Contact
Contact
Our office
Pl. Ayuntamiento, 27 – 7º
46002 Valencia – Spain
Phone
+34 960 454 015
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Sustainability
Sustainable
Environmental, Social and Governance
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.
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.
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.
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 30 years of experience in business, real estate, and financial market investments and has been a board member of listed, unlisted companies, and Collective Investment Institutions (CIIs). Among other roles, Pablo has been deputy commercial director at Valenciana de Cementos, vice chairman of Air Nostrum, and a board member of Nefinsa, Gamesa, Grupo Uralita, and Centros Comerciales Carrefour, among other companies.
In 2007, he founded Grupo Zriser, where he currently serves as president and board member. Pablo holds a degree in Economics from the University of Valencia and an MBA from Boston Babson College.
Pilar Lloret Martínez
Chief Executive Officer (CEO)Chief Investment Officer (CIO)
Pilar has 20 years of experience in the sector. Before joining NAO SAM, she held the position of director of capital markets at Grupo Zriser, where she specialized in european equities. Previously, she worked at Aseguradora Valenciana S.A. (Grupo Bancaja-Aviva) as a fixed income and equity manager, and at Aviva SC in the risk control area.
Pilar is an Industrial Organization Engineer from the Polytechnic University of Valencia-Alcoy and a Technical Mining Engineer from the University of Cartagena. She also holds a Master's in Financial Markets and Corporate Finance from the FEBF and is chartered as ESG Advisor (ESGA)® by EFPA.
Eugeni Segarra Miralles
Investment Manager
Eugeni has 5 years of experience in financial markets, having worked as an energy futures trader and an equity analyst at Tressis before joining NAO SAM to strengthen the investment team.
Eugeni holds a degree in Economics from the University of Valencia and a Master's in Financial Markets and Alternative Investments (MFIA) and a Master's in Artificial Intelligence Applied to Financial Markets, both from BME.
Sergio Luján Ruiz
Investment Manager
Sergio holds a degree in Business Administration and Management from the University of Valencia and a Master's in Financial Markets & Corporate Finance from the FEBF. Additionally, he is certified by EFPA as a European Financial Advisor (EFA)® and ESG Advisor (ESGA)®, and subsequently has been recognized as a Certified European Financial Analyst (CEFA)® by EFFAS.
Professionally, Sergio has experience in Accounting and Financial Audit, and he joined the investment team after 3 years as head of investor relations.
Eva Prats Ripoll
Head of Compliance
Eva has 15 years of experience in the sector. In the past, she worked in private banking for the Belgian entity Degroof Petercam's branch in Valencia, being responsible for the Middle Office and Back Office areas. Subsequently, she joined NAO SAM, where she currently serves as head of compliance after several years in charge of the Middle Office department.
Eva holds a degree in Anglo-Germanic Philology from the University of Valencia, having completed the last two years at the University of Essex (England) and the University of Lyon (France), respectively. She also holds a Master's in Legal and Economic-Financial Translation from the University of Alicante.
Sergio Díaz Torres
Head of Back Office & Operations
Sergio holds a degree in Business Administration and Management from the University of Valencia, a postgraduate degree in Spanish Stock Markets and Financial Markets from the same institution, and a Master's in Financial Management from the UCH CEU. Additionally, he has obtained the Certified European Financial Analyst (CEFA)® title awarded by EFFAS, and subsequently completed the Private Wealth Management Program offered by the IEB. Sergio began his career at Siemens managing financial databases, and later joined the Capital Markets department at Grupo Zriser, where he remained for 3 years until joining NAO SAM.
What do we do?
What do we do?
We want to prove that returns and sustainability go hand in hand.
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
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.
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.
NAO largest shareholder is Grupo Zriser, a leading investment group in Spain.
Home-ENG
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
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