Publications

Jul 17
Invexcel Comentario_Junio23-1

Quarterly comment Invexcel June 2023

Too quiet? In our Q2-2023 letter we talk about the (self-inflicted?) challenge facing central banks to control inflation. Meanwhile, the market looks elsewhere and, with retail investor support, it is historically the most concentrated ever with dizzyingly high valuations. This is an extreme environment that could be very positive for…
  • 17 July, 2023
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Jan 16

Quarterly comment Invexcel December 2022

The importance of valuation. In our Q4-2022 letter we review the results of our investment vehicles and the markets in 2022 as a whole, with a special focus on the end of the year and our main defense against the uncertainties of the new year: invest rationally whilst paying attention…
  • 16 January, 2023
Oct 26
El economista

Mistakes are part of the game

Review of the book "7 Mistakes Every Investor Makes, and How to Avoid Them" written by our analyst Alirio Sendrea, CFA, and published in elEconomista. Text only available in Spanish.
  • 26 October, 2022
Oct 20
2022T3_Invexcel Comentario trimestral

Quarterly comment Invexcel September 2022

Paradigm Shift . In our Q3 2022 letter we talk about inflation, which so many considered dead and then finally arrived, or was accepted, because it had been roaming freely for over a year. We address the impact on the markets, the forced return -at the worst possible moment- to…
  • 20 October, 2022
Oct 13
Sep 12
cinco días

What will happen to the European oil companies?

An article by our analyst Alirio Sendrea, CFA, published in Cinco Días, warning about the potential consequences of the European policy of persecution of the still necessary oil industry. Text only available in Spanish.
  • 12 September, 2022
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Feb 02

Value is dead, long live Value!

A review written by our analyst Alirio Sendrea - CFA, on the second edition of the book "Value Investing: From Graham to Buffet and Beyond", published in elEconomista.
  • 2 February, 2022
Jan 14

Quarterly comment Invexcel December 2021

In our Q4-2021 letter, we talk about inflation and some curiosities in 2021, such as the record sale of shares by executives and founders of large listed companies, who seem to suffer from the syndrome suffered by the captain of the Costa Concordia, while retailers borrow more than ever to…
  • 14 January, 2022
Jan 13
Oct 19
Oct 15

Euronav: Tanker Giant Positioned to Take Advantage of Industry Cycle

Our analyst Alirio Sendrea - CFA, gave a presentation at the European Investment Summit 2021, an event organized by MOI Global, the exclusive international community of value investors. Our investment thesis regarded Euronav, the world's leading crude oil transport company.
  • 15 October, 2021
Oct 04
Sep 30

Interview with Javier Echevarría in Hispanidad

Interview with our partner and investment manager, Javier Echevarría, where he deals with different market-related current affairs, with focus on the oil and gas sectors and electricity prices. View interview (available only in Spanish)
  • 30 September, 2021
Sep 14

Quarterly comment Invexcel June 2021

Our letter for Q2-2021, where we share our point of view on the inflation debate and we go further in our analysis on the current market’s situation. Download
  • 14 September, 2021
Sep 13
Apr 13
Mar 25
Jan 25
Jan 21

Repsol: Diversified Energy Company Transitioning to New Technologies

Our partner Javier Echevarría gave a presentation at the event Best Ideas 2021, organized by MOI Global, the exclusive international community of value investors. Our investment thesis regarded the O&G sector and, specifically, Repsol, the leading integrated oil company in the Spanish market.
  • 21 January, 2021
Nov 27
Oct 15
Jun 24

Intelligent Investing in COVID-19 times

The Manual of Ideas (MOI) has published an interview with our analyst Alirio Sendrea, CFA, in a special issue in which several Spanish-speaking investors comment on investment opportunities and risks in recent weeks. In the interview, Alirio reviews our investment theses in Anheuser-Bush InBev (the world's largest brewer), IWG (the…
  • 24 June, 2020
Jun 15
May 04

Quarterly comment Invexcel March 2020

The world financial markets have ended the first quarter of the year with strong general decreases due to the impact that the coronavirus will have on the world economy, and we have been no exception. Available in Spanish.
  • 4 May, 2020
Mar 20
coronavirus_INVEXCEL

