Cobas Asset Management

What Cobas Asset Management does

Cobas Asset Management S.G.I.I.C., S.A. (Cobas AM) is a privately held Spanish collective investment scheme manager (SGIIC) founded by Francisco García Paramés following CNMV preliminary approval on December 30, 2016 and full operational registration on February 3, 2017. The firm is a subsidiary of the family holding company Santa Comba Gestión SL and operates from Madrid (Paseo de la Castellana 53), with cross-border marketing passports covering France, the United Kingdom, Luxembourg, Germany, and Switzerland. Cobas AM runs more than five UCITS investment funds (including flagship Cobas Selección FI, Cobas International FI, Cobas Iberia FI, Cobas Large Cap FI, and Cobas Renta FI), a concentrated hedge fund (Cobas Concentrados FIL) with multi-class loyalty-based fee tiers, the listed SICAV Cobas Value SICAV SA traded on BME Growth, and seven or more pension plans (Cobas Global PP, Cobas Mixed Global PP, Cobas Empleo 100 PPE, Cobas Autónomos PPES, Cobas Autónomos Renta PPES, and two Surnepensión EPSV plans). The investment platform is built on a value-investing doctrine of fundamental analysis, quality-company selection at discounted prices, and patient capital, with ESG integration formalized through B Corp certification (2019, first Spanish fund manager to obtain it) and PRI signatory status (2021).

The technology stack consists of digital investor onboarding (website + Madrid office), three free mobile applications (Cobas AM for portfolio access, Cobas PLUS for pension cashback, BrainVestor for financial-psychology education), and content infrastructure including the Culture with Value blog (1,204+ posts), a monthly newsletter, and annual investor conferences. The firm reports 222,000+ YouTube subscribers and active presence across X (16,290+), Instagram (24,949+), LinkedIn (18,816+), and Facebook (1,732+). Operational partners disclosed include BNP Paribas as depositary bank, Quorum Auditores for the SICAV, and Deloitte for the hedge fund; the group also encompasses Value School (education), Global Social Impact Investments (impact investing), and Open Value Foundation (venture philanthropy), receiving 15% of Cobas AM income.

Revenue is generated almost entirely through recurring AUM-based management and custody fees: fund management fees range from approximately 0.85% to 1.85% per annum (e.g., Cobas Concentrados Class A at 1.07%, Class D at 1.75%; Cobas Value SICAV at 1.00% management fee plus 0.029% custody fee for a 1.16% TER). Distribution is direct-to-consumer through cobasam.com and cobasplus.com, supplemented by a dedicated institutional investor relations team led by Francisco Burgos López. The customer mix spans retail and professional individual investors, self-employed savers, corporate employers offering employment pension plans, and institutional allocators; the firm has stated headcount of 11-50 employees, with a separately disclosed 18+-person business development team. Revenue, AUM, and ownership structure beyond parent affiliation are not publicly disclosed.

Name

Cobas Asset Management

Legal name

Cobas Asset Management S.G.I.I.C., S.A.

Website

https://cobasam.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Cobas Asset Management is a Madrid-based, CNMV-regulated Spanish asset manager (SGIIC) founded in 2017 by value investor Francisco García Paramés, offering investment funds, pension plans, a hedge fund, and a BME Growth-listed SICAV to retail, self-employed, corporate, and institutional investors across Spain and selected European markets.

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Investment Advice (6282)

akta.pro primary industry

Multi-Asset Mutual Funds & UCITS (Balanced/Allocation Funds) (FSAAAJAA)

akta.pro secondary industries

OCIO & Multi-Asset Outsourced Portfolio Management (FSAAAJAF), Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG)

Keywords

• Value investing funds
• Asset management services
• Pension plan management
• Equity portfolio management
• Retail investment funds

Headquarters

HQ city

Madrid

HQ country

Spain

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Investment fund management fees: Cobas AM generates revenue through management fees charged on its range of investment funds including Cobas Selección FI (flagship), Cobas International FI, Cobas Iberia FI, Cobas Large Cap FI, Cobas Renta FI, and Cobas Concentrados FIL (hedge fund). Fees vary by fund and share class (ranging from approximately 0.85% to 1.85% per annum).
2. Pension plan management fees: Revenue from managing pension plans including Cobas Global PP, Cobas Mixed Global PP, Cobas Empleo 100 PPE, Cobas Autónomos PPES, and Surnepensión EPSV plans. Fees are charged as a percentage of assets under management.
3. SICAV management and custody fees: Cobas Value SICAV SA generates management fee income (1.00% management fee, 0.029% custody fee, 1.16% TER) from its listed investment company traded on BME Growth.
4. Social impact allocation (non-revenue): 15% of the income of Cobas AM and Cobas SGFP is allocated to impact investment (GSI), education (Value School), and venture philanthropy (Open Value Foundation). This is a cost/allocation rather than a revenue stream.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels7 records

Core offering

Cobas Asset Management manages and distributes UCITS investment funds, individual and employment pension plans, a concentrated hedge fund (Cobas Concentrados FIL), and a listed investment company (Cobas Value SICAV) applying a long-term value investing philosophy. The firm sells these products directly to Spanish retail and professional investors, to self-employed savers, to corporate employers for occupational schemes, and to institutional clients, supported by complementary mobile apps and educational initiatives. Revenue is generated through tiered recurring management and custody fees on assets under management.

