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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, Mapfre US Forgotten Value Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"Mapfre US Forgotten Value Fund targets undervalued North American companies overlooked by mainstream investors. Despite underperforming the S&P 500 in June, the fund outperformed value indices."
The Mapfre US Forgotten Value Fund declined 0.77% in June versus a 3.47% gain for the S&P 500, but outperformed value indices including the S&P 1500 Value (-0.98%) and Russell 2000 Value (-1.95%). The fund's strategy focuses on undervalued North American companies outside mainstream investment focus, particularly those with complex capital structures or in temporarily out-of-favor sectors. Top contributors included Uber (+14.04%), Alphabet (+7.09%), and Labcorp (+5.77%), while detractors were Levi Strauss (-18.65%), IAC (-4.68%), and Warner Brothers (-8.53%). The portfolio maintains 43 holdings with 95.2% equity allocation and 4.8% cash. Market performance was mixed in June, with US markets supported by strong labor data and macroeconomic recovery, while European markets faced political uncertainty from French elections. The fund's focus on forgotten value stocks positions it to capitalize on overlooked opportunities in the North American market.
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