Quarterly report for our investors - First Quarter 2020

First Quarter 2020
TO OUR INVESTORS
Q U A R T E R L Y R E P O R T

Dear investor,
The first quarter of 2020 will go down in history as the era of the Coronavirus outbreak and its rapid
global spread. Beyond its effects on the economy and the portfolios, our first considerations are about the
human aspect of this crisis. In recent weeks, the pandemic has caused thousands of deaths, especially among
our elderly. Our solidarity towards the victims and their families goes without saying. We do not want to
miss this opportunity to send our deepest condolences to all those who have lost their loved ones
during these last days and weeks. For the rest, lockdown is certainly uncomfortable, but it is only
temporary.
We would also like to recognise the hard work of those who care for us all: the heath system and the State
Security Forces. Our heartfelt gratitude and admiration goes out to all those involved.
Effects of the Coronavirus
Getting down to business, the economic effect of the Coronavirus will certainly be significant. Or, at least, its short-
term impact. All the measures that have been taken to reduce activities to those that are considered “essential”
will undoubtedly have a clear effect on reducing “non-essential” activities abruptly in an unprecedented way. As
a result, the drop in production during the end of the first quarter and the start of the second quarter will be very
drastic.
This has clearly affected companies across the board. The returns on our equity portfolios have been severely
corrected, with the exception of Bestinver Grandes Compañías, which declined to a lesser extent, standing
at -12% at the end of the quarter. The rest of the portfolios have suffered falls of around 30% during the
quarter.
What should we do in this situation?
We mentioned earlier the hard work of the State Security Forces. The slogan of the Spanish Guardia Civil “short steps,
long vision” (“paso corto, vista larga”) comes to mind. You cannot say more in fewer words. Prudence in the short
term, but always with an eye to our long-term objectives.
Short steps
At Bestinver we have turned knowledge, prudence and patience into the three pillars of our investment philosophy.
This prudence can be seen today in three key aspects:
1. Liquidity: we have been talking for years about the risk of illiquidity and how to manage it. Today it is more
important than ever. The liquidity of a portfolio must always take into account that things can change. This liquidity
is not only the part of the portfolio that remains uninvested, but much more importantly, it is the liquidity profile of
the companies we hold in the portfolio. In other words, how easy or difficult it is to unwind positions. Let us never
forget this.
2. Quality of the companies: a house will be robust as long as it is solidly built and the elements used to build it
are robust. Hence, the stronger the companies, the stronger the portfolio. Today, more than ever, we must avoid
companies that are too leveraged. We refer to leverage in the broadest sense, both operating and financial.

The economic situation in the coming months will put companies to the test. And some will undoubtedly fail.
Special mention should be made to regulatory risk, which will inevitably increase in an environment of maximum
indebtedness for governments.
3. Diversification: we make our best effort to analyse companies in depth and thus avoid negative surprises in our
portfolio. But still, we are not immune, our best remedy being diversification. If we have a problem, let us hope it is
a small one and that it does not sweep away portfolio performance.
Long vision
We cannot overlook the fact that our objective remains to generate attractive returns in the long run. This
is why we buy companies that offer attractive valuations today (or very attractive ones in some cases).
Equities have been the most profitable asset in history, including wars, energy crises, famines, financial crises,
etc. Equities have always been victorious, but with the help of time. Today, without a doubt, markets offer
opportunities. Quality companies at very attractive prices. Companies that will most likely withstand these low-
growth quarters and emerge stronger than before. Companies that will be able to make money consistently
over the long run. Companies that can endure bad times because they do not have excessive debt. These
companies are clearly an opportunity for the long-term investor.
From a macroeconomic perspective, without being experts, we see a clinical picture similar to the one we
observed a few months ago, but with more acute symptoms. Monetary policies, instead of normalising, have
once again stepped on the gas. Tax policies, restricted until now, will shoot up to mitigate the effects of the
crisis. This, in our opinion, can only lead to higher inflation. When? We do not know, but it will happen. Think
of a tsunami. The first sign is precisely that water rushes away from the shore… and then comes crashing
back.
The situation these days is truly complex. We certainly have to cope with a very delicate scenario from a human
point of view. We also have to make decisions about our savings. And we cannot do it any differently than we
have always done: taking into consideration the time horizon. Would you keep your money in a current account
for the next five or ten years? This is probably the best solution for those who cannot handle the volatility
of these months. But in the economic scenario we will find in the aftermath of the crisis, with possibly higher
inflation, this does not seem like the right thing to do. Money will lose its value as quickly as it did in the periods
of inflation that we have all witnessed. In this scenario, our money should preferably be invested in real assets
such as stock, which will protect us from inflation.
Bestinver
Finally, though much less relevant at this time, but as part of our obligation to keep you informed, I would like
to take this opportunity to give you an internal update. As we announced at the beginning of March, I will be
leaving Bestinver next October. Until then, I will continue to perform my duties as Director of Investments,
ensuring the smooth functioning of our investment philosophy, processes and management teams. Tomás Pintó,
a renowned professional with more than twenty years of experience, joined Bestinver a few weeks ago as Head
of international equities. Tomás will focus on the international portfolio, which we will co-manage over the
coming months.