Product overview

Cobas Asset Management is a Spanish asset management firm (SGIIC) managed by the renowned value investor Francisco García Paramés, offering a comprehensive suite of investment products. The product portfolio centers on value investing principles and includes: (1) Investment Funds covering international equities (Cobas International FI, Cobas Selection FI flagship fund, Cobas Large Cap FI), regional Iberian equities (Cobas Iberia FI), and mixed fixed income (Cobas Renta FI); (2) Pension Plans including variable income (Cobas Global PP, Cobas Empleo 100, Cobas Autónomos plans), mixed strategies (Cobas Mixed Global PP, Cobas Autónomos Renta), and EPSV structures (Surnepensión Cobas 100/50/50); (3) Alternative investments such as the concentrated hedge fund (Cobas Concentrados FIL) and listed investment company (Cobas Value Sicav SA); and (4) Digital tools including the Cobas AM mobile app for portfolio management, Cobas PLUS for pension cashback savings, and BrainVestor for financial psychology education. The firm also offers Luxembourg-domiciled funds for international investors.

Differentiator

Problem solved

Functional benefit

Brands

• Cobas Pensiones: Pension plans and retirement savings products
• Cobas PLUS
• Cobas Empleo
• BrainVestor
• La Brújula de las Pensiones

Products and services

• Cobas Selection FI Flagship UCITS investment fund of Cobas Asset Management investing 100% in equities (90% international and 10% Iberian) designed to preserve and generate long-term profitability for retail and professional investors.
• Cobas International FI International equity fund investing exclusively in global equities across OECD markets to maximize legal equity allocation and obtain attractive long-term returns.
• Cobas Iberia FI Iberian equity fund investing 80% in Spanish and 20% in Portuguese equities to expand the investment universe through regional diversification.
• Cobas Large Cap FI Equity fund investing in large-cap companies (market capitalization above EUR 4 billion) across international and Iberian markets to provide diversified large-cap exposure.
• Cobas Renta FI Mixed fund investing approximately 85% in fixed income (mainly public, with an average portfolio duration of two years) and 15% in equities for more conservative investors.
• Cobas Concentrados FIL Hedge fund (complex investment product) investing in a concentrated portfolio of the manager's best ideas, with over 75% of total exposure in equities, structured in multiple loyalty-based share classes.
• Cobas Value SICAV SA Listed investment company (SICAV) trading on BME Growth (Spanish SME stock exchange), investing 100% in equities (90% international, 10% Iberian) under a value-investing philosophy targeting long-term returns.
• Cobas Global PP Variable income pension plan investing 90% in international markets and 10% in Iberian markets, designed for long-term savers seeking equity exposure in their pension portfolio.
• Cobas Mixed Global PP Mixed pension plan combining equity and fixed income allocations, suitable for more conservative pension savers.
• Cobas Empleo 100 PPE Employment-based pension plan designed to help companies increase private savings for their workers' retirement, applying the value-investing philosophy.
• Cobas Aut\u00f3nomos PPES Pension plan for self-employed individuals (aut\u00f3nomos) to increase private savings for retirement, following a long-term value-investing philosophy.
• Cobas Aut\u00f3nomos Renta PPES Pension plan for self-employed individuals (aut\u00f3nomos) that invests up to 15% in equities and the remainder in fixed income, following the value-investing philosophy.
• Surnepensi\u00f3n Cobas 100 EPSV pension plan (Voluntary Social Welfare Entity) with a global equity focus and maximum 40% exposure to emerging countries.
• Surnepensi\u00f3n Cobas 50/50 Mixed EPSV plan investing approximately 50% in global OECD equities and the remainder in fixed income securities.
• Cobas AM Mobile App Free mobile application from Cobas AM enabling investors to monitor portfolios and operate accounts conveniently from their mobile devices.
• Cobas PLUS App Free mobile application that converts online purchases into savings for pension plans through a cashback mechanism.
• BrainVestor App Free financial psychology app that accompanies investors through different investment stages, providing tools and techniques from behavioral finance to improve decisions.

