2022 has been a difficult year for financial markets, with the main European indices down nearly -10%, and the main American index down -18%. Our funds have continued the positive performance started last year, with the international fund up +11% and the Iberian fund up +4%, both above their benchmark indices (MSCI Euro: -9.49%; IGBM + PSI20: 0.93%).

Although we have had two years of positive performance, confirming a clear improvement of our portfolios in difficult environments, we still have a long way to go in the coming years. We believe that our funds, based on our
estimate of their target value, are still worth significantly more than their current share price.

The reason for our confidence is that we have a pool of good companies bought at very good prices, which greatly increases the likelihood of good returns. Despite the good performance of the last few years they are still trading at very attractive multiples, with the international portfolio trading at a P/E1 of 5.5x and the Iberian portfolio at 6.9x. Moreover, the outlook for most of our companies has improved during the year.

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