Quarterly report for our investors - First Quarter 2019

First Quarter 2019
T O O U R I N V E S T O R S
Q U A R T E R L Y R E P O R T

Dear investor,
The year 2019 started in the same vein as 2018 ended, marked by volatility. However, there is one major difference:
prices rose this quarter. The opening figures for the second quarter show our international portfolio is already
generating positive returns of 14%. It must be stressed that volatility is not always synonymous with market
corrections. Volatility means sharp price fluctuations which can be both downwards (last three months of 2018) or
upwards (first quarter of 2019). For long-term investors, trying to justify the rises in 2019 is just as futile as trying to
explain the falls in 2018.
The best example is Informa. Informa is one of the principal positions in our portfolio and is dedicated to organising and
managing events. Last year, Informa boosted its sales by 4%, posted earnings of over GBP 500 million, and generated cash
of EUR 500 million after taking over one of its main competitors, UBM. Despite these decent results and its long-term
outlook, Informa’s share price tumbled by 13% for no apparent reason in 2018. This year also began with an apparently
inexplicable 20% increase in this company’s share price. Trying to understand and explain, let alone predict, prices is as
fascinating as it is fruitless. The truth is, nobody can do it well. On the contrary, it is easier to try to understand the long-
term value of a company based on its strategic decisions. Neither Informa’s value fell 13% last year nor did it increase by
20% this year. This is why Bestinver always strives to boost the value of our portfolios. This value is reflected, over the long
term, in the NAV of our Funds .
OUR PORTFOLIOS
The Industrial sector is of very special interest and makes up an important part of our portfolios. In general, two types
of company make up this sector: those with a long business cycle such as companies in mining, oil and gas, paper
manufacturing, etc. and those with shorter cycles including companies in the automotive and Industrial equipment
segments for instance.
We believe that the market does not understand particularly well companies with long cycles as it focuses on very short-
term results (over the next 24 months) as an estimate of normalised earnings. This results in clearly ineffective valuations
and opens up opportunities to invest in companies such as Dassault Aviation, Boskalis, Andritz, Valmet, Técnicas Reunidas,
Epiroc, FLSmidth and Schlumberger. These are all decently priced, healthy companies with robust niche businesses and a
relatively low risk of a permanent loss of capital.
On the other hand, short-cycle Industriall companies include Valeo and Faurecia where risk derives from a potential
economic slowdown. In these cases, protection must be sought through pricing and Valeo is a clear example of this. In
the past, this company has traded at an EBITDA multiple of 8x, which now stands at 4.5x. In other words, if the price was
efficient, the market would be discounting a fall in earnings of -44%. Thanks to our research team’s experience and in-depth
knowledge of the company, we estimate that while normalised earnings are down on those in the previous year, they are
well above the discounted decrease.
Last year we began to rotate our portfolios from high-quality companies to those of a more cyclical nature. The market
correction last autumn gave us an opportunity to build a position in short-cycle companies due to the major hits to their
share prices. In view of the sharp movements seen since the start of the year, we wanted to be patient when rotating our
portfolios towards cyclical companies and have therefore progressed more slowly with this process. Indeed, in contrast to
what could have been expected, these cyclical companies have performed worse in the first quarter, with lower price rises
than high-quality companies. Concerns about a possible recession or postponement of central bank interest rate hikes

