Dunas Capital AM has announced today the creation of a new fund within the Dunas Valor range that, due to its risk-return profile, will be positioned above Dunas Valor Flexible. The new fund, named Dunas Valor Audaz, will target a return of 12-month Euribor +600 basis points (bps) with a maximum annual volatility of 15%.
Like the rest of the Dunas Valor range, Dunas Valor Audaz is a multi-asset absolute return fund, allowing it to invest in a wide variety of assets.
This new fund strengthens the Dunas Valor range with a product ideal for clients seeking a vehicle that offers medium-term returns comparable to or higher than those of the European stock market, with significantly lower volatility and under the capital preservation philosophy that defines the Dunas Valor range.
Additionally, Dunas Capital AM is adapting the Dunas Valor range to offer an investment solutions catalog that provides greater adaptability to the varying risk-return profiles of clients in the current market environment.
The restructuring of the Dunas Valor range follows the integration of Dunas Capital AM and Gesnorte's investment fund businesses, which also led to the merger of Dunas Valor Equilibrado with Fondonorte and Dunas Valor Flexible with Fondonorte Global Dividendo.
So far this year, all funds in the Dunas Valor and Gesnorte ranges are in positive territory and clearly exceeding the objectives set for each fund. Furthermore, Dunas Valor Equilibrado and Dunas Valor Flexible continue to hold a 5-Star Morningstar rating, while the entire management team maintains a AAA rating by Citywire.
David Angulo, Chairman of Dunas Capital, stated: “Following the strong performance in sales and management of the Dunas Valor range, we decided to launch this new product at the request of our clients, offering them an alternative that delivers higher returns while maintaining very controlled risk, managed by the same team and under the same philosophy as the rest of the range.”
Alfonso Benito, CIO of Dunas Capital AM, noted: “Dunas Valor Audaz will have a structure very similar to Dunas Valor Flexible, although it will include a higher proportion of slightly riskier assets such as equities, high-yield bonds, subordinated debt, hybrids, etc., while maintaining the essence of the Dunas Valor range based on capital preservation and attractive medium-term returns without major surprises. Like the other funds in the Dunas Valor range, it will stand out for being multi-asset, with an absolute return approach and a management process based on collective decision-making.”
Borja Fernández-Galiano, Head of Sales at Dunas Capital, added: “As our assets under management have grown, there was room to add another step in the risk-return scale offered by the Dunas Valor product range. Dunas Valor Audaz is ideal for investor profiles seeking slightly higher returns than Dunas Valor Flexible in exchange for slightly higher volatility.”
Portfolio Management
At a press briefing held today, Dunas Capital AM’s management team explained that the management of the Dunas Valor range during the first half of 2025 has been marked by a prudent and selective approach, tailored to a context of high volatility and macroeconomic uncertainty. Throughout the semester, they maintained low risk levels, prioritizing capital preservation—especially from February onward—as the core of their strategy.
In fixed income, they focused on short durations and a concentrated exposure to high-quality assets, particularly in the financial sector, systematically avoiding long-term euro curve positions and minimizing exposure to high yield and subordinated assets. Brief forays into these segments were taken tactically, after specific correction episodes such as those in April. This defensive stance allowed them to weather the uncertain environment caused by the current interest rate context and Europe’s increasing public financing needs.
Regarding equities, the portfolio was characterized by a careful selection of cash-generative companies, with a particular focus on strategic sectors such as electrification, healthcare, and finance, while steering clear of overpriced stocks or those highly exposed to future growth, such as consumer goods, luxury, and tech. Taking advantage of strong performance in these assets, profits were partially realized at the end of Q1, although significant exposure was maintained to themes aligned with major European trends in defense, infrastructure, and digitalization spending.
Active risk hedging was another key pillar, using derivatives such as futures and options to protect the portfolio during spikes in volatility. This dynamic and flexible approach enabled all funds in the Dunas Valor range to preserve capital and deliver strong returns with low volatility during the period, proving the effectiveness of a strategy based on prudence, diversification, and constant market adaptation.
Positioning for the Second Half of the Year
Looking ahead to the second half of the year, Dunas Capital AM is maintaining a very low-risk strategy amid a landscape marked by high political uncertainty, rising public deficits, and a global economic slowdown. The management team believes these factors are not compatible with current stock market valuations—which are at record highs—nor with the projected double-digit corporate earnings growth in coming years, nor the narrow credit spreads.
In fixed income, expansive fiscal policies and a significant increase in public debt issuance—especially in Europe—are driving, and will continue to drive, real medium- and long-term interest rates higher. Expecting that central banks will only be able to partially contain the rise in short-term rates, the team has decided to avoid longer-term bonds and maintain a conservative stance, focusing on “senior” financial bonds with maturities no longer than four years.
In equities, the manager has reduced its cash exposure by 30% compared to the beginning of the year, favoring companies with visible cash flows in sectors such as healthcare, utilities, energy, telecoms, and financial services. In addition, they seized specific opportunities tied to the German fiscal stimulus plan, investing in the MDAX and cyclical European companies in the automotive and chemical sectors, as well as in defense through tech consultancies.
Protecting the portfolio against market volatility remains a top priority, maintaining strong global hedges using option structures on the Eurostoxx 50, all with the aim of continuing to offer investors “returns without surprises” even in a challenging environment.
About Dunas Capital Group
Founded in 2016, Dunas Capital Group has established itself as a leading independent investment firm in Spain, with an outstanding track record and consistent growth of over 35% annually since inception, reaching close to €4 billion in assets under management.
Today, Dunas Capital Group focuses its activity on three main business lines: investment and pension fund management, real asset fund investment and management, and investment in logistics real estate assets. Its team of professionals has extensive experience and prior careers in banking, insurance, asset management, private equity, and infrastructure.
cloud technology axon
The building, for which planning permission has already been granted, ...
