Altex Asset Management was founded in 2003 with the objective of offering institutional and individual investors an investment management service based on excellence, integrity and independence.
The asset management firm is led by Carlos Dexeus, president of the board, and Enrique Bailly-Ballière, investment director. Carlos Dexeus has more than 40 years of experience in the financial sector in companies such as JP Morgan, Swiss Bank and Barclays. He was general director and director of Inditex and won the best Private Equity Deal in 2004 for the sale of Kelkoo to Yahoo.
We consider that Altex has a unique strategy in the market, investing in equities with a focus on quality global companies and using hedges to act as insurance in times of market declines. They are experts in implementing hedges and minimising costs, which also allows them to achieve strong revaluations in periods of market increases, as seen in 2023.
In 2022, they implemented a new hedging strategy to reduce declines with a proven backtest. To construct the portfolios, the Altex team has selected factors: Growth (Altex Prudent Growth), Quality (Altex Quality) and Momentum (Altex Momentum). They carry out an analysis of each company and build portfolios that have between 20 and 70 positions.
- Presentation of the Chief Investment Officer, Enrique Bailly-Ballière, at the Tenvalue Annual Conference (12 minutes): Altex Asset Management, a value creator according to Tenvalue
Top 10 positions/investments of the Altex Quality Fund (March 2025):
– Rheinmetall AG (2,86%)
– Thales SA (2,78%)
– eBay Inc (2,18%)
– Reckitt Benckiser (2,14%)
– Dollarama Inc (2,14%)
– Paychex Inc (2,12%)
– Tractor Supply Co (2,08%)
– Palantir Technologies Inc (2,07%)
– Universal Music Group NV (2,06%)
– T-Mobile US Inc (2,06%)
