Investment philosophy

Our investment philosophy

Our objective is to generate the best long term returns. We firmly believe that the best way to achieve this is by investing in equities, with a value investing philosophy and a long-term investment horizon shared by both investors and fund managers.

Our philosophy

The three pillars of Bestinver's investment philosophy are:
- Fundamental analysis
- Appropriate risk management
- Long-term
vision shared by both investors and fund managers

  • Our principles

    Our investors come first. At BESTINVER we have a commitment with our investors: to fulfil our fiduciary responsibility. We must pursue the very best for them at all times.

    Our mission is to obtain the best long-term returns. For that, we invest in equities with a value investing philosophy and a long-term horizon.

    Equities

    Equities are the best alternative for investing long-term.

    Historical performance of different assets (equities, fixed income, deposits, property market) over the long term confirms as much: the return of equities comfortably exceeds all others. Over the long term, not investing in equity means foregoing returns.

  • Value investing: Value vs. Price

    Investors like Benjamin Graham, Warren Buffett and Seth Klarman are celebrities for consistently outperforming market returns. All of them share a similar investment philosophy: value is different from price.

    At BESTINVER we share this philosophy. We dedicate all our efforts to analysing the market seeking opportunities, identifying and investing in those companies where the real value is far in excess of the market price.

    The share price, over the long term, will have to factor in the real value of the company. This convergence of price and value is what generates the returns we look for.

    The importance of the long term

    Value investing cannot be a tactical or short-term investment. Value investing must have a long-term horizon. The convergence of value and price is rarely instantaneous; it occurs over the long term.

    We must be patient and wait for this process to culminate, keeping companies in our portfolios despite possible price fluctuations over time.

    We recommend an investment horizon of at least 5 years for equity investment, although it is likely to obtain positive results over shorter terms.

  • Patience has its reward

    The intelligent investor can distinguish between changes in the real value of a company and what are simply fluctuations in its price.

    An investor with a long-term horizon can benefit from value investing, selecting good companies, acquiring them at a good price and waiting patiently for the price and the intrinsic value of the company to converge. History shows us that this is an effective method of generating returns in excess of the market.

    Saving and investing

    It is necessary to start saving as soon as possible and to the highest extent. Every year of additional savings can make an enormous difference in the future.

    However, saving does not guarantee maintaining the same purchase power in the future. Inflation diminishes purchasing power from year to year and the only way to prevent this is to protect oneself with the appropriate investment.

    Investing long-term to achieve returns makes the effort of saving worthwhile. Saving is necessary, but it's not enough. Investing properly over the long term is the most effective way of saving.

  • Our investment philosophy is defined as the search for returns by investing in undervalued companies, based on our own fundamental analysis, appropriate risk management and long-term horizon shared by investors and fund managers.

    • Beltrán de la Lastra CEO and Chief Investment Officer
  • Beltrán de la Lastra

Investment team

  • Beltrán de la Lastra

    CEO and Chief Investment Officer

    Ricardo Cañete

    Iberian equities fund manager

  • Jaime Vázquez

    Senior analyst, retail sector

    Vighnesh Padiachy

    Senior analyst; technology, media and telecom sector

  • Colin Gibson

    Senior analyst, industrial sector

    José Manuel Arroyas

    Senior analyst; construction, logistics and others

  • Ignacio Arnau

    Latam specialist

    Fernando Maura

    Analyst

  • Carlos Arenillas

    Analyst

    Carlota Corral

    Analyst

  • Miguel Dolz

    Analyst

    Raquel Martínez

    Analyst

  • Eduardo Roque

    Head of fixed income

    Benito Artiñano

    Fixed income fund manager

  • Joaquín Álvarez-Borrás

    Fixed income fund manager

Our investment team

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