meant that shares in high-quality companies with decent dividend pay-outs rose more sharply, resulting in returns on our
funds lagging somewhat behind that of the indexes.
Brexit is undoubtedly a major political event for all British people and other Europeans. Looking beyond the deep sense of
improvisation and irresponsibility being shown throughout this process, as investors we must remain alert to the threats and
opportunities that it may generate. In June 2016, the outcome of the referendum caused significant turmoil in the financial
markets. This upheaval enabled us to take positions in companies domiciled in Britain which generated really attractive
returns such as B&M, Ocado and Greggs, leading to strong returns.
Some three years on, the market is once again giving us a chance because of Brexit to take stakes in a number of British
cyclical companies including Next, Kingfisher and Dixons (these businesses are challenging and ugly and their price has to
be extremely attractive for us to consider investing in them. Dixons, for example, at GBP 3 per share, was a risk that could
not be offset and so we did not buy shares in it. In January, at GBP 1,30, things have changed; there is some risk but it is
well priced). Their share prices have shot up over the year to date (+45%, +18%, +22%, respectively, in euros), although the
margin of safety in almost all cases is enough to retain these British cyclical positions, which make up around 4% of the
total portfolio.
On the whole, we do not find banks attractive. Valuations are difficult and therefore require a larger margin of
safety than in other sectors. But as investors in value, we must not forget that if we can understand a company (and
thanks to Ricardo Cañete, we can) and if it offers the required margin of safety, then we must build a position. These
positions must add to the portfolio’s performance but never dominate it, since our goal is to build a solid portfolio.
Investors such as Warren Buffett have shown us that value can be created in the financial sector in general and in
banks in particular.
For us, banks are an example of value creation today. In the summer of 2016, we built up a position that has generated
returns of over EUR 200 million for our portfolios. We pared back much of this position in early 2018, to rebuild it after
the autumn corrections. This quarter, despite the upheaval in the sector due to the delays in the expected rate hikes, our
banking stakes contributed to first-quarter profitability. Banks such as Unicredit and Commerzbank have gained 17% and
19% on the stock market.
UPSIDE POTENTIAL
Lastly, I wanted to quickly mention the upside potential of our portfolios, and perhaps focus more on the concept rather
than on figures.
For a value investor, upside potential is a crucial factor. This is the inverse of the margin of safety, which is even more
important in value investing. The margin of safety is the best risk management tool since it ensures that time is on our side.
On the contrary, upside potential can become an implicit promise of profitability, which could lead it to being used more or
even abused to make an investment proposal more attractive.
At Bestinver, we have always been prudent when calculating margins of safety and will continue to be. Our aim is to
increase the value of a portfolio year in, year out and not its upside potential. We want to generate attractive returns, not
great potential.

LOOKING AHEAD
Volatility is an equity investors travel companion, which is why investment time horizons are so important. A short time
horizon may lead to an investor making the wrong or overhasty decisions with the consequent negative impact on their
portfolios. Investors who do not want to be exposed to (or suffer) volatility should get out of equities. In fact, they should
never have invested in them in the first place. Nevertheless, investors who can and are prepared to be exposed to the
ups and downs of the market know that the reward is long-term profitability. Our cumulative return over 10 years, for
example, is 340%. In other words, investors who invested 10 years ago will have seen the value of their investment more
than quadruple today, and that despite the last 10 years not being without volatility. From the end of the crisis in 2009
to the current normalisation of monetary policy around the world, passing through numerous crises in the eurozone
(Greece, Portugal, the Republic of Ireland, Italy, Spain), geopolitical tensions in the Middle East, China, Korea, the US
and more recently and surprisingly, Brexit in the UK. Uncertainty leads to volatility and volatility gives rise to investment
opportunities.
Equities markets presently have (as they have most times in the past) all the ingredients to continue generating volatility.
However, it is these very ingredients that also result in long-term returns. If you can get time on your side, despite the
challenging periods, equities will continue to generate long-term profitability.
I now invite you to take a good look at the information on our portfolios in this quarterly report for the first quarter of 2019.
Beltrán de la Lastra
President and Director of Investments
BESTINVER

Performance
14.2% annualised return
for Bestinfond since launch
Assets
More than EUR 6 billion under
management
Investors
More than 50.000
Bestinver in numbers
Awards obtained
More than 100 over
the last 20 years
Independence
100% Acciona Group
Data as at 31/03/2019. Bestinfond start date: 13/01/1993

11
CONTENTS
Portfolio performance and growth potential
International portfolio
Iberian portfolio
Portfolio analysis
International portfolio
Iberian portfolio
Investment funds
Equities
Mixed and fixed income
Hedge funds (Fondos de inversion libre)
Pension funds
Equities
Voluntary pension plan providers (EPSVs)
Equities
12
13
14
16
17
20
22
23
27
31
32
33
34
38
39
40
This document has been prepared by Bestinver Gestión, S.A. SGIIC for information purposes only, and may not be considered, under any circumstances, 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 growth 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 (including 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

