Value Spain 2020

Programme cancelled on Force Majeure (Covid-19)

26th April 2020

27th March 2020

Best Voted Ideas

Due to Covid-19 there was no voting on ideas.


Daniel Abrahams is the Managing Partner at Alfreton Capital, where he invests in businesses alongside a group of long term co-investors. Daniel and team established Alfreton Capital in 2015 after spinning out from their previous firm, where Daniel had been a partner at launch in 2007. Earlier in his career, he worked in M&A at Deutsche Bank and he began his career at Arthur Andersen. 

He is a former co-chair of the Value Investing Special Interest Group of the UK CFA Society and he holds a Masters from the University of Oxford, where he graduated with First Class Honours in Economics and Management. 

Luis Urquijo CEO at Muza Gestión de Activos SGIIC, an independent value oriented Asset Management firm based in Madrid. His financial expertise spans over 20 years having worked as equity analyst and portfolio manager. In 2010, he became CIO of La Muza Inversiones SICAV, a 20 year old “long-only” fund with some €170 of AUM with compound returns above 10%. The SICAV invests globally with a “Value” approach.

He holds an Executive MBA from IESE, a Master Degree in Finance from Instituto de Empresa and attended the Value Investing Course at University of Nebraska and a Value Investing Program from the Ben Graham Center. He has been Speaker in different investment seminars like Value Spain.

Born in 1963 in El Ferrol, Spain. After graduating in Economics, he took an MBA at the IESE business school.

A voracious reader, he gets through books as briskly, it seems, as his long daily walks. He is also a keen swimmer, and sometimes plays golf.
His track record of 25 years near the top of performance rankings make him one of Europe’s leading asset managers in the “value” school.
He is a self-taught follower of Warren Buffett’s investment approach. His asset management style is based on strictly applying the principles of value investing (Graham, Buffett, Peter Lynch, etc), within the framework of the Austrian business cycle theory.
He is the author of “Investing for the Long Term”, a book in which he explains the underpinnings of his own investment approach and experience.

Andrew Brenton is the CEO and a co-founder of Turtle Creek. Previously, Mr. Brenton founded and was the CEO of the private equity subsidiary of The Bank of Nova Scotia where he invested $300 million in control positions of a dozen Canadian private companies. Mr. Brenton was head of the high technology investment banking practice of Scotia Capital in the early 1990’s and prior to that, he was a founding member and Managing Director in the firm’s mergers and acquisitions practice. Mr. Brenton joined McLeod Young Weir (the predecessor to Scotia Capital) in 1984. 

Mr. Brenton received his MBA from the Richard Ivey School of Business (University of Western Ontario) in 1984 and his B.Sc. from Mount Allison University in 1980.

Xavier Brun joined Trea in 2018 as Head of Equity Europe and manager of European Equities. Previously, he was responsible for the management area at Solventis SGIIC. He managed various funds, including Solventis EOS, which received the award for the best European Equities Pension Plan 2018 by Morningstar. Previously, he worked as a Senior Equity Analyst at SIA Funds.

Doctor cum launde of Economic Sciences from the University of Barcelona. He is also Bachelor of Business Administration and Diploma in Business Studies from the Pompeu Fabra University (UPF), additionally he has a Master in Banking and Finance from the Idec- UPF.

He combines his work as a manager with that of Director and Professor of the Master’s Degree in Financial Markets of the Barcelona School of Management – UPF. Author of several books of Financial Advice published by Editorial Profit.

Jim Falbe joined Vulcan Value Partners in 2013. Prior to joining Vulcan Value Partners, Jim interned at the University of Notre Dame’s Investment Office while studying for his MBA at the Mendoza College of Business. Before business school, Jim worked with International Service Partners on humanitarian efforts throughout the Middle East and North Africa region. His notable projects included managing and eventually selling an English and computer training center that educated over two thousand students per year and establishing connections for ISP’s relief work in Libya and Egypt during the Arab Spring.

