Carta de Jos Ramn Iturriaga octubre 2017 Okavango Delta ... ? Okavango Delta, FI AGF - Spanish

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twitter linkedin youtube finect abanteasesores.com Okavango Delta, FI AGF - Spanish Opportunities Carta de Jos Ramn Iturriaga, octubre 2017 Jos Ramn Iturriaga, gestor de Okavango Delta, Kalahari y Spanish Opportunities, comienza su carta analizando las consecuencias de la crisis catalana, sealando que parece prematuro anticipar cul va a ser el desenlace, pero s se pueden sacar algunas conclusiones desde el punto de vista del inversor. En este sentido, comenta que el balance no resulta malo. Iturriaga destaca que cada vez resulta ms evidente la fortaleza de la economa espaola y el recorrido que guarda el ciclo actual y aade que, dado que el patrn de recuperacin de este ciclo no es en absoluto comparable a otros anteriores, todava nos encontremos en una fase muy incipiente del ciclo despus de cuatro aos de recuperacin. Respecto a la cartera del fondo, explica que, en el ltimo mes, el nico movimiento en la cartera ha sido la compra de Aedas en su salida a bolsa. El investment case es muy parecido al de Neinor Homes, con mejor materia prima. Por otra parte, escribe que hay algunas cuestiones que merece la pena destacar. En primer lugar, en el sector bancario, la venta que hizo Banco Sabadell de una cartera de hoteles por encima del valor en libros y el xito de la ampliacin de capital de Liberbank. Y, en segundo lugar, respecto al sector inmobiliario, Iturriaga dice que la operacin de Colonial sobre Axiare evidencia la distorsin entre el precio de los activos subyacentes y los holdings y representa el mayor refrendo de las buenas dinmicas del sector de oficinas. Para terminar la carta, subraya que el comportamiento relativo de la bolsa espaola en los ltimos meses supone una gran oportunidad de compra. En los prximos tiempos, nuestros ndices deberan empezar a recuperar el tiempo perdido. https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://www.linkedin.com/company/abante-asesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://www.youtube.com/user/abanteasesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttps://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/http://www.abanteasesores.com/http://www.abanteasesores.com/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://www.linkedin.com/company/abante-asesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://www.unience.com/group/abante_asesoreshttps://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/http://www.abanteasesores.com/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://www.youtube.com/user/abanteasesores/https://www.abanteasesores.com/gestor/jose-ramon-iturriaga/https://www.abanteasesores.com/fondo/okavango-delta-a-fi/https://www.abanteasesores.com/fondo/kalahari-fi/https://www.abanteasesores.com/fondo/spanish-opportunities-e-a/2 Carta de Jos Ramn Iturriaga / Okavango Delta, FI AGF - Spanish Opportunities twitter linkedin youtube finect abanteasesores.com Carta del gestor La crisis catalana lo ha ocupado todo en las ltimas semanas. Y, aunque el punto lgido en lo que a incertidumbre se refiere, est ya por detrs, la bolsa espaola todava no ha recuperado el terreno perdido en los ltimos tiempos. Por eso, parece prematuro anticipar cul va a ser el desenlace, pero s se pueden sacar algunas conclusiones desde un punto de vista inversor. Ms all de cuntas dcimas de crecimiento termine costando o no el desafo soberanista, el balance posible de las ltimas semanas y recalco que desde la ptica exclusiva del inversor no resulta malo. El crecimiento del ltimo trimestre de 2017, y quiz del primero de 2018, puede verse afectado mientras se normaliza la percepcin del riesgo el problema de fondo, de tener solucin, algo que parece difcil, no la tendr a corto plazo. Sin embargo, el resto de las consecuencias de este desenlace son generalizadamente positivas para los activos espaoles. Por un lado, el Estado de Derecho sale reforzado, lo que en clave de ese intangible tan importante que es la seguridad jurdica resulta una muy buena noticia. Adems, se entierra por una temporada el desafo separatista como palanca poltica en Catalua, lo que se traducir en una disminucin sustancial del ruido poltico y empresarial. Con independencia de cul sea el resultado de las prximas elecciones autonmicas del prximo 21 de diciembre, la estrategia de choque de trenes, en la que hemos estado instalados los ltimos aos, sale de la ecuacin: ha quedado claro que no se consigue nada y cualquier reivindicacin futura deber avanzar por otros cauces. https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://www.linkedin.com/company/abante-asesoreshttps://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://www.linkedin.com/company/abante-asesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://www.youtube.com/user/abanteasesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttps://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/http://www.abanteasesores.com/http://www.abanteasesores.com/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://www.linkedin.com/company/abante-asesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://www.youtube.com/user/abanteasesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://www.unience.com/group/abante_asesoreshttps://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/http://www.abanteasesores.com/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/3 