During the second half of the year our International Portfolio was up 9% versus 4% for its Benchmark, the BBG Europe Developed Markets1, and our Iberian Portfolio was up 9% versus 7% for the Index2.

This brings returns in 2023 to 12% for the International Portfolio and 23% for the Iberian Portfolio, continuing the positive trajectory we have been on since the second half of 2020.

As you know, at Cobas AM we don’t try to predict what the stock market will do, and we can’t influence or know when and how returns will be delivered. But with the portfolios we have today, and the value embedded in them, we are convinced that those returns will happen

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