Q2 2020 Report - Portfolio Changes During Crisis

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

Dear investor,
The first half of the year has been undoubtedly marked by the COVID-19 health crisis and its effects on our lives, the
economy and financial markets. Today, the world remains immersed in a deep crisis on many fronts. However, the
past few months give us some perspective to better analyse the situation from different angles:
— Health: I am sure you do not expect us at Bestinver to evaluate this crisis from a health point of view, but it is
clearly the biggest we have seen in the last 100 years, and we should not assume that it is already over.
— Social and political: In the absence of an effective vaccine against this new pathogen, the recommendations of
the health authorities have led the leaders of each country to impose lockdown on 4 billion people, something
unprecedented in history and which seemed unthinkable just six months ago.
— Economic: Political leaders have had to take these drastic measures fully aware of the impact they would have on
the economy. The harshness of the lockdown imposed has been explained to a large extent by the capacities of
the health system, but also by the political ideals of the leaders in the various countries. During the second quarter,
Gross Domestic Product has nosedived -34.7% in the US and -48.8% in Europe. Please note that these data are
annualised, meaning the real fall is a quarter of these percentages. As a reference, in 2008, US GDP shrank by 8%
in the last quarter.
— Monetary and fiscal policy: The world’s major central banks have responded to this pandemic with unprecedented
monetary policies. The Fed has cut interest rates to 0% and increased its balance sheet from $4 trillion to $7
trillion in a matter of weeks, while the ECB has kept rates at -0.50% and increased its asset purchase programme
from €240 billion to €1.7 trillion. In the past, individual countries did not have the capacity to print their own
currency in such large quantities to finance public expenditure without losing their credibility. It seems to be agreed
that great powers like the US or supranational entities like the EU can print as much money as they need without
losing credibility, or at least that is what the so-called Modern Monetary Theory defends. What is clear to us is that
there are many more banknotes (largely virtual) to pay for the same goods and services, so it seems reasonable
to think that our money is worth less and, therefore, that we are safer investing in real assets which cannot be
replicated or “printed” like banknotes.
— Financial markets: Financial markets have gone through the different stages of the crisis (perhaps too quickly):
denial of the problem with stock markets falling slightly, followed by sharp drops in all assets, and rapid price
recovery. All in 3 months. In our opinion, this is a reflection of the times we live in. Immediacy for everything, even
for crises. But it is also a reflection of the enormous opposing forces of economic impact versus the magnitude and
speed of central banks response. It is important to highlight that the rebound has been fuelled by the latter, that is,
by the action of the Central Banks, and not by any lesser impact of the pandemic, let alone its end.
In the context of investing, the impact of shutting down very large segments of the economy has significant and
different effects where we distinguish between some (possibly) temporary shocks and others that simply accelerate
trends –both positive and negative– already initiated by the digital revolution.

