Bestinver enhances financial stocks

Spain’s Bestinver has turned bullish on the financial sector, reversing an underweight position for the last three years to represent now 12% of the asset manager’s portfolio.

Beltran de la Lastra, chief investment officer of the asset manager of Grupo Acciona, told local media that the financial sector has attractive stocks such as ING, particularly favoured for its capital position, dividend yield and investment in technology.

“We don’t like the sector as a whole, but there are some opportunities,” he said.

In Spain, Bestinver favoured investment in the nationalised lender Bankia and Bankinter, which recently posted a 12% rise in Q3 net profit, due to its strong private banking and the integration of Barclays’ Portuguese retail unit.

De la Lastra noted about Bankia that it has “the best management team” of the Spanish banking sector, adding that “the extraordinary work of José Ignacio Goirigolzarri [Bankia’s chairman] will be eventually recognised”.

He also said the management of Bankinter is “far superior to that of other Spanish banks”.

In regards to Spain’s Banco Popular, by contrast, De la Lastra said “it has no capital” and, similarly to Deutsche Bank, he does not see it as an investment option, but, instead, as speculation.

ABOUT THE AUTHOR
Alicia Villegas
Alicia Villegas speaks Spanish and Italian and is Iberia Correspondent for InvestmentEurope. She was shortlisted for the Rising Star Award at the British Media Awards 2017 and Writer of the Year at the PPA Independent Publisher Awards 2016. Previously, she worked for almost three years at the seafood business website Undercurrent News as a market reporter. In Spain, she also worked for more than five years for several media outlets.

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