Jim earned his MBA in Investments from the Mendoza College of Business at the University of Notre Dame. He also holds both an MDiv and BA from Baylor University.

Gianluca Ferrari has been a Director at Shareholder Value Management, a €2bn AUM investment company where he lead the firm’s activist initiatives. He currently serves on the boards of Be Think Solve Execute SpA, a publicly traded IT Consulting company based in Rome, Italy, and on the board of Retelit SpA, a Milan headquartered and listed telecommunications operator where he is also Chairman of the Investment Committee.

Gianluca holds a degree in Economics and Business from LUISS University in Rome, Italy and is the author of “Value Investing: la guida definitiva all’investimento azionario”, the first book on Value Investing catered to the Italian markets.

Born in Madrid, Spain, Marcos Hernández Aguado holds a degree in Economics and Business Studies from the Universidad Pontificia Comillas (ICADE E-2).

Marcos began his career as a financial analyst in 1993, going through several brokerage firms and covering most of the listed sectors, before joining Merrill Lynch in 1999 as a senior analyst of the Construction and Materials team, consistently ranked among the top three in the Institutional Investors’ survey. He was the top-rated analyst in the Construction sector in 2001 and 2002 (Greenwich survey) and in Small Caps Europe in 2002 (Reuters).

In 2005 Marcos decided to move to fund management within Merrill, joining Merrill Lynch Strategic Investment Group (SIG) as Director. Within SIG he managed a long-short equity fund and a long-only strategic investment fund, becoming a member of the SIG Investment Committee. In March 2008, he joined the Swiss asset manager SIA Funds as a senior analyst, being promoted to head of research, co-manager, and finally CIO. Based in Lachen (Zurich), he is currently a partner in SIA Funds.

Cédric Jacque is Managing Partner and Portfolio Manager at Mensarius in Zürich, Switzerland. Mensarius is an independent asset manager with a long-term absolute return focus. Mensarius are value investors deploying a fundamental, bottom up approach and maintaining a clear focus on capital preservation.

Cédric is responsible for the firm’s investment strategy and management of the investment team. He joined Mensarius in 2011 and became Partner in the firm in 2016. Cédric joined as an Analyst, was promoted to Senior Research Analyst, became Portfolio Manager in 2017 and Managing Partner in 2019. 

Prior to Mensarius, Cédric served as Senior Auditor at KPMG in Luxembourg from 2008 to 2011. Cédric earned his Master of Science degree in Finance from the University of Nancy II in 2006. He is a CFA charter holder, and serves as one of the founders of the CFA Value Investing Network (VIN) in Switzerland.

Alberto Jimenez Crespo is a Principal, Portfolio Manager, member of the Aristotle Capital research team and a veteran of the investment industry. Prior to joining Aristotle Capital, Alberto was Managing Director and Portfolio Manager at Vinik Asset Management, LP and at Tradewinds Global Investors, LLC. While at Tradewinds, Alberto was a key member of the Global All-Cap strategy, and Co-PM of the International Strategy and Global Natural Resource strategy. During his tenure, these three strategies received Lipper awards for top ranking in their respective categories. Prior to Tradewinds, Alberto was an Equity Analyst at Merrill Lynch; and sell-side Equity Analyst at Salomon Smith Barney.

Alberto earned his Bachelor of Science and Master of Science degrees in Mining Engineering from Universidad Politécnica de Madrid, and his Master of Science degree in Mineral Economics from Colorado School of Mines. He is a CFA® charterholder and fluent in Spanish.

Outside of work, Alberto is the co-founder of the Wild Orchid Foundation a 501©(3) charitable organization that dedicated to breaking the cycle of poverty in Cebu, Philippines through arts and education. Alberto is also a member and mentor of the Blue Heron Foundation that provides an education to orphaned and abandoned children in Romania and Moldova.

Christopher Karlin is Chief Investment Officer of Aquitania Capital Management, a value-oriented global investment firm. Prior to founding Aquitania in 2012, Christopher held positions as a Research Analyst at First Pacific Advisors, Kestrel Investment Management, and interned with Farallon Capital Management.

