Contact

Contact

Our office

Pl. Ayuntamiento, 27 – 7º
46002 Valencia – Spain

Phone

+34 960 454 015

Do not hesitate to contact us if you have any questions, we will be very pleased to help you! Fill in the contact form and we will respond as soon as possible.

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      News

      News

      At NAO we want to keep you updated on the latest news.

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        Sustainability

        Sustainable

        Environmental, Social and Governance

        Caseta en bosque - NAO

        Environmental

        The key variable is efficient energy use. Technology already allows for an energy transition to zero emission; growth in this area has only just begun.

        The companies included in our portfolio strive to achieve energy self-sufficiency. We also select companies with a product that helps society in achieving that goal. Moreover, we potentially invest in the whole value chain of energy efficiency.

        We consider other relevant variables such as CO2 emissions, water usage and waste management.

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        Social

        The social dimension encompasses the impact of the company’s activities on employees, customers, suppliers and, in a broader sense, society. In companies where human capital is crucial, such as consulting firms, advertising agencies or engineering firms, a favourable social policy mitigates operational risk.

        Employee turnover

        Evolution of the percentage of part-time or permanent employees

        Wage dispersion

        Employee turnover

        Evolution of the percentage of part-time or permanent employees

        Wage dispersion

        Safeguarding of key employees

        Health and safety procedures at workplace

        Company products and services

        Governance

        Corporate governance is the system of rules, practices and procedures by which a company is directed and controlled. Good governance involves balancing the interests of a company’s different stakeholders such as shareholders, management team, customers, etc. Therefore, a sound governance provides stability by establishing clear and effective accountability mechanisms. In short, it reflects the strength of the company’s principles and values.

        Quality of the management team. Board of Directors.

        Quality of audit evidence

        Structure and use of capital

        Remuneration and incentives


        Financial criteria

        Financial criteria

        We adhere to a consistent and meticulous investment process.

        Financial analysis

        We are long term investors; a great company always has an allocation in our portfolio because it constantly meets expectations.


        Companies are worth what they generate, we focus on their cash generation.


        We invest in quality companies that can maintain their competitive advantage.


        We select business without financial burdens. The less debt, the better.


        For us, a sound order book signals a healthy company.


        We prioritize current facts rather than prospective figures.


        Aggregate portfolio analysis

        We analyse the correlation between each stock and the whole portfolio, considering variables such as economic cycle, interest rates, inflation and market risk. We thoughtfully diversify our portfolio to protect ourselves against unexpected situations and potential errors.

        Risk aversion

        We avoid the permanent capital loss, although we are not concerned about temporary volatility in market prices. Permanent capital loss typically occurs when buying overpriced stocks, businesses in a predicament or highly indebted companies. Therefore, we avoid such situations.

        Margin of safety

        Margin of safety occurs when the market price of a security is significantly below to our estimation of its intrinsic value. We invest in situations where the quoted price offers a wide margin of safety, because this provides a cushion against errors in analyst judgment or calculation, while at the same time, enables us to obtain a reasonable return with lower volatility than the market.

        Margin of safety occurs when the market price of a security is significantly below to our estimation of its intrinsic value. We invest in situations where the quoted price offers a wide margin of safety, because this provides a cushion against errors in analyst judgment or calculation, while at the same time, enables us to obtain a reasonable return with lower volatility than the market.

        In the short term, the market has an emotional and impulsive behaviour, so price and value seldom come together. As times goes by, rationality appears, and price and value eventually converge. Those temporary discrepancies between value and price, resulting from the irrationality of the market, create great investment opportunities.


        Investment process

        Investment process

        We look for companies that can create stable value and that are undervalued for temporary reasons.

        The cornerstone of our investment process is the fundamental analysis of a company. We carry out in-depth research considering the following factors:

        We analyse the business and the sector in which the company operates, paying special attention to its structural growth, regulatory framework, level of concentration of customers, suppliers and competitors. All these variables will indicate the pricing and market power of the company.

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        We analyse the quality of the business, its historical evolution and potential strength and weakness. We invest with a purely entrepreneurial approach.

        We analyse the quality of the business, its historical evolution and potential strength and weakness. We invest with a purely entrepreneurial approach.

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        Dibujo de mapa del mundo

        We constantly evaluate how the macroeconomic environment can influence the businesses in which we are invested.

        Our job is to preserve and increase our clients' savings, for them to enjoy their future wealth at ease.


        As we are invested in our funds, we invest our client´s money as if it were our own.


        A comprehensive investment approach must integrate sustainable and financial criteria. Those companies capable of promoting solutions, goods and services in a sustainable manner will be the winners in the mid and long term. The implementation of sustainable variables in the valuation method helps to complete the financial and fundamental information of a company.



        Team

        Team

        Our commitment is based on a strong team, shareholder stability, a clear and tested philosophy and co-investing with our clients.

