REPORTS & LETTERS
2020
- November: Oro: oportunidad en momentos de incertidumbre DOWNLOAD
- November: Tesis de inversión de la minera de oro Polyus DOWNLOAD
- August: Inversión en materias primas y metales preciosos. Value School DOWNLOAD
- July: Carta semestral a los inversores 2020 DOWNLOAD
- May: Resumen del mes de abril DOWNLOAD
- April: Resumen del mes de marzo DOWNLOAD
- March: Nota informativa sobre la crisis del coronavirus DOWNLOAD
- February: Lukoil, petrolera barata con abundantes reservas DOWNLOAD
- January: Carta anual a los inversores 2019 DOWNLOAD
2019
- November: Sberbank. Best ideas en Español DOWNLOAD
- October: Sberbank. European Investing Summit DOWNLOAD
- June: Carta semestral a los inversores 2019 DOWNLOAD
- June: Diamond Offshore: buena estrategia a la espera de la recuperación DOWNLOAD
- May: Newcrest: costes bajos y larga vida de las reservas DOWNLOAD
- January: Carta anual a los inversores 2018 DOWNLOAD
2018
- December: EEUU: mercado sobrevalorado DOWNLOAD
- October: Polyus: minera de oro líder en costes y muy buenas perspectivas de crecimiento DOWNLOAD
- June: The Mosaic Company. Fertilizantes en la parte baja del ciclo DOWNLOAD
- April: Rusia: sanciones, fundamentales positivos y valoración atractiva DOWNLOAD
- February: Inflación y materias primas DOWNLOAD
- January: El café a precio de los años 70 DOWNLOAD
2017
- November: Soft99: compañía barata y estable DOWNLOAD
- September: El trigo en mínimos históricos DOWNLOAD
- June: Diamond Offshore Drilling: esperando un repunte del ciclo inversor DOWNLOAD
- April: Kawasumi Laboratories una “net-net” de Benjamin Graham DOWNLOAD
- February: Sprott Inc., defensiva y perspectivas de mejora DOWNLOAD
2016
Letters
- July 2020: Carta semestral a los inversores 2020 DOWNLOAD
- May 2020: Resumen del mes de abril DOWNLOAD
- April 2020: Resumen del mes de marzo DOWNLOAD
- March 2020: Nota informativa sobre la crisis del coronavirus DOWNLOAD
- June 2019: Carta semestral a los inversores 2019 DOWNLOAD
- May 2019: Newcrest: costes bajos y larga vida de las reservas DOWNLOAD
- December 2018: EEUU: mercado sobrevalorado DOWNLOAD
- October 2018: Polyus: minera de oro líder en costes y muy buenas perspectivas de crecimiento DOWNLOAD
- April 2017: Kawasumi Laboratories una “net-net” de Benjamin Graham DOWNLOAD
- February 2017: Sprott Inc., defensiva y perspectivas de mejora DOWNLOAD
- October 2016: El arroz, precios deprimidos e inventarios ajustados DOWNLOAD
Equities
- January 2020: Carta anual a los inversores 2019 DOWNLOAD
- November 2019: Sberbank. Best ideas en Español DOWNLOAD
- October 2019: Sberbank. European Investing Summit DOWNLOAD
- February 2018: Inflación y materias primas DOWNLOAD
- June 2017: Diamond Offshore Drilling: esperando un repunte del ciclo inversor DOWNLOAD
Commodities
- August 2020: Inversión en materias primas y metales preciosos. Value School DOWNLOAD
- April 2018: Rusia: sanciones, fundamentales positivos y valoración atractiva DOWNLOAD
- December 2016: El mercado del uranio sobreabastecido a corto plazo, a largo plazo más favorable DOWNLOAD
Precious metals
- November 2020: Oro: oportunidad en momentos de incertidumbre DOWNLOAD
- November 2020: Tesis de inversión de la minera de oro Polyus DOWNLOAD
- February 2020: Lukoil, petrolera barata con abundantes reservas DOWNLOAD
- January 2018: El café a precio de los años 70 DOWNLOAD
Countries
- June 2019: Diamond Offshore: buena estrategia a la espera de la recuperación DOWNLOAD
- January 2019: Carta anual a los inversores 2018 DOWNLOAD
- June 2018: The Mosaic Company. Fertilizantes en la parte baja del ciclo DOWNLOAD
- November 2017: Soft99: compañía barata y estable DOWNLOAD
- September 2017: El trigo en mínimos históricos DOWNLOAD
- July 2016: La Unión Europea, problemas y posibles consecuencias de una ruptura DOWNLOAD
- May 2016: Australia muy vulnerable DOWNLOAD
FACTSHEETS
2020
- Factsheet - December DOWNLOAD
- Factsheet - November DOWNLOAD
- Factsheet - October DOWNLOAD
- Factsheet - September DOWNLOAD
- Factsheet - August DOWNLOAD
- Factsheet - July DOWNLOAD
- Factsheet - June DOWNLOAD
- Factsheet - April DOWNLOAD
- Factsheet - March DOWNLOAD
- Factsheet - February DOWNLOAD
- Factsheet - January DOWNLOAD
2019
- Factsheet - December DOWNLOAD
- Factsheet - November DOWNLOAD
- Factsheet - October DOWNLOAD
- Factsheet - September DOWNLOAD
- Factsheet - August DOWNLOAD
- Factsheet - July DOWNLOAD
- Factsheet - June DOWNLOAD
- Factsheet - May DOWNLOAD
- Factsheet - April DOWNLOAD
- Factsheet - March DOWNLOAD
- Factsheet - February DOWNLOAD
- Factsheet - January DOWNLOAD
2018
2017
- Factsheet - December DOWNLOAD
- Factsheet - November DOWNLOAD
- Factsheet - October DOWNLOAD
- Factsheet - September DOWNLOAD
- Factsheet - August DOWNLOAD
- Factsheet - July DOWNLOAD
- Factsheet - June DOWNLOAD
- Factsheet - May DOWNLOAD
- Factsheet - April DOWNLOAD
- Factsheet - March DOWNLOAD
- Factsheet - February DOWNLOAD
- Factsheet - January DOWNLOAD
2015
PERFORMANCE
DESCRIPTION
Key Details
- Legal StructureSicav
- ISINES0109297038
- Base CurrencyEuro
- Listed MarketMercado Alternativo Bursátil
- Bloomberg CodeS3255 SM
- MAB CodeS3255
- LiquidityDaily
- SettlementT+2
- AddressSpain
- Management Fee1,8%
- Performance Fee0,0%
- Depositary Fee0,08%
- Subscription Fee0,0%
- Redemption Fee0,0%
- Minimum SubscriptionOne share
- Permanence PeriodNone
- Time HorizonAt least 5 years (recommended)
- Management CompanyAndbank Wealth Management SGIIC
- Investment AdvisorSalmón Mundi S.L.
- CustodianBanco Inversis S.A.
- Custodian GroupBanca March S.A.
- AuditorDeloitte S.L.
sicavs
More
A Sicav is an investment company with variable capital. This open-ended collective investment scheme is supervised by the “Comisión Nacional del Mercado de Valores” (CNMV – The Spanish Securities Commission), audited and established as an incorporated company. Its corporate purpose is the management of its own wealth formed by investor subscriptions. A Sicav does benefit from the same tax rules as an investment fund, because both of them are collective investment institutions. They are being charged 1% company tax and when investors sell with a profit they are taxed based on savings at 19% up to 6,000 euros of profits, 21% between 6,000 and 50,000 euros of profits and 23% from 50,000 euros upwards*.
* Official Spanish taxable base of savings for 2016.