The manager reveals that it has rotated the portfolio towards the most penalized sectors, such as airlines. It has taken advantage of the low prices to enter new European stocks and increase in other Spanish ones it already had shares of. And it has made cash in others because "history shows that confusion and chaos is usually a good time to separate the grain (good business) of the straw (bubbles)," says Iván Martín, Director of Investments at Magallanes Value Investors.
"Fear always overrides fundamentals, so when this happens, like now, great investment opportunities are created." This is what Iván Martín, Director of Investments of the management company Magallanes Value Investors, assures in his last