Beltrán de la Lastra
Director of Investments
BESTINVER
I would like to conclude this letter wishing you all the best in overcoming this health crisis and expressing
my solidarity with all the affected families that are facing difficult times. Our wholehearted support and
encouragement from Bestinver.
Thank you once again for your trust,

Performance
12.56% annualised return for
Bestinfond since launch
Assets
More than €6.4 billion under mana-
gement
Investors
More than 50,000
Bestinver in numbers
Awards obtained
More than 100 in
the last 20 years
Independence
100% Acciona Group
Figures as at 31/03/2020. Bestinfond start date: 13/01/1993

11
CONTENTS
Portfolio performance
International portfolio
Iberian portfolio
Portfolio analysis
International portfolio
Iberian portfolio
Investment funds
Equities
Mixed and fixed income
Hedge funds
Pension funds
Equities
Voluntary pension plan providers (EPSVs)
Equities
12
13
14
16
17
20
26
27
33
37
40
41
42
46
47
48
This document has been prepared by Bestinver Gestión, S.A. SGIIC for information purposes only, and may not be considered, under any circumstances,
as an offer to invest in its investment funds. The information has been compiled by Bestinver Gestión, S.A. SGIIC using sources considered reliable.
Nevertheless, and although reasonable measures have been taken to ensure that the information is correct, Bestinver Gestión, S.A. SGIIC does not
guarantee that it is accurate, complete or up-to-date.
All of the opinions and estimations included in this document represent the opinion of Bestinver Gestión, S.A. SGIIC on the date to which they refer
and may vary without prior warning. All of the opinions contained herein have been issued on a general basis, without taking into account the specific
investment objectives, financial situation or particular needs of each person.
Under no circumstances shall Bestinver Gestión, S.A. SGIIC, its administrators, employees or authorised personnel be held responsible for any harm of
any kind that may proceed, directly or indirectly, from the use of the information contained in this document. A statement of past performance does not
constitute, under any circumstances, a promise or guarantee of future returns.
All of Bestinver’s returns are expressed in € and in net terms, after expenses and commissions.
Potential: The upside potential that, in the opinion of Bestinver’s managers, the fund has at any given time, calculated as the difference between the
current PER and the target PER. This does not represent the gain that the fund will make in a certain period, given that, although the fund will achieve a
specific return, the objective of the managers is to increase, or at least maintain, that potential.
PER: The free cash-flow price at which the fund trades, based on the PER estimated by Bestinver’s managers for each company (includes adjustments
such as: debt, point in the cycle, price, currency, etc.).
Target price: The Net Asset Value that the shares in the fund may reach on the basis of the intrinsic value that all of the stocks that form the portfolio have,
in the opinion of Bestinver’s managers.
LEGAL WARNING

13
Table of annualised returns
2020 2019 3 years 5 years 10 years 15 years Launch
International portfolio -30,66% 23,34% -8,79% -2,89% 5,45% 5,99% 7,89%
European market -22,59% 26,05% -3,17% -1,73% 4,63% 3,96% 3,66%
Annualised returns
The net asset value of our international portfolio decreased by 30.6% during the year, compared with the negative
return of -22.6% for the European Market (MSCI Europe with dividends). Over the long term, the cumulative return
on the international portfolio in the last 5 and 10 years has been -13.7% and +70%, respectively.
International
portfolio1.
Figures as at close of business: 31/03/2020. Source: Bestinver. European market: MSCI Europe with net dividend. Launch date: 31/12/1997.
Past performance is not a guarantee of future returns.
Investment in equities can lead to the loss of capital invested and is inadvisable for time horizons of less than 5 years.
2020 3 years 5 years 10 years 15 years Launch
International portfolio European market
5%
10%
15%
20%
25%
30%
-10%
-15%
-5%
-20%
-25%
-30%
-35%
0%
2019

14
Annualised returns
Iberian portfolio 70% IGBM / 30% PSI
The net asset value of our Iberian portfolio dropped by 29.8% during the year, compared to the 24.9% fall of
the reference index (comprising the IGBM and the PSI). Over the long term, the cumulative return of the Iberian
portfolio in the last 5 and 10 years has been -20.2% and +21%, respectively.
Iberian
portfolio2.
Figures as at close of business: 31/03/2020. Source: Bestinver. Since 01/01/2016, the reference index includes net dividends. Launch date: 01/12/1997. Past performance is not a
guarantee of future returns.
Investment in equities can lead to the loss of capital invested and is inadvisable for time horizons of less than 5 years.
Iberian portfolio -29,87% 10,51% -9,93% -4,40% 1,93% 3,93% 8,46%
70% IGBM/30% PSI -24,97% 16,42% -7,30% -4,97% -2,27% -0,62% 1,82%
5%
10%
15%
20%
-5%
-10%
-15%
-20%
-25%
-30%
0%

17
Industrial 40,7%
RIO TINTO 4,5%
DASSAULT AVIATION 3,2%
ANDRITZ 2,8%
Communication Technology 16,8%
INFORMA 4,4%
TENCENT HOLDINGS 2,8%
SAP 2,6%
Consumer 22,2%
DELIVERY HERO 4,9%
JUST EAT 3,6%
BOOKING HOLDINGS 2,4%
Financial 15,5%
STANDARD CHARTERED 3,9%
BNP PARIBAS 2,7%
INTESA SANPAOLO 2,4%
Liquidity: 4,8%
SECTORAL DISTRIBUTION
International
portfolio1.
Date: 31/03/2020. Source: Bestinver
DISTRIBUTION OF THE PORTFOLIO
Portfolio analysis
Geographical distribution Sectoral distribution
Consumer 22,2%
Financial 15,5%
Industrial 40,7%
Communication
Technology
16,8%
Liquidity 4,8%
Europe 81,1%
Iberia 0,9%
Other 13,3%
Liquidity 4,8%

