Bestinver - Management Team

Born in 1963, after obtaining his MBA at IESE (in 1989), he joined Bestinver, where after 2 years as an analyst of Spanish stocks, he began to manage portfolios and funds. His career as an investment manager can be summarized quickly given the yield obtained by his Spanish equity funds: 17.9% per annum in the period January 1993 - June 2009, equivalent to an accumulated increase of 1.538%, compared to 464% obtained by the reference index (IGBM, Madrid Stock Market General Index).

In 1997 he also began to manage Bestinver Internacional taking it to the leading positions in the market of foreign funds sold in Spain, with an accumulated yield from January 1998 to June 2009 of 196% (9.5% Annual Average Return) versus -3.1% obtained by the reference index, the MSCI World Index.

Self-taught, his management style is based on the strict application of the principles of value management (Graham, Buffet, Peter Lynch, etc.), within a framework of a profound knowledge of the Austrian theory of economic cycles.

He has an Economics degree from the Universidad Complutense and a Master’s from IESE. He speaks Spanish, English and French and reads German and Italian.

Álvaro Guzmán de Lázaro Mateos

Born in 1975, he began his career in 1994 as an auditor for Arthur Andersen (Madrid), doing a full-time 6-month internship. He continued his career at Bankers Trust in Paris, where he eventually headed the Middle Office at the early age of 21.

In 1997 he started as a stock market analyst at a Frankfurt fund management company (Value Management) founded by a former employee of the legendary Peter Lynch. During this period he studied and applied the value style of Ben Graham, Philip Fisher, Warren Buffet, Peter Lynch… Subsequently, he returned to Spain, where he worked as a financial analyst at Spanish broker Beta Capital and later Banesto Bolsa.

In March 2003, he joined Bestinver to work with Francisco García Paramés, with whom he had frequently exchanged investment ideas since 1998, given their common liking for the "value school of investing".

He took a double French/Spanish university entrance exam, gained an MA in European Business Studies, and a Law degree from the UNED (Spanish open university). He became a Chartered Financial Analyst (CFA, AIMR) in 2001. Alvaro speaks Spanish, French, English and German. In 1999, he became a professor of fundamental analysis at the Spanish Insitute of Financial Analysts (IEAF) and at the IEB (Stock Exchange Study Institute).

Fernando Bernad Marrase

Following full-time internships at Price Waterhouse (Madrid, 1994), BBVA (Madrid, 1996), and DG Bank (Frankfurt, 1997), he started his professional career in 1998 in Frankfurt, where he worked alongside Álvaro Guzmán at the same asset management company, Value Management&Research. It was here that he began to gain in-depth knowledge of the theories of value investing.

He then worked in the Spanish private equity sector as an Associate at BNP Paribas Leveraged Finance. Subsequently he joined the analysis team at Banesto as a cyclicals analyst (steel and oil sectors) and later formed and led the analysis team at Interdin, whose strategy was focused on investment ideas based on the theory of value. In 2005 he joined the Vetusta Group as investment director, leading a three-person team specialising in the value-style management of portfolios and funds. In his two years in charge at Vetusta he achieved average annual returns of around 30% on equities, always beating benchmark indices.

He joined Bestinver in February 2007 along with Francisco and Álvaro, whom he considered the leading lights in the Spanish value school. He has worked closely with Álvaro for almost four years both at Value Management and Banesto; he has also known Francisco for around two years, frequently exchanging investment ideas with him.

He has a Bachelor in Business Administration (summa cum laude, awarded jointly by ICADE, Madrid and Northeastern University, Boston) and is a CFA charter holder. He is fluent in English and reads German and French.

MANAGERS’ SUBSCRIPTIONS IN FUNDS

Bestinver’s fund managers have the upmost confidence in the work they carry out, which can be seen by the fact that they place most of their investments in both our mutual and our pension funds.

The following chart shows some of the recent transactions they have carried out:

Francisco García Paramés		Álvaro Guzmán de Lázaro Mateos		Fernando Bernad Marrase
Subscription dates		Subscription dates		Subscription dates
Mutual Funds	Pension Funds	Mutual Funds	Pension Funds	Mutual Funds	Pension Funds
31/03/2010	01/06/2010	22/03/2010	13/12/2010	06/04/2010	17/12/2009
26/02/2009	09/09/2009	09/12/2009	17/12/2008	17/04/2009	17/04/2006
30/06/2008	12/06/2008	02/12/2009	23/12/2006	09/03/2009	29/12/2004
14/01/2008	09/03/2007	10/06/2009	23/12/2005	11/04/2008
28/09/2007	13/06/2006	26/02/2009	29/12/2004	11/04/2008
03/09/2007	14/03/2005	23/12/2008		29/02/2008
03/03/2007	27/12/2004	30/09/2008		31/01/2008
03/03/2007	12/07/2004	30/08/2008		30/11/2007
13/06/2006	02/07/2003	12/06/2008		31/10/2007
10/08/2005	31/07/2002	14/01/2008		27/07/2007
28/03/2005	24/12/2001	23/11/2007
19/03/2005	29/12/2000	08/11/2007
25/02/2004	01/12/1999	31/10/2007
15/03/2003	28/12/1998	28/09/2007
05/03/2003	07/10/1997	19/09/2007
08/10/2002		19/09/2007
02/07/2002		23/08/2007
02/07/2002		28/02/2007
08/02/2002		28/02/2007
08/02/2002		22/12/2006
07/02/2001		09/11/2006
07/02/2001		26/09/2006
04/08/2000		26/09/2006
18/04/2000		05/07/2006
12/11/1999		05/07/2006
08/10/1999		19/05/2006
14/09/1999		19/04/2006
		19/04/2006
		02/03/2006
		16/12/2005
		04/11/2005
		11/08/2005
		17/05/2005
		10/03/2005
Redemptions		Redemptions		Redemptions
Mutual Funds	Pension Funds	Mutual Funds	Pension Funds	Mutual Funds	Pension Funds
No	No	No	No	No	No

