The spectacular comebacks of the main stock indices in November have not served as a spur for investors to consider re-entering the funds more decisively. They have only managed to capture 633 million euros, according to VDOS data, which helps reduce net repayments in the year to 400 million.
Historic opportunity are probably the most repeated words this year by mutual fund managers and wealth advisers, in a year in which the pandemic left market valuations on the ground.
A circumstance that for investors who were able to overcome the difficult health and economic situation has represented an extraordinary gateway, especially in firms that presume to apply a value strategy.
But even the spectacular rise in November markets (18% EuroStoxx 50 and 25% Ibex), in the heat of promising news from vaccines, has managed to attract investors who, in theory, are easier to convince of the benefits of this investment philosophy.
During the past month, Spanish investment funds only raised € 633 million, according to VDOS data, a figure that has helped reduce net repayments in the year to € 404 million and equity volume by € 277.3 billion , thanks to the market revaluation.
But equity funds have only attracted 202 million and, paradoxically, Spanish stock and European stock funds have suffered money losses, with net outflows of 80 million and 363 million euros, respectively.
Fixed-income funds, on the other hand, remain the preferred option, as demonstrated by the 905 million that they added last month.
Managers such as Santander, Bankia, Kutxabank and Ibercaja are the only firms of large financial institutions that exceed 100 million in net deposits in November, while Sabadell, Bankinter and BBVA have had net repayments, of 110 million in the case of the first and 44 million in the case of the other two.
The independents, in the doldrums
Independent firms have not been able to keep money. Bestinver, Cartesio, EDM, Gesconsult, azValor, Magallanes, Metagestión and Cobas are among those that have suffered the most net reimbursements in this group last month. And the figures for the year as a whole are equally negative.
The Acciona manager has seen 28 million of its international equity funds come out in November, although Bestinver Grandes Compañías has raised 3.7 million and even its Latin American equity fund has achieved just under one million euros.
But the exit of almost 13 million of his monetary fund makes him write down 40.6 million net repayments in total, which brings the figure to 249 million in the year. “After a year of such volatility, it is important to see it in perspective.
Net outflows have represented less than 6% of total assets. But we have a very stable investor base that understands our investment process well and shares the vision. in the long term “, they assure in the signature.