18
MAIN MOVEMENTS IN THE INTERNATIONAL PORTFOLIO
Portfolio analysis
Additions to the portfolio
ADIDAS
Adidas is a German company with a global presence whose core business is the manufacture of sport shoes and
clothing. As a result of the Coronavirus crisis, the company has lost more than 40% of its value, leaving it at a
very attractive valuation. Adidas has been forced to close most of its stores around the world, which has had a
significant impact on its sales. However, while close to a quarter of the company’s revenue comes from China,
80% of its growth also corresponds to this region, where factories and stores are already operating following the
COVID-19 crisis. The company’s margins in China are higher than in other regions due to a higher sales price and
closer proximity to factories as well as a higher proportion of direct-to-consumer sales (stores and online). The
company is boosting direct-to-consumer sales vs wholesale, which represents a great opportunity for both sales
and profit growth in the coming years. Online sales currently represent 15% of total sales, which is compensating
to some extent for the diminishing sales from stores closed due to the virus. We believe that Adidas offers value
at current prices, and has reported a strong balance sheet with a net cash of 800 million at the end of 2019.
Increases in positions
ABB
We have increased our position in ABB, an industrial conglomerate of electrical equipment. The company is
improving its corporate governance thanks to its reference shareholders, nominating new members to its Board
of Directors and recently appointing a new CEO. The Coronavirus impact on the valuation and the fact the
market does not fully understand the positive implications of an improvement in corporate governance has
given us the opportunity to continue building our position in the company. Regarding the impact of COVID-19,
the company reported that most of its production facilities are fully or partially operational and that the impact
on the supply chain will not be significant. ABB is already taking action in view of the weaker economic outlook,
and although we believe it may suffer in the short term, we see the possibility of a huge turning point that will
benefit the company in the long run.
INFORMA
As you know, Informa is among the top positions in our portfolio and it has plummeted by more than 55%
during the year, which is why we decided to increase our position. The events division, which accounts for
a substantial part of Informa’s revenue (60%), has been the most severely affected. The company had to
cancel some events, but was able to reschedule most of them to the second half of the year. We talked to
its managers who told us that the situation in China is already showing signs of normalisation and they were
able to hold the first post-crisis event (Haining Export Exhibition) in early April in the Chinese city of Haining
(Zhejiang). Even though events are being postponed globally, bookings are paid in advance, and these are, in
general, not being cancelled. For example, tickets for the Jewellery fair to be held in Hong Kong in September
are already sold out.
Of this year’s target revenue for the events division, 17% has already been achieved with events held in January and
February, 23% has been postponed to the second half of the year and only 2% has been cancelled. That leaves us
with almost 60% of the total revenue for the second quarter, 22% of which comes from China.
We cannot predict what will happen, but Informa has a very good management team which is adapting to the
new circumstances and knows how to react to minimise the impact on its profit and loss account. In 2009, the

19
Portfolio analysis
company delivered solid results, with strong cash generation, dividend growth and debt reduction. We reduced
2% of our position during 2019 to £8.20 following its strong share-price performance, and after the recent falls,
we have decided to buy it back.
We believe that this market disruption with largely unwarranted movements and unprecedented volatility surges,
is providing value investors with new opportunities and good entry levels in many companies.
Reductions in positions
ARJO
We have reduced our position in the Swedish hospital bed manufacturer. Arjo has been performing remarkably
well since we bought it; we went in at SEK 25 and sold at SEK 50. Although we like the company, its valuation is
no longer as attractive at these prices, which is why we have decided to reduce our position in the company.
RELX
As part of our portfolio turnover policy, we agreed to reduce Relx and increase Informa, since the opportunity
presented by the latter after the downswings of the COVID pandemic was more attractive.
Exits from the portfolio
DIXONS CARPHONE
Over the past year we increased our position in more cyclical companies, including some UK companies such as
Dixons that we believed were undervalued. After its good performance in 2019, we decided earlier this year to
reduce some of the risk in the portfolio and sold our position in the company.

20
Portfolio analysis
Financial 20,1%
UNICAJA BANCO 3,9%
CAIXABANK 3,6%
BANCO SABADELL 3,4%
Communication Technology 10,7%
NOS 3,5%
INDRA SISTEMAS. 3,1%
EUSKALTEL 2,2%
Consumer 14,0%
IBERSOL 4,4%
VISCOFAN 4,2%
LABORATORIOS FARMAC. ROVI 3,8%
Industrial 50,9%
GALP SGPS 5,4%
ACS ACTIVIDADES CONS Y SERV 5,0%
REPSOL 4,6%
Liquidity: 4,3%
Iberian
portfolio2.
SECTORAL DISTRIBUTION
Consumer 14,0%
Financial 20,1%
Industrial 50,9%
Communication
Technology
10,7%
Liquidity 4,3%
Spain 74,6%
Portugal 21,2%
Liquidity 4,3%

