During the first half, our international portfolio increased by 2% and our Iberian portfolio by 12%, while our internal valuations increased by 1% and 9%, respectively. As a result, our estimated upside was 156% and 122% at the end of the quarter. These are very high upside potentials, which is why Cobas continues to increase investment in our funds, with Cobas employees and shareholders being the second largest investors.
Since the start of our new phase six and a half years ago, our revaluations have not yet been satisfactory. Since then, we have been very transparent about the underlying reasons that have delayed a better performance, most of which, due to their casuistry, are unlikely to be repeated.
In 2023, the fall in oil and gas prices has temporarily reversed part of the returns obtained in the previous year. The market has penalised the share prices of companies in this sector, making them more attractive, even in cases where their profits do not depend on commodity prices.
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