Investment portfolio

Divestments

Investment period Sector
ENDESA 1997-2006 Electricity

Electric company present in Spain, Chile, Argentina, Colombia, Peru, Brazil, Italy, France and Portugal. It generates, transports, distributes and commercialises electrical energy and performs related services.

In 2003, in light of the sluggish financial results and dividends, constant drops in value and the impossibility of becoming involved in the management of Endesa, the decision was taken to leave the company.

Investment period Sector
BANCO SABADELL 1995-2006 Banking

Spanish banking company that operates in commercial banking and focuses on small and medium-sized enterprises, professional associations and individuals.

The holding was sold in 2006, given the prevailing condition of the securities market and in line with the interests of some of the bank’s board members. Returns were also maximised and the commitment to enhancing the bank's stability by strengthening a new strong nucleus was upheld.

Investment period Sector
CAIXABANK FRANCE 1988-2006 Banking

Financial entity entrenched within the French market by means of a personal banking model geared to families and professionals, to whom it provides a complete range of financial products and services.

Its sale was prompted by the state of the French financial market, the company’s relatively small size (which hampered improvements in its efficiency and competitiveness), and an appealing offer from the buyer (Boursorama) insofar as price and corporate governance were concerned.

Investment period Sector
IMMOBIL. COLONIAL 1992-2006 Real estate

This company manages assets amounting to 6,094 million euros and focuses its operations on office rental and real estate development.

The decision to float the company could not have been made at a better time given the state of the market and was made in accordance with the policy of active management of the portfolio of holdings.