21
Portfolio analysis
MAIN MOVEMENTS IN THE IBERIAN PORTFOLIO
Additions to the portfolio
ARCELORMITTAL
We have built a position in ArcelorMittal, the world’s leading steel and mining company which supplies products
for all major steel markets, including the automotive, construction, household appliances and packaging industry.
Over the last 18 months, the fall in steel prices has put a lot of pressure on steel companies, yet, in our view,
this has been something transitory and due to several reasons. Firstly, the decline in automobile production, a
sector that accounts for 20% of this market and represents the second largest steel consumer in Europe after
the construction sector. Secondly, inventory reduction by customers due to economic uncertainty. Thirdly, the
increase in Asian steel exports. The decline in automobile production is in itself part of this inventory reduction
and we believe that a potential recovery in production, which would lead to an increase in stocks, could be seen
in the medium term (although the Coronavirus outbreak will delay this recovery). Regarding the rise in Asian
exports, we expect to see an increase in (anti-dumping) regulation later this year. In conclusion, we believe that
the sector has bottomed out, although we still have a few more quarters to begin to see a recovery, especially
with the impact that the Coronavirus crisis might have on this sector, where ArcelorMittal has already lost 50%
of its value.
Nevertheless, we believe that steel producers are a good opportunity. These companies have always been
valued at a discount, precisely because their profits are very volatile. However, we believe that this time it is
exaggerated, and Arcelor’s EBITDA multiple is now half the market average. Moreover, the company is in a very
reasonable and a better debt position than in the past, with a Net Debt/EBITDA multiple of less than 2x, and a
significantly depressed EBITDA, as mentioned above. This leaves Arcelor’s and other steelmakers’ share prices
ready for any improvement in steel prices in 2020-21, and, together with the falls recorded over the last month,
places the company at very attractive entry levels.
CIE AUTOMOTIVE
CIE Automotive is a supplier of components for the automotive industry. The automotive industry is very
capital intensive and has narrow margins, which has led to a high level of outsourcing to achieve specialisation
and economies of scale necessary to finance the investment. Manufacturers, called OEMs (original equipment
manufacturers), commission the design of the different car systems (such as the transmission or the sunroof
system) from “Tier 1” suppliers, who design the system and outsource the production of the various parts to so-
called “Tier 2” suppliers. CIE is one of the largest Tier 2 manufacturers worldwide. Its value consists in being able to
mass produce millions of parts in accordance with high quality standards at a low cost. In addition, the company
was one of the pioneers in seeing the need for a local presence all over the world to meet the expansion of
European manufacturers globally, which took it to Mexico long before other suppliers, to Brazil, and more recently
to India and China. This allows CIE to meet the needs of the same part for cars like VW Golf anywhere in the world
and has led it to gaining market share to other smaller manufacturers, some of which CIE has been acquiring to
consolidate the market. CIE has little exposure to long-term risks such as the combustion engine, but is not immune
to the declines that the industry has been suffering for almost two years and which will be exacerbated by the
recent pandemic. CIE is a very powerful company that has been able to restrain investment spending and debt
and at the same time has a very strict cost management culture that is reflected in the company’s returns, which
are much higher than those of its competitors. We therefore believe that CIE’s balance sheet is strong enough to
weather the storm and that the plummeting prices provide an opportunity to invest in a long-term winner, as the
penetration of private vehicles in emerging countries is still very low and CIE is present in these countries to benefit
from growth. This good risk management is no coincidence; it is mainly due to one of the best shareholder bases in
the sector, which ensures an alignment of interests with minority shareholders.
INDUSTRIA DE DISENO TEXTIL (INDITEX)
Inditex is one of the world’s largest fashion retailers which operates through its online platform or its over 7,000
stores worldwide. The group, with eight distinct brands, has its origins in La Coruña, when its founder, Amancio

22
Ortega, started out a small family business in a workshop making women’s clothing. Today, Inditex has become
a fashion giant thanks, among other things, to its logistics platform, which makes it unique in the industry. We
believe that Inditex is an extraordinary company, well managed and with a great business model, but whose
share price did not leave enough margin of safety. However, the falls in global stocks during the past few weeks
triggered by the Coronavirus crisis have made the company lose more than 25% of its value so far this year.
Although we have no visibility in the short term as they have already had to close more than 50% of their stores,
we have absolutely no doubt that it is still a great business. This is one of the few opportunities that the market
has presented to us to buy a company of such quality, and although we do not know what the slowdown after
this crisis will be like, we do know that the company will continue to exist and that it will emerge stronger vis-à-
vis its competitors, which will be greatly weakened.
Increases in positions
ACS
So far this year, the company has plummeted by more than 50% leaving its stock at very attractive levels. We
should not forget that nearly 40% of ACS’ business comes from Abertis, from the toll road business, which may
suffer in the short term, but is, in general, a more stable business that should not be affected in the long run,
thus giving stability to the company. In addition, Donald Trump has announced a $2 trillion infrastructure plan
which will benefit ACS’ business in this country. Therefore, we believe that the company’s sharp drop is partly
unjustified from a fundamental point of view.
We reduced our position in ACS in the second quarter of last year, and the current market volatility has again
given us the opportunity to enter at very good prices. The market has punished its value as it is a very cyclical
company, but we find many reasons to believe that the business will recover in the long term.
REPSOL
The breakdown of negotiations between Saudi Arabia and Russia following the latter’s refusal to cut crude output
sparked a fierce price war in early March. Following this breakdown, Saudi Arabia, which has 18% of the world’s
oil reserves and is the largest oil exporter, announced that it would lower its prices and increase production,
bringing oil prices to levels not seen for 30 years. The barrel of Brent crude fell by as much as 30%, down to 25
dollars. This, added to the Coronavirus crisis in Spain, has made the company lose more than 40% of its value so
far this year.
Repsol has announced a contingency plan for 2020 to try to mitigate the economic impact that the
Coronavirus crisis might have on the business, which includes cancelling its share repurchase programme
of 5% of the capital while maintaining this year’s dividend. Repsol has sufficient liquidity to meet debt
maturities until 2024 with no need of refinancing. We believe that the impact for Repsol can be significant
but even at these oil levels we think that the company can pay a recurring dividend, offering a dividend yield
well above 10%.
Exits from the portfolio
BME
We have decided to offload our position in BME in line with our portfolio turnover policy as the possibilities of a
better offer have been reduced and we have found new and more attractive investment alternatives.
Portfolio analysis

