Over the past week, the DIC portfolio has recorded a return of -1.25%, compared to -3.21% for the IBEX 35 and -3.14% for the EuroStoxx 50.

Highlights of the week

Notable gains: Solaria (+11.02%) rose sharply after posting results with net profit up 148% and announcing a roadmap that aims to double EBITDA by 2028, supported by investments in solar, batteries, and data centers. Neinor Homes (+2.11%) was boosted by the improvement in the price offered in its takeover bid for Aedas to €24/share, which increases the likelihood of the deal’s success and accelerates consolidation in the sector.

Notable declines: Técnicas Reunidas (-13.93%) led the week’s declines after Cobas Asset Management, Francisco García Paramés’s management company, reduced its stake from ~4.9% to 2.2%, generating additional selling pressure on the stock. Repsol (-7.92%) was also affected by the decline in Brent and the overall impact on the oil sector, which also affected competitors such as Galp and Eni.

Relevant news

Correction in the technology sector following NVIDIA’s results, with declines in semiconductors and cloud companies due to signs of high inventories and doubts about the sustainability of demand.

IAG, Lufthansa, and Air France-KLM are competing to take over TAP in a strategic privatization that could reshape the European sector and provide access to the lucrative Brazilian market.

Brussels is considering a total ban on Huawei in European networks, a measure that would have a strong impact on telecommunications companies and involve multimillion-dollar costs (€4 billion in Spain), increasing technological tension with China.

Inditex overtakes LVMH to become the world leader in profits, driven by its agile logistics model and more stable consumption than luxury goods, which are beginning to show signs of slowing down. The milestone reinforces its position as a global benchmark in retail.

Weekly outlook (Upcoming events)

US quarterly GDP

Spain CPI

Earnings releases: AEDAS, Grenergy

We will continue to monitor these events closely to see how they affect the markets and our portfolio.

Quote of the week

“The biggest risk is not taking any risk”

Mark Zuckerberg

Team Portfolio Management | Deusto Investment Club