Comunicación COVID-19

Hoping that our co-investors, friends and their families find themselves in the best possible state of health, we share this letter in which we explain our perspective and action in the current situation caused by COVID-19. We continue to look to the future with optimism, as together we will succeed.…
  • 20 March, 2020
Jan 17

Gestamp: Owner-Operated Tier 1 Auto Supplier at Low Valuation

Our partner Javier Echevarría has presented in Best Ideas our investment thesis on Gestamp, a Spanish family business, and supplier of parts for the main automobile brands, with a global presence. Its business is little affected by structural changes in the industry, and even benefited from them. We consider the…
  • 17 January, 2020
Jan 17
Nov 13
Nov 13
Alirio Sendrea

Unicaja: Boring is beautiful

Our Analyst Alirio Sendrea, CFA has presented in Best Ideas en Español our investment thesis in Unicaja, a well-managed bank, with significant hidden value. Read Summary  
  • 13 November, 2019
Oct 21
Jul 18
Apr 15
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Oct 17
Oct 17
resumen de ideas de inversión en compañías españolas

A Postcard from Spain

Alirio Sendrea, Head of Research, in collaboration with Invexcel’s team, has shared with MOI Global a summary of several investment ideas in Spanish companies. Read summary.
  • 17 October, 2018
Jul 16
Apr 12
Jan 18
Javier Echevarria

Javier Echevarría at Best Ideas 2018

Our CIO, Javier Echevarría, has participated as an instructor at Best Ideas 2018, a MOI Global event, presenting a deep analysis of one of our investment ideas, the Irish cider and beer company C&C Group.
  • 18 January, 2018
Jan 16
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Jul 14
May 03
Corrupción, transparecnia y la campana de Gauss

Corruption, Transparency and the Gaussian Bell Curve

José María López de Letona, President of Invexcel and Vice-President of the Círculo de Empresarios, shares an analysis based on objective data on Corruption in Spain. Published in Expansión. May 3, 2017.
  • 3 May, 2017
Apr 17
Apr 10
Jose María López de Letona

Spain, “el Círculo” and the Crown

José María López de Letona, President of Invexcel and Vice-President of the Círculo de Empresarios, writes on the occasion of the fortieth anniversary of the Círculo de Empresarios, an organization that has dedicated great efforts to contribute to the development of Spain. Published in ABC. April 9, 2017. [minti_button link="http://circulodeempresarios.org/sala-de-prensa/espana-circulo-la-corona/"…
  • 10 April, 2017
Feb 13

Interview to our advisor Alirio Sendrea, CFA

Interview to our advisor Alirio Sendrea, CFA, opening a new section dedicated to asset managers and advisors in Spain on La Vuelta al Gráfico blog, published in Rankia last Sunday January 29, 2017.  
  • 13 February, 2017
Jan 09
Dec 13
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Oct 10
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Jul 02

Insane Repealing Mania

José María López de Letona, President of Invexcel writes in Expansion about legal certainty and stability in our country. December 22, 2015.Expansión 21 de diciembre de 2015.  
  • 2 July, 2016
Jul 02

Legal Certainty and Demagogy: the Myth of SICAVs

Our President, José María López de Letona, analyzed in an article published in the Spanish newspaper ABC, the myths that, as a result of ignorance or demagogy, certain political parties have spread on SICAVs, leaving aside their real value for Spanish savers. December 22, 2015. [minti_button link="http://circulodeempresarios.org/es/blog/entrada/seguridad-juridica-y-demagogia-el-mito-de-las-sicavs" size="small" target="_blank" lightbox="false"…
  • 2 July, 2016
Jun 07
May 11
May 05

Education an Populism

José María López de Letona, President of Invexcel and Vice-President of the Círculo de Empresarios, calls for an effective reform of the Spanish educational system to prevent young people failing to integrate in the labor market being then attracted by populist promises. Published in Expansión. May 5, 2016. [minti_button link="http://invexcel.com/wp-content/uploads/2016/05/Articulo-Jose-Maria-Lopez-de-Letona-Expansion-05-05-2016-Nacional-Op....pdf"…
  • 5 May, 2016
Apr 12
Feb 29
Feb 01
Jan 01
Dec 28

Quebec, a Warning to Catalonia

Jesus Sainz, Secretary General of the Círculo de Empresarios, reflects on the economic costs of the secessionist approach of a territory through the example of Quebec, Canada. December 28, 2015.
  • 28 December, 2015
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