From the launch in February, Top Quality Opportunities is achieving better results than global reference funds such as Robeco Global Stars and Seilern World Growth. And all this without being invested 100%, since we maintain a good part in liquidity for when good opportunities arise.
1. GENERAL INVESTMENT STRATEGY
In mid -February 2025, we launched Top Quality Opportunities in a particularly demanding market moment, with indices in historical maximums. From the beginning, our approach has been clear: to build a solid, diversified and centered portfolio, always with long -term vision.
We take advantage of the first corrections to gradually invest in direct actions of leading companies and very well managed. As of April, and with the recovery of the indices, we prioritize the use of ETFs in the new entries, which has allowed us to capture the average profitability of the market maintaining flexibility and discipline.
2. Portfolio movements
As for the actions, we have built positions in companies such as Shopify, Amazon, Nvidia, Microsoft and The Trade Deskcompanies that stand out for their growth capacity, box generation and last competitive advantages.
On the other hand, we have added less followed companies but with great potential, such as Forsikring and Norbit Asa protectorthat fit perfectly with our philosophy of looking for solid businesses and with a long -term growth margin.
In the ETFs part, We have opted for global and thematic strategies that allow us to diversify and complement the portfolio, with Exposure to the United States, Europe, Emerging Asia and Latin America. This approach helps us efficiently balance geographical and sectoral exposure.
We maintain a prudent liquidity level (16.4 %)prepared to take advantage of future opportunities and act quickly in times of volatility.
2.1 Main contributions to profitability
During these first months, Our six biggest positions They have been responsible for much of the global profitability of the fund, generating double -digit profitability. All of them stand out for their financial solidity, high margins and sustained growth capacity, consolidating themselves as fundamental bases of the portfolio.
In addition, we have had very positive contributions from companies with less weight but with outstanding returns, such as Forsikring protector (+19.8 %) and Veeva Systems (+22.5 %). These cases reaffirm the value of having a diversified portfolio, where also the smallest positions can contribute relevant to the global result.
On the other hand, we have seen corrections in companies such as Novo Nordisk, Adobe, PDD Holdings, Inditex and Regeneronalthough we continue to fully trust its long -term potential. They are businesses of enormous quality that, in our opinion, offer additional value after the recent falls.
3. Market vision and next steps
We look at the second semester with a constructive but cautious vision, due to the current geopolitical environment and some demanding assessments in certain sectors.
We will continue betting on companies with high margins, strong box generation and clear competitive advantages. We will take advantage of possible falls to reinforce key positions and, in upload environments, we will continue to rely on ETFs to capture the general profitability of the market without losing flexibility or commitment to quality.
Our goal is to consolidate these positions and progressively increase the weight in companies where we have greater conviction. We always act with a long -term vision, seeking to protect and grow sustainably the assets of our investors, maintaining calm and patience as key principles.
Annex: July and August update
After the closure of the semester, the summer months have been marked by lower portfolio activity. During this period, we have focused on taking advantage of the volatility of the results season to perform very selective movements. We highlight the following:
- ASML: increase in position after the correction that followed the presentation of results. It is a key piece in the semiconductor sector and also has an attractive assessment within the sector.
- The Trade Desk (TTD): After the results we take advantage of the descent, caused in part by the Amazon competition. Even so, they are different businesses: TTD offers open and independent advertising.
- Amazon: We increase position because it is increasingly efficient, improves margins and applies in logistics, in addition to growing in cloud and advertising.
- Gold: Normally we are not in favor of investing in raw materials, but the lack of clear opportunities has led us to take a 4-5% position in a physical gold ETF, as a form of protection and the waiting of more attractive assessments.
At the end of August, the background maintains a 10.8% liquiditywhich gives us margin to take advantage of future opportunities and act quickly in volatility scenarios.
Facing next month, it should be remembered that September has historically been the worst month of the year for stock markets. This pattern reinforces the importance of maintaining a prudent strategy, with available liquidity and portfolio protection, waiting for the market to offer us better entry points.
In summary, July and August have been months of calm, with specific operations that reinforce the fund of the fund: invest in quality businesses, maintain discipline and protect capital.
With this philosophy we continue managing Top Quality Opportunitiesalways with long -term vision and with the aim of growing your savings safely.