During the first half of 2024 we have continued the strong performance of recent years, outperforming our benchmark indices by a wide margin. In this first half of the year our International Portfolio has risen by 17% compared to 9% for its benchmark, the BBG Europe Developed Markets, and our Iberian Portfolio by 14% compared to 10% for the Index. Despite these gains, our funds remain significantly undervalued, with a growth potential of 133% for the International Portfolio and 108% for the Iberian Portfolio.

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