AM Cobas Reduces the Defensive Character of Portfolios and Bets on Cyclical Values

In the international portfolio they have reduced positions in the defensive segment, adapting to a market that begins to reflect their correct valuation, as is the case with Bapcock and Aryzta. Thus, they have sold the entire position in Aryzta because they are already approaching the target value, while maintaining a reduced position in Bapcock is not so close. On the other hand, they have sold mainly Golar shares and have increased TGS, Fnac a…