12
Portfolio performance
and growth potential

13
Table of annualised returns
2019 2018 3 years 5 years 10 years 15 years Launch
International portfolio 9,63% -14,15% 5,07% 5,17% 15,96% 8,98% 9,57%
European market 12,84% -10,57% 7,08% 5,27% 10,79% 5,88% 4,57%
Annualised returns
Target value Net asset value
65,5€ 42,4€
0€
10€
20€
30€
40€
50€
60€
70€
Data as at close of business: 31/03/2019. 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 unadvisable for time horizons of less than five years.
0%
2%
4%
6%
8%
10%
12%
14%
-4%
-12%
-8%
-14%
-16%
-2%
16%
-10%
International portfolio European market
55%
Upside
ppotential:
Portfolio performance and upside potential
The net asset value of our international portfolio increased by 9.6% during the year, compared with +12.8% for the
European market (MSCI Europe with dividends) so far this year. Over the long term, the cumulative returns on the
international portfolio over the last three and five years have been 16% and 28.7%, respectively. The international portfolio
trades at a PER of 9.7x with an upside potential of 55%.
International
portfolio1.

14
0%
2%
4%
6%
8%
10%
12%
14%
Annualised returns
Iberian portfolio 70% IGBM / 30% PSI
-2%
-4%
The net asset value of our Iberian portfolio grew by 8.7% during the year, compared with an increase of 9.4% for the
reference index (comprising the IGBM and the PSI). Over the long term, the cumulative returns on the iberian portfolio
over the last three and five years have been 19.8% and 11.5%, respectively.
The Iberian portfolio trades at a PER of 9.6x with an upside potential of 57%.
Portfolio performance and upside potential
Iberian
portfolio2.
Data as at close of business: 31/03/2019. Source: Bestinver. Since 01/01/2016, the reference index has included net dividends. 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 unadvisable for time horizons of less than five years.
Iberian portfolio 5,10% -8,66% 6,20% 2,20% 9,26% 7,95% 10,44%
70% IGBM/30% PSI 9,40% -10,46% 6,21% -0,14% 3,06% 2,00% 3,16%
94,5€ 60,3
0€
10€
20€
Upside
ppotential:
57%
30€
40€
50€
60€
70€
80€
90€
100€
-12%
-8%
-10%

17
Industrial 40,8%
DASSAULT AVIATION 3,4%
KONECRANES OYJ 2,6%
BOSKALIS WESTMINSTER 2,1%
Communication & Technology 13,8%
INFORMA 5,5%
RELX 3,2%
LIONS GATE ENTERTAINMENT 1,2%
Consumer 25,4%
CBD 1,8%
DELIVERY HERO 1,7%
JUST EAT 1,6%
Financial 13,5%
STANDARD CHARTERED 4,0%
ING GROUP 2,8%
INTESA SANPAOLO 2,0%
Liquidity: 6,5%
SECTORAL DISTRIBUTION
International
portfolio1.
31/03/2019. Source: Bestinver
DISTRIBUTION OF THE PORTFOLIO
Portfolio analysis
Geographical distribution Sectoral distribution
Europe 78,1%
Others 15,3%
Liquidity 6,5%
Consumer 25,4%
Financial 13,5%
Industrial 40,8%
Communication
& Technology
13,8%
Liquidity 6,5%

