Ojito lo que dice uno de los fondos más relevantes de RV europe.
Within the portfolio, the hard disk drives contributed greatly to performance once again in
December, posting returns of around 25%. Positions in Seagate and Western Digital now
account for c.16% of the fund. Gas Natural also contributed significantly in December; the
position was initiated in November and now represents 2.7% of the fund. This is a company
quite forgotten by the market, trading at very low multiples - in particular the market
underestimates the potential of its L&G business. Grifols, representing 4.13% of the
portfolio, also continued to post impressive returns and was another important contributor
to performance. After the sharp rise in the stock until the month of September, the title had
underperformed at the beginning of Q4. We think the market continues to underestimate
the potential of the company and its capacity to absorb most of the future growth of demand
for plasma.
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