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The pillars of our investment philosophy

We explain what we base our investments on.

1

Quality investment.
Pricing opportunities.

At Buy & Hold we are committed to the best active and independent management.

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2

Distinguish between bad and good investments.
Choose the best.

The market often moves between swings. Without distinguishing between bad and good investments. Even it takes a long time before the fundamental quality of a company is recognized.

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3

Conviction and time.
That is how investment returns arrive.

We are long-term investors. We do not seek to be leaders in every market sprint. What sets us apart at Buy & Hold is we are leaders in consistent returns over the timeframes we recommend for each of our funds, adjusted for the volatility of each strategy to achieve an optimal result.

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4

The difference between investing in bonds or stocks.
Our strategies.

At Buy & Hold we invest in both fixed income and equities through differentiated and differentiating strategies.

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Filosofía de inversión - pilar 4 - fondo B&H Deuda

Fixed income with a more conservative profile:

B&H Debt

and its Spain-domiciled replica fund:

B&H Deuda

Filosofía de inversión - pilar 4 - fondos B&H Equity y B&H Acciones

Equities through:

B&H Equity

and its Spain-domiciled replica fund:

B&H Acciones

Filosofía de inversión - pilar 4 - fondo B&H Jubilación

A mixed strategy with a longer term horizon, our pension plan:

B&H Jubilación

Filosofía de inversión - pilar 4 - fondos B&H Bonds y B&H Renta Fija

Fixed income with higher potential:

B&H Bonds

and its Spain-domiciled replica fund:

B&H Renta Fija

Filosofía de inversión - pilar 4 - fondos B&H Flexible LU y B&H Flexible FI

A combination of our best ideas in fixed income and equities:

B&H Flexible LU

and its Spain-domiciled replica fund:

B&H Flexible FI

5

We win only if you win.
We are co-investors.

At Buy & Hold your money is invested along with all the money of our three co-founders. And we are very careful with our capital.

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1

Inversión de calidad. Oportunidades de precio.

Un inversor inteligente nunca debería invertir en algo muy barato por el hecho de serlo sin más. Un inversor racional debe invertir su capital en activos de calidad a un precio razonable.

 

Primero, escrutar los detalles del sector y del negocio junto con los números y la gestión de una compañía y, después, aprovechar las oportunidades de cotización que se presenten para comprar barato y vender caro.

Damos mucha importancia a la valoración para conseguir el mejor resultado. Pero aún más importante para nosotros es la calidad de la empresa. Y tanto en su equipo directivo como en sus cifras operativas y la evolución histórica y las previsiones para su negocio.

2

Distinguir lo malo de lo bueno. Elegir lo mejor.

Esa es la importancia de estar invertido en calidad y a buen precio. Además, hemos de ser capaces de mantenernos firmes en las caídas, confiando en el potencial detectado tras un profundo análisis guiado por una dilatada experiencia y nuestro amplio conocimiento de los mercados y cada una de nuestras posiciones. A esto se le llama convicción.

3

Convicción y tiempo. Así llega la rentabilidad.

Rotar constantemente la cartera es una fuente de riesgos y errores más que de oportunidades y aciertos. Por eso, miramos cada día nuestras inversiones como una hoja en blanco, sin atarnos ni encariñarnos con nada. Pero con la convicción de que, cuando realizamos una buena inversión, el tiempo nos hará ganar dinero por encima de la media del mercado.

 

Tener claro el horizonte temporal de inversión desde el primer momento y respetarlo es nuestra clave para batir al mercado. Para ofrecer la rentabilidad que nuestros clientes merecen.

4

La diferencia de invertir en bonos o acciones. Nuestras estrategias.

Invertir como accionista puede ser muy diferente de invertir como acreedor. Esto es invertir a través de renta variable (acciones) o a través de renta fija (bonos). Por eso, al buscar las mejores inversiones y el mayor potencial de rentabilidad, nuestras posiciones son diferentes en cada estrategia a pesar de seguir el mismo proceso de análisis de calidad a precios razonables.

