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Cobas Asset Management Letters & Research Archive

Cobas Asset Management is a Madrid deep-value firm founded in late 2016 by Francisco García Paramés, Europe's standard-bearer of value investing after 25+ years running Bestinver and author of "Investing for the Long Term". Cobas applies a strict Graham/Buffett value framework overlaid with Austrian business-cycle theory, concentrating in unloved energy, shipping and other cyclicals, with AUM above €3.4bn. Its investor letters are fully archived from Q1 2017, moving to a semi-annual cadence in 2022.

31 pieces · 2017–2026 · updated every Monday

2026

02-09Comment Second Semester 2025This report explains how Cobas AM managed its funds in 2025: they sold stocks that had risen too much (like Korea's Samsung C&T and Italy's Avio), and bought cheaper ones such as Brazilian oil compani…→

2025

07-29Comment First Semester 2025This report shows how a fund called Cobas invests: buy cheap, sell expensive. Their key example is Babcock, a defense company whose stock they started buying in 2017 when it was out of favor (price-to…→01-31Comment Second Semester 2024This report reviews Cobas fund's 2024 performance. Some stocks like Golar (up 88%) and Teva (up 110%) surged but the manager thinks they still have room to grow because they're cheap. They also sold o…→

2024

07-23Comment First Semester 2024This report explains how Cobas fund works in reverse: they sold stocks that soared over the past two years (like Exmar, Gaslog) and bought beaten-down names such as CK Hutchinson (down 55% from 100 HK…→02-02Comment Second Semester 2023Cobas's report explains their strategy: buy high-quality companies at cheap prices (P/E ratios of 5–7x, ROCE over 25%) and wait patiently for the market to catch up. In 2023, some holdings surged due…→

2023

10-24Portfolio Note October 2023This report from Cobas fund (Oct 2023) explains their strategy: they don't buy new stocks but sell winners to buy more of the same stocks that have fallen, hoping to boost returns. They see short-term…→07-27Comments on First Semester 2023This report covers how Spanish fund manager Cobas AM invested in the first half of 2023. They buy stocks others are selling – for example, when oil prices fell, they added to their positions. Their re…→02-02Comments on Fourth Quarter 2022This report covers Cobas funds' performance in Q4 2022. While markets fell (European index -10%, US -18%), their International fund gained 11% and Iberian fund 4%. The key idea: value investing (buyin…→

2022

10-26Comments on Third Quarter 2022This is a letter from Cobas AM to its investors for the third quarter of 2022. Global stocks had a terrible quarter because high inflation forced central banks to raise interest rates, raising fears o…→07-27Comments on Second Quarter 2022This report covers how Cobas, an investment firm, performed in the second quarter of 2022. While global stock markets had a terrible first half (the S&P 500 had its worst since 1970), Cobas's funds ac…→04-29Comments on First Quarter 2022This report looks at early 2022, when high inflation and the Russia-Ukraine war made energy expensive and scarce. The author says regular investors should focus on 'must-invest' energy assets like gas…→

2021

12-31Comments on Fourth Quarter 2021This report discusses Cobas funds' Q4 2021 performance and their view that inflation is structural, not temporary, due to massive money printing (e.g., the Fed doubled its assets to $8.8 trillion). Fo…→10-28Comments on Third Quarter 2021This report explains how Cobas fund performed in Q3 2021 and why they're betting on natural gas and oil. Their key idea: years of underinvestment have caused a supply shortage, pushing prices up, but…→07-29Comments on Second Quarter 2021This report argues that value investing (buying cheap stocks) is in one of its strongest historical cycles, and it's especially bullish on oil companies. The author believes that despite ESG (environm…→04-30Comments on First Quarter 2021This report covers Cobas's investment moves in early 2021. The key takeaway: value stocks (companies with steady profits but low prices) are making a comeback as interest rates rise. Cobas saw several…→01-29Comments on Fourth Quarter 2020This report covers Cobas fund's performance in Q4 2020. After vaccine news boosted markets, the fund says its holdings (like mining company Atalaya Mining and shipping firm Wilhelmsen) still trade at…→

2020

10-30Comments on Third Quarter 2020This report argues that value investing isn't about buying bad companies, but finding good ones the market misprices. For example, Teekay LNG had record profits but its stock fell 30%, trading at just…→07-23Comments on Second Quarter 2020This report argues that the 2020 pandemic panic created a buying opportunity for smart investors. The author's fund holds companies like Teekay LNG (a liquefied natural gas shipper) whose stock prices…→04-29Comments on First Quarter 2020This is a letter from a fund manager to clients during the 2020 pandemic panic. The main idea: even though stocks crashed, the companies he owns (like LNG shipper Teekay LNG and infrastructure firms)…→

2019

12-31Comments on Fourth Quarter 2019This report from Cobas Asset Management reviews their 2019 fourth quarter. They stick to value investing—buying cheap stocks—and think expensive tech stocks will eventually fall. Their portfolio trade…→10-31Comments on Third Quarter 2019This report explains why Cobas fund has underperformed the market in its first three years, but argues it's temporary. The key idea: stock prices ultimately depend on company profits, not short-term t…→07-15Comments on Second Quarter 2019This report says that value stocks (cheap, overlooked companies) are now even more undervalued compared to growth stocks (popular, high-growth ones) than during the 2000 dot-com bubble. The author's f…→04-30Comments on First Quarter 2019This is Cobas fund's first-quarter 2019 report. After losing money in 2018, the fund rebounded early 2019 (international portfolio up 10.8%). The manager believes their holdings—like bakery firm Aryzt…→02-05Comments on Fourth Quarter 2018This report is about a fund that lost 31% in 2018, but the manager says it's actually a great time to invest. He shows that after big drops, strong rebounds often follow (e.g., after a 62% loss, the f…→

2018

11-05Comments on Third Quarter 2018This report covers how Cobas fund performed in Q3 2018. Their main idea: market drops are opportunities, not risks. Most holdings did fine, but one stock—Aryzta, a bakery company (only 6% of the portf…→07-31Comments on Second Quarter 2018This report is about Cobas's investment results for the second quarter of 2018. The short version: most of their stocks made money, but one called Aryzta (a bakery company) dropped a lot and hurt the…→05-03Comments on First Quarter 2018This report covers Cobas fund's first quarter of 2018. Despite a 9% loss, the manager sees this as a chance to buy cheap assets, like shipping and commodity companies, which are at a low point in thei…→01-31Comments on Fourth Quarter 2017This report covers Cobas fund's performance in Q4 2017. Despite the euro strengthening (which hurt returns from non-euro assets), the fund stuck to buying undervalued stocks, especially in Asia and Eu…→

2017

11-02Comments on Third Quarter 2017This report explains how Cobas fund invested in Q3 2017. The fund bought many non-European stocks (like Samsung and Israel Chemicals) because European quality companies were too expensive. Although th…→07-31Comments on Second Quarter 2017This report covers Cobas funds' performance in Q2 2017. The funds lost money because European stocks fell and the dollar weakened against the euro (from 1.05 to 1.11). The manager thinks good European…→04-28Comments on First Quarter 2017This report explains how the Cobas fund built its portfolio in early 2017. The manager bought stocks that had fallen over 50% in three years (like BMW preferred shares and Samsung preferred shares), w…→