The Spanish National Securities Market Commission (CNMV) has authorised Augustus Capital to operate as an asset manager, raising to 12 the number of managers launched over the last year in Spain.
Augustus Capital was established in 2013 for the distribution of Lierde Sicav, a vehicle led by Juan Uguet and Carlos Val-Carreres that manages some €335m in AUM.
Lierde Sicav, created 25 years ago to manage the assets of former president of the Spanish multinational telecommunications firm Telefónica César Alierta, has belonged to various asset managers including BBVA and Ibercaja Gestión. It is currently owned by Urquijo Gestión.
Lierde is a directional open-ended investment fund, biased to Europe and actively managed with no benchmark. The portfolio is well-diversified in 50-60 high quality companies without any size restriction.
The track record of Lierde Sicav has an average annual return of 16% since 1994, tripling the annual return of the European market with lower risk levels than the market (Beta of 0.8 and Sharpe ratio of 0.85).
Its investment philosophy is focused on companies that are able to create value (return on capital employed higher than cost of capital) on a sustainable basis.