06 May «Orfeo Capital», the fund manager that was born as a family wealth company
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What started as a “family office” (a family company dedicated to wealth and financial management) of the business group Orfeo XXI, has evolved into a management company of collective investment institutions called «Orfeo Capital». Before this, it was an EAFI (counterpart of British Independent Financial Adviser) between 2008 and 2018. In this regard, the CEO of the company, Miguel Ángel Temprano, has explained that “the objective is always the preservation of wealth: we will never give a 20% or 30% return but neither we will not lose 40% of the investment”.
En este sentido, esta gestora ya dispone de un patrimonio de unos 50 millones de euros que en la actualidad están más volcados en Estados Unidos, aunque se reparte a partes iguales entre Europa y el país norteamericano. With few stocks on the Ibex 35, the team from Orfeo look much more to the Euro Stoxx 50 and Standard & Poor’s 500 – «Apple and the other 499», jokes the head of the firm – and now they aspire to “open” new investment products as an Equity Investment Fund aimed at Latin America “or another mixed nominated in US dollars inLuxembourg». When asking about his choice for this small European country of the Benelux, Temprano points out that «denominating a fund in dollars is impossible in Spain».
The managers, joint-investors
But, ¿what differentiates Orfeo Capital from similar assets managers? Temprano he attributed it to three pillars: the managers are co-investors, they are committed to the preservation of wealth, and all the analysis is their own. “We managers risk all our financial assets“, underlined the head of the firm.
Specifically, Orfeo Capital seeks to reduce five risks that have been designated as “critical” when opting to invest in a certain stock or asset, such as if there is a very high territorial concentration or high indebtedness. Además, se busca que cumpla con cuatro de las siguientes cinco ventajas competitivas: altas barreras de entrada para los competidores, altas barreras de salida para los clientes, productos altamente replicables y escalables, así como una diversificación «que asegure que su forma de inversión se cumpla». Como ha apuntado Miguel Ángel Temprano «nuestros orígenes como un family office ha marcado nuestro estilo y método de trabajo».
Desde Orfeo Capital también buscan evitar otros dos riesgos intrínsecos al valor: la divisa que no duda en calificar de «un factor poco controlable» y el «riesgo egogestor», que como ha explicado el máximo representante de esta gestora consiste en pensar que el mercado estará equivocado y que conduce a mayores compras de un mismo activo. «Limitamos la inversión a un kit de inversión, una cantidad máxima a partir de la cual no se introduce más capital», ha concluido.
Source: ABC Economía– 06/05/2019