Exploring Bestinfond (Trades, Portfolio)'s Fourth Quarter 2024 Investment Decisions

Bestinfond (Trades, Portfolio) recently submitted its report for the fourth quarter of 2024, offering a glimpse into its strategic investment decisions during this period. Bestinfond (Trades, Portfolio), previously managed by Francisco Garcia Parames (Trades, Portfolio) until September 2014, is renowned for its disciplined investment approach. Parames, who joined Bestinver after completing his MBA at IESE in 1989, quickly rose to prominence by managing Spanish equity funds with an impressive annual yield of 17.9% from January 1993 to June 2009. This performance significantly outpaced the IGBM index. Bestinfond (Trades, Portfolio) focuses on global equities, primarily in Europe, selecting businesses with sustainable competitive advantages and strong management. The team patiently waits for market opportunities to acquire stakes at prices below intrinsic value.

Summary of New Buy

Bestinfond (Trades, Portfolio) added a total of four stocks, with the most significant addition being Smurfit WestRock PLC (SW, Financial). The fund acquired 612,997 shares, which now account for 3.01% of the portfolio, valued at $33.016 million. The second largest addition was $Bank of America Corp(BAC-N)$ (BAC, Financial), with 543,678 shares, representing approximately 2.12% of the portfolio and valued at $23.306 million. The third largest addition was Compagnie de Saint-Gobain SA (XPAR:SGO, Financial), with 158,786 shares, accounting for 1.24% of the portfolio and valued at €13.608 million.

Key Position Increases

Bestinfond (Trades, Portfolio) also increased stakes in a total of 17 stocks. The most notable increase was in Stellantis NV (MIL:STLAM, Financial), with an additional 1,471,420 shares, bringing the total to 2,327,403 shares. This adjustment represents a significant 171.9% increase in share count, impacting the portfolio by 1.69%, with a total value of €29.302 million. The second largest increase was in UniCredit SpA (MIL:UCG, Financial), with an additional 338,757 shares, bringing the total to 538,092. This adjustment represents a 169.94% increase in share count, with a total value of €20.73 million.

Summary of Sold Out

Bestinfond (Trades, Portfolio) completely exited six holdings in the fourth quarter of 2024. Notably, the fund sold all 681,875 shares of Smurfit Kappa Group PLC (DUB:SK3, Financial), resulting in a -2.55% impact on the portfolio. Additionally, Bestinfond (Trades, Portfolio) liquidated all 342,156 shares of Cognizant Technology Solutions Corp (CTSH, Financial), causing a -1.92% impact on the portfolio.

Key Position Reduces

Bestinfond (Trades, Portfolio) also reduced its position in 20 stocks. The most significant changes include a reduction of 170,158 shares in Holcim Ltd (XSWX:HOLN, Financial), resulting in a -32.8% decrease in shares and a -1.31% impact on the portfolio. The stock traded at an average price of CHF87.21 during the quarter and has returned 5.00% over the past three months and 3.91% year-to-date. Additionally, Bestinfond (Trades, Portfolio) reduced its holdings in Berkshire Hathaway Inc (BRK.B, Financial) by 36,436 shares, resulting in a -28.53% reduction in shares and a -1.22% impact on the portfolio. The stock traded at an average price of $461.8 during the quarter and has returned 2.76% over the past three months and 2.50% year-to-date.

Portfolio Overview

As of the fourth quarter of 2024, Bestinfond (Trades, Portfolio)'s portfolio included 47 stocks. The top holdings were 3.85% in Koninklijke Philips NV (XAMS:PHIA, Financial), 3.76% in Meta Platforms Inc (META, Financial), 3.67% in Berkshire Hathaway Inc (BRK.B, Financial), 3.62% in Reckitt Benckiser Group PLC (LSE:RKT, Financial), and 3.3% in Heidelberg Materials AG (XTER:HEI, Financial).

The holdings are mainly concentrated in 10 of the 11 industries: Consumer Cyclical, Healthcare, Financial Services, Industrials, Basic Materials, Consumer Defensive, Energy, Communication Services, Real Estate, and Technology.

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