Cobas AM is an investment management firm based on the value investing philosophy.
After achieving an annual return of 15.5% from 1993 to 2014, Francisco García Paramés founded Cobas Asset Management in 2016. The firm stands out for maintaining the same investment policy that allowed Francisco García Paramés to achieve such success over the decades.
Cobas Asset Management invests in high-quality companies, paying as little as possible for their ability to generate free cash flow, in low-debt companies, with a long-term horizon. We consider it one of the leading entities worldwide in this style of investing.
The Cobas Renta strategy has posted a return of over 7% in 2026 (as of the end of June 2026). Equity exposure is capped by the prospectus at a maximum of 15%. Regarding high-yield debt, the maximum exposure is 25% (currently 20%). As for the remainder of the fixed-income portfolio, investments are in high-credit-quality instruments. At least 50% must be sovereign debt (currently 100%), with the remainder potentially consisting of corporate debt.
- Presentation of Francisco Burgos, Director of Institutional Investor Relations at Cobas AM, at the Tenvalue Annual Conference (12 minutes):
Top 5 holdings of the Cobas Selección fund (June 2026):
– CK Hutchison
– Golar LNG
– Wizz Air
– JD Sports
– BW Offshore
Top 5 holdings of the Cobas Renta fund, government bonds (30/06/2026):
– Bono alemán (13/01/2027): 8,38%
– Bono alemán (17/02/2027): 8,37%
– Bono alemán (16/09/2026): 8,29%
– Bono alemán (17/03/2027): 8,22%
– Bono alemán (12/06/2027): 7,5%
Top 5 holdings of the Cobas Renta fund, corporate bonds (30/06/2026):
– Panoro Energy (2%)
– Borr Drilling (2%)
– EnQuest (1,95%)
– Kosmos Energy (1,9%)
– Golar LNG (1,8%)