18
MAIN MOVEMENTS IN THE INTERNATIONAL PORTFOLIO
Additions to the portfolio
CONVATEC GROUP
ConvaTec is a supplier of medical products for treating patients with chronic conditions, such as products for
difficult-to-heal wounds, specialist collectors for patients who have been operated on for colon cancer, catheters
for patients with urological problems, and insulin infusion devices. ConvaTec has few competitors and is one of
the leading companies in all its segments. It is extremely difficult for new players to enter the market because of
the need to obtain regulatory approval, avail of distribution capacity, garner recognition of their brand among
medical practitioners prescribing their products, and patients’ reticence to change product once they have become
accustomed to one. The primary drivers of growth for this company are the ageing population, the prevalence of
chronic ailments (obesity, diabetes, etc.), and increased access to medical care in emerging economies.
In 2008, the company was sold to a venture capital fund which then floated the company after optimising
it. Nonetheless, while owned by the fund, the company did not invest in innovation and marketing and lost
market share. This along with a poorly executed relocation of the US plant to the Dominican Republic shortly
after flotation led to the company issuing three profit warnings in the space of just two years. Novo Holdings
Foundation, specialising in healthcare then acquired 20% of the company and appointed the former CEO of the
company’s main rival (the Danish company, Coloplast) as a member of the board. The new major shareholder is
helping to enhance corporate governance, replacing the CEO and other members of the board of directors. The
new CEO, with a proven track record, aims to put the company back on track to growth. We believe this sector
is tremendously attractive and feel that ConvaTec has all the hallmarks needed to once again become a decent
company in a healthy industry. The current share price does not factor in the successful restructuring. ConvaTec is a
good company that could become extraordinary with an extraordinary price.
DIXONS CARPHONE
Dixons Carphone was founded in 2014 through the merger of Dixons Retail and Carphone Warehouse. The company
has two core businesses: Carphone Warehouse – a mobile phone subsidiary – and the traditional electronic products
retail business, primarily in the UK but also in Scandinavian countries. Dixons has undergone restructuring of its
business model in response to the threat of online sales and is now able to compete with Amazon on price. It has a
very strong competitive position in Norway and the United Kingdom where it has gained market share in recent years.
We also see clear potential for consolidation in the European market. The company was harshly penalised in the fourth
quarter of last year, with its share price slumping by close to 30%, primarily due to doubts about its mobile phone
arm, the business model of which was based on selling phones on a contract. This formula has gone out of favour with
consumers. We believe that at the current price, the market is valuing the mobile phone business at zero, despite it
having GBP 1 billion of balances receivable from creditors from mobile phone operators. Dixons is a normal business at
an extraordinary price.

19
Increases in positions
ANDRITZ
We opted to increase our position in this company as the market is not discounting any recovery in the pulp and
paper sector; unlike it is for its principal competitor, Valmet, in which we also invest. Valmet’s share price has
gained +40% so far this year, while Andritz remains at the same level as at the start of the year. Other business
areas have more moderate potential for recovering margins than the Pulp and Paper division, but we do not believe
this justifies the share price discount compared to Valmet and have therefore decided to increase our position in
Andritz.
Reductions in positions
VESTAS WIND SYSTEMS
This company has performed very well in recent months, achieving a 45% increase in its share price since last October.
The margin of safety has narrowed and therefore we have reduced our stake in this company.
JUST EAT
As mentioned in the previous quarter, we have increased our position in Just Eat after it was unduly penalised. We
believe the market gave to much weight to the increase in competition in the sector, affording us a great opportunity
to boost our position. The company’s share price has climbed by 30% this quarter resulting in the margin of safety
narrowing once more and prompting us to pare back our position.
Exits from the portfolio
DIAGEO
Following this company’s strong performance in the first quarter of the year, we have decided to reduce our exposure
somewhat to higher quality companies such as Diageo, which have performed well in recent months, and shift to
companies that are slightly more exposed to the cycle, have been penalised and offer good opportunities to take a
stake in them.
YUNGTAI ENGINEERING
We have divested our position in the Asian lift manufacturer, Yungtay, following the public tender offer by the Japanese
group, Hitachi, with a premium of 16% on the market price. Hitachi already holds 12% of the company’s capital and
plans to obtain 100%.
MAIN MOVEMENTS IN THE INTERNATIONAL PORTFOLIO

20
Financial 20,6%
UNICAJA BANCO 4,3%
CORPORACION FINANCIERA ALBA 2,8%
MERLIN PROPERTIES 2,7%
Communication & Technology 10,7%
INDRA 4,5%
EUSKALTEL 3,2%
NOS SGPS 3,0%
Consumer 15,7%
IBERSOL 4,2%
VISCOFAN 4,2%
JERONIMO MARTINS 3,4%
Industrial 43,6%
SEMAPA 6,0%
ACS ACTIVIDADES CONS Y SERV 5,9%
ELECNOR 5,1%
Liquidity: 9,4%
International
portfolio2.
SECTORAL DISTRIBUTION
Fecha: 31/03/2019. Source: Bestinver
Spain 67,7%
Portugal 22,9%
Liquidity 9,4%
Consumer 15,7%
Financial 20,6%
Industrial 43,6%
Communication
& Technology
10,7%
Liquidity 9,4%

