Francisco Garcia Parames’ Top 5 Trades of the 4th Quarter

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Published: Monday, March 14, 2022 · 10:48 PM  |  Updated: Monday, March 14, 2022 · 10:48 PM

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Francisco Garcia Parames (Trades, Portfolio), chairman and chief investment officer of Cobas Asset Management, disclosed in a regulatory 13F filing that his firm’s top trades during the fourth quarter of 2021 included new positions in Equinox Gold Corp. (EQX, Financial) and Energean PLC (LSE:ENOG, Financial), the reduction of its holdings in Maire Tecnimont SpA (MIL:MT, Financial) and OVS SpA (MIL:OVS, Financial) and the closing of its stake in SOL SpA (MIL:SOA).

The Spanish guru applies key principles from investors like Benjamin Graham, Peter Lynch and Berkshire Hathaway Inc. (

BRK.A, Financial)(BRK.B, Financial) CEO
Warren Buffett (Trades, Portfolio) within the framework of the Austrian business cycle theory.

As of December 2021, the firm’s $669 million 13F equity portfolio contains 61 stocks, with seven new positions and a turnover ratio of 13%. Investors should be aware that the 13F reports do not give the complete picture of a guru holdings; they only consider a guru’s U.S.-based holdings and American depository receipts, yet can still provide valuable information.

The top three sectors in terms of weight are energy, industrials and consumer cyclical, representing 35.87%, 29.45% and 15.68% of the equity portfolio.

Equinox Gold

The firm purchased 1,324,654 shares of Equinox Gold (

EQX, Financial), giving the position 1.34% weight in its equity portfolio. Shares averaged $7.31 during the fourth quarter; the stock is significantly undervalued based on Monday’s price-to-GF Value ratio of 0.67.

The Vancouver-based gold mining company has a GuruFocus financial strength rank of 5 out of 10: Although debt ratios outperform approximately half of global competitors, Equinox Gold has a modest Piotroski F-score of 4 and a moderately weak Altman Z-score of 2.15.

Other gurus with holdings in Equinox Gold include Donald Smith & Co. and

John Paulson (Trades, Portfolio)’s Paulson & Co.

Energean

Cobas purchased 701,062 shares of Energean (

LSE:ENOG, Financial), giving the position 1.07% of equity portfolio space. Shares averaged 8.91 British pounds ($11.59) during the fourth quarter; the stock is significantly undervalued based on Monday’s price-to-GF Value ratio of 0.24.

The U.K.-based energy company has a GuruFocus financial strength rank of 3 out of 10 based on several warning signs, which include a low Altman Z-score of 0.07 and Coverage/Energean">interest coverage and debt ratios underperforming more than 90% of global competitors.

Maire Tecnimont

The firm sold 3,429,541 shares of Maire Tecnimont (

MIL:MT, Financial), slicing 53.95% of the position and 1.68% of its equity portfolio.

Shares of Maire Tecnimont averaged 3.85 euros ($4.22) during the fourth quarter; the stock is significantly overvalued based on Monday’s price-to-GF Value ratio of 1.54.

The Italian construction company has a GuruFocus financial strength rank of 4 out of 10 based on several warning signs, which include a weak Altman Z-score of 0.97 and debt ratios that are underperforming more than 70% of global competitors.

OVS

Cobas sold 3,958,084 shares of OVS (

MIL:OVS, Financial), curbing 59.78% of the position and 1.32% of its equity portfolio.

Shares of OVS averaged 2.61 euros during the fourth quarter; the stock is significantly overvalued based on Monday’s price-to-GF Value ratio of 2.22.

The Italian fashion retail company has a GuruFocus profitability rank of 5 out of 10: While three-year revenue decline rates underperform more than 71% of global competitors, the company’s profit margins and returns outperform more than 61% of global apparel companies.

SOL

The firm sold all 369,015 shares of SOL (

MIL:SOL, Financial), reducing its equity portfolio by 1.02%.

Shares of SOL averaged 20.41 euros during the fourth quarter; the stock is fairly valued based on Monday’s price-to-GF Value ratio of 1.10.

The Italian chemical company has a GuruFocus profitability rank of 9 out of 10 based on several positive investing signs, which include a 3.5-star business predictability rank, a high Piotroski F-score of 7 and profit margins and returns that outperform more than 66% of global competitors.

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