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A balanced approach to active management, combining stock selection and asset allocation.
Cartesio team members

Our philosophy

Focus on value opportunities away from market consensus
La experiencia y el sentido común nos ha enseñado que, muchas veces, las mejores oportunidades de inversión a largo plazo surgen cuando todo el mundo piensa igual.

Only four asset classes

Assets within our circle of competence. Equities, corporate debt, government debt and cash. We occasionally use derivatives for hedging purposes.

Gradual building of positions. No "trading"

Both the purchase and sale of investment positions is usually done gradually, avoiding "trading" or constant buying and selling operations.

Long-term investment horizon and low turnover

Our investment horizon is long-term, keeping companies in the portfolio for years so that the price reflects their real value.

Search for opportunities throughout a company's capital structure

We analyze the price of both equity and bonds of companies. The aim is to obtain the best risk-adjusted return when investing.

Controlled exposure to currency risk other than the euro

In bonds, we always protect against currency exchange rate risk. In equities, we can protect currency risk in companies that do not trade in euros and that have businesses outside the eurozone.

Investment Style
Valuation approach
Equity
Valuations based on fundamental analysis to estimate the true value of the companies in which we invest. We analyze the companies’ fundamentals (valuation multiples, cash generation potential, track record of their management team, competitive position, etc.)
Fixed income
We assume the risk of holding long-term fixed income investments only if they offer an attractive real return—that is, if the expected gain exceeds inflation and compensates for credit risk.
Portfolio structure
Equity
Limited number of securities (between 30 and 40)
Fixed income
Portfolios highly diversified by issuer and issuance.
Liquidity preference
Equity
We primarily invest in medium and large-cap companies, as they offer greater liquidity, facilitating the buying and selling of our positions when necessary.
Fixed income
We prefer to invest in liquid bonds that are easy to buy and sell, selecting benchmark issues that are usually the most traded in the market.
Financial strength
Equity
We prioritize companies with low levels of debt to minimize financial risk. We favor companies with strong balance sheets and lower leverage.
Fixed income
We prefer to invest in bonds with low credit risk, issued by highly solvent companies or governments. However, we may invest up to 30% in lower credit quality bonds if they present a good return opportunity.
Other aspects
Equity
Preference for “value” investments rather than “growth.” We consider price a key factor in decision-making, although we also value the quality of the business.
Fixed income
We prefer to invest in bonds of companies that pay dividends, as these regular payments provide additional security and reflect a strong financial position.

We can adjust the duration of our bond portfolio using "futures" on government bonds, which allows us to manage duration risk, that is, the risk that rising interest rates will affect the value of bonds.

Joint decision making

Based on fundamental research criteria

We do not make automatic decisions based on technical analysis or quantitative models.

Joint decision making

Investment decisions are made jointly, always by simple majority, avoiding deadlocks and ensuring consistency in our strategy.

We are generalists

We are a generalist investment team. This allows us to be flexible, explore and evaluate a wide variety of investment opportunities, adapting to different market contexts.

We are open to debate

Decisions are made after extensive debate in which we try to question both our own and others' ideas.

We don't use "stop loss" for positions or the fund

We do not set a limit price to automatically sell if the value of a position or the fund falls below a certain level. We manage volatility, we don't run away from it.

Shared responsibility

All managers are responsible for every fund and asset, as well as each decision and its consequences, since we have invested all our financial assets in the funds. This policy guarantees aligned incentives and objectives throughout the team.

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