CdM || The manager Francisco García Paramés is working with the regulator on the partial closure of two of its most relevant funds when they reach approximately 1.5 billion euros under management, that is, when they achieve around 500 million more.
As García Paramés himself explained during the manager's X Annual Investor Conference, it has accumulated assets of 4.2 billion euros and has recorded net subscription inflows of 755 million euros between January 2025 and March 2026 with 9,800 more participants.
The partial closure of Cobas Selección and Cobas Internacional aligns with the manager's philosophy of preserving the ability to generate long-term value. “The size of the funds makes it difficult to enter certain companies; we think it is the right time because the company is large enough to balance this decision,” says Paramés. This decision goes hand in hand with their agreement with the CNMV to close the funds to new participants but allow current participants to continue investing, as well as their spouses and descendants.
Two new fixed income funds
Among the manager's new offerings is the creation of two new fixed income pension funds, one for self-employed individuals and another for companies. Although fixed income is not Cobas AM's usual business, they believe there is a clear demand for this type of product; moreover, they are a clear alternative for the nearly 900 billion euros in deposits in Spain.
Among the reasons for launching these two new funds, Paramés highlighted the good performance of their fixed income fund, which has accumulated a 3% return with a composition of: 70% in German bonds, 15% from its equity model portfolio, and 15% in private bonds.
The Meliá case
As a demonstration of their investment philosophy, the case of Meliá Hotels International was presented, its largest position in the Iberia portfolio at 10%. Among the reasons they bet on this company is the fact that many of its assets are owned, and many of these assets are irreplicable as they are located in areas where construction cannot occur around them.
Additionally, the repositioning they undertook a few years ago to transition from a 3-star chain to positioning themselves as a 4-5 star option has allowed them to acquire a client portfolio that withstands economic cycles better, something that helped them navigate Covid without raising capital. They also highlight that it has a healthy financial situation and that the market does not take into account its hotel management business – which generates 100 million euros a year – so they believe it is worth much more than the 9 euros the market is betting on.