21
MAIN MOVEMENTS IN THE PORTFOLIO
Additions to the portfolio
BANCO SABADELL
We have taken a position for the first time in Banco Sabadell: a bank specialising in small and medium enterprises
with a market share of over 11%. It is the only bank specialising in this segment, which we deem to be more profitable
than the other banking segments in general. Moreover, given the low profitability of the sector in Spain, many banks
are looking to move into this area. The bank has been under pressure for various reasons: problems with IT systems in
the UK have led to a higher than expected extraordinary cost; greater provisioning; and a drop in its trading business,
leading to a lack of capital (ratio lower than 11% in the first quarter of 2019). That said, the company is taking steps to
alleviate this situation, even contemplating a capital increase among other options.
We believe that its valuation is extremely attractive today compared to other Spanish banks – even factoring in the
potential capital increase – and we see Sabadell as a clear candidate for a potential merger/acquisition given its unique
specialism. Bankia would be the most likely buyer, although BBVA may also be interested.
Increases in positions
ACERINOX
This company was heavily penalised in the last three months of 2018, seeing its share price plummet by up to 30%,
leaving an ample margin of safety. The European Union has also taken measures to protect Europe’s industry, at least
for a while. We have therefore exploited the opportunity and increased our position at the start of the first quarter.
Exits from the portfolio
BARON DE LEY
We participated in the public tender offer as we believed the price was reasonable, and in light of limited liquidity we
chose to offload our position in this company.
SIEMENS GAMESA RENEWABLE ENERGY
After the strong performance of this company’s shares, gaining 50% since October, the margin of safety narrowed and
we opted to sell our position.

22
Bestinver Barcelona
Investment
funds

23
Bestinfond 8,79% -13,39% 5,21% 4,65% 14,24% 9,40% 14,21%
Reference index* 14,51% -5,30% 10,62% 8,59% 10,84% 6,13% 8,90%
Annualised returns
302,8€ 197,5€
0€
50€
100€
150€
200€
250€
300€
Upside
ppotential:
53%
350€
Equities
1.
BESTINFOND
Reflects all of our investment ideas. Invests in global equities, especially in European companies.
Data as at close of business: 31/03/2019. Source: Bestinver. Periods of more than one year at annualised rate. Launch date: 13/01/1993. Since 01/01/2016, the reference index has included 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 obtained for the
index in force at any given time.
Investment in this fund is unadvisable for time horizons of less than five years.
Investment funds
0%
-4%
2%
-2%
-6%
4%
6%
8%
10%
12%
14%
16%
Bestinfond Reference index
Europe 67,2%
Iberia 9,8%
Others 12,9%
Liquidity 10,2%
Consumer 23,4%
Financial 13,9%
Industrial 40,4%
Communication
& Technology
12,1%
Liquidity 10,2%
-12%
-8%
-14%
-10%

24
Bestinver internacional 9,63% -14,15% 5,07% 5,17% 15,96% 8,98% 9,57%
Reference index* 12,84% -10,57% 7,08% 5,27% 10,79% 5,88% 4,57%
65,5€ 42,4€
0€
10€
20€
30€
40€
50€
60€
70€
Upside
ppotential:
55%
Annualised returns
Data as at close of business: 31/03/2019. Source: Bestinver. Periods of more than one year at annualised rate. Launch date: 31/12/1997. Since 01/01/2016, the reference index has
included 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 obtained
for the index in force at any given time.
Investment funds
BESTINVER INTERNACIONAL
Invests in a global way, although it mainly focuses on listed companies in Europe, excluding Spain and Portugal.
Europe 78,1%
Others 15,3%
Liquidity 6,5%
Consumer 25,4%
Financial 13,5%
Industrial 40,8%
Communication
& Technology
13,8%
Liquidity 6,5%
Bestinver internacional Reference index
0%
2%
4%
6%
8%
10%
12%
14%
-4%
-6%
-10%
-14%
-8%
-12%
-16%
-2%
16%

