Cobas AM has closed the first half of 2026 consolidating the positive trend of its funds. The firm reaches a managed asset total of 4.674 billion euros, backed by the solid performance of its main strategies. The International Portfolio rose by 15.8% (compared to 10.5% of the BBG Europe Developed Markets), while the Large Companies Portfolio advanced by 17.9% (surpassing 12.7% of its index). Meanwhile, the Iberian Portfolio added 6.5%, below the 14.7% of its benchmark.
Disinvestment in energy and entry into family holdings
True to its value discipline, the firm led by Francisco García Paramés has taken advantage of the strong rebounds of the semester to reduce or divest in assets with lower margin of safety and rotate liquidity towards penalised stocks. The most pronounced strategic move has been the retreat in the energy sector — its main bet over the last five years — reducing its weight in the International Portfolio from 30% to 24%.
The profit-taking focused on energy service providers and engineering after fulfilling its investment thesis, highlighting total divestments in firms such as Saipem and Weatherford, as well as the pharmaceutical Teva. In contrast, the manager maintains its exposure to exploration and production companies intact as it considers that current prices do not reflect their strategic value.
Boost to revaluation potential
The released capital has been channelled towards family holdings and companies with sound balance sheets. Notable additions include Exor, Bolloré, Fresenius Medical Care and the entry into JD Sports (at an estimated P/E of 5x), which now ranks as the third largest position in the International Portfolio.
After these adjustments, the firm estimates a revaluation potential of 115% for the International Portfolio (P/E of 7.1x) and for Large Companies (P/E of 7.5x), while the Iberian Portfolio reaches a potential of 85% (P/E of 9.1x).
