 2 planta 1 24002 León Sevilla C.Fernández y González 2, 41001 Sevilla Valencia C. Moratín 17 planta 2 46002 Valencia Bilbao C. Gran Vía 58 planta 4 48011 Bilbao www.bestinver.es bestinver@bestinver.esTelephone  91 595 91 00 OFFICES