Carta de Jos Ramn Iturriaga / Okavango Delta, FI AGF - Spanish Opportunities twitter linkedin youtube finect abanteasesores.com Por otro lado, y quiz ms importante por su lectura en clave nacional, las ltimas encuestas confirman lo que se poda intuir a tenor del oportunismo con el que se han enfrentado al problema: Podemos sale trasquilado de esta crisis. De hecho, solo tres aos despus de que el populismo en Espaa fuera percibido como uno de los mayores riesgos de la recuperacin econmica internacional, en palabras de Larry Fink, CEO de BlackRock, hoy constituye un remanso de conservadurismo en relacin a otros pases comparables. As las cosas, el casi medio punto de PIB que pueda llegar a costar en el peor de los casos la crisis catalana en los prximos trimestres, no parece un precio muy caro -incluso podra parecer barato- para lo que ha supuesto la resolucin de la misma. Entretanto, cada vez resulta ms evidente la fortaleza de la economa espaola y el recorrido que guarda el ciclo actual. El patrn de recuperacin de este ciclo no es en absoluto comparable a otros anteriores. La profundidad de la crisis, la heterodoxia de la poltica monetaria, el espectacular desapalancamiento del sector privado y el paulatino regreso de la financiacin bancaria, hacen posible que todava nos encontremos en una fase muy incipiente del ciclo despus de cuatro aos de recuperacin. Como he comentado en otras ocasiones, estamos todava lejos de lo que podemos considerar un ao medio de ciclo en la venta de coches o casas, o de cualquier otra magnitud ligada a la evolucin del mismo. Movimientos de cartera https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://www.linkedin.com/company/abante-asesoreshttps://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://www.linkedin.com/company/abante-asesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://www.youtube.com/user/abanteasesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttps://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/http://www.abanteasesores.com/http://www.abanteasesores.com/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://www.linkedin.com/company/abante-asesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://www.youtube.com/user/abanteasesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://www.unience.com/group/abante_asesoreshttps://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/http://www.abanteasesores.com/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/4 Carta de Jos Ramn Iturriaga / Okavango Delta, FI AGF - Spanish Opportunities twitter linkedin youtube finect abanteasesores.com En el ltimo mes el nico movimiento en la cartera ha sido la compra de Aedas en su salida a bolsa. El investment case es muy parecido al de Neinor Homes, con mejor materia prima: primeros entrantes en el negocio de la promocin en un momento en el que la oferta va por detrs de la demanda, tras prcticamente diez aos en los que no se ha puesto un ladrillo encima del otro. El apalancamiento de estas compaas a una eventual, pero bastante probable, mayor recuperacin de los precios es muy grande. En cualquier caso, y pese al movimiento de ida y vuelta en muchas de las posiciones al calor de la crisis catalana, se han producido algunos acontecimientos que merece la pena destacar. En el sector bancario, a pesar de que ha sido el que peor comportamiento relativo ha tenido los ltimos meses, se han dado dos operaciones que demuestran la profunda transformacin de las dinmicas del sector. Por un lado, el Banco Sabadell, en plena vorgine independentista, vendi una cartera de hoteles por mas de 600 millones de euros, precio por encima de su valoracin en libros. Esta operacin constituye un buen indicador del inters que hay por el inmobiliario espaol y que los precios son razonables. A medida que se asiente el polvo de la crisis catalana veremos ms operaciones y, probablemente, ms grandes, lo que es una buena noticia tanto desde el punto de vista de los balances como del capital. ltimamente est sonando mucho una gran operacin por parte del BBVA y el private equity Cerberus que, de confirmarse, sera el mejor refrendo de lo anterior. Y, por otra parte, el xito de la ampliacin de capital de Liberbank, que, en un momento difcil, se ha cubierto fundamentalmente por inversor financiero extranjero. Asimismo, adems del xito de la salida bolsa de la promotora residencial Aedas, en la que la que los inversores internacionales tambin han tenido un protagonismo indiscutible, en los ltimos das Colonial ha lanzado una OPA hostil sobre Axiare. Ms all de que era una operacin cantada (hace ms de un ao Colonial dio el primer paso comprando un 15% del capital de la socimi), creo que es sintomtica de varias cosas. En primer lugar, y quiz lo ms importante, evidencia la distorsin que existe entre el precio de los activos subyacentes y el precio de los holdings, razn por la cual tienen sentido este tipo de operaciones corporativas. Resulta ms lgico comprar el holding con el