Vehicles
Own collective investment institutions and advice on the management of investment vehicles
Proprietary collective investment undertakings and advice on the management of investment vehicles.
As the management company we are, we have our own collective investment undertakings. At present, they number two:
Afi Gobal: a global investment fund whose portfolio composition depends on Afi’s outlook for the economy and the financial markets. On average, its exposure to equities is around 25%, with the bulk of the portfolio in fixed income securities (with a range of ratings and maturities). The portfolio is complemented by alternative investments, including absolute return, long/short, commodity and REIT strategies, for example. The fund takes direct positions (particularly in public debt, private fixed income and financial sector fixed income) and indirect positions, via funds and ETFs (in the latter instance to build exposure to global equities and emerging market fixed income). Although not managed on the basis of volatility, that parameter is taken into consideration, with the goal of keeping VaR at under 5%.
Bolsa Social: es un fondo de venture capital this is an impact venture capital fund that invests in early-stage startups (seed and development capital) with high growth and development potential, stories that present scalability, strong teams and innovative business models. The investees’ mission has to include having a measurable positive impact on society and/or the environment. The venture fund is aligned with the Sustainable Development Goals (SDGs) and is agnostic in terms of sectors; however, it does emphasise projects related with health and wellbeing, inclusive education, education quality, responsible production and consumption, climate action and social integration and development. It mainly invests in Spain but also in Portugal. In invests anything between €50,000 to €1 million, depending on the stage of development of the investee, and is open to participating in follow-on rounds.
We also advise numerous entities on managing their investment vehicles:
Mutual and unit-linked funds: We advise third-party funds, whether multi-asset or specialist (fixed income, equities, megatrends, factor investing, SRI, etc.). In the process of advising those vehicles we issue recommendations on portfolio allocation (breakdown between liquidity, equities and fixed income), credit and duration risk, geographic allocation, investments styles and topics, and other positioning matters such as currency risk, hedging and fund vega and beta.
We also provide selección de fondos y ETF fund (and ETF) selection services for vehicles, guaranteeing that any collective investment undertaking we recommend is a match for the fund’s objectives. In providing these services we rely on qualitative (internal due diligence) and quantitative analysis (in-house scoring based on returns and volatility, portfolio look-through, etc.)
Employer pension plans: Here too we issue portfolio allocation and asset selection recommendations. We advise both the control committees and the management companies. Note that we also advise on the pension plan for Afi professionals (Afi Empleo).
Proprietary collective investment undertakings and advice on the management of investment vehicles.
As the management company we are, we have our own collective investment undertakings. At present, they number two:
Afi Gobal: a global investment fund whose portfolio composition depends on Afi’s outlook for the economy and the financial markets. On average, its exposure to equities is around 25%, with the bulk of the portfolio in fixed income securities (with a range of ratings and maturities). The portfolio is complemented by alternative investments, including absolute return, long/short, commodity and REIT strategies, for example. The fund takes direct positions (particularly in public debt, private fixed income and financial sector fixed income) and indirect positions, via funds and ETFs (in the latter instance to build exposure to global equities and emerging market fixed income). Although not managed on the basis of volatility, that parameter is taken into consideration, with the goal of keeping VaR at under 5%.
Bolsa Social: es un fondo de venture capital this is an impact venture capital fund that invests in early-stage startups (seed and development capital) with high growth and development potential, stories that present scalability, strong teams and innovative business models. The investees’ mission has to include having a measurable positive impact on society and/or the environment. The venture fund is aligned with the Sustainable Development Goals (SDGs) and is agnostic in terms of sectors; however, it does emphasise projects related with health and wellbeing, inclusive education, education quality, responsible production and consumption, climate action and social integration and development. It mainly invests in Spain but also in Portugal. In invests anything between €50,000 to €1 million, depending on the stage of development of the investee, and is open to participating in follow-on rounds.
We also advise numerous entities on managing their investment vehicles:
Mutual and unit-linked funds: We advise third-party funds, whether multi-asset or specialist (fixed income, equities, megatrends, factor investing, SRI, etc.). In the process of advising those vehicles we issue recommendations on portfolio allocation (breakdown between liquidity, equities and fixed income), credit and duration risk, geographic allocation, investments styles and topics, and other positioning matters such as currency risk, hedging and fund vega and beta.
We also provide selección de fondos y ETF fund (and ETF) selection services for vehicles, guaranteeing that any collective investment undertaking we recommend is a match for the fund’s objectives. In providing these services we rely on qualitative (internal due diligence) and quantitative analysis (in-house scoring based on returns and volatility, portfolio look-through, etc.)
Employer pension plans: Here too we issue portfolio allocation and asset selection recommendations. We advise both the control committees and the management companies. Note that we also advise on the pension plan for Afi professionals (Afi Empleo).