— (Possibly) temporary shocks: In some segments the impact has been immediate while others have come out
practically unscathed, although it will take just a few months for the huge pandemic wave to hit them like a tsunami,
where water rushes away from the shore… and then comes crashing back. The repercussions of COVID-19 have been
felt immediately in areas related to urban life and leisure, and activity in sectors like tourism and travel has simply
disappeared almost completely. In these sectors, after 50 years growing at a rate of 5% annually, it is not obvious that
this a reversal in the trend, but perhaps just a bump in the road. There are also areas we know well where the impact
of COVID-19 has not yet arrived but is eventually expected, such as the academic publications that Vighnesh has been
covering for more than 30 years which have never –not only in this period but since 1945– suffered a single year of
negative growth. For example, UK Consortium (UK represents 7% of the world market and they are not alone in these
demands) has asked for discounts of 25%.
— Acceleration of positive trends: Trends which have already started, particularly in the area of consumption. The
digitalisation of business models has gone from being an extra to a “must-have”. Remote shopping has for a while
been the only possible way to buy, which has undoubtedly helped the latest digital stragglers get into the habit of
buying from home. The companies that were years ahead in online shopping have widened the gap even further
while those that had not made much progress in this regard face a major challenge. In this first group of companies
that had already done their digital homework, we can highlight some names such as Inditex, Next, Nike, Tencent,
Delivery Hero, SFOR… The valuation of some of these companies does not reflect these higher-than-expected
growth rates, which has led to an upward revaluation of some securities and an increase in the weight of some
companies in our portfolios.
— Acceleration of negative trends: In segments of the economy that were already sailing into the wind before the health
crisis. At Bestinver we continue to try to avoid these areas. This segment is a fishing ground for inexperienced value
investors, speculators or extraordinary experts in distressed assets. We hope we are neither of the first two options, and
perhaps just occasionally the third, but only in some very specific niche, where we have the extensive knowledge of the
expert in charge.
In short, we find opportunities in (possibly) temporary shocks where there are capital-hungry areas (for example,
AMS) and valuations protect us from temporary risk; and in areas of accelerating positive trends which have
anticipated growth for the next two or three years, the challenge here being to avoid excessively high valuations. And
with very few exceptions, we are not interested in accelerating negative trends because of the real risk of permanent
capital loss.
Our portfolios
What initially seemed to be an impact on supply (through the disruption of supply chains) has escalated into a major
demand crisis, only comparable to those arising from episodes of global warfare. I mention this because since our job is to be
prepared (not to predict), and with the benefit of hindsight, we may have had the opportunity to reduce the new risk that
was appearing at a very affordable cost, favouring, even more than we do structurally, quality over price.
Crises in financial markets are always good opportunities for those of us engaged in active management. In our different
strategies, we have seized the opportunity to prudently make some changes in the portfolios:
— International portfolio: The appointment of Tomás Pintó as head of international equities and manager of the fund,
particularly coupled with market events, has resulted in slightly more turnover this quarter, with ten new companies
added to our portfolio.

— Grandes Compañías: We have taken advantage of the turbulence to invest in high quality companies that do not usually
offer these buying opportunities such as NIKE, LVMH and Stryker.
— Bestinver Hedge Value Fund: We took advantage of stock market volatility in March to sell companies that had performed
well and buy companies with good balance sheets in businesses that had suffered temporarily due to the COVID-19
outbreak but whose business models were unaffected in the medium- and long-term, for example, the “off-price” sector
or outlets in the US.
— Bestinver Bolsa: Movements are a continuation of last quarter with the increase of NOS and the additions of Inditex
and Arcelor. This quarter we have added a few more companies to the portfolio where the market underestimates their
resistance to coming changes, such as Logista and Catalana Occidente.
— Bestinver Latam: We have taken advantage of the high levels of volatility in the region to continue to increase the quality
and upside potential of the portfolio in the long-term by investing in companies such as Arco, Totvs or CBS and divesting
from others such as BTG Pactual or Globant.
— In Fixed income, it has been a quarter of strong recovery in bond prices after the debacle of the first quarter of the year.
Eduardo Roque and his team have continued to build the portfolio, reducing liquidity, short-term bonds and covered
bonds, thus increasing the credit period. Purchases were mainly aimed at corporate bonds and financial debt of banks and
insurance companies.
— Bestinver Tordesillas: Throughout the quarter, the fund has managed to recover a significant amount of what was lost
at the end of the first quarter. Initially taking advantage of the generalised falls to reinforce the portfolio with positions in
companies having strong visibility (with defensive characteristics such as electricity companies), and towards the end of the
quarter with positions in companies that are a little more cyclical and slightly lagging behind, such as telecommunication
companies
— Bestinver Megatendencias: The fund was positioned relatively defensively since the beginning of the year. During this
quarter, the two most important actions have been, on the one hand, to completely exit the sectors that have been hit
hardest by the pandemic, and on the other hand, to reposition the portfolio in sectors that we believe will be relatively
favoured by this situation for at least the next two years.
Bestinver
During this last quarter we have made some modifications at Bestinver. Firstly, for our fixed-income funds, we
have incorporated a system to protect our investors’ interests in delicate market situations in which there may be
significant inflows or outflows. This system, known as “swing pricing”, allows high transactions to be executed at their
real market price, with no impact on the rest of the fund’s investors.
In our hedge fund, Bestinver Hedge Value Fund, we have modified the success fee to make it more attractive for
investors, in addition to taking short positions to increase our ability to generate long-term returns. And finally, we
have recently launched a new fixed-income fund called Bestinver Deuda Corporativa.
Within the investment team, Jorge Sources Lowy has joined the international equities team led by Tomás Pintó, and
we have formalised the positions of Miguel Dolz and Carlos Arenillas as managers of Bestinver Hedge Value Fund
(helping Jaime Vázquez) and Bestinver Grandes Compañías (helping me) respectively.

Beltrán de la Lastra
Director of Investments
BESTINVER
Finally, my transition period is coming to an end and this will be my last quarterly letter as an employee of Bestinver.
I will read the next one as an investor. But before I say goodbye, I would like to express my heartfelt thanks to the
Acciona group for the resources provided to successfully conduct the project, to all the employees working to make
Bestinver possible and, above all, to each and every one of you as investors for your trust in our work. I leave with
the peace of mind of having fulfilled my commitment when I arrived, which was to put investors’ interests before any
other from day one, and convinced of leaving a more robust Bestinver ready to face a new era.
Deeply grateful and wishing you every success,

Performance
13.07% annualised return for
Bestinfond since launch
*Assets
More than €6.4 billion under
management
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 30/06/2020. Bestinfond start date: 13/01/1993
*Figures as at 31/12/2019.

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
24
25
31
35
38
39
40
44
45
46
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
The net asset value of our international portfolio increased by 17.48% during the second quarter of 2020, compared
with 12.60% for the European Market (MSCI Europe with dividends). Over the long term, the cumulative return of the
international portfolio in the last 5 and 10 years has been 5.78% and 102.27%, respectively.
Portfolio
performance1.
Table of annualised returns
2020 2019 3 years 5 years 10 years 15 years Launch
International portfolio -18,55% 23,34% -3,62% 1,13% 7,30% 6,93% 8,57%
European market -12,84% 26,05% 0,51% 1,30% 6,57% 4,35% 4,17%
Annualised returns
Figures as at close of business: 30/06/2020. 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 grew by 8.90% during the second quarter of 2020, compared to
the market which has returned 8.60% so far this year. Over the long term, the cumulative return of the Iberian
portfolio in the last 5 and 10 years has been -9.24% and 47.03%, respectively.
Iberian
portfolio2.
Figures as at close of business: 30/06/2020. Source: Bestinver. Since 01/01/2016, the reference index includes net dividends. Launch date: 01/12/1997.
Investment in equities can lead to the loss of capital invested and is inadvisable for time horizons of less than 5 years.
Iberian portfolio -23,63% 10,51% -8,74% -1,92% 3,93% 4,06% 8,77%
70% IGBM/30% PSI -18,51% 16,42% -5,31% -2,27% -0,10% -0,47% 2,18%
5%
10%
15%
20%
-5%
-10%
-15%
-20%
-25%
-30%
0%

17
Industrial 40,9%
RIO TINTO 4,3%
ABB 3,0%
DASSAULT AVIATION 3,0%
Communication Technology 17,2%
INFORMA 4,7%
TENCENT HOLDINGS 2,8%
AMS 1,8%
Consumer 23,7%
DELIVERY HERO 4,3%
JUST EAT 3,2%
BOOKING HOLDINGS 2,4%
Financial 12,7%
STANDARD CHARTERED 3,1%
BNP PARIBAS 2,8%
INTESA SANPAOLO 2,0%
Liquidity: 5,5%
SECTORAL DISTRIBUTION
International
portfolio1.
Date: 30/06/2020. Source: Bestinver
DISTRIBUTION OF THE PORTFOLIO
Portfolio analysis
Geographical distribution Sectoral distribution
Consumer 23,7%
Financial 12,7%
Industrial 40,9%
Communication
Technology
17,2%
Liquidity 5,5%
Europe 80,3%
Iberia 0,8%
Other 13,4%
Liquidity 5,5%

18
MAIN MOVENMENTS IN THE INTERNATIONAL PORTFOLIO
Portfolio analysis
Additions to the portfolio
AMS
Company listed in Switzerland with headquarters in Austria. AMS is a leading provider of analogue semiconductors for
optical sensors. Analogue semiconductors are specialised to do one function and are produced on a smaller scale than
digital semiconductors, which can do several functions. A priori, analogue semiconductors have higher barriers to entry.
The semiconductors developed and produced by AMS are mainly intended for optical sensors, which are used for various
applications, including everything related to 3-D in mobile phones, for detecting diseases and for the development of
the autonomous car. AMS’ technological leadership has been clearly observed over the last four years during which it has
reported a significant increase in sales.
AMS is currently closing the acquisition of one of its competitors: Osram, a world leader in light-emitting analogue
semiconductors. The merger of these two companies will create a global leader in its segment, difficult to replicate,
while generating significant synergies. Moreover, both companies are coming out of extremely high investment
periods, so future capital requirements will be low. We believe this is not well understood by the market. Although
the company has debt, its cash flow generation is surprisingly strong (not for us). We invested in early April, taking
advantage of a liquidity event. They had to allocate part of the capital increase to finance the Osram takeover that had
not been taken by the market. Therefore, we bought it at a significant discount to its intrinsic value.
ASHTEAD
Company dedicated to the rental of machinery and equipment for a wide range of industries. Ashtead is listed on the
London Stock Exchange and has a market capitalisation of around 12 billion euros. The company was founded after
World War II but did not move into the United States until 1990. Today, North America, through its subsidiary SUNBELT,
accounts for over 95% of Ashtead’s profit. The weakness of Ashtead’s stock during the month of April allowed us to
invest in this company at a discount to its intrinsic value, around 15% of normalised free cash flow ratio, giving us a wide
margin of safety in our valuation. Despite weaker rental demand, Ashtead is successfully weathering the storm, and even
growing in the more specialised segments of rental machinery. Ashtead will emerge from the current crisis as a better
company both in absolute and relative terms.
GLAXO
Business conglomerate with leading positions in vaccines and OTC products, as well as interests in HIV and standard
pharma. The largest division is its self-medication (“OTC”) products, which may be bought in pharmacies and other
stores without a prescription.
In this division, Glaxo has managed to merge its assets, which were very profitable, with those of Novartis (which were
not), bringing them to a similar level to those of Glaxo. It is currently integrating Pfizer’s OTC assets, creating a global
giant in this business. Glaxo has a roadmap to separate this division in 2021. We consider it a very important catalyst.
In the long term, the division where we see the most potential, and where it is a world leader, is the vaccine division.
These products, currently in vogue due to the pandemic, are growing at more than double digits, making it difficult for
production to keep pace with demand, so their visibility is huge. The remaining divisions are related with HIV, number two
behind Gilead, and pharma. It is in pharma where we see the greatest potential. The division has about $12 billion in sales
where Glaxo invests about 25% in RD. This is a very high percentage compared to the rest of the sector. Either they
develop drugs where they will generate attractive returns or they lower this investment. Simply by reducing this RD to
more reasonable levels, the company’s FCF ratio would increase by 20%.
Glaxo’s new management team has made a brutal turnaround in capital allocation and culture, which is now much
clearer and more concise. Glaxo trades at a normalised FCF ratio of 9-10%, which we consider to be a very good
opportunity for such a defensive company with so many catalysts.

19
Portfolio analysis
SAFRAN
We purchased Safran in April. The company manufactures 60% of the world’s aircraft engines, which
demonstrates the very high barriers to entry in this business (mainly the difficulty of developing the technology,
and especially of convincing Boeing or Airbus to take the risk of designing the aircraft with them). It specialises
in engines used in short-haul or “Narrow Body” aircraft. Its business model does not consist in selling engine
planes, but in installing them and then charging for the flight hours that are used. This makes sales and cash flow
much more stable and predictable than those of aircraft manufacturers. Safran charges the same, regardless
of how much the airlines charge for their seats. In the short term, the use of engines will undoubtedly suffer
because planes are not flying, but in the long term we think that air travel will not disappear, and certainly not
in the segment where Safran operates (short-haul flights), where we still see an increase in activity in the long
run linked to GDP per capita growth, with a lot of potential in both Southeast Asia and Latin America. All of this
with a very competent management team that has been able to react quickly to the biggest civil aviation crisis in
history by announcing cost-cutting measures, which include reducing operating costs by 20% and investments
by 60% in order to preserve cash and not get into debt. We had the opportunity to buy this excellent company
at a FCF ratio of about 8%. For a business model with such high visibility, where each new engine lasts about 30
years generating income and profit, we find it very attractive.
Increases in positions
INFORMA
We have responded to Informa’s capital raise by increasing our position in the company. The management
team reacted very quickly in order to be in a strong position to deal with creditors (creditor banks), venue
suppliers and its clients. Informa announced a £1 billion capital raise to be able to relax for 18 months.
Reductions in positions
JUST EAT
We have decided to reduce our position given the good performance of its stock, being a clear beneficiary of the
pandemic. Its customer base has increased significantly in a very short time and at a very low cost.
DELIVERY HERO
We have decided to reduce our position given the good performance of its stock, being a clear beneficiary of the
pandemic. Its customer base has increased significantly in a very short time and at a very low cost.
RIO TINTO
Rio Tinto’s stock has been very defensive during this period. We have slightly reduced our position to recycle in
capital in a natural resources company focused on copper mines.
ARJO
We have decided to reduce our position due to the excellent performance of the stock which is close to our
target price.

20
Exits from the portfolio
GRUBHUB
We sold our position throughout the quarter as our conviction with Grubhub’s business model was significantly
reduced and we decided to recycle this capital into other ideas of greater conviction.
COMMERZBANK
Commerzbank was the company that we were least convinced with within our financial positions.
TEAMVIEWER
Teamviewer is an excellent company that has benefitted from the pandemic but which has exceeded our target
price.
RELX
We have decided to divest from the company as part of the portfolio turnover we started the previous quarter
to reduce Relx and increase Informa, since the latter offered a more attractive opportunity after the Coronavirus
impact on its stock. We still like Relx, a high-quality company, but we see certain risks, as discussed in our
quarterly letter..

21
Portfolio analysis
Financial 20,4%
CAIXABANK 3,9%
UNICAJA BANCO 3,2%
BANKINTER 3,2%
Communication Technology 13,6%
NOS 4,4%
INDRA SISTEMAS. 3,2%
EUSKALTEL 2,5%
Consumer 13,0%
IBERSOL 5,1%
LABORATORIOS FARMAC. ROVI 3,6%
JERONIMO MARTINS 1,6%
Industrial 48,0%
GALP SGPS 5,2%
REPSOL 4,2%
ENCE ENERGIA Y CELULOSA 3,8%
Liquidity: 4,6%
Iberian
portfolio2.
SECTORAL DISTRIBUTION
Consumer 13,0%
Financial 20,4%
Industrial 48,0%
Communication
Technology
13,6%
Liquidity 4,6%
Spain 70,2%
Portugal 24,8%
Liquidity 4,6%

22
Portfolio analysis
MAIN MOVEMENTS IN THE IBERIAN PORTFOLIO
Additions to the portfolio
LOGISTA
The value had fallen sharply discounting a scenario of slowdown similar to the rest of the market. We believe
Logista has a natural monopoly with strong barriers to entry. We are aware that tobacco consumption has a
structural downward trend but Logista has made significant investments to give added value to the State in
tracking the product and thus preventing smuggling. This is an example of the measures taken by the company
to defend its business, just as it has done in the past. With these investments, Logista has strengthened its
relationship with the State and we think it will be able to compensate for the fall in volumes with an increase in
prices for tobacco companies. Logista is a company capable of keeping its business model almost intact despite
the disruption we may be facing. When we purchased it, it offered a dividend yield of over 8%, which we believe
is sustainable in the medium term. In addition, it is a unique asset if someone wanted to acquire a last mile
distribution network.
MASMOVIL
Masmovil is a good investment as opposed to having cash. The downside risk is minimal and we believe that its price
does not reflect the control premium that should be paid by buyers, especially if they want to delist the company.
CATALANA OCCIDENTE
The value has suffered significantly like all other financial companies, but Catalana has some characteristics that
make it unique. 50% of the company focuses on export insurance which will undoubtedly suffer in the short
term. The good thing about this company is that the repricing of the business is done very quickly, so that if
defaults increase, the company will be able to charge those increased costs to its clients and thus maintain their
returns (the duration of the insurance, and therefore its repricing, is a few months). We have seen this in the past
and the interesting thing is that we think we will see it again in the future as the market structure is unique. There
are 3 large operators in Europe that account for 80% of the market share, and Catalana Occidente concentrates
25% of the market share. In addition to the market structure, we should also mention that customer relations
are very important, something which is difficult to replicate by new operators. The market has focused on the
short-term impact ignoring the strength of the model and the importance of its activity, especially for export-
oriented SMEs.
Reductions in positions
ACS
The company has gone up 86%, so we have taken advantage of this situation to reduce our position.
VISCOFAN
The safety margin has been reduced after the excellent performance with a 25% increase in the share price
during the year.

23
Exits from the portfolio
SOLARIA
The company has recorded a 46% increase. Although the prospects are very good, they are already reflected in
the price and the safety margin is not enough to maintain this position.
FERROVIAL
The safety margin was significantly reduced which is why we decided to sell our position. Questions have been
raised about traffic on highways designed to reduce congestion on access roads to cities, due to the uncertainty
of how remote working will evolve in the medium term.
Portfolio analysis

24
Bestinver Barcelona
Investment
funds

25
Bestinfond -19,34% 20,81% -4,56% 0,59% 6,69% 6,30% 13,07%
Reference index* -5,82% 30,02% 6,45% 6,16% 9,42% 6,15% 9,50%
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: 30/06/2020. 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.
The full brochure, the periodic reports and the KIID of the fund are available for consultation on the websites www.bestinver.es and www.cnmv.es
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 23,7%
Financial 12,8%
Industrial 41,9%
Communication
Technology
16,0%
Liquidity 5,6%
-25%
-30%
-35%
-20%
-15%
-10%
Europe 72,8%
Iberia 9,5%
Other 12,0%
Liquidity 5,6%

26
Investment funds
Data as at close of business: 30/06/2020. 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 -18,55% 23,34% -3,62% 1,13% 7,30% 6,93% 8,57%
Reference index* -5,82% 30,02% 7,40% 6,63% 9,71% 5,60% 4,24%
Europe 80,3%
Iberia 0,8%
Other 13,4%
Liquidity 5,5%
Consumer 23,7%
Financial 12,7%
Industrial 40,9%
Communication
Technology
17,2%
Liquidity 5,5%
5%
10%
15%
20%
25%
30%
-10%
-15%
-5%
-20%
-25%
-30%
-35%
0%
2019

27
BESTINVER BOLSA
Invests in listed companies in Spain and Portugal.
Figures as at close of business: 30/06/2020. 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 -23,63% 10,51% -8,74% -1,92% 3,93% 4,06% 8,77%
Index (70% IGBM / 30% PSI) -18,51% 16,42% -5,31% -2,27% -0,10% -0,47% 2,18%
Annualised returns
Bestinver bolsa Index (70% IGBM / 30% PSI)
5%
10%
15%
20%
-5%
-10%
-15%
-20%
-25%
-30%
Consumer 13,0%
Financial 20,4%
Industrial 48,0%
Communication
Technology
13,6%
Liquidity 4,6%
Spain 70,2%
Portugal 24,8%
Liquidity 4,6%
0%

28
2020 2019 3 years 5 years Launch
Bestinver Grandes Compañías -2,76% 23,37% 4,12% 4,72% 9,04%
Reference index* -5,82% 30,02% 6,03% 5,85% 10,01%
Annualised returns
Investment funds
*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 44,6%
Financial 0,0%
Industrial 19,5%
Communication
Technology
22,2%
Liquidity 13,6%
Europe 57,5%
Iberia 2,2%
Other 26,7%
Liquidity 13,6%

