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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 the bad from the good. Choose the best.

The market often moves between swings. Without distinguishing the bad from the good. Or it takes a long time before the quality of a company’s fundamentals is recognized.

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3

Conviction and time. That's how profitability arrives.

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

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4

The difference between investing in bonds and 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

In fixed income with a more conservative profile in

BH Debt

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

In equities through

BH Equity

and its Spanish counterpart

BH Shares

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

Also with a blended strategy, but with a longer term horizon, our pension plan

BH Jubilación

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

In bonds with higher potential through

BH Bonds

and its Spanish counterpart

BH Fixed Income

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

With a combination of our best ideas in fixed income and equities through our mixed fund

B&H Flexible LU

and its Spanish replica

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-founding partners. And we are very careful with our savings.

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1

Inversión de calidad. Oportunidades de precio.

En Buy&Hold estamos comprometidos con la mejor gestión activa e independiente.

 

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, y los números y 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 firme 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.

At BuyHold we are committed to the best active and independent management.

A smart investor should never invest in something very cheap just because it is cheap. A rational investor should invest his capital in quality assets at a reasonable price. First, scrutinize the details of the sector and business, and the numbers and management of a company, and 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 the bad from the good. Choose the best.

That is the importance of being invested in quality and at a good price. In addition, we must be able to stand firm 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's how profitability arrives.

Constantly rotating the portfolio is a source of risks and mistakes rather than opportunities and successes. That is why we look at our investments every day as a blank sheet of paper, without getting attached or attached to anything. But with the conviction that, when we make a good investment, time will make us money above the market average.

Being clear about the investment time horizon from the outset and respecting it is our key to beating the market. To offer the profitability that our clients deserve.

4

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

Investing as a shareholder can be very different from investing as a creditor. This is investing through equities (stocks) or through 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 business quality to grow with them in the long term, especially in sectors with high barriers to entry for competition. And, among them, those that the market is valuing significantly below their reasonable price and, if possible, without 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 issue we analyze. And, among them, we select those in which the market has exaggerated the credit risks.

5

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

Our total independence allows us to fully align our interests with those of our stakeholders. And our fee structure underscores and reinforces our commitment to best management.

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 continue to have the confidence of all those who invest their assets with ours.

Antonio Aspas

Antonio Aspas

Director-Secretary. Partner

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Director of various family offices and OEICs.

Asset Manager at Inversis and BM.

Bachelor’s Degree in Economics and Business Administration from the National University of Distance Education.

Master’s Degree in Portfolio Management from the IEB.

European Financial Advisor certificate from the EFPA.

Rafael Valera

Rafael Valera

CEO Investment manager. Partner

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Executive Director at UBS Investment Bank.

Bond Sales-Trader AB Advisors / Morgan Stanley.

Deputy General Manager Banco Sabadell Urquijo.

Chairman of BMGA. Law degree from the University of Navarra.

Master in Finance from IEB.

IESE Business School, Senior Management Program, PADE.