25
BESTINVER BOLSA
Invests in listed companies in Spain and Portugal.
Investment funds
Bestinver bolsa 5,10% -8,66% 6,20% 2,20% 9,26% 7,95% 10,44%
Índice (70% IGBM / 30% PSI) 9,40% -10,46% 6,21% -0,14% 3,06% 2,00% 3,16%
Annualised returns
94,5€ 60,3€
0€
10€
20€
Upside
ppotential:
57%
30€
40€
50€
60€
70€
80€
90€
100€
Spain 67,7%
Portugal 22,9%
Liquidity 9,4%
Consumer 15,7%
Financial 20,6%
Industrial 43,6%
Communication
& Technology
10,7%
Liquidity 9,4%
Bestinver bolsa Índice (70% IGBM / 30% PSI)
2%
4%
6%
8%
10%
12%
0%
-2%
-8%
-4%
-10%
-6%
-12%
14%

26
2019 2018 3 years 5 years Launch
Bestinver Grandes
Compañías
8,59% -9,20% 5,73% 4,55% 9,17%
Reference index* 14,51% -6,01% 10,28% 7,60% 10,02%
Annualised returns
260,4€ 189,5€
0€
50€
100€
150€
200€
250€
300€
Upside
ppotential:
37%
Investment funds
BESTINVER GRANDES COMPAÑÍAS
Focuses on our selection of large companies. Reflects all of our investment ideas.
0%
2%
4%
6%
8%
10%
14%
12%
16%
Grandes Compañías Reference index
-4%
-8%
-10%
-2%
-6%
Europe 61,6%
Iberia 13,4%
Others 5,8%
Liquidity 19,2%
Consumer 22,2%
Financial 2,7%
Industrial 36,7%
Communication
& Technology
19,2%
Liquidity 19,2%

27
Investment funds
Mixed funds
and fixed income2.
Data as at close of business: 31/03/2019. Source: Bestinver. Periods of more than one year at annualised rate. Launch date: 29/06/1997. Since 01/01/2016, the reference index has
included 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 not appropriate 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 equities and the remainder in fixed income.
Bestinver Mixto 6,82% -8,85% 3,90% 1,38% 7,01% 5,70% 7,56%
Reference index* 7,96% -5,96% 3,18% 0,23% 2,24% 1,84% 2,67%
Europe 52,5%
Iberia 8,2%
Others 8,0%
Fixed
income
23,4%
Liquidity 8,0%
Consumer 17,0%
Financial 10,9%
Industrial 31,5%
Communication
& Technology
9,3%
Fixed income 23,4%
Liquidity 8,0%
0%
-4%
-8%
-10%
2%
-2%
-6%
4%
6%
8%

28
BESTINVER PATRIMONIO
Mainly invests 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.
Investment in this fund is not appropriate for time horizons of less than 2-3 years.
Bestinver Patrimonio Reference index
Annualised returns
2019 2018 3 years 5 years 10 years Launch
Bestinver Patrimonio 3,26% -6,30% 3,49% 3,59% 12,06% 5,48%
Reference index* 1,97% 2,80% 6,25% 5,82% 7,33% 3,45%
0%
2%
4%
6%
8%
10%
12%
-4%
-8%
-2%
14%
-6%
Europe 18,2%
Iberia 3,7%
Others 1,8%
Fixed
income
60,0%
Liquidity 16,2%
Consumer 9,1%
Financial 0,8%
Industrial 9,4%
Communication
& Technology
4,5%
Fixed income 60,0%
Liquidity 16,2%

29
Investment funds
BESTINVER RENTA
Invests in short term Euro fixed income.
Data as at close of business: 31/03/2019. Source: Bestinver. Periods of more than one year at annualised rate. Launch date: 30/10/1995. Past performance is not a guarantee of future
returns.
*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.
Investment in this fund is not appropriate for time horizons higher than 1-2 years.
Bestinver Renta 1,69% -1,02% 0,19% 0,16% 1,34% 1,74% 3,01%
Reference index* 1,70% 0,14% 0,83% 0,92% 1,08% 1,74% 2,59%
Bestinver Renta Reference index
0%
1%
1,5%
2%
3%
2,5%
3,5%
4%
Annualised returns
-1%
-1,5%

