Values

Our values are not a statement of intent. They are the principles that guide our decisions and underpin our long-term vision.

Capital allocation entails a responsibility that extends beyond the time horizon of each investment. The decisions we make contribute, directly or indirectly, to the evolution of economic activity and to shaping a more efficient, resilient and sustainable environment. We view responsible investment as an integral part of sound capital management. The growing interdependence between economic, social and environmental dimensions requires us to broaden the perspective from which we assess each opportunity and to understand how these dimensions may affect its performance, risks and ability to generate value sustainably.

Accordingly, our approach is based on a rigorous analysis of the factors that may influence the evolution of an investment. This perspective enables us to better understand its risk profile and identify opportunities arising from structural trends capable of transforming sectors, business models and markets over the long term. Value creation requires a disciplined assessment of each opportunity and rigorous management of the risks associated with both the asset and its broader environment.

We do not seek to anticipate trends or respond to short-term considerations, but rather to identify the variables that may determine an investment’s trajectory over time. Within this framework, environmental, social and governance (ESG) factors constitute a relevant dimension of our analysis and are systematically incorporated into the assessment of the different asset classes. Their consideration reflects a commitment to analytical rigour: properly understanding an investment requires assessing not only its fundamentals and its capacity to generate value, but also the circumstances that may influence its future evolution.

The United Nations Sustainable Development Goals (SDGs), in turn, provide a reference framework for contextualising some of the main economic, social and environmental transformations that are expected to shape the coming decades. Considering these goals allows us to place investments within the context of these transformations and assess their potential impact on the markets, sectors and assets in which we invest.

“We understand responsible investment as a rigorous way of fulfilling our responsibilities as investors: adopting a long-term perspective, systematically assessing the factors that may influence the evolution of each investment and allocating capital with a focus on sound risk management, the identification of opportunities and the generation of sustainable value.”
Inversiones Maslosa.

Our responsible investment process is structured around two levels of analysis, tailored to the nature and characteristics of each investment:

• Exclusionary analysis, through which we define the investment universe based on the activity, nature and characteristics of the asset, in accordance with previously established criteria.
• Assessment analysis, through which we incorporate a sustainability perspective into the assessment of assets, taking into account those factors that may affect their risk profile, performance and ability to generate long-term value.

This approach enables us to integrate responsible investment across our different investment areas, without applying a uniform methodology to situations that, by their very nature, require differentiated analytical criteria.

The fundamental principles that underpin and govern our responsible investment policy are: