This is how Sandra Ortega invests: fixed income with Nordea, Vontobel, PIMCO or BlackRock and 'hedge funds'

Sandra Ortega, the richest woman in Spain and eldest daughter of Amancio Ortega, ideologue of the Inditex fashion empire, she is a faithful believer in fixed income. Neither the environment of ultra-low interest rates nor the potential of equities have made the portfolio of its sicav get off the bond funds that it has among the first lines of houses such as Nordea, Vontobel, PIMCO o BlackRock.

Rosp Corunna, Sandra Ortega’s investment arm, is responsible for an equity greater than 6,000 million euros, where there are from business participations to real estate.

More specifically, its two financial asset vehicles, the Soandres de Activos sicav (almost 325 million euros) and the Breixo Inversiones fund (close to 290 million), they manage about 615 million altogether, with data from the CNMV at the end of the first quarter. The manager in charge of moving your money is JPMorgan Management.

At Soandres, which is the 10th largest Sicav in Spain by volume, according to VDOS, the star fund is the Nordea 1 – Low Duration European Covered Bond Fund. With a weight of 9.1%, this fund from the Nordic firm invests at least two thirds of its assets in covered bonds issued by companies or financial institutions that are domiciled or carry out most of their activity in Europe.

Other funds with a lot of representation in the Sicav of the daughter of Amancio Ortega are the Vontobel TwentyFour Strategic Income Fund EUR Hedged (9%), el PIMCO GIS Mortgage Opportunities Fund EUR Hedged (6.9%) o el BlackRock Institutional Cash Series Euro Ultra Short Bond Fund (5.1%). This trio of conservative funds invest in assets such as global flexible fixed income, fixed income instruments related to mortgages and monetary assets, bonds with variable coupons or guaranteed bonds. A whole hymn to fixed income in its most diverse forms.

Insurance fund

Therefore, his patrimonial vocation underlies, that is, to preserve the value of his fortune without great surprises. The following funds confirm this orientation: iShares Treasury Bond 20 + yr ETF USD (American bonds), BlackRock Strategic Funds Global Event Driven Fund (alternative event driven), Aberdeen Standard Euro Corporate Bond Fund (European corporate bonds)… All are around 4% by weight.

Perhaps one of its most special bets is the Polar Capital Global Insurance Fund, with a weight of 3.75%. It is a fund of Actions specialized in the financial sector, especially in the world of insurance companies: general insurance, reinsurance, life insurance, insurance intermediation and customer service.

Stock market and ‘hedge funds’

As sicav positions decline, equities are finding their way into funds such as the Neuberger Berman US Long Short Equity Fund, which combines long and short stocks, or the Coupland Cardiff Japan Alpha Fund, equities. Japanese, at levels of approximately 3%.

Between January and March, Ortega has left several funds that in December were among his favorites: iShares Physical Gold ETC, which at the end of last year accounted for 3% of his portfolio; iShares Treasury Bond 7-10yr ETF USD, which weighed 8.6%; PIMCO GIS Global Investment Grade Credit Fund EUR Hedged or HSBC Global Aggregate Bond Index Fund, from 5%.

In the Breixo fund, however, the detail of positions is not as exhaustive. However, it is known that it houses funds of Laurion Capital, Voloridge Investment Management, Centiva Capital o Angel Oak Capital Advisors, among others hedge funds or alternative funds reserved only for large investors. As is Ortega, the richest woman in Spain.


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