The fleetof Spanish investment fund managers is very broad. So much so that sometimes it is difficult to get an idea of ​​which ones offer the best products because, usually, what one looks at is the note that a fund in question receives – the famous Morningstar stars, who measure both risk, as well as profitability and The commissions-.

However, this provider also draws up a classification, the League of Stars, in which it offers a joint view of each management company, in which it scores each of them based on the average 3-year rating weighted by the assets of each qualifying fund. Analyze a total of 48, and the average grade they obtain is 2.7 stars. Above the average, defending the top positions, are Credit Suisse Gestión, Renta 4 Gestora and EDM Gestión.

In this classification, Morningstar explains that it has only taken into account those that have at least 5 rated funds and a minimum of 100 million euros in rated funds. After that, he has established two categories.

One that groups together the large management companies, with more than 1,000 million euros in equity in qualified funds. And another for medium-sized management companies, which collect less than 1,000 million under this condition.

The best ‘flagships’
In position 22 in the ranking for asset management in Spain, with just over 1,600 million euros, Credit Suisse Gestión owns around half (about 833 million euros) in rated investment funds and receives the highest average score , from 4.4 Morningstar stars (see chart). In total, and according to Inverco data, it offers up to 24 vehicles in our country, which in turn are divided into different classes.

Among those that receive at least 5 stars and offer a higher 3-year annualized return, for example, CS (Lux) Digital Health Equity B stands out , which offers a return that is close to 25% in this period. It is a product that invests in the health sector and has among its main positions companies such as DexCom, which develops, manufactures and distributes continuous glucose monitoring systems for diabetes control; Veeva System, focused on cloud computing and applications for the pharmaceutical industry; or Teladoc Health, dedicated to telemedicine and virtual health care, based in the United States.

But there are more products with a good track record: CS (Lux) Security Equity B, which belongs to the category of flexible global equities, or CS (Lux) Infrastructure Equity B , which invests in the infrastructure sector, are some of them.

After Credit Suisse Gestión, the management company of Renta 4 and EDM Gestión tied with an average score of 3.7 stars. The first manages, according to Inverco, some 3,500 million euros in funds in Spain spread over 82 products; while the second is smaller, with around 900 million euros in assets under management and 10 funds.

In the case of Renta 4 Gestora, the list of funds that receive 5 Morningstar stars is as follows: Income 4 Wertefinder, Income 4 Fixed Income R, Avantage Fund A, Income 4 Multi-manager Andromeda V. Cap, Income 4 Multi-manager Num. Patr . Glb, Income 4 Bolsa I, Income 4 Fixed Income I, Income 4 Fixed Income Euro and ING Direct FN Income Fixed .

The most profitable of all within three years is Renta 4 Multigestión Num. Patr. Glb , a global flexible mix that offers a 20% annualized yield; followed by another fund in the same category, Renta 4 Andrómeda V. Cap , which adds another 15%.

In EDM its flagships are two . On the fixed income side is EDM Ahorro and on the variable income side, EDM Inversión -the latter is also the oldest fund on the Spanish stock market , dating back to 1987 and for three decades its name was linked to that of the historical manager Juan Grau, until, after his retirement in the summer of 2018, Ricardo Vidal and Alberto Fayos took over the reins.

Both products achieve the five Morningstar stars, the first with an annualized return of 0.89% over three years, and the second with a return of 0.3% in the same period. So far this year, yes, EDM Inversión is among the ten active funds on the Spanish stock market that has risen the most, with an advance of more than 15%.

After EDM, in the fourth place of managers that offer the best products is Mediolanum Gestión , which occupies the 23rd position for wealth in Spain, with almost 1,600 million euros distributed in 40 funds. According to data from Morningstar, which includes it among the large management companies for having more than 1 billion euros in rated funds, it receives an average rating of 3.6 stars. But as with the previous ones, in its catalog there are funds with a higher note.

With five stars, the maximum, are Mediolanum BB MS Glbl Sel LA , a global aggressive mixed, which in the last three years has achieved a double-digit annualized profitability -11.26% -; Mediolanum Emerging Markets EA, a vehicle that invests in emerging market bonds that obtains a return of 11% in the analyzed period and Mediolanum Activo EA , which looks for opportunities in the short-term fixed income of the euro area, and appreciates 0.99% at the year in the last three.