descuento al que cotiza respecto a la suma de todos sus activos. Adems, que un operador tan especializado en el mercado espaol, como es Colonial, haya decidido dar este paso representa el mayor refrendo de las buenas dinmicas del sector de oficinas. La siguiente pata de la recuperacin vendr de la mano de la recuperacin de las rentas, algo que est empezando a pasar y que goza de un largo recorrido. https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://www.linkedin.com/company/abante-asesoreshttps://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://www.linkedin.com/company/abante-asesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://www.youtube.com/user/abanteasesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttps://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/http://www.abanteasesores.com/http://www.abanteasesores.com/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://www.linkedin.com/company/abante-asesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://www.youtube.com/user/abanteasesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://www.unience.com/group/abante_asesoreshttps://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/http://www.abanteasesores.com/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/5 Carta de Jos Ramn Iturriaga / Okavango Delta, FI AGF - Spanish Opportunities twitter linkedin youtube finect abanteasesores.com Visin de mercado El comportamiento relativo de la bolsa espaola durante los ltimos meses supone una gran oportunidad de compra. Los fundamentales de los activos espaoles no se han visto afectados y, adems, tal como se ha resuelto el desafo que no el problema de fondo, salen muy reforzados. En los prximos tiempos, nuestros ndices deberan empezar a recuperar el tiempo perdido. Los factores exgenos, que en los ltimos tiempos han lastrado su comportamiento, estn saliendo de la ecuacin y los fundamentales recuperan el protagonismo que siempre debieron tener. Ya no hay ms excusas. Una vez que pasemos la pgina de la incertidumbre que ha propiciado la crisis catalana, no habr nada en el horizonte que impida que los fundamentales vuelvan a imponerse. https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://www.linkedin.com/company/abante-asesoreshttps://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://www.linkedin.com/company/abante-asesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://www.youtube.com/user/abanteasesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttps://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/http://www.abanteasesores.com/http://www.abanteasesores.com/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://www.linkedin.com/company/abante-asesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://www.youtube.com/user/abanteasesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://www.unience.com/group/abante_asesoreshttps://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/http://www.abanteasesores.com/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/6 Carta de Jos Ramn Iturriaga / Okavango Delta, FI AGF - Spanish Opportunities twitter linkedin youtube finect abanteasesores.com Si desea ms informacin sobre este producto, por favor, haga clic AQU. Quiere saber ms sobre este fondo y su gestin? Puede consultar los siguientes enlaces: - Ficha del producto - Todas las cartas del gestor - Twitter: @JRIturriaga La informacin contenida en esta carta informativa es de carcter general y no constituye asesoramiento. Cualquier decisin o actuacin basada en su contenido deber ser objeto del adecuado asesoramiento profesional. La carta Informativa ha sido elaborada a 14 de noviembre de 2017 y ABANTE ASESORES no asume compromiso alguno de actualizacin o revisin de su contenido. https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://www.linkedin.com/company/abante-asesoreshttps://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://www.linkedin.com/company/abante-asesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://www.youtube.com/user/abanteasesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttps://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/http://www.abanteasesores.com/http://www.abanteasesores.com/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://twitter.com/abanteasesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://www.linkedin.com/company/abante-asesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://www.youtube.com/user/abanteasesores/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://www.unience.com/group/abante_asesoreshttps://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/http://www.abanteasesores.com/https://twitter.com/abanteasesores/https://www.linkedin.com/company/abante-asesores/https://www.youtube.com/user/abanteasesores/https://www.unience.com/group/abante_asesoreshttp://www.abanteasesores.com/https://www.abanteasesores.com/contacto/https://www.abanteasesores.com/particulares/productos-y-gestion/fondos-de-autor/https://www.abanteasesores.com/particulares/productos-y-gestion/fondos-de-autor/https://www.abanteasesores.com/gestor/jose-ramon-iturriaga/#publicaciones_iturriagahttps://twitter.com/jriturriaga

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