29
BESTINVER LATAM
Equity investment fund that invests primarily in Latin America.
Figures as at close of business: 30/06/2020. Source: Bestinver. Launch date: 18/01/2019. Past performance is not a guarantee of future returns.
Investment funds
2020 2019
Bestinver Latam -22,68% 12,66%
SP LATIN AMERICA 40NR -36,23% 2,90%
Annualised returns
Bestinver Latam Reference index
-10%
0%
-5%
-15%
5%
15%
10%
2020 2019
-20%
-25%
-30%
-35%
-40%
-45%
Consumer 29,1%
Financial 22,1%
Industrial 23,0%
Communication
Technology
19,1%
Liquidity 6,6%
Brazil 60,5%
Chile 12,3%
Colombia 4,4%
Mexico 8,8%
Peru 7,5%
Liquidity 6,6%

30
5%
15%
10%
0%
20%
30%
25%
2020 3 years2019 Launch
-5%
-10%
-15%
-20%
-25%
-30%
Investment funds
2020 2019 3 years Launch
Bestinver Megatendencias -12,33% 19,30% -1,19% -2,42%
SX5T NET RETURN Index -12,37% 28,20% 0,36% -0,60%
Figures as at close of business: 30/06/2020. 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 39,53%
Financial 0,0%
Industrial 34,61%
Communication
Technology
22,79%
Liquidity 3,07%
Annualised returns
Bestinver Megatendencias Reference index
Europe 83,56%
Iberia 9,07%
Other 4,30%
Liquidity 3,07%

31
Investment funds
Mixed and
fixed income2.
Figures as at close of business: 30/06/2020. 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 -16,05% 17,19% -3,88% -0,07% 3,82% 3,64% 6,76%
Reference index* -0,28% 16,15% 3,09% 2,11% 1,81% 1,22% 2,84%
Consumer 16,7%
Financial 9,9%
Industrial 32,2%
Communication
Technology
11,1%
Renta fija 23,0%
Liquidity 7,1%
-10%
5%
-5%
-15%
-20%
-25%
-30%
10%
15%
20%
0%
Europe 54,2%
Iberia 7,3%
Other 8,4%
Renta Fija 23,0%
Liquidity 7,1%

32
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 -2,90% 7,89% 0,23% 2,33% 6,28% 5,09%
Reference index* 0,14% 3,80% 3,27% 2,58% 5,50% 3,27%
2%
4%
6%
8%
10%
-4%
-8%
-10%
-2%
-6%
0%
Consumer 14,0%
Financial 0,0%
Industrial 5,2%
Communication
Technology
4,7%
Renta Fija 63,2%
Liquidity 12,9%
Europe 17,2%
Iberia 0,6%
Other 6,1%
Renta Fija 63,2%
Liquidity 12,9%

33
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 -1,00% 4,93% 0,95% 0,50% 0,85% 1,57% 2,95%
Reference index* 0,23% 3,44% 1,31% 0,90% 1,16% 1,68% 2,54%
Bestinver Renta Reference index
Annualised returns
4%
6%
-2%
2%
-4%
-6%
-8%
0%

34
Investment funds
BESTINVER CORTO PLAZO
Figures as at close of business: 30/06/2020. 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 -0,21% 0,29% -0,20%
(35% Treasury bills 1 year / 65% Eonia 7d) -0,13% -0,23% -0,26%
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%

35
Investment funds
Hedge funds:
Hedge Value Fund3.
Hedge Value Fund -0,44% 19,75% 3,29% 7,03% 10,27% 7,61%
MSCI World Index (Eur) -5,82% 30,02% 7,21% 6,52% 9,65% 4,99%
Annualised returns
Hedge Value Fund MSCI World Index (Eur)
Consumer 70,1%
Financial 0,0%
Industrial 6,4%
Communication
Technology
19,6%
Liquidity 3,9%
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 56,8%
Iberia 2,5%
Other 36,9%
Liquidity 3,9%

36
Investment funds
Bestinver Tordesillas -1,93% 0,03% 0,54% 1,27% 2,55%
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 18,4%
Financial 7,3%
Industrial 34,0%
Communication
Technology
15,0%
Liquidity 25,3%
Annualised returns
Figures as at close of business: 30/06/2020. 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.
Bestinver Tordesillas
-1%
0%
1%
2%
3%
-2%
Europe 2,2%
Iberia 72,5%
Other 0,0%
Liquidity 25,3%

