1. Overview of the fund
Valentum FI is a global equity strategy built with a clear objective: compound capital over time through active stock selection, not by following the market.
ISIN: ES0182769002
Structure: UCITS (Spain-domiciled investment fund)
Investment Manager: Valentum Asset Management, SGIIC, S.A.
Depositary: CACEIS Bank Spain S.A.
Asset Class: Global Equity
Investment Style: Value & Momentum (bottom-up stock selection)
Currency: EUR
Fund Inception: 21/02/2014
Since inception in 2014, the fund has delivered +209.6%, outperforming its European benchmark, which reinforces one key idea: alpha has been generated through decisions, not exposure. ππ§
Source: Valentum Asset Management, Valentum FI Monthly Report (February 2026),
However, the real insight is not the final number, but the path. The return profile shows strong asymmetry, with years of sharp gains like +27.6% (2021) and +33.2% (2025), but also deep drawdowns like -28.2% (2022). The fund is positioned where mispricing exists, and that implies accepting volatility as the cost of capturing long-term value.
Source: Valentum Asset Management, Valentum FI Monthly Report (February 2026)
The key takeaway is simple: Valentum is not designed to avoid losses, but to recover faster and compound better than the benchmark over full cycles ππ§
2. Investment philosophy
This is the true core of Valentum, and where the strategy becomes genuinely differentiated. The fund is built on a combination of Value and Momentum, not as isolated factors, but as a unified decision framework that ultimately drives capital allocation.π§ βοΈ
Value, in Valentumβs approach, means investing in high-quality businesses with strong balance sheets, reliable management and consistent cash generation, all trading at a clear discount to intrinsic value because temporary problems.
This is critical, as it avoids one of the biggest pitfalls of traditional value investing: buying cheap companies that are cheap for structural reasons.β οΈπ
Momentum means the presence of real catalysts capable of unlocking value. These may include operational improvements, management changes, restructurings or shifts in sector dynamics.ππ
The real edge lies in how both elements interact.
Valentum does not simply ask whether a company is undervalued. It goes one step further:
What will make the market recognise that value?
That question changes everything. It transforms the strategy from passive value investing into a process focused on value realisation, which is ultimately what drives returns.
On the other hand, the fund shows a clear bias towards small and mid caps with a value tilt, precisely where market inefficiencies tend to be greater. However, this positioning also explains why the fund can diverge significantly from large-cap dominated indices, especially in environments where mega-cap growth leads the market.
Source: Morningstar Style Box
And this is where performance needs to be understood properly.
Valentum has delivered a CAGR of 9.9% since inception, above MSCI Europe, while maintaining lower volatility than small cap benchmarks like the Russell 2000.
Source: Valentum Asset Management, Valentum FI Monthly Report (February 2026)
This combination is not accidental. It reflects the underlying logic of the strategy. By focusing on less efficient segments of the market, the fund captures part of the upside typically associated with small and mid caps. But by applying valuation discipline, balance sheet filters and catalyst-driven selection.
In the end, everything connects back to the same idea:
Buy undervalued businesses with a clear path to re-rating, and manage risk through conviction and discipline, not through dilution.π
3. Portfolio snapshot
The portfolio is diversified, but not neutral. It reflects where the managers are actually finding value today.
Sector exposure is led by Technology (15.3%) and Industrials (14.9%), followed by Consumer and Healthcare.
Source: Valentum Asset Management, Valentum FI Monthly Report (February 2026)
This mix is important , as It suggests that the fund is not positioned around one macro bet, but around multiple independent sources of value, including structural growth areas and cyclical recovery plays.πβοΈ
Geographically, the fund is clearly Europe-centric, with over 70% in the Eurozone, complemented by selective exposure to the US and other developed markets, plus a liquidity buffer (~7%).
Source: Valentum Asset Management, Valentum FI Monthly Report (February 2026)
The fund is not globally diversified, Europe is overweight because that is where mispricing is currently more evident, something also aligned with their recent macro commentary around a βresurgence of Europeβ narrative.ππ
Additionally, the portfolio construction reflects another layer of discipline: the managers prioritise companies with low leverage and strong cash profiles, which is especially relevant in small and mid caps where balance sheet risk can destroy value quickly.
Currently, Valentum sits at a risk level of 4 out of 7, which reflects a balanced but clearly equity-driven profile
Source: Valentum Asset Management, Valentum FI Monthly Report (February 2026)
This is not just a portfolio of cheap stocks. It is a portfolio of financially resilient businesses waiting for recognition ππΌ
4. Access through Valentum Flagship Lux
Although Valentum FI is a Spanish UCITS fund, it can also be accessed through a Luxembourg structure, Valentum Flagship Lux, which essentially allows international investors to gain exposure to the same strategy.
The important point is that this structure does not change the investment approach. It simply facilitates access, making the fund investable beyond Spain.
This is relevant because many boutique strategies remain limited by distribution. Valentum, instead, combines a high-conviction investment process with a scalable access structure, which is not that common in smaller asset managers. πποΈ
5. Fund managers
The fund is managed by Luis de Blas and JesΓΊs DomΓnguez, who have been working together at the helm of the strategy since its inception in 2014.
Their consistency is clearly reflected in both the portfolio construction and the long-term performance pattern, showing a strategy that remains coherent through different market cycles rather than adapting to short-term trends.ππ
6. Why Valentum
Valentum stands out because it is coherent end to end.
The edge is not just being a value fund, but being a value fund with a catalyst framework, which significantly improves the probability of value being realised.
It is also differentiated because it is:
Active and benchmark independent
Focused on mispriced quality, not just cheapness
Willing to act decisively when the thesis changes
Structured to be accessible internationally
In short, Valentum is built around a simple but powerful idea:
Find undervalued companies with a reason to re-rate, and stay disciplined enough to let time do the work βπ
Finally, below you will find a couple of recent interviews with the fund managers, so you can better understand the core philosophy behind it.
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