Very close to Mediolanum’s manager is Mutuactivos , which obtains an average Morningstar rating of 3.5 stars (see chart). Unlike those mentioned above, the investment arm of Mutua Madrileña is among the ten largest management companies in Spain, with more than 7,200 million euros in assets under management and 93 funds. It is the one with the best rating among all of them. According to Morningstar data, Mutuactivos has five vehicles rated with the highest grade.

This is Mutuafondo , which invests in a diversified short-term portfolio of bonds; of Mutuafondo Renta Fija Flexible, Polar Renta Fija A, Mutuafondo Bonos Convertibles and their iconic fund on the Spanish stock market Mutuafondo España F. Of all of them, the most profitable is Mutuafondo Bonos Convertibles , with a return close to 14% annualized over three years.

Other great managers … under review
Among the main management companies in Spain by equity, rated by Morningstar, are those of five large banking entities with a Spanish seal: CaixaBank, Santander, BBVA, Ibercaja and Kutxabank, ordered from highest to lowest equity rated by Morningstar.

CaixaBank Asset Management, the manager with the highest noteworthy equity in our country , with 37,241 million euros at this time. Santander AM follows it with 36,869 million and BBVA AM continues closely, with 36,453 million. Ibercaja Gestión has 15,271 million and Kutxabank Gestión 12,578 million.

However, having more equity is not synonymous with a better average score in this case, since the best manager in this regard is Ibercaja Gestión, with an average of 3.2 Morningstar stars in its funds at this time. The entity has 115 funds and sicavs available for sale at this time, of which 56 are rated by the agency (one sicav that also has a rating has been excluded).

The bulk of Ibercaja’s funds receive a 3 or 2 star rating, as only 3 funds receive the highest rating, 4 funds have 4 Morningstar stars, and only 5 receive a star from the agency. The rest are divided into 25 funds with 3 Morningstar stars and another 19 with 2 stars.

The funds with the best marks are Ibercaja Oportunidad Renta Fija A FI and Ibercaja Sostenible Y Solidario FI, with 3-year annualized returns of 1.45% and 6.54%, respectively. But it must be borne in mind that the former is a fund that invests exclusively in bonds, while the latter is a defensive mixed with a sustainable approach.

Santander AM, the second major manager with the best rating for Morningstar, has 333 rated funds available for sale in our country. 30 of them have the highest rating, 5 stars, 53 funds have 4 stars, 99 receive 3 stars, 107 have 2 and 44 have a 1-star rating. The manager of the red bank is particularly good at the Chilean market, since most of the funds that have 5 stars invest in this region, whether they are mixed, equity or fixed income funds. Of course, the most profitable funds among those with the best marks are focused on the US market, being Santander Go Shares USA IIIthe most profitable in 3 years, with an annualized return of 32.04% in this period. Of course, it is a fund denominated in Chilean pesos.

Kutxabank Gestión , with the third best score of the major management companies on the list, has in its possession 38 vehicles that receive a score from Morningstar, of which 7 have a 4-star rating, 15 have 3 stars, 12 with 2 , and 4 with 1 star.

The fund with the best rating from the manager and the highest profitability over 3 years is Kutxabank Bolsa Eurozona Cartera FI, a product with which participants have gained 10% annualized in this period, investing in the European stock market and with a sustainability rating above average for the agency.

CaixaBank AM is in fourth place among the five largest fund managers for the rating Morningstar gives to its funds. It has 225 products that receive qualification, and the most profitable, among the six funds that have the 5 stars, is the Caixabank Fonduxo Cartera FI, a mixed fund that invests in the euro zone with which they have managed to generate more than 10 , 5% annualized profitability for its participants.

Finally, BBVA AM has 91 funds for sale in Spain with a Morningstar rating, of which 2 have 5 stars, 3 with 4, 20 with 3, 52 with 2 and 14 with 1. The two products that achieve the best note are two global flexible mixed, that is, they invest worldwide: BBVA DIF Bitacora A and Strategy Investment FI, which obtained annualized returns of 11.45% and 9.72%, respectively, in the last three years.

By Rak Esh

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