Blog: Bestinfond’s Top Trades of the 2nd Quarter – GuruFocus.com


Bestinfond
(Trades, Portfolio), part of Spain-based Bestinver, disclosed in a regulatory filing that its top trades during the second quarter included a new position in Prosus NV (XAMS:PRX, Financial), the exchange of its Stellantis NV holding from the Paris stock exchange (XPAR:STLA, Financial) to the Milan stock exchange (MIL:STLA, Financial) and the closure of its positions in Tencent Holdings (HKSE:00700, Financial) and ING Groep NV (XAMS:INGA, Financial).

Managed by an investment team led by international equities fund manager Tomas Pinto and Iberia equities fund manager Ricardo Seixas, the fund seeks long-term capital appreciation based on three investing pillars: fundamental analysis, appropriate risk management and long-term vision shared by both investors and fund managers.

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As of June, the fund’s $1.23 billion equity portfolio contains 56 stocks, with five new positions and a quarterly turnover ratio of 12%. The top four sectors in terms of weight are consumer cyclical, industrials, basic materials and communication services, representing 28.51%, 12.14%, 11.85% and 10.62% of the equity portfolio.

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Investors should be aware that for Spanish investment funds, the data is sourced from the quarterly updates filed through the Comision Nacional de Mercado de Valores, the Spanish government agency responsible for the financial regulation. Like 13F equity portfolio filings and mutual funds, the Spanish fund portfolio filings are as of the quarter’s end only; it is possible the guru may have already made changes to the positions after the quarter ended. However, even this limited data can provide valuable information.

Prosus

The fund purchased 637,980 shares of Prosus (XAMS:PRX, Financial), giving the position 3.24% equity portfolio weight. Shares averaged 47.55 euros ($48.40) during the second quarter.

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GuruFocus’ GF Value line labeled the Netherlands-based consumer internet company a possible value trap based on its low price-to-GF Value ratio of 0.38 as of Friday.

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Prosus has a GF Score of 57 out of 100 based on a growth rank of 9 out of 10, a GF Value rank of 2 out of 10 and a rank of 5 out of 10 for financial strength and profitability. However, the stock does not have enough data to compute a momentum rank and thus, the GF Score may give an incomplete picture of the company’s potential.

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Other gurus with holdings in Prosus include
David Herro
(Trades, Portfolio)’s Oakmark International Fund and
Steven Romick
(Trades, Portfolio)’s FPA Crescent Fund.

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Stellantis

The fund sold all 3,040,208 Paris-listed shares of Stellantis (XPAR:STLA, Financial), trimming 3.12% of its equity portfolio. With the proceeds of the sale, the fund invested in 2,986,685 Milan-listed shares (MIL:STLA, Financial), giving the shares 2.86% equity portfolio weight.

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The shares averaged approximately 14.32 euros during the second quarter; the stock is fairly valued based on Friday’s price-to-GF Value ratio of approximately 1.

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The Netherlands-based automaker formed in 2021 following a 50-50 cross border merger between Fiat Chrysler Automobiles and PSA Group. Stellantis has a GF Score of 75 out of 100, driven by a rank of 7 out of 10 for financial strength, profitability and GF Value despite momentum ranking 5 out of 10 and growth ranking just 3 out of 10.

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Gurus with holdings in Stellantis’ U.S.-listed shares (STLA, Financial) include
Steven Cohen
(Trades, Portfolio)’s Point72 Asset Management and
Jim Simons
(Trades, Portfolio)’ Renaissance Technologies.

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Tencent

The fund sold all 819,522 shares of Tencent (HKSE:00700, Financial), trimming 2.47% of its equity portfolio.

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Shares of Tencent averaged 362.61 Hong Kong dollars ($46.19) during the second quarter; the stock is significantly undervalued based on Friday’s price-to-GF Value ratio of 0.51.

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The parent company of Chinese social media platform WeChat has a GF Score of 96 out of 100, driven by a rank of 10 out of 10 for profitability, growth and GF Value despite financial strength ranking 7 out of 10 and momentum ranking just 5 out of 10.

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ING Groep

The fund sold all 1,420,881 shares of ING Groep (XAMS:INGA, Financial), trimming 0.94% of its equity portfolio.

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Shares of ING Groep averaged 9.61 euros during the second quarter; the stock is fairly valued based on Friday’s price-to-GF Value ratio of 0.91.

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The Netherlands-based postal bank has a GF Score of 67 out of 100 based on a momentum rank of 8 out of 10, a GF Value rank of 7 out of 10, a profitability rank of 5 out of 10, a growth rank of 3 out of 10 and a financial strength rank of 2 out of 10.

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