23
Portfolio analysis
JERONIMO MARTINS
We exited the Portuguese food distribution company in mid-February following the good performance of its
stock early this year, which went up by more than 20%. Although we think the company is extraordinary, we
have found other stocks with greater upside potential, after Jeronimo Martins has appreciated by nearly 12%
since the beginning of the year.

26
Bestinver Barcelona
Investment
funds

27
Bestinfond -30,80% 20,81% -9,24% -3,28% 4,66% 5,62% 12,56%
Reference index* -19,23% 30,02% 0,59% 2,13% 7,05% 5,51% 8,98%
Annualised returns
Equities
1.
BESTINFOND
Reflects all of our investment ideas. Invests in global equities, especially in European companies.
Data as at close of business: 31/03/2020. Source: Bestinver. Periods of more than 1 year at annualised rate. Launch date: 13/01/1993. Since 01/01/2016, the reference index includes
net dividends. Past performance is not a guarantee of future returns.
*The index changed on 05/09/2018 and is now the MSCI World NR EUR. The historical reference data for the reference index have been calculated taking as a reference the data
obtained for the index in force at any given time.
Investment in this fund is inadvisable for time horizons of less than 5 years.
Investment funds
0%
5%
-5%
10%
15%
20%
30%
25%
Bestinfond Reference index
Consumer 22,3%
Financial 15,6%
Industrial 42,1%
Communication
Technology
15,7%
Liquidity 4,3%
-25%
-30%
-35%
-20%
-15%
-10%
Europe 73,5%
Iberia 10,3%
Other 11,9%
Liquidity 4,3%

28
Investment funds
Data as at close of business: 31/03/2020. Source: Bestinver. Periods of more than 1 year at annualised rate. Launch date: 19/11/1997. Since 01/01/2016, the reference index
includes net dividends. Past performance is not a guarantee of future returns.
*The index changed on 05/09/2018 and is now the MSCI World NR EUR. The historical return data for the reference index have been calculated taking as a reference the data
BESTINVER INTERNACIONAL
Invests globally, although mainly focused on companies listed in Europe, excluding Spain.
Annualised returns
Bestinver internacional Reference index
Bestinver internacional -30,66% 23,34% -8,79% -2,89% 5,45% 5,99% 7,89%
Reference index* -22,59% 26,05% -3,17% -1,73% 4,63% 3,96% 3,66%
Europe 81,1%
Iberia 0,9%
Other 13,3%
Liquidity 4,8%
Consumer 22,2%
Financial 15,5%
Industrial 40,7%
Communication
Technology
16,8%
Liquidity 4,8%
5%
10%
15%
20%
25%
30%
-10%
-15%
-5%
-20%
-25%
-30%
-35%
0%
2019

29
BESTINVER BOLSA
Invests in listed companies in Spain and Portugal.
Figures as at close of business: 31/03/2020. Source: Bestinver. Periods of more than 1 year at annualised rate. Launch date: 01/12/1997. Since 01/01/2016, the reference index
Investment funds
Bestinver bolsa -29,87% 10,51% -9,93% -4,40% 1,93% 3,93% 8,46%
Index (70% IGBM / 30% PSI) -24,97% 16,42% -7,30% -4,97% -2,27% -0,62% 1,82%
Annualised returns
Bestinver bolsa Index (70% IGBM / 30% PSI)
5%
10%
15%
20%
-5%
-10%
-15%
-20%
-25%
-30%
Consumer 14,0%
Financial 20,1%
Industrial 50,9%
Communication
Technology
10,7%
Liquidity 4,3%
Spain 74,6%
Portugal 21,2%
Liquidity 4,3%
0%

