With a decade of experience in private equity and venture capital, Borja de Roda leads the asset management arm of Beka Finance, built through acquisitions under Gala Capital. Since 2019, they have incorporated traditional funds and plan to launch new products soon.
Regarding the pandemic, Borja explains that their funds maintain a long-term outlook, although they will take advantage of short-term opportunities arising from the crisis. The main portfolio of the Beka International Select Equities fund combines leading companies with solid financial structures (75% of the portfolio) and a portion in “special situations” that seek specific opportunities, such as companies hit hard in March 2020 that recovered after positive news like the vaccine.
In terms of turnover, the core part is held long-term (20-30 years or more), while the special situations segment is managed with a six-month horizon to capture specific catalysts.
Examples of long-term investments include MSCI, a leader in financial indices, and PayPal, which has benefited from the increase in e-commerce during the pandemic, along with other payment companies like Mastercard.
The other liquid fund, Beka Optima Global, mixes 75% global ETFs with 25% solid companies offering high dividend yields, such as Iberdrola.
Borja points out that instead of betting solely on sectors, they identify global trends like vehicle electrification or payment digitization, investing in businesses that benefit indirectly, such as IAAI, which auctions damaged cars.
Regarding alternative investments, he highlights significant investor pressure in private equity, especially in unlisted Spanish companies, causing price inflation and requiring much caution. However, strong and resilient companies may be worth even more than a year ago.
Beka AM aims to attract international investors and expand its range of alternative funds, for example with innovative products linked to agriculture and nut production in Spain and Portugal, leveraging favorable climate conditions.
Finally, Borja stresses that while alternative investments may carry somewhat higher risk, they help diversify portfolios and offset the current low returns in fixed income, offering an attractive option for many investors.
