TenValue & Coffee Barcelona 2026: thank you for an inspiring morning
The past May 14 we participate in the meeting TenValue & Coffee held in Barcelona, an event that has established itself as a reference for wealth management and advisory professionals.
We want to start by giving the thanks to the TenValue team for the impeccable organization, to the other speakers for their contributions and to all the attendees who, with their questions and conversations, turned the day into much more than a succession of presentations.
Our Investment Director, Jordi Martretintervened with the presentation «Variable Income Strategy: quality with a value approach»dedicating the focus of his intervention to one of the strategies that aroused the most interest among attendees: AMMUS Real Assets.
AMMUS Real Assets (ES0109203010): the tangible anchor of the portfolio
AMMUS is a SICAV of global equity specializing in real assets: investments in companies whose businesses are based on tangible physical assets, with intrinsic value, real utility and the ability to generate recurring cash flows.
What makes it especially interesting in the current context is its differential profile:
- Low correlation with traditional indices: 0.55 versus the S&P 500 and 0.45 versus the Nasdaq 100.
- Inflation protectionvia rental contracts, concessions or indexed prices.
- Predictable cash flows backed by long-term contracts.
- Real shortage in many of the underlying assets, with high entry barriers.
Four pillars, one philosophy
The portfolio is built on four types of real assets:
- REITs (~53%) — the most efficient and liquid way to access the real estate market, with strong diversification between health, data centers, logistics, retail and residential. Average occupancy of 94.6% and dividend yield implicit 3.75%.
- Infrastructure (~17%) — traditional (highways, utilities, energy) and digital (data centers, towers, satellites).
- Basic materials and energy (~13%) — direct coverage against inflation and currency devaluation.
- Agribusiness (~4%) — the entire agri-food value chain.
Top 10 positions
Equinix, Digital Realty, Mitsubishi Estate, Simon Property, Welltower, Ventas, Prologis, Realty Income, Vonovia and Swiss Prime Site together represent close to the 38% of the portfoliowith a total of 42 positions and strong geographic diversification (65% North America, 17% Europe, 6% Japan).
Results
The fund closes the period with a YTD of +9.02%beating the main global indices (S&P 500, MSCI World and STOXX Europe 600) so far this year, confirming the solidity of the approach and the ability of real assets to provide differential value in a diversified portfolio.
An idea to take home
The real assets are not a tactical bet, but a structural component of a well-constructed portfolio for the coming years. AMMUS is designed precisely to offer that exposure in a liquid, diversified and actively managed way.
Thanks again to TenValueto the speakers and to all of you who made such a stimulating afternoon possible. See you in the next edition.
To delve deeper into AMMUS or any of our strategies, we are at your disposal at NORZ Heritage.