30
2020 2019 3 years 5 years Launch
Bestinver Grandes Compañías -12,28% 23,37% 0,86% 1,67% 7,97%
Reference index* -19,23% 30,02% 0,36% 1,79% 8,30%
Annualised returns
Investment funds
Figures as at close of business: 31/03/2020. Source: Bestinver. Periods of more than 1 year at annualised rate. Launch date: 19/12/2011. Since 01/01/2016, the reference index includes
net dividends. Past performance is not a guarantee of future returns.
*The index changed on 05/09/2018 and is now the MSCI World NR EUR. The historical return data for the reference index have been calculated taking as a reference the data
BESTINVER GRANDES COMPAÑÍAS
Focuses on our selection of large companies. Reflects all of our investment ideas.
5%
10%
15%
20%
30%
35%
25%
Grandes Compañías Reference index
-20%
-5%
-10%
-15%
0%
Consumer 36,2%
Financial 0,0%
Industrial 36,8%
Communication
Technology
22,4%
Liquidity 4,6%
Europe 72%
Iberia 8,1%
Other 15,3%
Liquidity 4,6%

31
BESTINVER LATAM
Equity investment fund that invests primarily in Latin America.
Datos a cierre del día: 31/03/2020. Source: Bestinver. Date lanzamiento: 18/01/2019. Rentabilidades pasadas no garantizan rentabilidades futuras.
La inversión en este fondo no es conveniente para horizontes temporales inferiores a 7 years.
Investment funds
2020 2019
Bestinver Latam -39,30% 12,66%
SP LATIN AMERICA 40NR -44,94% 2,90%
Annualised returns
Bestinver Latam Reference index
-10%
0%
-5%
-15%
5%
15%
10%
2020 2019
-20%
-25%
-30%
-35%
-40%
-45%
Consumer 29,8%
Financial 21,3%
Industrial 26,0%
Communication
Technology
17,3%
Liquidity 5,4%
Brazil 54,1%
Chile 14,6%
Colombia 5,7%
Mexico 11,9%
Peru 8,4%
Liquidity 5,4%

32
5%
15%
10%
0%
20%
30%
25%
2020 2019
-5%
-10%
-15%
-20%
-25%
-30%
Investment funds
2020 2019
Bestinver Megatendencias -22,68% 19,30%
SX5T NET RETURN Index -25,34% 28,20%
Figures as at close of business: 31/03/2020. Source: Bestinver. Launch date: 16/06/2017. Past performance is not a guarantee of future returns.
BESTINVER MEGATENDENCIAS
Bestinver Megatendencias will invest in three themes: T1 – improvement of the quality of life, future consumption habits in health, food
and leisure, T2 – digital transformation and robotisation of the economy, productivity improvement processes, and T3 – decarbonisation
of the economy, care and maintenance of our environment.
Consumer 25,93%
Financial 0,0%
Industrial 45,57%
Communication
Technology
26,12%
Liquidity 2,38%
Exposure to megatrends
T1 — Improvement of the quality of life.
T2 — Digital transformation and robotisation of the economy .
T3 — Decarbonisation of the economy.
Renewable Electricity
Health
Industry
Water
Transports
Agriculture
Chemicals
Alternative Energies
Semiconductors
Technology
Information Technology
Biotechnology
Personal Care and Cosmetics
Leisure
Health
Food
2% 4% 6% 8% 10% 12% 14%0%
T2
25,8%
T3
44,9%
T1
23,1%
Annualised returns
Bestinver Megatendencias Reference index
Europe 69,93%
Iberia 14,46%
Other 13,23%
Liquidity 2,38%

33
Investment funds
Mixed and
fixed income2.
Figures as at close of business: 31/03/2020. Source: Bestinver. Periods of more than 1 year at annualised rate. Launch date: 29/06/1997.
Since 01/01/2016, the reference index includes net dividends. Past performance is not a guarantee of future returns.
*The index changed on 05/09/2018 and is now 50% MSCI W.NR Eur / 50% Barc. Euro Agg. 1-10y TR. The historical return data for the reference index have been calculated taking as
a reference the data obtained for the index in force at any given time.
Investment in this fund is inadvisable for time horizons of less than 2-3 years.
Geographical distribution
Bestinver Mixto Reference index
Annualised returns
Sectoral distribution
BESTINVER MIXTO
Invests up to 75% in global equities and the rest in fixed income.
Bestinver Mixto -25,92% 17,19% -6,85% -3,10% 1,67% 3,09% 6,25%
Reference index* -10,24% 16,15% -0,07% -0,80% -0,17% 0,80% 2,39%
Consumer 15,3%
Financial 11,0%
Industrial 31,5%
Communication
Technology
11,2%
Fixed income 25,3%
Liquidity 5,7%
-10%
5%
-5%
-15%
-20%
-25%
-30%
10%
15%
20%
0%
Europe 52,4%
Iberia 7,7%
Other 8,8%
Fixed
income
25,3%
Liquidity 5,7%

34
BESTINVER PATRIMONIO
Invests mainly in fixed income, with up to 25% in global equities.
Investment funds
*The index changed on 05/09/2018 and is now 12.5% MSCI W.NR Eur / 87.5% Barc. Euro Agg 1-3y TR. The historical return data for the reference index have been calculated taking
as a reference the data obtained for the index in force at any given time.
The investment policy of BESTINVER PATRIMONIO FI was changed substantially on 5 September 2018. The historical return data shown are not representative of the returns this fund
could obtain in the future.
Bestinver Patrimonio Reference index
Annualised returns
2020 2019 3 years 5 years 10 years Launch
Bestinver Patrimonio -7,28% 7,89% -1,36% 0,85% 5,69% 4,83%
Reference index* -3,13% 3,80% 1,73% 1,31% 4,89% 3,08%
2%
4%
6%
8%
10%
-4%
-8%
-10%
-2%
-6%
0%
Consumer 9,9%
Financial 0,0%
Industrial 8,7%
Communication
Technology
5,1%
Fixed income 67,7%
Liquidity 8,7%
Europe 18,3%
Iberia 1,8%
Other 3,6%
Fixed
income
67,7%
Liquidity 8,7%