38
Pension
funds
Bestinver León

39
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.
The statement of investment principles is available for consultation on the website www.bestinver.es
Bestinver Global Reference index
Bestinver Global -19,20% 21,19% -4,32% 0,81% 6,85% 6,74%
Reference index* -5,82% 30,02% 6,45% 6,16% 9,42% 6,11%
Annualised returns
0%
5%
10%
15%
20%
-5%
-30%
-35%
-25%
-20%
-15%
30%
-10%
25%
Consumer 23,5%
Financial 12,9%
Industrial 41,9%
Communication
Technology
16,0%
Liquidity 5,6%
Europe 72,8%
Iberia 9,5%
Other 12,1%
Liquidity 5,6%

40
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 -15,94% 17,67% -3,52% 0,01% 4,90% 5,07% 8,90%
Reference index* -0,28% 16,15% 5,01% 2,15% 5,45% 4,27% 6,29%
Annualised returns
Bestinver Plan Mixto Reference index
Consumer 17,9%
Financial 9,7%
Industrial 31,4%
Communication
Technology
12,0%
Renta Fija 23,4%
Liquidity 5,6%
20%
15%
10%
5%
-5%
-10%
-30%
-15%
-20%
-25%
2019
0%
Europe 55,4%
Iberia 6,6%
Other 9,1%
Renta Fija 23,4%
Liquidity 5,6%

41
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 -1,38% 4,97% 0,76% 0,97% 1,12% 1,75%
Reference index* 0,23% 3,44% 1,86% 1,59% 1,45% 1,88%
-6%
-4%
-2%
6%
-8%
2020 3 years 5 years 10 years Launch
0%
2%
4%
2019

42
Pension funds
BESTINVER PLAN PATRIMONIO
Figures as at close of business: 30/06/2020. Source: Bestinver. Launch date: 15/11/2018.
2020 2019 Launch
Bestinver Plan Patrimonio -1,52% 5,41% 2,16%
(12,5% MSCI W.NR Eur / 87,5% Barc. Euro Agg 1-3y TR) 0,14% 3,80% 1,91%
Bestinver Plan Patrimonio Reference index
Annualised returns
2020 2019 Launch
0%
4%
-2%
6%
-4%
-6%
2%

44
EPSVEPSV
Only for investors
who are tax resident
in the Basque Country
Bestinver Bilbao

45
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 -20,62% 21,03% -8,11%
Reference index* -5,82% 30,02% 6,85%
Annualised returns
Bestinver Crecimiento Reference index
Consumer 21,7%
Financial 14,2%
Industrial 41,8%
Communication
Technology
13,2%
Liquidity 9,1%
2020 Launch2019
-10%
-15%
-5%
25%
20%
30%
35%
10%
5%
15%
-20%
-25%
-30%
-35%
0%
Europe 73,5%
Iberia 9,1%
Other 8,3%
Liquidity 9,1%

46
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 -16,58% 17,35% -3,81% -0,01% 4,06%
Reference index* -0,28% 16,15% 5,72% 4,61% 6,75%
Bestinver Futuro Reference index
Annualised returns
Consumer 17,0%
Financial 10,5%
Industrial 33,7%
Communication
Technology
9,5%
Renta Fija 24,8%
Liquidity 4,5%
0%
5%
10%
-5%
-30%
-15%
-20%
-25%
15%
20%
-10%
Europe 57,2%
Iberia 7,4%
Other 6,2%
Renta Fija 24,8%
Liquidity 4,5%

47
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 -2,14% 5,55% -0,13% 0,74% 1,40%
Reference index* 0,14% 3,80% 1,59% 2,13% 2,42%
Annualised returns
Bestinver Consolidación Reference index
Europe 17,7%
Iberia 1,5%
Other 4,8%
Fixed
income
65,5%
Liquidity 10,6%
Consumer 13,7%
Financial 0,2%
Industrial 6,6%
Communication
Technology
3,4%
Fixed income 65,5%
Liquidity 10,6%
-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

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