Quantifiable outcome

• Cobas Concentrados FIL Class A returned 144.85% cumulative since launch (2024) vs benchmark 31.4%
• +4 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered parent company, core and operational.

• Santa Comba Gestión SLparent companyStrategic or Co-development PartnerCobas AM is a subsidiary of Santa Comba Gestión SL, a family holding company that promotes freedom of people based on knowledge. Santa Comba vertebrates, coordinates, and unifies all group companies with a common value investing philosophy. The group includes Cobas Asset Management, Value School, Global Social Impact Investments (GSI), and Open Value Foundation.
• Value SchoolcoreStrategic or Co-development PartnerValue School is an educational initiative that brings conscious investment to society. 15% of the income of Cobas AM is allocated to education via Value School. Value School also receives user data transfers for marketing purposes (with user consent) and collaborates with ambassadors and similar initiatives.
• Open Value FoundationcoreStrategic or Co-development PartnerVenture philanthropy initiative supported by 15% allocation from Cobas AM and Cobas SGFP income. Part of Santa Comba Gestión group ecosystem focused on generating positive social impact.
• Global Social Impact Investments (GSI)coreStrategic or Co-development PartnerImpact investment vehicle receiving 15% of Cobas AM and Cobas SGFP income. Invests in line with PRI principles and ODS (Sustainable Development Goals) within the Santa Comba Gestión group structure.
• BNP Paribas SAoperationalOthersBNP Paribas serves as the depositary bank for Cobas Value SICAV SA, holding and safeguarding fund assets and providing oversight of fund operations.
• Quorum Auditores y Consultores, S.L.P.operationalOthersAuditor for Cobas Value SICAV SA, providing independent audit services for annual accounts and financial reporting.
• Deloitte Auditores SLoperationalOthersAuditor for Cobas Concentrados FIL (hedge fund), providing independent audit and assurance services.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Bestinver: Bestinver is the Spanish value investing firm where founder Francisco García Paramés previously built his track record as Director of Investments. It runs flagship equity and mixed funds with a parallel value philosophy and serves as the most direct head-to-head peer in the Spanish retail and institutional value-investing market.
• Azvalor Asset Management: Azvalor was founded by Álvaro Guzmán de Lázaro and Fernando Bernad, former Bestinver colleagues of García Paramés, and runs a similarly concentrated global value equity strategy. It targets Spanish and European institutional and family-office capital, directly competing for the same value-investor clientele as Cobas AM.
• Magallanes Value Investors: Magallanes is an independent Spanish asset manager applying a fundamental value investing approach to European and global equities. It targets similar retail and institutional investors through a direct-distribution model, making it a closely comparable independent Spanish value boutique.
• Metagestión: Metagestión is a Spanish independent value-investing firm running equity and mixed funds for retail and institutional investors. Its strategy style, fund structure (UCITS), and Iberian focus closely mirror Cobas AM's offering.
• EDM Gestión: EDM Gestión is a Spanish independent asset manager offering equity, fixed income, and mixed funds with a value bias. It competes with Cobas AM across retail and institutional channels in the Spanish market.

Broad incumbents

• Renta 4 Gestora: Renta 4 Gestora is the asset management arm of the Renta 4 banking group, offering a broad multi-style fund range including value strategies. It is a broader incumbent competing with Cobas AM across Spanish retail and pension channels.
• CaixaBank Asset Management: CaixaBank AM is one of Spain's largest asset managers, leveraging CaixaBank's captive retail and pension customer base. As a broad incumbent it competes with Cobas AM for Spanish retail and pension savings, with a structural distribution advantage through the bank branch network.
• Bankinter Gestión de Activos: Bankinter Gestión de Activos is the in-house asset manager of Bankinter, distributing multi-style funds through its bank platform. It represents the bank-distributed incumbent model that contrasts with Cobas AM's direct-only distribution approach.
• Lombard Odier: Lombard Odier is a Swiss private bank and asset manager offering multi-asset and value-oriented mandates to European institutional and private wealth clients. It is a broader European incumbent competing with Cobas AM for the same institutional and high-net-worth value mandates in Switzerland, France, and the UK.

Regional players

• Tressis Gestión: Tressis is a Spanish broker/wealth manager that distributes third-party and proprietary funds, including value-oriented strategies. It represents a regional distribution and asset management counterpart overlapping with Cobas AM's Spanish retail and pension customer base.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/cobasfunds
• YouTubeyoutube.com/c/CobasAssetManagement/featured
• Facebookfacebook.com/CobasAM
• LinkedInlinkedin.com/company/cobas-asset-management
• Instagraminstagram.com/cobasfunds

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cobas Asset Management