At Afi, we are committed to the 2030 Agenda and the Sustainable Development Goals that materialise the global sustainability strategy. Sustainability has become a cross-cutting trend that affects the entire economy and, with particular relevance and impact, the financial sector.
Any progress in this area requires in-depth knowledge of regulatory trends, best environmental, social and governance practices, reporting obligations and financial valuation of sustainable products and projects.
To this end, we offer a wide range of services in the field of sustainable finance, including strategic sustainability consultancy projects, advice on sustainable issues, preparation of non-financial information, advice on socially responsible investment(SRI), and the development of financial instruments and projects with a sustainable impact.
At Afi, sustainability is an integral part of all our services.
Bank
Sustainable finance associated with credit institutions
Our strategy focuses on two areas: the positioning and development of the ESG business strategy and compliance with regulatory requirements and supervisory expectations regarding sustainability, mainly in relation to climate and environmental risk.
Applied Economics
Economic analysis and strategic advice on sustainability
The objectives pursued by Afi’s services linked to analysis and strategic advice are based on diagnostic analysis, analysis of the trends and behaviour of the different sectors, estimation of the socio-economic impacts of business actions and sectoral activities, as well as identifying funding opportunities and evaluating initiatives developed to identify potential shortcomings and promote improvements.
Public finances
Aligning Budgets to the Sustainable Development Goals (SDGs)
The 2030 Agenda takes up the Millennium Development Goals (MDGs) in order to define inclusive measures to promote sustainability and resilience.
Next Generation European funds Consultancy
The purpose of providing consultancy services in relation to Next Generation EU (NGEU) funds is to support companies and various entities in the process of discovering and utilising the advantages arising from the implementation of these resources from the European Union. Through this, the aim is to promote actions and plans that can receive financial support from the public sector, and which in turn contribute to strengthening the competitiveness of the Spanish economy.
Investors
Consultancy services applied to financial institutions in the investment field
Afi’s consultancy services in sustainability applied to the investment industry are aimed at offering practical and high value-added solutions. The new regulatory requirements in sustainable finance, together with rapid market developments, are forcing entities to modify their business models so that sustainability plays a central role in strategic decision-making. At Afi, we seek to offer solutions adapted to the reality of our clients, in order to comply with regulatory requirements and industry best practices.
Sustainable investment management and advisory services
Afi’s sustainable investment management and advisory services aim to offer our clients a solution for the launch or transformation of sustainable investment products, as well as a solution for the management of their portfolios in accordance with SRI strategies. This service begins with the definition of the sustainability strategy and the development of an investment policy or guidelines that allow compliance with both sustainability objectives and regulatory requirements, and ends with the management or recurring advice for the selection of assets.
Advising Foundations and Non-Profit Organisations
Our approach focuses on the particular needs of these clients, addressing both the protection of their capital and managing how they make investment decisions. In addition, we ensure that their purpose is aligned with the financial choices they make. What we offer is a highly individualised service, tailored to each client’s specific financial situation and goals.
Insurances
Sustainability Approach in the Insurance Sector
The regulatory map on sustainability is marked by a profound interrelation between the different applicable regulations, all of which are based on the EU taxonomy. The EU taxonomy is a classification system that establishes a list of environmentally sustainable economic activities and acts as an enabler to increase sustainable investment.
Digital Solutions
One of the most useful tools to promote sustainability through digitisation are simulators, which is why our Digital Solutios team has developed a series of simulators available to the client. These allow users to represent different scenarios and make decisions based on the results. At Afi we currently have three solutions developed in the field of sustainability: the energy efficiency simulator, the solar panel installation simulator and the combustion car vs. electric car comparator.
Training
Sustainable and Climate Risk – SCR®™ certificate
GARP® has recently developed, from 2020, a new certification that enables interested individuals to prepare for the challenges that sustainability and climate risk pose to economic and financial activity. As this is an increasingly important and evolving area of work, its curriculum is updated annually by a group of distinguished sustainability and climate risk professionals to keep up with the changing nature of SCR®™ issues.
CFA Certificate in ESG Investing
The Certificate in ESG Investing provides the necessary knowledge and skills for investment management with a comprehensive and practical focus on the integration of environmental, social and governance factors.
Executive Programme in Sustainable Finance
Designed for people directly or indirectly linked to the financial sector who want to better understand sustainable finance, the management of risks associated with environmental, social and governance issues, or explore the links between sustainability and the economy.
ESG Certification for Financial Advisors (CASG)
The course provides a comprehensive overview of the impacts of sustainability in the asset management industry, offering an inventory of the knowledge and proven practices that have been emerging in recent years.
EFPA ESG Sustainable Finance Advisor ™ certification
This certification is aimed at financial advisory professionals who want to complement their certified knowledge and competences and acquire a qualification in relation to ESG factors for the distribution of financial products and services. In addition to being able to offer transversal advice in the field of sustainable finance, taking into account what it implies and how it is affecting the financial markets.