        Pablo Serratosa Luján

        Chairman

        Pablo has over 24 years’ experience in business, real estate and financial markets. He has been a member of the Board of Directors of many listed companies, non-listed companies and Collective Investment Vehicles (CII). Among other roles, Pablo has been Commercial Director at Valenciana de Cementos, Vice President of Air Nostrum Airline, member of the Board of Directors at Nefinsa, Gamesa, Grupo Uralita and Centros Comerciales Carrefour among other companies.

        In 2007, Pablo founded Grupo Zriser where he is currently president and member of the Board of Directors. Pablo holds a degree in Economics from the University of Valencia and an MBA from Babson College in Boston.

        Pablo Cano Escoriaza

        Chief Investment Officer (CIO)

        Pablo has been running mutual funds and pension plans for the last 18 years. He started his career as equity portfolio manager at Ibercaja Gestión. In February 2008, he joined Aviva Gestión as portfolio manager and later became Head of Equity. He joined Bankinter Gestión de Activos in September 2013, where he incorporated for the first-time sustainability criteria to his investment process and stock picking.

        Pablo has been granted many awards and distinctions throughout his career as mutual and pension fund manager. Pablo holds a degree in Economics from the University of Navarra and a master's degree in Economics and Business Management from IESE.

        Pilar Lloret Martínez

        Chief Executive Officer (CEO)

        Pilar has 12 years of experience in the financial sector. Prior to joining NAO, she held the position of Chief Investment Officer at Grupo Zriser, while she specialized in European equities. She previously worked at Aseguradora Valenciana S.A. (Bancaja-Aviva Group) as a fixed income and equity portfolio manager and at Aviva SC as a risk controller.

        Pilar holds a degree in Industrial Engineer from the Universidad Politécnica de Valencia-Alcoy, a second degree in Mine Engineer from the Universidad de Cartagena and a master’s degree in Finance and Stock Exchange Operator from the Fundación de Estudios Bursátiles y Financiero.

        Eugeni Segarra Miralles

        Fund Manager

        After two years working as a commodity trader and equity analyst in Tressis, Eugeni has come to complete the NAO’s investing team.

        Eugeni has a degree in Economics by Universidad de Valencia and a BME’s Financial Markets & Alternative Investing master (MFIA).

        Eva Prats Ripoll

        Head of Middle Office

        Eva has 10 years of experience in the financial sector. Before joining NAO, she worked at Degroof Petercam Private Banking. She was responsible of the Middle Office and Back Office area for the region of Valencia.

        Eva holds a degree in Anglo-Germanic Philology from the Universidad de Valencia, studying the last two years at the University of Essex (England) and the University of Lyon (France) respectively. She also holds a master’s degree in Legal and Economic-Financial Translation from the Universidad de Alicante.

        Sergio Luján Ruiz

        Head of Reporting & Communication

        Sergio studied Business Management degree at the Universidad de Valencia and a master in Financial Markets & Corporate Finance (MBF) by FEBF. Furthermore, he is certified as European Financial Advisor (EFA)® and ESG Advisor (ESGA)® by EFPA España, and recently, he has been also recognised as Certified European Financial Analyst (CEFA)® by EFFAS.

        Professionally, Sergio has experience in Financial Accounting and Audit.


        What do we do?

        What do we do?

        We want to prove that returns and sustainability go hand in hand.

        We aspire to earn your trust so that you can sleep peacefully knowing that your savings are in good hands, growing while contributing to a better world.

        Investment returns

        Our goal is to enhance our performance by protecting your wealth in down-markets.

        Consistency

        Our investment philosophy has worked in different market environments.

        Soundness (Reliability)

        We maintain an adequate diversification by sectors and companies. Our main priority is safeguarding the liquidity of the overall portfolio.

        Transparency

        Our clients always know how we manage their money and how the portfolio evolves.

        Sustainability

        A comprehensive investment process must include sustainability criteria to complement the financial information of a company.

        We aim to become a reference sustainable fund manager in Spain and in the rest of Europe.


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        About us

        Who are we?

        At NAO we are a team of professionals with different and complementary profiles who share a vision: generate returns by investing in companies committed to sustainability.

        We aim to become a reference sustainable fund manager for your life savings.

        We are a transparent, committed and truthful alternative for managing your wealth.

        Invest as you believe


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        We invest responsibly our money and that of our investors by selecting companies with a competitive edge that care about their workers, society and environment.

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        At NAO we invest following our principles. The heritage we want to endow to future generations includes much more than money. Our investment process considers environmental, social and governance criteria that provide greater stability and enhance long term profitability.

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        NAO largest shareholder is Grupo Zriser, a leading investment group in Spain.


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        Grow your savings while improving your environment

        We invest in companies that meet both our financial and sustainable criteria.

        Our objective is to meet the needs of the present without compromising the future. We seek a balance between economic growth, social welfare and environmental care.

        Think as you invest,

        invest as you think

        About us
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