35
Investment funds
BESTINVER RENTA
Invests in short-term Euro fixed income.
*The index changed on 05/09/2018 and is now 100% Barc. Euro Agg 1-10y TR. The historical return data for the reference index have been calculated taking as a reference the
data obtained for the index in force at any given time.
Bestinver Renta -7,34% 4,93% -1,24% -0,96% 0,12% 1,20% 2,70%
Reference index* -1,61% 3,44% 0,70% 0,44% 0,91% 1,59% 2,49%
Bestinver Renta Reference index
Annualised returns
4%
6%
-2%
2%
-4%
-6%
-8%
0%

36
Investment funds
BESTINVER CORTO PLAZO
Figures as at close of business: 31/03/2020. Source: Bestinver. Launch date: 20/07/2018.
Investment in this fund is inadvisable for time horizons of less than 1 year.
2020 2019 Launch
Bestinver Corto Plazo -1,35% 0,29% -0,91%
(35% Treasury bills 1 year / 65% Eonia 7d) -0,16% -0,23% -0,30%
Bestinver Corto Plazo Reference index
2020 2019 Launch
-0,2%
0,2%
-0,4%
0,4%
Annualised returns
-0,6%
-0,8%
-1,0%
-1,2%
-1,4%
0%

37
Investment funds
Hedge funds:
Hedge Value Fund3.
Hedge Value Fund -20,99% 19,75% -3,70% 1,02% 7,08% 5,79%
MSCI World Index (Eur) -19,23% 30,02% 1,00% 2,48% 7,52% 3,81%
Annualised returns
Hedge Value Fund MSCI World Index (Eur)
Consumer 71,5%
Financial 1,5%
Industrial 6,6%
Communication
Technology
13,9%
Liquidity 6,4%
5%
10%
15%
20%
30%
25%
-10%
-5%
-15%
-20%
-25%
0%
BESTINVER HEDGE VALUE FUND
The Hedge Fund invests in a portfolio without concentration restrictions and with a restricted liquidity profile.
Europe 64,0%
Iberia 9,9%
Other 19,7%
Liquidity 6,4%

38
Investment funds
BESTINVER TORDESILLAS
Bestinver Tordesillas FIL is a hedge fund whose primary goal is to generate absolute returns by investing in Spanish and Portuguese
equities, with the flexibility to take net short positions.
Consumer 13,2%
Financial 0,0%
Industrial 30,7%
Communication
Technology
5,1%
Liquidity 51,0%
Annualised returns
Figures as at close of business: 31/03/2020. Source: Bestinver. Periods of more than 1 year at annualised rate. Launch date: 09/03/2007. Past performance is not a guarantee of
future returns.
Europe 33,7%
Iberia 11,9%
Other 3,5%
Liquidity 51,0%
Volatility
Bestinver Tordesillas IBEX 35 TARGET
oct-08 jun-10 jan-12 aug-13 may-15 dec-16 aug-18 mar-20
25%
30%
35%
5%
0%
15%
40%
45%
50%
10%
26,52%
0,08%
5,25%
20%
2020 2019 3 years 5 years 10 years
Bestinver Tordesillas -5,52% 0,03% 0,51% 0,27% 1,98%
Bestinver Tordesillas
-5%
0%
-15%
5%
2020 2019 3 years 10 years5 years
-10%

40
Pension
funds
Bestinver León

41
Pension funds
Equities
1.
BESTINVER GLOBAL
Invests in global equities.
*The index changed on 19/09/2018 and is now MSCI World NR EUR. The historical return data for the reference index have been calculated taking as a reference the data for
the index in force at any given time.
Bestinver Global Reference index
Bestinver Global -30,55% 21,19% -8,92% -3,11% 4,86% 5,81%
Reference index* -19,23% 30,02% 0,59% 2,13% 7,05% 5,15%
Annualised returns
0%
5%
10%
15%
20%
-5%
-30%
-35%
-25%
-20%
-15%
30%
-10%
25%
Consumer 21,5%
Financial 15,3%
Industrial 41,2%
Communication
Technology
15,3%
Liquidity 6,6%
Europe 71,6%
Iberia 10,1%
Other 11,7%
Liquidity 6,6%

42
Pension funds
includes net dividends. Past performance is not a guarantee of future returns
*The index changed on 19/09/2018 and is now 50% MSCI W.NR Eur / 50% Barc. Euro Agg 1-10y TR. The historical return data for the reference index have been calculated taking as
Mixed and
fixed income2.
BESTINVER PLAN MIXTO
Invests up to 75% in global equities and the rest in fixed income.
Geographical distribution
Sectoral distribution
Bestinver Plan Mixto -26,08% 17,67% -7,47% -3,12% 3,27% 4,50% 8,40%
Reference index* -10,24% 16,15% 1,09% -0,71% 3,79% 3,87% 5,88%
Annualised returns
Bestinver Plan Mixto Reference index
Consumer 16,1%
Financial 11,5%
Industrial 30,7%
Communication
Technology
11,4%
Fixed income 24,5%
Liquidity 5,8%
20%
15%
10%
5%
-5%
-10%
-30%
-15%
-20%
-25%
2019
0%
Europe 54,3%
Iberia 6,8%
Other 8,6%
Fixed
income
24,5%
Liquidity 5,8%

43
Pension funds
BESTINVER PLAN RENTA
Invests in short-term fixed income.
Since 01/01/2016, the reference index includes net dividends. Past performance is not a guarantee of future returns
*The index changed on 19/09/2018 and is now 100% Barc. Euro Agg 1-10y TR. The historical return data for the reference index have been calculated taking as a reference the data
Bestinver Plan Renta Reference Index
Annualised returns
Bestinver Plan Renta -7,42% 4,97% -1,28% -0,44% 0,42% 1,36%
Reference index* -1,61% 3,44% 1,27% 1,12% 1,21% 1,78%
-6%
-4%
-2%
6%
-8%
2020 3 years 5 years 10 years Launch
0%
2%
4%
2019

44
Pension funds
BESTINVER PLAN PATRIMONIO
Figures as at close of business: 31/03/2020. Source: Bestinver. Launch date: 15/11/2018.
2020 2019 Launch
Bestinver Plan Patrimonio -5,64% 5,41% -0,58%
(12,5% MSCI W.NR Eur / 87,5% Barc. Euro Agg 1-3y TR) -3,13% 3,80% -0,17%
Bestinver Plan Patrimonio Reference Index
Annualised returns
2020 2019 Launch
0%
4%
-2%
6%
-4%
-6%
2%

46
EPSVEPSV
Only for investors who are tax
resident in the Basque Country
Bestinver Bilbao

47
EPSV
Equities
1.
BESTINVER CRECIMIENTO
Invests up to 100% in global equities.
*The index changed on 26/07/2018 and is now MSCI World NR EUR. The historical return data for the reference index have been calculated taking as a reference the data obtained
for the index in force at any given time.
2020 2019 Launch
Bestinver Crecimiento -30,41% 21,03% -14,16%
Reference index* -19,23% 30,02% 0,52%
Annualised returns
Bestinver Crecimiento Reference Index
Consumer 20,5%
Financial 14,8%
Industrial 40,2%
Communication
Technology
12,9%
Liquidity 11,5%
2020 Launch2019
-10%
-15%
-5%
25%
20%
30%
35%
10%
5%
15%
-20%
-25%
-30%
-35%
0%
Europe 68,3%
Iberia 10,4%
Other 9,8%
Liquidity 11,5%

48
EPSV
Mixed and
fixed income2.
BESTINVER FUTURO
Invests up to 75% in equities and the rest in fixed income.
*The index changed on 26/07/2018 and is now 50% MSCI W.NR Eur / 50% Barc. Euro Agg 1-10y TR. The historical return data for the reference index have been calculated taking as
Bestinver Futuro -25,43% 17,35% -7,19% -2,93% 2,78%
Reference index* -10,24% 16,15% 1,98% 1,80% 5,61%
Bestinver Futuro Reference index
Annualised returns
Consumer 15,0%
Financial 10,7%
Industrial 30,1%
Communication
Technology
8,9%
Fixed income 26,8%
Liquidity 8,5%
0%
5%
10%
-5%
-30%
-15%
-20%
-25%
15%
20%
-10%
Europe 50,4%
Iberia 7,6%
Other 6,7%
Fixed
income
26,8%
Liquidity 8,5%

49
EPSV
BESTINVER CONSOLIDACIÓN
Invests up to 25% in equities and the rest in fixed income.
*The index changed on 26/07/2018 and is now 12.5% MSCI W.NR Eur / 87.5% Barc. Euro Agg 1-3y TR. The historical return data for the reference index have been calculated taking as
Bestinver Consolidación -5,67% 5,55% -1,29% -0,25% 0,99%
Reference index* -3,13% 3,80% 0,48% 1,27% 2,08%
Annualised returns
Bestinver Consolidación Reference index
Europe 18,1%
Iberia 2,4%
Fixed
income
62,0%
Liquidity 14,9%
Consumer 10,1%
Financial 0,3%
Industrial 9,4%
Communication
Technology
3,4%
Fixed income 62,0%
Liquidity 14,9%
-6%
-4%
-2%
0%
2%
6%
4%

Barcelona
C. Diputació, 246
planta 3
08007 Barcelona
A Coruña
Pl. de Mina 1,
planta 4
15004 A Coruña
youtube.com/bestinverAM @bestinverlinkedin.com/company/bestinver facebook.com/bestinver
Madrid
C. Juan de Mena, 8
planta 1
28014 Madrid
Pamplona
Avda. Carlos III El noble, 13-15
planta 2
31002 Pamplona
León
Avda. Padre Isla, 2
planta 1
24002 León
Sevilla
C.Fernández y
González 2,
41001 Sevilla
Valencia
C. Moratín 17
planta 2
46002 Valencia
Bilbao
C. Gran Vía 58
planta 4
48011 Bilbao
www.bestinver.es bestinver@bestinver.esTelephone 91 595 91 00
OFFICES

Quarterly report for our investors - First Quarter 2020

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