Executive Programme in Sustainability and ESG
The Executive Programme in Sustainability and ESG aims to provide students with a solid understanding of the business environment that is also influenced by sustainable finance and its growing trend.
We have been providing our research services for more than three decades. Afi Research provides our clients with well-informed opinions and data about matters relevant to their decision-making. Afi Research provides research services across a range of areas and offers our clients the possibility of subscribing for the full package or choosing the coverage they receive a la carte:
Macro & Markets Research
Areas of coverage
– Spanish and international macroeconomic analysis. Ongoing coverage of the economic situation and outlook for the main developed and emerging economies, in addition to exhaustive analysis of the Spanish economy.
– Global financial market research. Ongoing coverage, recommendations and forecasts for the main financial variables that influence out clients’ investment and/or financing decision-making, underpinned by clearly-defined strategies.
Macro & Markets Research Subscription Service: our analysis of the macroeconomic situation is complemented by detailed monitoring of monetary policy to yield rigorous and forward-looking financial market insight. That coverage is articulated around a subscription service to reports (recurring but with no set frequency) and ongoing access to the data and recommendations generated by our research teams. It also translates into our twice-yearly event, the “Macro & Markets Research Seminar,” as well as other ad-hoc events devoted to important economic and financial market developments. The reports included in the service are:
– The Daily Macro & Markets Report.
– The Weekly Markets Report.
– The Spain Weekly.
– Up-Close Reports on the Spanish Economy.
– Up-Close Reports on the Financial Markets.
– Monthly Fixed-Income Report.
– Monthly Equities Report.
– Monthly FX Report.
– Monthly Emerging Assets Report.
– Quarterly Private Markets Report.
– Technical Research Weekly.
– Afi Research Strategies Weekly.
Other tailored services. Arranged on an ad-hoc basis, the Macro & Markets research teams offer a multitude of personalised research services, which can be tailored for client needs. Notable among which:
– National and international macroeconomic scenario forecasting.
– Modelling of national and international macroeconomic and microeconomic variables.
– Sector-specific research reports for the Spanish economy (real estate, tourism)
– Macroeconomic research for southern European economies (Portugal, Italy)
– Regular participation in investment committees (for banks, insurers, asset managers, etc.)
– Preparation of dedicated studies and reports on financial assets (e.g., climate change and real assets; subordinated debt; investment in quality equities, etc.)
– Preparation of independent exert reports on financial assets and markets.
– Fixed-income portfolio research and provision of strategic management recommendations.
– Credit risk monitoring tools for corporate fixed-income portfolios and issuer reports for new listings.
– Preparation of fundamental and quantitative asset management models.
– Analysis of potential funding costs for corporate issuers.
– Organisation of roadshows for international institutional investors in Spain.
Banking
Constant and exhaustive monitoring of the Spanish banking system and competitive landscape in Spain and Europe. The goal of our coverage is to stay ahead of trends and forces of change in the banking arena, which materialises in the provision of a series of reports and studies of variable frequency and the celebration of a weekly “Banking Workshop” and other events or seminars devoted to topical issues.
– Technical reports.
– Banking reports.
– External documents.
– Workshop and seminar documentation.
Monitoring, analysis and appraisal of new national and international regulations and their impact on the banking business, which materialises in the following reports:
– Regulation reports and alerts.
– Monthly regulation summaries.
Insurance
Exhaustive coverage of the Spanish insurance sector and the competitive landscape. We provide forward-looking coverage of the trends and forces of change shaping the insurance sector. Our service includes monitoring, analysis and opinion about the impact of new Spanish and international regulations on the insurance business. In addition to holding a weekly “Insurance Workshop”, the research service crystallises in the provision of the following analytical reports and studies:
– Insurance reports.
– Regulation reports.
– External documents.
– Workshop and seminar documentation.
Public Finance
Analysis of the state of the public finances at the central and regional government levels. Trend in the public deficit and the main subsectors through the prism of the outlook for compliance with the various stability targets. Regularly updated research coverage of all the regional governments, addressing different topics (regional economy, sources of financing, budgets, indebtedness, and public bodies). Recurring and ongoing coverage of the activity of the agents that lend to Spain’s authorities (national and subnational) by buying bonds issued or lending money. We periodically organise “Public Finance Seminars” with the main regional and provincial authorities, the major city councils and all the regional governments to provide insight into the economic and financial environments and go over the matters of greatest relevance to financial policy (budget stability, sustainability, economic development, etc.)
– Research reports.
– News (with a focus on ratings developments and regional government financing transactions)
– External documents.
– Seminar documentation.
Databases tracking budget information and financial/economic indicators. Up-to-date database containing relevant information for tracking the regional governments’ credit metrics.
– Economic indicators.
– Aggregate and regional government-specific budget indicators.
– Sources of financing (advances from state, settlements, common revenue sources)
– Indebtedness (financing structure and needs, solvency indicators, primary markets, etc.)
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