Only four active funds in the Spanish stock market have surpassed the 12% appreciation of the Ibex this year. Santander Small Caps, with 14.58%, tops the ranking.
The value funds in the Spanish stock market have lost momentum in recent weeks, while Santander Small Caps, managed by Lola Solana's team, has established itself as the most profitable vehicle of the year with an appreciation of 14.58%, according to Morningstar data as of July 7. This performance exceeds the 12% accumulated by the Ibex 35 during the same period, a threshold that only three other active funds manage to surpass.
Specifically, they are followed by SWM España Gestión Activa, managed by Luciano Díez-Canedo at Singular, with 12.88%; BBVA Bolsa, with 12.76%; and Unicaja Renta Variable España, with 12.58%. These four funds are the only ones that outperform the Spanish benchmark in a context of volatility marked by geopolitical tensions and uncertainty over the Strait of Hormuz.
The Burden of Value Funds
Value funds, such as Azvalor Iberia, Cobas Iberia, Bestinver Bolsa, Horos Value Iberia, or Iberian Value, which dominated the top positions until June, have dropped in the rankings. They tend to focus on mid and small-cap companies, which are less followed by large investors, and they suffer the most when risk aversion increases. The correction of the Ibex in recent weeks has particularly penalised these firms, explaining the loss of profitability of these vehicles.
For investors interested in the Spanish stock market, this data is relevant: value funds can offer capital gains in bull markets, but in times of uncertainty, they tend to be more volatile. In contrast, Santander Small Caps, with assets close to 560 million euros, benefits from a more conservative management style within the value universe, allowing it to maintain its performance.
The Most Lagging Funds
On the opposite side of the table, the funds with the worst performance this year are Andbank, Metavalor, and GVC Gaesco Bolsa Líder. These vehicles have failed to capitalise on the rises of the Ibex and accumulate returns below 5%, weighed down by their exposure to cyclical sectors or low liquidity companies.
The practical lesson for savers is clear: not all Spanish stock market funds behave the same. While the Ibex approaches 20,000 points, the dispersion between the best and worst managers is wide. Reviewing the portfolio composition and management style (value, growth, small caps) can make a difference in a year of high volatility.
Looking ahead to the coming months, the evolution of the conflict in the Middle East and the Fed's decisions on interest rates will be key. Experts recommend focusing on funds with a track record of resilience in downturns, such as Santander Small Caps, which combines size and prudence. For those who prefer to diversify, index funds linked to the Ibex are a lower-risk alternative, although without the possibility of beating the market.
You may also like