Christopher received his BBA from the University of Wisconsin, his MBA from Yale University, and is a CFA charterholder.

Founding and Managing Partner at Invexcel Patrimonio, a family-driven  and value oriented Financial Advisory boutique based in Madrid. Since 2006, he has specialized in Equity Investments, Wealth Management, and Private Equity. He worked with Three Cities Research, Inc. (2006-2008), a Private Equity management company based in New York with operations in the United States and Canada. 

He has served on several Board of Directors (i.e. Finlovest SICAV, Movilnorte and Excel Corporación). He holds a B.A. degree in Business Administration (CUNEF, Universidad Complutense de Madrid).

Raphaël Moreau is a fund manager at Amiral Gestion since 2008. He focuses on European small & mid capitalizations where he likes analyzing under-researched companies, and stocks in “contrarian zipcodes”. 

Prior to joining Amiral Gestion, he had experiences as a sell-side analyst at UBS in London and as a fixed income financial analyst at Calyon. Raphaël is a 2007 graduate of Essec Business School.

Jan Roos joined Valentum as an equity analyst in 2017. In line with the firm’s investment strategy, he looks for companies with solid FCF generation, low debt and good management. The focus is mainly on European small and midcaps.

Prior to joining Valentum, Jan has been active for 16 years as equity sales (of which over half as Head of International Sales at Banesto). Prior to that he has been credit analyst and corporate banker at different international banks.

Jan holds a MA in Economics from the UC Louvain, Belgium, and fluently speaks 5 languages.

Jaime Sémelas is Bachelor of Business Administration (ICADE E2).

He started working as analyst in 1998, in the Credit Lyonnais Spain team analyzing industrial companies. In 2000, he joined the Banco Santander Small-Mid Caps team, reaching a 6th place in the Institutional Investor rankings.

From 2005 he worked at the Fortis Spain team until 2006, when he joined Banesto Bolsa to lead Small Caps research product.

In 2011 he joined the BBVA Research team and since 2013, Jaime is part of the Value Tree team.

John Tidd is founder of Hamco Global and a Value investor by nature with 20 years of experience managing investment vehicles and a unique track record. His curious and critical mindset as financial analyst, allowed him to find excellent investment opportunities all around the world. By studying at the Columbia Business School (NY), John had the opportunity to learn value investing where it all started – where Warren Buffett studied under Benjamin Graham. In addition, being a student of Jim Rogers (co-founder with George Soros of the Quantum Fund), was another relevant aspect that marked his passion for investments. John carries the value investing in his DNA and applies it not only to his management style, but in every aspect of his life. His two passions: investments and running ultramarathons. Charitable activities are focusing on education and volunteering (

He began his career in 1984 and held various positions in financial departments of Neworld Bank (Boston), First Boston Corporation (NY) and JP Morgan & Co (NY). In 1988 he joined Citibank, where he worked in a number of roles in Finance, Marketing and business in NY, Madrid and London. After nine years in the bank, most of them living in Madrid, John left the firm to found and manage a new investment vehicle, the Horizon Growth Fund (Dec 1999). This fund, not distributed in Spain, focuses on long-term capital growth by investing in global deep value equities, holds more than $100 million USD in assets and a +17% annualized track record (since inception). In 2019, he founded HAMCO Financial in order to provide advice to the HAMCO Global Value Fund, a new Spanish UCITS Fund that uses the same value investing philosophy in global equities. John holds a degree in accounting from Brigham Young University, has an MBA, from the Columbia Business School and is also a CFA Charterholder from the CFA Institute.

John Woodman is Senior Analyst and Principal at Southeastern Asset Management which he joined in 2016 in the London office. He has 14 years of investment experience and previously held roles as Senior Vice President of the Certification and Business Enhancement division for SGS in New York, Executive Director at Goldman Sachs in the Global Research division in London, and Vice President at Citigroup in London.

Mr. Woodman received his bachelor’s degree in Geography and Environmental Science from the University of Oxford.

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