30
Investment funds
BESTINVER CORTO PLAZO
Data as at close of business: 31/03/2019. Source: Bestinver. Launch date: 20/07/2018. Past performance is not a guarantee of future returns.
*Reference index: (35% 1Y treasury bonds / 65% 7D Eonia)
Investment in this fund is unadvisable for time horizons higher than one year.
2019 Launch
Bestinver Corto Plazo 0,25% -0,23%
Reference index* -0,08% -0,20%
Bestinver Corto Plazo Reference index
2019 Launch
0%
1%
1,5%
Annualised returns
-1%
-1,5%

31
0%
2%
4%
6%
8%
10%
14%
12%
16%
18%
-4%
-8%
-12%
-14%
-2%
-6%
-10%
The FIL Investment Fund invests in a portfolio without concentration restrictions and with a restricted liquidity profile.
Investment in this fund is unadvisable for time horizons of less than seven years.
FIL investment funds:
Hedge Value Fund3.
Hedge Value Fund 10,79% -12,22% 8,71% 7,04% 17,44% 7,76%
MSCI World Index (Eur) 14,51% -4,17% 11,12% 10,47% 12,66% 4,92%
Annualised returns
Hedge Value Fund MSCI World Index (Eur)
399,5€ 236,7€
0€
50€
100€
150€
200€
300€
250€
350€
450€
Upside
ppotential:
69%
400€
500€
Europe 44,3%
Iberia 18,9%
Others 27,5%
Liquidity 9,3%
Consumer 62,6%
Financial 0,0%
Industrial 14,7%
Communication
& Technology
13,4%
Liquidity 9,3%
Investment funds

32
Pension
funds
Bestinver León

33
0%
2%
4%
6%
8%
10%
14%
12%
0%
-4%
-8%
-10%
-12%
-14%
-2%
16%
-6%
Equities
1.
BESTINVER GLOBAL
Invests in global equities.
Data as at close of business: 31/03/2019. Source: Bestinver. Periods of more than
one year at annualised rate. Launch date: 31/12/2004.
Since 01/01/2016, the reference index has included net dividends.
Past performance is not a guarantee of future returns.
*The index changed on 19/09/2018 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 obtained for the index valid at any given time.
Investment in this fund is unadvisable for time horizons of less
than five years.Bestinver Global Reference index
Pension funds
Bestinver Global 8,86% -13,20% 5,39% 4,90% 14,31% 8,21%
Reference index* 14,51% -5,30% 10,62% 8,59% 10,84% 4,85%
Annualised returns
Europe 67,3%
Iberia 9,9%
Others 12,9%
Liquidity 9,9%
Consumer 23,4%
Financial 14,0%
Industrial 40,6%
Communication
& Technology
12,2%
Liquidity 9,9%

34
Data as at close of business: 31/03/2019. Source: Bestinver. Periods of
more than one year at annualised rate. Launch date: 30/10/1996.
Since 01/01/2016, the reference index has included 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 a reference the data
obtained for the index valid at any given time.
Investment in this fund is unadvisable for time
horizons of less than 3-5 years.
Mixed funds
and fixed income2.
BESTINVER PLAN MIXTO
Geographical distribution
Sectoral distribution
Pension funds
Bestinver Plan Mixto 6,99% -10,82% 3,04% 2,85% 10,66% 7,19% 9,80%
Reference index* 7,96% -2,54% 7,68% 4,05% 7,04% 5,04% 6,32%
Annualised returns
Reference index
Bestinver Plan Mixto
0%
2%
4%
6%
8%
10%
12%
-2%
-4%
-6%
-8%
-10%
-12%
Europe 52,1%
Iberia 6,7%
Others 10,1%
Fixed
income
24,3%
Liquidity 6,8%
Consumer 18,3%
Financial 10,8%
Industrial 30,0%
Communication
& Technology
9,8%
Fixed income 24,3%
Liquidity 6,8%

35
0%
1%
2%
-3%
-1%
-2%
BESTINVER PLAN RENTA
Invests in short term fixed income.
*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 obtained
for the index in force at any given time.
Pension funds
Bestinver Plan Renta Reference index
Annualised returns
Bestinver Plan Renta 1,54% -1,33% 0,76% 0,69% 1,63% 1,78%
Reference index* 1,70% 0,57% 2,09% 1,55% 1,37% 1,92%
3%