 

Como accionistas, en Buy & Hold buscamos empresas con la mejor calidad de negocio para crecer con ellas a largo plazo, especialmente en sectores con altas barreras de entrada para la competencia. Y, entre ellas, aquellas que el mercado está valorando sensiblemente por debajo de su precio razonable y, a ser posible, sin deuda.

 

Como acreedores, en Buy & Hold buscamos empresas con la mejor calidad para atender con solvencia sus compromisos de deuda en el plazo señalado para cada emisión que analizamos. Y, entre ellas, seleccionamos aquellas en las que el mercado ha exagerado los riesgos crediticios.

5

Ganamos solo si ganas. Somos coinversores.

Nuestra total independencia nos permite una absoluta alineación de intereses con los de nuestros copartícipes. Y nuestra estructura de comisiones resalta y refuerza este compromiso nuestro con la mejor gestión.

 

Cada millón y cada céntimo gestionado en cada uno de nuestros fondos son una responsabilidad para nosotros que queremos cumplir con el mejor de los desempeños. Esta es nuestra filosofía de inversión para seguir contando con la confianza de todos aquellos que invierten su patrimonio junto al nuestro.

1

Quality investment.
Pricing opportunities.

A smart investor should never invest in very cheap assets just because they are cheap. A rational investor should invest his capital in quality assets at a reasonable price.

First, scrutinize the details of the sector and its business, the figures and management style of a company. Then, take advantage of trading opportunities to buy low and sell high.

We attach great importance to valuation in order to achieve the best result. But even more important to us is the quality of the company. This applies both to its management team and to its operating figures and the historical development and forecasts for its business.

2

Distinguish between bad and good.
Choose the best.

This is the importance of investing in quality at a good price. In addition, we must hold in downturns, trusting in the potential detected after a deep analysis guided by our extensive experience and our broad knowledge of the markets and each of our positions. This is called conviction.

3

Conviction and time.
That is how investment returns arrive.

Constantly rotating the portfolio is a source of risks and mistakes rather than opportunities and success.

This is why we look at our investments every day as a blank canvas, avoiding getting attached to anything. But with the conviction that, when we make a good investment, time will make us gain above the market average.

Being clear about the investment time horizon from the very beginning and respecting it is our key beating the market. To offer the investment returns our clients deserve.

4

Bonds or stocks: investing differences.
Our strategies.

Investing as a shareholder can be very different from investing as a creditor. This is investing through equities (stocks) or fixed income (bonds). Therefore, as we seek the best investments and the highest return potential, our positions are different in each strategy despite following the same process of quality analysis at reasonable prices.

As shareholders, at Buy & Hold we look for companies with the best quality business to grow alongside them in the long term, especially in sectors with high barriers for competitors. Moreover, among them, those the market is valuing significantly below their reasonable price and, if possible, with no debt.

As creditors, at Buy & Hold we look for companies with the best quality to solvency to meet their debt commitments in the term indicated for each issuance we analyze. Moreover, among them, we select those in which markets have inflated potential credit risks.

5

We win only when you win.
We are co-investors.

Our total independence allows us to fully align our interests with those of our participants. Our fee structure highlights and reinforces our commitment to the best management practices.

Every million and every cent managed in each of our funds is a responsibility for us that we want to fulfill with the best performance. This is our investment philosophy in order to mantain the confidence of all those investing their money with ours.

Antonio Aspas

Antonio Aspas

Boards Director-Secretary. Co-founder partner

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Director of various family offices and sicavs.

Asset Manager at Inversis and BM.

Degree in Economics and Business Administration from UNED.

Master’s Degree in Portfolio Management from IEB.

European Financial Advisor certificate from EFPA.

Rafael Valera

Rafael Valera

CEO. Investment manager. Partner

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Executive Director at UBS Investment Bank.

Bond Sales-Trader at AB Advisors / Morgan Stanley.

Deputy General Manager at Banco Sabadell Urquijo.

Chairman of Banco Madrid Gestión de Activos.

Degree in Law from Universidad de Navarra.

Master in Finance from IEB.

Senior Management in Business Program (PADE) from IESE Business School.