COMMERCIAL MANAGEMENT

Beltran Parages Revertera
Chief Marketing Officer

Beltrán Parages joins Bestinver Gestión SGIIC in May 2009 as new Chief Marketing Officer.
He begun his professional passage in 1997 at Beta Capital where he carried out different responsabilities, first in the Fixed income desk-Institutional distribution and later assuming functions of management in Gesbeta SGIIC. During his period in Beta Capital he was a year of leave of absence in Malawi (Africa) working in projects of coopoeration and development with the sisters of Maria Mediadora.
In 2000 he joined Allfunds Bank SA, organization leade in Europe in distribution of investment funds, as responsible of Key Accounts in Sales Deptartment. Two years later he was appointed Sales Manager for Spain, Portugal and Latin America. With the expansion of the company towards new countries, in 2006 he was appointed Regional Director for Iberia, Latin America and United Kingdom leading the entrance and expansion of the organization in those countries.
After ten years of dedication to Allfunds Bank, he decided to continue his professional career linked to the world of the investment funds, assuming sales management of Bestinver Gestión SGIIC
Graduated in Economics and Business Sciences, specialized in sales, at the Universidad Complutense of Madrid. He's bilingual in english.

Maria Caputto Barbadillo
Deputy Marketing Officer

After completing her MBA at the Instituto de Empresa, she worked marketing investment funds at BBVA. She joined Bestinver in 1992. She worked as an equity analyst for five years, preparing company valuation reports, specialising in the construction, real estate, food and automobile industries. Her time as an equity analyst provided her with in-depth knowledge of the principles of value investing.

In 1997 María began to develop Bestinver’s marketing team, in charge of investor relations (both retail and institutional investors), dealings with the media and disclosure to the CNMV (Spanish securities regulator). She is highly specialised in providing financial and legal counsel on Bestinver’s SICAVs.

She is a graduate in Law (Universidad Sevilla), holds an international MBA (Instituto de Empresa) and speaks English.

FINANCIAL MANAGEMENT

Ana Palacio Cárdenas
Financial Director

She joined Bestinver in 2006 as Financial Director. Ana Palacio began her professional career at Grupo Antibióticos-Montedison where, aged just 26, she was appointed Assistant Director of group management control for Spain and Italy. She has held the following postions, always related to corporate financial management:

Director of Planning and Management Control at Grupo Antibióticos (1984-1994)
Corporate Director of Management Control at Grupo Indra (1994-1996)
Director of Economic Control and Territorial Management at Vodafone (1996-1999)
Director of Finance of the Internet Division at Vodafone (1999-2001)
Director of Finance of Vizzavi Spain, a company belonging to the Vodafone Group (2001-2003)
Corporate Director of Finance at Grupo Avanzit (2004-2006)

She graduated in Business Studies from ICADE (Universidad Pontificia de Comillas) and teaches the Masters in Finance and Management Control at the EOI School of Business.

Manuel Martinez Jerez
Head of Legal Counsel

Manuel joined Bestinver in 2005 to head up the legal department. In January 2006 he was appointed to the Board of Bestinver Sociedad de Valores, S.A.

Before joining Bestinver, between 2001 and 2005, he worked as a lawyer at the firm Ramón & Cajal, working for the department dealing with corporate, banking and securities markets law. He has advised prominent investment services firms and management companies for collective investment funds and pension funds, serving as Secretary to the Boards of Directors of some of them.

He graduated in Law from the University of Granada. He is a registered lawyer at the Ilustre Colegio de Abogados de Madrid (Madrid College of Lawyers).

Mayte Juarez Garcia
Head Of Equities

Mayte joined the Bestinver Group in May 1998 as a broker executing orders for Bestinver Sociedad de de Valores on the open-outcry trading floor and providing support work on continuous-market trades for foreign institutional clients.

In January 1999, Mayte switched to Spanish equity sales for institutional clients, and later joined the Bestinver Gestión sales team.

In 2002, Mayte started to develop the trading platform for the Bestinver Internacional fund, and was eventually made Head of Equities, her current position. She oversees equity buy and sell transactions and follows news and prices for the stocks in Bestinver’s fund portfolios.

Prior to this, Mayte worked in the cash management department of the investment banking department where she monitored the bank’s debt.

Mayte speaks English and took a Master’s degree in Financial Markets at the Facultad Autónoma de Madrid. She graduated in Biology from the Universidad Complutense, Madrid.