36
BESTINVER PLAN PATRIMONIO
Data as at close of business: 31/03/2019. Source: Bestinver. Launch date: 15/11/2018 Past performance is not a guarantee of future returns.
*Reference index: 12.5% MSCI W.NR Eur / 87.5% Barc. Euro Agg 1-3y TR.
2019 Launch
Bestinver Plan Patrimonio 1,47% 1,20%
Reference index* 1,47% 1,17%
Bestinver Plan Patrimonio Reference index
2019 Launch
0%
1%
1,5%
Annualised returns
-1%
-1,5%
Investment funds

38
EPSVEPSV
Only for investors who are tax
resident in the Basque Country
Bestinver Bilbao

39
EPSV
Equities
1.
BESTINVER CRECIMIENTO
Invests up to 100% in global equities.
Data as at close of business: 31/03/2019. Source: Bestinver. Periods of more than one year at annualised rate. Launch date: 11/12/2017.
2019 2018 Launch
Bestinver Crecimiento 9,16% -15,69% -7,96%
Reference index* 14,51% -3,66% 10,32%
Annualised returns
2019 Launch2018
-10%
15%
10%
-5%
-20%
5%
0%
-15%
Bestinver Crecimiento Reference index
Consumer 22,5%
Financial 16,7%
Industrial 41,0%
Communication
& Technology
14,1%
Liquidity 5,7%
Europe 72,8%
Iberia 10,3%
Others 11,2%
Liquidity 5,7%

40
EPSV
Mixed and
fixed income2.
BESTINVER FUTURO
Data as at close of business: 31/03/2019. Source: Bestinver. Periods of more than one year at
annualised rate. Launch date: 28/12/2011.
Since 01/01/2016, the reference index has included net dividends. Past performance is not a
guarantee of future returns.
*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 a reference the
data obtained for the index in force at any given time.
Investment in this fund is unadvisable for time horizons of less than five
years.inferiores a 5 years.
Bestinver Futuro 7,31% -10,74% 3,69% 3,20% 6,11%
Reference index* 7,96% -0,99% 5,91% 5,57% 6,92%
Bestinver Futuro Reference index
Annualised returns
2019 2018 3 years 5 years
0%
2%
4%
6%
8%
10%
0%
-4%
-8%
-12%
-2%
-6%
-10%
Launch
Europe 52,8%
Iberia 8,3%
Others 9,2%
Fixed
income
22,5%
Liquidity 7,3%
Consumer 17,3%
Financial 11,2%
Industrial 32,2%
Communication
& Technology
9,5%
Fixed income 22,5%
Liquidity 7,3%

41
BESTINVER CONSOLIDACIÓN
Datos a cierre del día: 31/03/2019. Source: Bestinver. Periodos superiores a 1 year en tasa
anualizada. Fecha Launch: 20/01/2012.
Desde el 01/01/2016, el Reference index incluye dividendos netos. Rentabilidades pasadas no
garantizan rentabilidades futuras.
*El índice cambia a partir del 26/07/2018 y pasa a ser 12,5% MSCI W.NR Eur / 87,5% Barc. Euro
Agg 1-3y TR. Los datos de rentabilidad histórica del Reference index han sido calculados tomando
como referencia la obtenida por el índice vigente en cada momento.
Investment in this fund is not appropriate for time horizons of less than 2-3
years.
Bestinver Consolidación 3,43% -3,51% 0,62% 1,27% 1,67%
Reference index* 1,97% -0,08% 2,84% 2,43% 2,57%
Annualised returns
Bestinver Consolidación Reference index
0%
1%
2%
3%
4%
-2%
-3%
6%
7%
-4%
5%
-1%
EPSV
Europe 16,5%
Iberia 2,9%
Others 2,4%
Fixed
income
57,0%
Liquidity 21,2%
Consumer 7,9%
Financial 1,1%
Industrial 9,1%
Communication
& Technology
3,7%
Fixed income 57,0%
Liquidity 21,2%

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
91 595 91 00 www.bestinver.es bestinver@bestinver.es
Valencia
C. Moratín 17
planta 2
46002 Valencia
Bilbao
C. Gran Vía 58
planta 4
48011 Bilbao
OFFICES
Telephone

Quarterly report for our investors - First Quarter 2019

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